# EDGAR Filing Document

**Accession Number:** 0001355064
**File Stem:** 0001580642-26-003655
**Filing Date:** 2026-6
**Character Count:** 482212
**Document Hash:** 549bd2f23e4873f559fd8f540984677d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-003655.hdr.sgml**: 20260608

**ACCESSION NUMBER**: 0001580642-26-003655

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 53

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260608

**DATE AS OF CHANGE**: 20260608

**EFFECTIVENESS DATE**: 20260608

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MUTUAL FUND SERIES TRUST
- **CENTRAL INDEX KEY:** 0001355064

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21872
- **FILM NUMBER:** 261072639

**BUSINESS ADDRESS:**
- **STREET 1:** C/O GEMINI FUND SERVICES LLC
- **STREET 2:** 4221 NORTH 203RD STREET, SUITE 100
- **CITY:** ELKHORN
- **STATE:** NE
- **ZIP:** 68022-3474
- **BUSINESS PHONE:** 631 549 1859

**MAIL ADDRESS:**
- **STREET 1:** C/O GEMINI FUND SERVICES LLC
- **STREET 2:** 4221 NORTH 203RD STREET, SUITE 100
- **CITY:** ELKHORN
- **STATE:** NE
- **ZIP:** 68022-3474

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CATALYST FUNDS
- **DATE OF NAME CHANGE:** 20060303

## Series and Classes Contracts Data

### AlphaCentric Income Opportunities Fund (Series ID: S000048680)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000153405 | AlphaCentric Income Opportunities Fund Class A | IOFAX           |
| C000153406 | AlphaCentric Income Opportunities Fund Class C | IOFCX           |
| C000153407 | AlphaCentric Income Opportunities Fund Class I | IOFIX           |

### AlphaCentric Premium Opportunity Fund (Series ID: S000055006)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000173003 | AlphaCentric Premium Opportunity Fund Class A | HMXAX           |
| C000173004 | AlphaCentric Premium Opportunity Fund Class C | HMXCX           |
| C000173005 | AlphaCentric Premium Opportunity Fund Class I | HMXIX           |

### AlphaCentric Robotics and Automation Fund (Series ID: S000057714)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000186116 | AlphaCentric Robotics and Automation Fund Class A | GNXAX           |
| C000186117 | AlphaCentric Robotics and Automation Fund Class C | GNXCX           |
| C000186118 | AlphaCentric Robotics and Automation Fund Class I | GNXIX           |

### AlphaCentric Symmetry Strategy Fund (Series ID: S000066020)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000213450 | AlphaCentric Symmetry Strategy Fund Class I | SYMIX           |
| C000213451 | AlphaCentric Symmetry Strategy Fund Class A | SYMAX           |
| C000213452 | AlphaCentric Symmetry Strategy Fund Class C | SYMCX           |

### AlphaCentric Life Sciences and Healthcare Fund (Series ID: S000067055)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000215729 | AlphaCentric Life Sciences and Healthcare Fund Class C | LYFCX           |
| C000215730 | AlphaCentric Life Sciences and Healthcare Fund Class I | LYFIX           |
| C000215731 | AlphaCentric Life Sciences and Healthcare Fund Class A | LYFAX           |

### AlphaCentric Real Income Fund (Series ID: S000071674)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000227116 | AlphaCentric Real Income Fund Class I | SIIIX           |
| C000227117 | AlphaCentric Real Income Fund Class A | SIIAX           |
| C000227118 | AlphaCentric Real Income Fund Class C | SIICX           |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-21872</u>

<u>Mutual Fund Series Trust</u> <br> (Exact name of registrant as specified in charter)

<u>4221 North 203<sup>rd</sup> Street, Suite 100 Elkhorn, Nebraska</u> <u>68022-3474</u> <br> (Address of principal executive offices) (Zip code)

<u>Ultimus Fund Solutions</u> <br> <u>80 Arkay Drive, Suite 110, Hauppauge, NY 11788</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>402-895-1600</u>

Date of fiscal year end: <u>3/31</u>

Date of reporting period: <u>3/31/26</u>

**Item 1. Reports to Stockholders.** 

(a) #### AlphaCentric Income Opportunities Fund

#### Class A Shares (IOFAX)

#### Annual Shareholder Report - March 31, 2026
![Image](ie2ec727ccf235ae3cb71493d.jpg)

# Fund Overview
This annual shareholder report contains important information about AlphaCentric Income Opportunities Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://alphacentricfunds.com/funds/iofix/**. You can also request this information by contacting us at 1-844-223-8637.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A Shares | $191 | 1.84% |

---

# How did the Fund perform during the reporting period?
Fed interest rate cuts from the end of 2024 led to strong IOFAX outperformance in 2025. Of course, the so-called "tariff tantrum" during April 2025 led to a rocky start, but it proved to be a relatively small blip as markets regrouped and resumed soon after. Broad sentiment in fixed income had already improved, as inflation had lowered to more acceptable levels, and the trajectory was perceived to be decreasing as well. As relative comps to the Residential Mortgage Backed Securities (RMBS) holdings in IOFAX, investment grade (IG) and high yield (HY) corporate bond spreads had already recovered from 2022-2023 wides and were trading in more traditional fashion, but the RMBS market had lagged.

The 2022-2023 increase in rates understandably slowed the overall housing market. With the lack of transactions, mortgage origination and production of new deals, and indicative pricing spreads was dramatically reduced as well. Further, participation and focus moved to shorter parts of the curve, since investors could be compensated well in the front end of the market without having to undertake longer duration risk. But the Fed funds cuts beginning in September 2024 signaled that rates were finally "safe" to be engaged and duration could be embraced. Mortgage issuance steadily increased as well, and 2025 presented a marked increase in volume as well as participation, leading to some catch-up in spread tightening vs IG and HY, all of which helped performance in IOFAX holdings.

Much of the IOFAX portfolio benefits further from lower Fed funds/front-end rates because of the interest rate coupon formula of the bonds. While the coupon itself decreases because of lower benchmark rates, this often leads to more of the deals' interest cash flows being available for writeback of prior losses, recapture of coupon shortfalls, and other positives which are higher-weighted in the portfolio. This all contributed to outperformance for the year and will hopefully continue, in particular since more Fed funds cuts were made at the end of 2025.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i1cf9376dd5d817f5b392bfce.jpg)

---

| | | |
|:---|:---|:---|
| | **AlphaCentric Income Opportunities Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **Mar-2016** | $9529 | $10000 |
| **Mar-2017** | $10693 | $10044 |
| **Mar-2018** | $11967 | $10165 |
| **Mar-2019** | $12603 | $10620 |
| **Mar-2020** | $8776 | $11569 |
| **Mar-2021** | $12941 | $11651 |
| **Mar-2022** | $13416 | $11168 |
| **Mar-2023** | $10716 | $10633 |
| **Mar-2024** | $10302 | $10814 |
| **Mar-2025** | $10417 | $11342 |
| **Mar-2026** | $11228 | $11835 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| AlphaCentric Income Opportunities Fund |  |  |  |
| Without Load | 7.79% | -2.80% | 1.65% |
| With Load | 2.71% | -3.74% | 1.17% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-844-223-8637.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $213459873 |
| Number of Portfolio Holdings | 77 |
| Advisory Fee (net of waivers) | $2745435 |
| Portfolio Turnover | 14% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic6e59eda1c34f75b00e9cb40.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 2.4% |
| Money Market Funds | 0.0% |
| Non-Agency Residential Mortgage Backed Securities | 97.6% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ia09c95e8362eafce23ec091a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -6.5% |
| Real Estate | 0.8% |
| Financials | 1.7% |
| CMO | 13.6% |
| ABS | 90.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Carrington Mortgage Loan Trust Series 2006-FRE1, 2.741%, 07/25/36 | 16.1% |
| CIT Mortgage Loan Trust 2007-1, 5.543%, 10/25/37 | 9.3% |
| Option One Mortgage Loan Trust 2007-CP1, 0.000%, 03/25/37 | 7.0% |
| Seasoned Credit Risk Transfer Trust Series 2018-3, 1.176%, 08/25/57 | 5.7% |
| Citigroup Mortgage Loan Trust 2007-AHL1, 0.972%, 12/25/36 | 5.1% |
| Carrington Mortgage Loan Trust Series 2007-RFC1, 3.673%, 12/25/36 | 4.8% |
| CIT Mortgage Loan Trust 2007-1, 5.195%, 10/25/37 | 4.8% |
| Nationstar Home Equity Loan Trust 2007-B, 4.319%, 04/25/37 | 3.7% |
| RAAC Series 2007-SP3 Trust, 6.043%, 09/25/47 | 3.5% |
| Morgan Stanley A.B.S Capital I Inc Trust 2007-HE6, 0.000%, 05/25/37 | 3.2% |

---

# Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

![Image](ie2ec727ccf235ae3cb71493d.jpg)

#### AlphaCentric Income Opportunities Fund

#### Annual Shareholder Report - March 31, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://alphacentricfunds.com/funds/iofix/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](ifcafcea6a458eec5f600a86f.jpg)

TSR-AR 033126-IOFAX

#### AlphaCentric Income Opportunities Fund

#### Class C Shares (IOFCX)

#### Annual Shareholder Report - March 31, 2026
![Image](ie2ec727ccf235ae3cb71493d.jpg)

# Fund Overview
This annual shareholder report contains important information about AlphaCentric Income Opportunities Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://alphacentricfunds.com/funds/iofix/**. You can also request this information by contacting us at 1-844-223-8637.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C Shares | $268 | 2.59% |

---

# How did the Fund perform during the reporting period?
Fed interest rate cuts from the end of 2024 led to strong IOFCX outperformance in 2025. Of course, the so-called "tariff tantrum" during April 2025 led to a rocky start, but it proved to be a relatively small blip as markets regrouped and resumed soon after. Broad sentiment in fixed income had already improved, as inflation had lowered to more acceptable levels, and the trajectory was perceived to be decreasing as well. As relative comps to the Residential Mortgage Backed Securities (RMBS) holdings in IOFCX, investment grade (IG) and high yield (HY) corporate bond spreads had already recovered from 2022-2023 wides and were trading in more traditional fashion, but the RMBS market had lagged.

The 2022-2023 increase in rates understandably slowed the overall housing market. With the lack of transactions, mortgage origination and production of new deals, and indicative pricing spreads was dramatically reduced as well. Further, participation and focus moved to shorter parts of the curve, since investors could be compensated well in the front end of the market without having to undertake longer duration risk. But the Fed funds cuts beginning in September 2024 signaled that rates were finally "safe" to be engaged and duration could be embraced. Mortgage issuance steadily increased as well, and 2025 presented a marked increase in volume as well as participation, leading to some catch-up in spread tightening vs IG and HY, all of which helped performance in IOFCX holdings.

Much of the IOFCX portfolio benefits further from lower Fed funds/front-end rates because of the interest rate coupon formula of the bonds. While the coupon itself decreases because of lower benchmark rates, this often leads to more of the deals' interest cashflows being available for writeback of prior losses, recapture of coupon shortfalls, and other positives which are higher-weighted in the portfolio. This all contributed to outperformance for the year and will hopefully continue, in particular since more Fed funds cuts were made at the end of 2025.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i330f3c3ec1b95b2f96ac35e3.jpg)

---

| | | |
|:---|:---|:---|
| | **AlphaCentric Income Opportunities Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **Mar-2016** | $10000 | $10000 |
| **Mar-2017** | $11136 | $10044 |
| **Mar-2018** | $12370 | $10165 |
| **Mar-2019** | $12938 | $10620 |
| **Mar-2020** | $8940 | $11569 |
| **Mar-2021** | $13079 | $11651 |
| **Mar-2022** | $13461 | $11168 |
| **Mar-2023** | $10669 | $10633 |
| **Mar-2024** | $10176 | $10814 |
| **Mar-2025** | $10226 | $11342 |
| **Mar-2026** | $10929 | $11835 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| AlphaCentric Income Opportunities Fund | 6.87% | -3.53% | 0.89% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-844-223-8637.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $213459873 |
| Number of Portfolio Holdings | 77 |
| Advisory Fee (net of waivers) | $2745435 |
| Portfolio Turnover | 14% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic6e59eda1c34f75b00e9cb40.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 2.4% |
| Money Market Funds | 0.0% |
| Non-Agency Residential Mortgage Backed Securities | 97.6% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ia09c95e8362eafce23ec091a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -6.5% |
| Real Estate | 0.8% |
| Financials | 1.7% |
| CMO | 13.6% |
| ABS | 90.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Carrington Mortgage Loan Trust Series 2006-FRE1, 2.741%, 07/25/36 | 16.1% |
| CIT Mortgage Loan Trust 2007-1, 5.543%, 10/25/37 | 9.3% |
| Option One Mortgage Loan Trust 2007-CP1, 0.000%, 03/25/37 | 7.0% |
| Seasoned Credit Risk Transfer Trust Series 2018-3, 1.176%, 08/25/57 | 5.7% |
| Citigroup Mortgage Loan Trust 2007-AHL1, 0.972%, 12/25/36 | 5.1% |
| Carrington Mortgage Loan Trust Series 2007-RFC1, 3.673%, 12/25/36 | 4.8% |
| CIT Mortgage Loan Trust 2007-1, 5.195%, 10/25/37 | 4.8% |
| Nationstar Home Equity Loan Trust 2007-B, 4.319%, 04/25/37 | 3.7% |
| RAAC Series 2007-SP3 Trust, 6.043%, 09/25/47 | 3.5% |
| Morgan Stanley A.B.S Capital I Inc Trust 2007-HE6, 0.000%, 05/25/37 | 3.2% |

---

# Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

![Image](ie2ec727ccf235ae3cb71493d.jpg)

#### AlphaCentric Income Opportunities Fund

#### Annual Shareholder Report - March 31, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://alphacentricfunds.com/funds/iofix/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](ifcafcea6a458eec5f600a86f.jpg)

TSR-AR 033126-IOFCX

#### AlphaCentric Income Opportunities Fund

#### Class I Shares (IOFIX)

#### Annual Shareholder Report - March 31, 2026
![Image](ie2ec727ccf235ae3cb71493d.jpg)

# Fund Overview
This annual shareholder report contains important information about AlphaCentric Income Opportunities Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://alphacentricfunds.com/funds/iofix/**. You can also request this information by contacting us at 1-844-223-8637.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I Shares | $165 | 1.59% |

---

# How did the Fund perform during the reporting period?
Fed interest rate cuts from the end of 2024 led to strong IOFIX outperformance in 2025. Of course, the so-called "tariff tantrum" during April 2025 led to a rocky start, but it proved to be a relatively small blip as markets regrouped and resumed soon after. Broad sentiment in fixed income had already improved, as inflation had lowered to more acceptable levels, and the trajectory was perceived to be decreasing as well. As relative comps to the Residential Mortgage Backed Securities (RMBS) holdings in IOFIX, investment grade (IG) and high yield (HY) corporate bond spreads had already recovered from 2022-2023 wides and were trading in more traditional fashion, but the RMBS market had lagged.

The 2022-2023 increase in rates understandably slowed the overall housing market. With the lack of transactions, mortgage origination and production of new deals, and indicative pricing spreads was dramatically reduced as well. Further, participation and focus moved to shorter parts of the curve, since investors could be compensated well in the front end of the market without having to undertake longer duration risk. But the Fed funds cuts beginning in September 2024 signaled that rates were finally "safe" to be engaged and duration could be embraced. Mortgage issuance steadily increased as well, and 2025 presented a marked increase in volume as well as participation, leading to some catch-up in spread tightening vs IG and HY, all of which helped performance in IOFIX holdings.

Much of the IOFIX portfolio benefits further from lower Fed funds/front-end rates because of the interest rate coupon formula of the bonds. While the coupon itself decreases because of lower benchmark rates, this often leads to more of the deals' interest cashflows being available for writeback of prior losses, recapture of coupon shortfalls, and other positives which are higher-weighted in the portfolio. This all contributed to outperformance for the year and will hopefully continue, in particular since more Fed funds cuts were made at the end of 2025.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i794b577f8ce37584b8dd3cd7.jpg)

---

| | | |
|:---|:---|:---|
| | **AlphaCentric Income Opportunities Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **Mar-2016** | $10000 | $10000 |
| **Mar-2017** | $11256 | $10044 |
| **Mar-2018** | $12625 | $10165 |
| **Mar-2019** | $13338 | $10620 |
| **Mar-2020** | $9309 | $11569 |
| **Mar-2021** | $13756 | $11651 |
| **Mar-2022** | $14297 | $11168 |
| **Mar-2023** | $11452 | $10633 |
| **Mar-2024** | $11038 | $10814 |
| **Mar-2025** | $11188 | $11342 |
| **Mar-2026** | $12088 | $11835 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| AlphaCentric Income Opportunities Fund | 8.04% | -2.55% | 1.91% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-844-223-8637.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $213459873 |
| Number of Portfolio Holdings | 77 |
| Advisory Fee (net of waivers) | $2745435 |
| Portfolio Turnover | 14% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic6e59eda1c34f75b00e9cb40.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 2.4% |
| Money Market Funds | 0.0% |
| Non-Agency Residential Mortgage Backed Securities | 97.6% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ia09c95e8362eafce23ec091a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -6.5% |
| Real Estate | 0.8% |
| Financials | 1.7% |
| CMO | 13.6% |
| ABS | 90.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Carrington Mortgage Loan Trust Series 2006-FRE1, 2.741%, 07/25/36 | 16.1% |
| CIT Mortgage Loan Trust 2007-1, 5.543%, 10/25/37 | 9.3% |
| Option One Mortgage Loan Trust 2007-CP1, 0.000%, 03/25/37 | 7.0% |
| Seasoned Credit Risk Transfer Trust Series 2018-3, 1.176%, 08/25/57 | 5.7% |
| Citigroup Mortgage Loan Trust 2007-AHL1, 0.972%, 12/25/36 | 5.1% |
| Carrington Mortgage Loan Trust Series 2007-RFC1, 3.673%, 12/25/36 | 4.8% |
| CIT Mortgage Loan Trust 2007-1, 5.195%, 10/25/37 | 4.8% |
| Nationstar Home Equity Loan Trust 2007-B, 4.319%, 04/25/37 | 3.7% |
| RAAC Series 2007-SP3 Trust, 6.043%, 09/25/47 | 3.5% |
| Morgan Stanley A.B.S Capital I Inc Trust 2007-HE6, 0.000%, 05/25/37 | 3.2% |

---

# Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

![Image](ie2ec727ccf235ae3cb71493d.jpg)

#### AlphaCentric Income Opportunities Fund

#### Annual Shareholder Report - March 31, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://alphacentricfunds.com/funds/iofix/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](ifcafcea6a458eec5f600a86f.jpg)

TSR-AR 033126-IOFIX

#### AlphaCentric Life Sciences and Healthcare Fund

#### Class A Shares (LYFAX)

#### Annual Shareholder Report - March 31, 2026
![Image](ie2ec727ccf235ae3cb71493d.jpg)

# Fund Overview
This annual shareholder report contains important information about AlphaCentric Life Sciences and Healthcare Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://alphacentricfunds.com/funds/lyfix/**. You can also request this information by contacting us at 1-844-223-8637.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A Shares | $185 | 1.65% |

---

# How did the Fund perform during the reporting period?
Fund performance was influenced by industry exposure and stock performance. From an industry perspective, the largest weights in the fund are Biotechnology, Pharmaceuticals, and Health Care Equipment. The best performing industry in the period under management was Biotechnology. The worst performing industry in the same period was Managed Health Care.

The greatest contributor to performance in the period was Ionis Pharmaceuticals (IONS). IONS released positive Phase III trial results of its drug Olezarsen in patients with severe hypertriglyceridemia. While we expected the results to be positive, the magnitude of benefit observed was significant and led to a meaningful increase in the share price.

The greatest detractor in the period was UnitedHealth Group (UNH). In April 2025, an encouraging Medicare Advantage rate update for 2026 quickly gave way to a first quarter earnings report that was dramatically worse than peers, marking the beginning of a difficult stretch for UnitedHealth Group in the portfolio. Management followed in May with a CEO change and the full removal of annual guidance. By July, new management had officially reset expectations, which we viewed as establishing an earnings floor. A brief respite came in August when Berkshire Hathaway disclosed a $1.6 billion stake and shares rallied. Despite that, UNH ended the year as the single largest detractor to fund performance.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i26b7d793659e172bc4e0ee8a.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **AlphaCentric Life Sciences and Healthcare Fund** | **S&P 500<sup>®</sup> Index** | **S&P Biotechnology Select Industry Index** | **S&P Health Care Select Sector Index** |
| **11/29/19** | $9425 | $10000 | $10000 | $10000 |
| **03/31/20** | $9001 | $8283 | $8296 | $9046 |
| **03/31/21** | $15004 | $12950 | $14534 | $12125 |
| **03/31/22** | $14593 | $14977 | $9659 | $14441 |
| **03/31/23** | $15031 | $13819 | $8153 | $13907 |
| **03/31/24** | $14911 | $17948 | $10245 | $16144 |
| **03/31/25** | $15404 | $19430 | $8767 | $16210 |
| **03/31/26** | $19062 | $22889 | $13868 | $16584 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (November 29, 2019)** |
| AlphaCentric Life Sciences and Healthcare Fund |  |  |  |
| Without Load | 23.75% | 4.90% | 11.76% |
| With Load | 16.61% | 3.67% | 10.72% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 13.96% |
| S&P Biotechnology Select Industry Index | 58.19% | -0.93% | 5.30% |
| S&P Health Care Select Sector Index | 2.31% | 6.46% | 8.31% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-844-223-8637.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $39323316 |
| Number of Portfolio Holdings | 63 |
| Advisory Fee (net of waivers) | $212585 |
| Portfolio Turnover | 107% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9f3f73e11302a660e39d7853.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 92.3% |
| Money Market Funds | 7.7% |
| Right | 0.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i1f403bae65f8c21cfc423b04.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Money Market Funds | 7.7% |
| Health Care | 92.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;First American Treasury Obligations Fund, Class X | &nbsp;&nbsp;7.7% |
| &nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;7.2% |
| &nbsp;&nbsp;AstraZeneca plc | &nbsp;&nbsp;5.6% |
| &nbsp;&nbsp;Vertex Pharmaceuticals, Inc. | &nbsp;&nbsp;5.6% |
| &nbsp;&nbsp;Ionis Pharmaceuticals, Inc. | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Insmed, Inc. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Incyte Corporation | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Roivant Sciences Ltd. | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Argenx S.E. | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Neurocrine Biosciences, Inc. | &nbsp;&nbsp;3.2% |

---

# Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

![Image](ie2ec727ccf235ae3cb71493d.jpg)

#### AlphaCentric Life Sciences and Healthcare Fund

#### Annual Shareholder Report - March 31, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://alphacentricfunds.com/funds/lyfix/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](ifcafcea6a458eec5f600a86f.jpg)

TSR-AR 033126-LYFAX

#### AlphaCentric Life Sciences and Healthcare Fund

#### Class C Shares (LYFCX)

#### Annual Shareholder Report - March 31, 2026
![Image](ie2ec727ccf235ae3cb71493d.jpg)

# Fund Overview
This annual shareholder report contains important information about AlphaCentric Life Sciences and Healthcare Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://alphacentricfunds.com/funds/lyfix/**. You can also request this information by contacting us at 1-844-223-8637.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C Shares | $267 | 2.40% |

---

# How did the Fund perform during the reporting period?
Fund performance was influenced by industry exposure and stock performance. From an industry perspective, the largest weights in the fund are Biotechnology, Pharmaceuticals, and Health Care Equipment. The best performing industry in the period under management was Biotechnology. The worst performing industry in the same period was Managed Health Care.

The greatest contributor to performance in the period was Ionis Pharmaceuticals (IONS). IONS released positive Phase III trial results of its drug Olezarsen in patients with severe hypertriglyceridemia. While we expected the results to be positive, the magnitude of benefit observed was significant and led to a meaningful increase in the share price.

The greatest detractor in the period was UnitedHealth Group (UNH). In April 2025, an encouraging Medicare Advantage rate update for 2026 quickly gave way to a first quarter earnings report that was dramatically worse than peers, marking the beginning of a difficult stretch for UnitedHealth Group in the portfolio. Management followed in May with a CEO change and the full removal of annual guidance. By July, new management had officially reset expectations, which we viewed as establishing an earnings floor. A brief respite came in August when Berkshire Hathaway disclosed a $1.6 billion stake and shares rallied. Despite that, UNH ended the year as the single largest detractor to fund performance.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ibca15f8f3bfea4748e5074af.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **AlphaCentric Life Sciences and Healthcare Fund** | **S&P 500<sup>®</sup> Index** | **S&P Biotechnology Select Industry Index** | **S&P Health Care Select Sector Index** |
| **11/29/19** | $10000 | $10000 | $10000 | $10000 |
| **03/31/20** | $9550 | $8283 | $8296 | $9046 |
| **03/31/21** | $15889 | $12950 | $14534 | $12125 |
| **03/31/22** | $15326 | $14977 | $9659 | $14441 |
| **03/31/23** | $15672 | $13819 | $8153 | $13907 |
| **03/31/24** | $15436 | $17948 | $10245 | $16144 |
| **03/31/25** | $15823 | $19430 | $8767 | $16210 |
| **03/31/26** | $19433 | $22889 | $13868 | $16584 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (November 29, 2019)** |
| AlphaCentric Life Sciences and Healthcare Fund | 22.82% | 4.11% | 11.05% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 13.96% |
| S&P Biotechnology Select Industry Index | 58.19% | -0.93% | 5.30% |
| S&P Health Care Select Sector Index | 2.31% | 6.46% | 8.31% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-844-223-8637.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $39323316 |
| Number of Portfolio Holdings | 63 |
| Advisory Fee (net of waivers) | $212585 |
| Portfolio Turnover | 107% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9f3f73e11302a660e39d7853.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 92.3% |
| Money Market Funds | 7.7% |
| Right | 0.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i1f403bae65f8c21cfc423b04.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Money Market Funds | 7.7% |
| Health Care | 92.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;First American Treasury Obligations Fund, Class X | &nbsp;&nbsp;7.7% |
| &nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;7.2% |
| &nbsp;&nbsp;AstraZeneca plc | &nbsp;&nbsp;5.6% |
| &nbsp;&nbsp;Vertex Pharmaceuticals, Inc. | &nbsp;&nbsp;5.6% |
| &nbsp;&nbsp;Ionis Pharmaceuticals, Inc. | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Insmed, Inc. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Incyte Corporation | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Roivant Sciences Ltd. | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Argenx S.E. | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Neurocrine Biosciences, Inc. | &nbsp;&nbsp;3.2% |

---

# Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

![Image](ie2ec727ccf235ae3cb71493d.jpg)

#### AlphaCentric Life Sciences and Healthcare Fund

#### Annual Shareholder Report - March 31, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://alphacentricfunds.com/funds/lyfix/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](ifcafcea6a458eec5f600a86f.jpg)

TSR-AR 033126-LYFCX

#### AlphaCentric Life Sciences and Healthcare Fund

#### Class I Shares (LYFIX)

#### Annual Shareholder Report - March 31, 2026
![Image](ie2ec727ccf235ae3cb71493d.jpg)

# Fund Overview
This annual shareholder report contains important information about AlphaCentric Life Sciences and Healthcare Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://alphacentricfunds.com/funds/lyfix/**. You can also request this information by contacting us at 1-844-223-8637.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I Shares | $157 | 1.40% |

---

# How did the Fund perform during the reporting period?
Fund performance was influenced by industry exposure and stock performance. From an industry perspective, the largest weights in the fund are Biotechnology, Pharmaceuticals, and Health Care Equipment. The best performing industry in the period under management was Biotechnology. The worst performing industry in the same period was Managed Health Care.

The greatest contributor to performance in the period was Ionis Pharmaceuticals (IONS). IONS released positive Phase III trial results of its drug Olezarsen in patients with severe hypertriglyceridemia. While we expected the results to be positive, the magnitude of benefit observed was significant and led to a meaningful increase in the share price.

The greatest detractor in the period was UnitedHealth Group (UNH). In April 2025, an encouraging Medicare Advantage rate update for 2026 quickly gave way to a first quarter earnings report that was dramatically worse than peers, marking the beginning of a difficult stretch for UnitedHealth Group in the portfolio. Management followed in May with a CEO change and the full removal of annual guidance. By July, new management had officially reset expectations, which we viewed as establishing an earnings floor. A brief respite came in August when Berkshire Hathaway disclosed a $1.6 billion stake and shares rallied. Despite that, UNH ended the year as the single largest detractor to fund performance.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i46bc9dd954821d00c0d41caf.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **AlphaCentric Life Sciences and Healthcare Fund** | **S&P 500<sup>®</sup> Index** | **S&P Biotechnology Select Industry Index** | **S&P Health Care Select Sector Index** |
| **11/29/19** | $10000 | $10000 | $10000 | $10000 |
| **03/31/20** | $9550 | $8283 | $8296 | $9046 |
| **03/31/21** | $15950 | $12950 | $14534 | $12125 |
| **03/31/22** | $15557 | $14977 | $9659 | $14441 |
| **03/31/23** | $16057 | $13819 | $8153 | $13907 |
| **03/31/24** | $15967 | $17948 | $10245 | $16144 |
| **03/31/25** | $16533 | $19430 | $8767 | $16210 |
| **03/31/26** | $20517 | $22889 | $13868 | $16584 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (November 29, 2019)** |
| AlphaCentric Life Sciences and Healthcare Fund | 24.10% | 5.16% | 12.01% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 13.96% |
| S&P Biotechnology Select Industry Index | 58.19% | -0.93% | 5.30% |
| S&P Health Care Select Sector Index | 2.31% | 6.46% | 8.31% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-844-223-8637.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $39323316 |
| Number of Portfolio Holdings | 63 |
| Advisory Fee (net of waivers) | $212585 |
| Portfolio Turnover | 107% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9f3f73e11302a660e39d7853.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 92.3% |
| Money Market Funds | 7.7% |
| Right | 0.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i1f403bae65f8c21cfc423b04.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Money Market Funds | 7.7% |
| Health Care | 92.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;First American Treasury Obligations Fund, Class X | &nbsp;&nbsp;7.7% |
| &nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;7.2% |
| &nbsp;&nbsp;AstraZeneca plc | &nbsp;&nbsp;5.6% |
| &nbsp;&nbsp;Vertex Pharmaceuticals, Inc. | &nbsp;&nbsp;5.6% |
| &nbsp;&nbsp;Ionis Pharmaceuticals, Inc. | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Insmed, Inc. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Incyte Corporation | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Roivant Sciences Ltd. | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Argenx S.E. | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Neurocrine Biosciences, Inc. | &nbsp;&nbsp;3.2% |

---

# Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

![Image](ie2ec727ccf235ae3cb71493d.jpg)

#### AlphaCentric Life Sciences and Healthcare Fund

#### Annual Shareholder Report - March 31, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://alphacentricfunds.com/funds/lyfix/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](ifcafcea6a458eec5f600a86f.jpg)

TSR-AR 033126-LYFIX

#### AlphaCentric Premium Opportunity Fund

#### Class A Shares (HMXAX)

#### Annual Shareholder Report - March 31, 2026
![Image](ie2ec727ccf235ae3cb71493d.jpg)

# Fund Overview
This annual shareholder report contains important information about AlphaCentric Premium Opportunity Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://alphacentricfunds.com/funds/hmxix/**. You can also request this information by contacting us at 1-844-223-8637.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A Shares | $236 | 2.24% |

---

# How did the Fund perform during the reporting period?
The past year proved to be one of stark regime contrasts for systematic strategies such as those utilized by the Fund. The period opened with April 2025's tariff-induced turbulence, where the VIX spiked above 40 before collapsing back under 20 in just 21 days — the fastest normalization since 1990. That violent compression gave way to a sustained "market up, volatility down" regime through the middle of the period, with the VIX drifting to multi-year lows in August and September, creating an ideal environment for systematic premium harvesting. The Fund navigated this bifurcated landscape by using VIX-based protection and out-of-the-money puts to absorb April's whipsaw without overcorrecting, then leaning into option income strategies as volatility compressed.

That constructive backdrop carried into early 2026 until the joint US-Israeli military campaign against Iran, commencing February 28, fundamentally altered the market landscape. Our systematic models pivoted the Fund into a defensive "market down, volatility up" posture during March, which proved to be the primary contributor to relative outperformance as the S&P 500 posted five consecutive weekly declines to close the period. The Fund also benefited from the dramatic broadening of market participation away from the Mag Seven names. The principal detractor was the on-again, off-again nature of war-related headlines, which produced a slow, grinding volatility environment rather than a sharp capitulation — meaning convexity hedges never fully realized their maximum payoff potential.

Looking ahead, the Iran conflict remains the dominant variable, driving the direction of energy prices, inflation expectations, and Fed policy. With the Fed on hold, the timing of any resumption of rate cuts is contingent on the conflict's evolution. The Fund enters the new period with a more constructive, bullish-leaning stance while retaining systematic flexibility to re-engage defensive positioning should conditions deteriorate. De-escalation would favor the Fund's market participation strategies as risk appetite normalizes, while option income would continue to benefit from still-elevated implied volatility. Conversely, further escalation — or a persistent high implied / low realized volatility environment — would again challenge regime-switching and limit the convexity payoff of downside protection. In either scenario, we believe our dynamic, multi-quadrant approach — emphasizing durable protection while maintaining adaptability — is well-positioned to navigate the path ahead.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i2bf40cee7b7f94f8c9e33ec3.jpg)

---

| | | |
|:---|:---|:---|
| | **AlphaCentric Premium Opportunity Fund** | **S&P 500<sup>®</sup> Index** |
| **Sep-2016** | $9426 | $10000 |
| **Mar-2017** | $9692 | $11012 |
| **Mar-2018** | $8749 | $12553 |
| **Mar-2019** | $10068 | $13745 |
| **Mar-2020** | $12447 | $12786 |
| **Mar-2021** | $14211 | $19991 |
| **Mar-2022** | $14529 | $23119 |
| **Mar-2023** | $13870 | $21332 |
| **Mar-2024** | $15789 | $27706 |
| **Mar-2025** | $15593 | $29993 |
| **Mar-2026** | $17314 | $35333 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (September 30, 2016)** |
| AlphaCentric Premium Opportunity Fund |  |  |  |
| Without Load | 11.03% | 4.03% | 6.61% |
| With Load | 4.65% | 2.81% | 5.95% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 14.21% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-844-223-8637.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $32454573 |
| Number of Portfolio Holdings | 103 |
| Advisory Fee (net of waivers) | $352846 |
| Portfolio Turnover | 0% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i469535946774de96a52fe5fc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 78.5% |
| Purchased Options | 21.5% |

---

# What did the Fund invest in?

# Long Sector Weighting (% of net assets)
![Group By Sector Chart](i417b439fc01813fe74ac6a2e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 43.2% |
| Specialty | -0.1% |
| Index Options Purchased | 3.2% |
| Future Options Purchased | 11.7% |
| Money Market | 54.6% |

---

# Top 10 Long Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| First American Treasury Obligations Fund, Class X | 40.5% |
| Fidelity Investments Money Market Government Portfolio, Class I | 14.1% |
| S&P Emini 2nd Week, 04/10/26 6400.0 Call | 2.3% |
| S&P500 Emini Option, 06/18/26 6500.0 Put | 1.7% |
| S&P Emini 3rd Week, 04/17/26 6575.0 Call | 1.4% |
| S&P500 Emini Option, 06/18/26 6300.0 Put | 1.3% |
| S&P 500 Index, 04/30/26 6400.0 Call | 1.2% |
| S&P Emini 3rd Week, 05/15/26 6800.0 Put | 0.7% |
| S&P Emini 3rd Week, 04/17/26 6350.0 Put | 0.7% |
| S&P 500 Index, 06/30/26 6650.0 Call | 0.7% |

---

#### Short Sector Weighting (% of net assets)
![Group By Country Chart](if323caa8fce78a21551c8086.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Written Index Options | -2.6% |
| Written Future Options | -10.0% |

---

#### Top 10 Short Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| S&P500 Emini Option, 06/18/26 6400.0 Put | -3.0% |
| S&P Emini 2nd Week, 04/10/26 6450.0 Call | -1.4% |
| S&P Emini 3rd Week, 04/17/26 6625.0 Call | -1.1% |
| S&P Emini 3rd Week, 04/17/26 6250.0 Put | -0.9% |
| S&P 500 Index, 06/30/26 6250.0 Put | -0.5% |
| S&P 500 Index, 06/30/26 6200.0 Put | -0.5% |
| S&P Emini 2nd Week, 04/10/26 6200.0 Put | -0.4% |
| S&P Emini 2nd Week, 04/10/26 6500.0 Call | -0.4% |
| S&P Emini 3rd Week, 05/15/26 6400.0 Put | -0.4% |
| S&P Emini 3rd Week, 04/17/26 6000.0 Put | -0.4% |

---

# Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

![Image](ie2ec727ccf235ae3cb71493d.jpg)

#### AlphaCentric Premium Opportunity Fund

#### Annual Shareholder Report - March 31, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://alphacentricfunds.com/funds/hmxix/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](ifcafcea6a458eec5f600a86f.jpg)

TSR-AR 033126-HMXAX

#### AlphaCentric Premium Opportunity Fund

#### Class C Shares (HMXCX)

#### Annual Shareholder Report - March 31, 2026
![Image](ie2ec727ccf235ae3cb71493d.jpg)

# Fund Overview
This annual shareholder report contains important information about AlphaCentric Premium Opportunity Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://alphacentricfunds.com/funds/hmxix/**. You can also request this information by contacting us at 1-844-223-8637.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C Shares | $314 | 2.99% |

---

# How did the Fund perform during the reporting period?
The past year proved to be one of stark regime contrasts for systematic strategies such as those utilized by the Fund. The period opened with April 2025's tariff-induced turbulence, where the VIX spiked above 40 before collapsing back under 20 in just 21 days — the fastest normalization since 1990. That violent compression gave way to a sustained "market up, volatility down" regime through the middle of the period, with the VIX drifting to multi-year lows in August and September, creating an ideal environment for systematic premium harvesting. The Fund navigated this bifurcated landscape by using VIX-based protection and out-of-the-money puts to absorb April's whipsaw without overcorrecting, then leaning into option income strategies as volatility compressed.

That constructive backdrop carried into early 2026 until the joint US-Israeli military campaign against Iran, commencing February 28, fundamentally altered the market landscape. Our systematic models pivoted the Fund into a defensive "market down, volatility up" posture during March, which proved to be the primary contributor to relative outperformance as the S&P 500 posted five consecutive weekly declines to close the period. The Fund also benefited from the dramatic broadening of market participation away from the Mag Seven names. The principal detractor was the on-again, off-again nature of war-related headlines, which produced a slow, grinding volatility environment rather than a sharp capitulation — meaning convexity hedges never fully realized their maximum payoff potential.

Looking ahead, the Iran conflict remains the dominant variable, driving the direction of energy prices, inflation expectations, and Fed policy. With the Fed on hold, the timing of any resumption of rate cuts is contingent on the conflict's evolution. The Fund enters the new period with a more constructive, bullish-leaning stance while retaining systematic flexibility to re-engage defensive positioning should conditions deteriorate. De-escalation would favor the Fund's market participation strategies as risk appetite normalizes, while option income would continue to benefit from still-elevated implied volatility. Conversely, further escalation — or a persistent high implied / low realized volatility environment — would again challenge regime-switching and limit the convexity payoff of downside protection. In either scenario, we believe our dynamic, multi-quadrant approach — emphasizing durable protection while maintaining adaptability — is well-positioned to navigate the path ahead.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](iae53c47de4201fdd48f03c55.jpg)

---

| | | |
|:---|:---|:---|
| | **AlphaCentric Premium Opportunity Fund** | **S&P 500<sup>®</sup> Index** |
| **Sep-2016** | $10000 | $10000 |
| **Mar-2017** | $10254 | $11012 |
| **Mar-2018** | $9192 | $12553 |
| **Mar-2019** | $10500 | $13745 |
| **Mar-2020** | $12957 | $12786 |
| **Mar-2021** | $14679 | $19991 |
| **Mar-2022** | $14893 | $23119 |
| **Mar-2023** | $14112 | $21332 |
| **Mar-2024** | $15944 | $27706 |
| **Mar-2025** | $15625 | $29993 |
| **Mar-2026** | $17225 | $35333 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (September 30, 2016)** |
| AlphaCentric Premium Opportunity Fund | 10.24% | 3.25% | 5.89% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 14.21% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-844-223-8637.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $32454573 |
| Number of Portfolio Holdings | 103 |
| Advisory Fee (net of waivers) | $352846 |
| Portfolio Turnover | 0% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i469535946774de96a52fe5fc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 78.5% |
| Purchased Options | 21.5% |

---

# What did the Fund invest in?

# Long Sector Weighting (% of net assets)
![Group By Sector Chart](i417b439fc01813fe74ac6a2e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 43.2% |
| Specialty | -0.1% |
| Index Options Purchased | 3.2% |
| Future Options Purchased | 11.7% |
| Money Market | 54.6% |

---

# Top 10 Long Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| First American Treasury Obligations Fund, Class X | 40.5% |
| Fidelity Investments Money Market Government Portfolio, Class I | 14.1% |
| S&P Emini 2nd Week, 04/10/26 6400.0 Call | 2.3% |
| S&P500 Emini Option, 06/18/26 6500.0 Put | 1.7% |
| S&P Emini 3rd Week, 04/17/26 6575.0 Call | 1.4% |
| S&P500 Emini Option, 06/18/26 6300.0 Put | 1.3% |
| S&P 500 Index, 04/30/26 6400.0 Call | 1.2% |
| S&P Emini 3rd Week, 05/15/26 6800.0 Put | 0.7% |
| S&P Emini 3rd Week, 04/17/26 6350.0 Put | 0.7% |
| S&P 500 Index, 06/30/26 6650.0 Call | 0.7% |

---

#### Short Sector Weighting (% of net assets)
![Group By Country Chart](if323caa8fce78a21551c8086.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Written Index Options | -2.6% |
| Written Future Options | -10.0% |

---

#### Top 10 Short Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| S&P500 Emini Option, 06/18/26 6400.0 Put | -3.0% |
| S&P Emini 2nd Week, 04/10/26 6450.0 Call | -1.4% |
| S&P Emini 3rd Week, 04/17/26 6625.0 Call | -1.1% |
| S&P Emini 3rd Week, 04/17/26 6250.0 Put | -0.9% |
| S&P 500 Index, 06/30/26 6250.0 Put | -0.5% |
| S&P 500 Index, 06/30/26 6200.0 Put | -0.5% |
| S&P Emini 2nd Week, 04/10/26 6200.0 Put | -0.4% |
| S&P Emini 2nd Week, 04/10/26 6500.0 Call | -0.4% |
| S&P Emini 3rd Week, 05/15/26 6400.0 Put | -0.4% |
| S&P Emini 3rd Week, 04/17/26 6000.0 Put | -0.4% |

---

# Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

![Image](ie2ec727ccf235ae3cb71493d.jpg)

#### AlphaCentric Premium Opportunity Fund

#### Annual Shareholder Report - March 31, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://alphacentricfunds.com/funds/hmxix/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](ifcafcea6a458eec5f600a86f.jpg)

TSR-AR 033126-HMXCX

#### AlphaCentric Premium Opportunity Fund

#### Class I Shares (HMXIX)

#### Annual Shareholder Report - March 31, 2026
![Image](ie2ec727ccf235ae3cb71493d.jpg)

# Fund Overview
This annual shareholder report contains important information about AlphaCentric Premium Opportunity Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://alphacentricfunds.com/funds/hmxix/**. You can also request this information by contacting us at 1-844-223-8637.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I Shares | $210 | 1.99% |

---

# How did the Fund perform during the reporting period?
The past year proved to be one of stark regime contrasts for systematic strategies such as those utilized by the Fund. The period opened with April 2025's tariff-induced turbulence, where the VIX spiked above 40 before collapsing back under 20 in just 21 days — the fastest normalization since 1990. That violent compression gave way to a sustained "market up, volatility down" regime through the middle of the period, with the VIX drifting to multi-year lows in August and September, creating an ideal environment for systematic premium harvesting. The Fund navigated this bifurcated landscape by using VIX-based protection and out-of-the-money puts to absorb April's whipsaw without overcorrecting, then leaning into option income strategies as volatility compressed.

That constructive backdrop carried into early 2026 until the joint US-Israeli military campaign against Iran, commencing February 28, fundamentally altered the market landscape. Our systematic models pivoted the Fund into a defensive "market down, volatility up" posture during March, which proved to be the primary contributor to relative outperformance as the S&P 500 posted five consecutive weekly declines to close the period. The Fund also benefited from the dramatic broadening of market participation away from the Mag Seven names. The principal detractor was the on-again, off-again nature of war-related headlines, which produced a slow, grinding volatility environment rather than a sharp capitulation — meaning convexity hedges never fully realized their maximum payoff potential.

Looking ahead, the Iran conflict remains the dominant variable, driving the direction of energy prices, inflation expectations, and Fed policy. With the Fed on hold, the timing of any resumption of rate cuts is contingent on the conflict's evolution. The Fund enters the new period with a more constructive, bullish-leaning stance while retaining systematic flexibility to re-engage defensive positioning should conditions deteriorate. De-escalation would favor the Fund's market participation strategies as risk appetite normalizes, while option income would continue to benefit from still-elevated implied volatility. Conversely, further escalation — or a persistent high implied / low realized volatility environment — would again challenge regime-switching and limit the convexity payoff of downside protection. In either scenario, we believe our dynamic, multi-quadrant approach — emphasizing durable protection while maintaining adaptability — is well-positioned to navigate the path ahead.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ie5628d0cb93472e712a030f6.jpg)

---

| | | |
|:---|:---|:---|
| | **AlphaCentric Premium Opportunity Fund** | **S&P 500<sup>®</sup> Index** |
| **Aug-2011** | $10000 | $10000 |
| **Mar-2012** | $11330 | $11704 |
| **Mar-2013** | $13730 | $13338 |
| **Mar-2014** | $15700 | $16254 |
| **Mar-2015** | $16520 | $18323 |
| **Mar-2016** | $17610 | $18650 |
| **Mar-2017** | $18599 | $21852 |
| **Mar-2018** | $16926 | $24910 |
| **Mar-2019** | $19525 | $27275 |
| **Mar-2020** | $24197 | $25372 |
| **Mar-2021** | $27689 | $39669 |
| **Mar-2022** | $28384 | $45876 |
| **Mar-2023** | $27157 | $42331 |
| **Mar-2024** | $31005 | $54979 |
| **Mar-2025** | $30682 | $59516 |
| **Mar-2026** | $34140 | $70112 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| AlphaCentric Premium Opportunity Fund | 11.27% | 4.28% | 6.84% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 14.16% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-844-223-8637.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $32454573 |
| Number of Portfolio Holdings | 103 |
| Advisory Fee (net of waivers) | $352846 |
| Portfolio Turnover | 0% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i469535946774de96a52fe5fc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 78.5% |
| Purchased Options | 21.5% |

---

# What did the Fund invest in?

# Long Sector Weighting (% of net assets)
![Group By Sector Chart](i417b439fc01813fe74ac6a2e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 43.2% |
| Specialty | -0.1% |
| Index Options Purchased | 3.2% |
| Future Options Purchased | 11.7% |
| Money Market | 54.6% |

---

# Top 10 Long Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| First American Treasury Obligations Fund, Class X | 40.5% |
| Fidelity Investments Money Market Government Portfolio, Class I | 14.1% |
| S&P Emini 2nd Week, 04/10/26 6400.0 Call | 2.3% |
| S&P500 Emini Option, 06/18/26 6500.0 Put | 1.7% |
| S&P Emini 3rd Week, 04/17/26 6575.0 Call | 1.4% |
| S&P500 Emini Option, 06/18/26 6300.0 Put | 1.3% |
| S&P 500 Index, 04/30/26 6400.0 Call | 1.2% |
| S&P Emini 3rd Week, 05/15/26 6800.0 Put | 0.7% |
| S&P Emini 3rd Week, 04/17/26 6350.0 Put | 0.7% |
| S&P 500 Index, 06/30/26 6650.0 Call | 0.7% |

---

#### Short Sector Weighting (% of net assets)
![Group By Country Chart](if323caa8fce78a21551c8086.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Written Index Options | -2.6% |
| Written Future Options | -10.0% |

---

#### Top 10 Short Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| S&P500 Emini Option, 06/18/26 6400.0 Put | -3.0% |
| S&P Emini 2nd Week, 04/10/26 6450.0 Call | -1.4% |
| S&P Emini 3rd Week, 04/17/26 6625.0 Call | -1.1% |
| S&P Emini 3rd Week, 04/17/26 6250.0 Put | -0.9% |
| S&P 500 Index, 06/30/26 6250.0 Put | -0.5% |
| S&P 500 Index, 06/30/26 6200.0 Put | -0.5% |
| S&P Emini 2nd Week, 04/10/26 6200.0 Put | -0.4% |
| S&P Emini 2nd Week, 04/10/26 6500.0 Call | -0.4% |
| S&P Emini 3rd Week, 05/15/26 6400.0 Put | -0.4% |
| S&P Emini 3rd Week, 04/17/26 6000.0 Put | -0.4% |

---

# Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

![Image](ie2ec727ccf235ae3cb71493d.jpg)

#### AlphaCentric Premium Opportunity Fund

#### Annual Shareholder Report - March 31, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://alphacentricfunds.com/funds/hmxix/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](ifcafcea6a458eec5f600a86f.jpg)

TSR-AR 033126-HMXIX

#### AlphaCentric Robotics and Automation Fund

#### Class A Shares (GNXAX)

#### Annual Shareholder Report - March 31, 2026
![Image](ie2ec727ccf235ae3cb71493d.jpg)

# Fund Overview
This annual shareholder report contains important information about AlphaCentric Robotics and Automation Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://alphacentricfunds.com/funds/gnxix/**. You can also request this information by contacting us at 1-844-223-8637.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A Shares | $192 | 1.65% |

---

# How did the Fund perform during the reporting period?
Reflecting on the 12 months ended March 31, 2026, it is encouraging to witness continued momentum across the robotics and automation ecosystem. Global companies continued to invest in robotics, software, sensors, and intelligent systems to improve productivity, offset labor shortages, and increase operational resilience. A key development was the deepening convergence between robotics and AI, expanding the market opportunity for both hardware and software providers.

The Fund delivered solid performance over the period, led by holdings in industrial automation, collaborative robotics, and AI infrastructure. The Fund also benefited from enabling technologies such as semiconductors, sensor manufacturers, and machine vision. While some consumer-facing names faced pressure and currency fluctuations created headwinds, the Fund maintained a disciplined investment process focused on innovative companies with durable competitive advantages and growing end markets.

Looking ahead, the outlook for robotics and automation is constructive. Labor scarcity, wage pressure, reshoring, and the need for supply chain resilience are all structural forces supporting demand. The Fund is particularly focused on businesses building the systems that help robots see, decide, and act with greater autonomy. Robotics and automation is not a passing trend; it's a multi-decade transformation of how goods are made, moved, and delivered.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i86d8cb9e45e6567157cca23a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **AlphaCentric Robotics and Automation Fund** | **S&P 500<sup>®</sup> Index** | **MSCI All Country World Index** |
| **05/31/17** | $9425 | $10000 | $10000 |
| **03/31/18** | $12001 | $11127 | $11107 |
| **03/31/19** | $11366 | $12183 | $11458 |
| **03/31/20** | $9551 | $11333 | $10225 |
| **03/31/21** | $16911 | $17720 | $15880 |
| **03/31/22** | $14472 | $20492 | $17108 |
| **03/31/23** | $12643 | $18908 | $15917 |
| **03/31/24** | $13351 | $24558 | $19706 |
| **03/31/25** | $13068 | $26585 | $21209 |
| **03/31/26** | $17295 | $31318 | $25561 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (May 31, 2017)** |
| AlphaCentric Robotics and Automation Fund |  |  |  |
| Without Load | 32.35% | 0.45% | 7.11% |
| With Load | 24.76% | -0.73% | 6.40% |
| MSCI All Country World Index | 20.52% | 9.99% | 11.21% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 13.80% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-844-223-8637.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $21754377 |
| Number of Portfolio Holdings | 40 |
| Advisory Fee (net of waivers) | $61847 |
| Portfolio Turnover | 114% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i5749b636472c91465b0db183.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 69.1% |
| Money Market Funds | 30.9% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](id5f662f97597561b5e3b39db.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -41.2% |
| Consumer Discretionary | 3.9% |
| Communications | 5.0% |
| Technology | 13.8% |
| Health Care | 18.9% |
| Money Market Funds | 43.6% |
| Industrials | 56.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio | &nbsp;&nbsp;41.3% |
| &nbsp;&nbsp;Stereotaxis, Inc. | &nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;Amprius Technologies, Inc. | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Rainbow Robotics | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Kraken Robotics, Inc. | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;FANUC Corporation | &nbsp;&nbsp;3.8% |
| &nbsp;&nbsp;Intuitive Surgical, Inc. | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Doosan Robotics, Inc. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Rockwell Automation, Inc. | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Symbotic, Inc. | &nbsp;&nbsp;3.1% |

---

# Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

![Image](ie2ec727ccf235ae3cb71493d.jpg)

#### AlphaCentric Robotics and Automation Fund

#### Annual Shareholder Report - March 31, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://alphacentricfunds.com/funds/gnxix/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](ifcafcea6a458eec5f600a86f.jpg)

TSR-AR 033126-GNXAX

#### AlphaCentric Robotics and Automation Fund

#### Class C Shares (GNXCX)

#### Annual Shareholder Report - March 31, 2026
![Image](ie2ec727ccf235ae3cb71493d.jpg)

# Fund Overview
This annual shareholder report contains important information about AlphaCentric Robotics and Automation Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://alphacentricfunds.com/funds/gnxix/**. You can also request this information by contacting us at 1-844-223-8637.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C Shares | $278 | 2.40% |

---

# How did the Fund perform during the reporting period?
Reflecting on the 12 months ended March 31, 2026, it is encouraging to witness continued momentum across the robotics and automation ecosystem. Global companies continued to invest in robotics, software, sensors, and intelligent systems to improve productivity, offset labor shortages, and increase operational resilience. A key development was the deepening convergence between robotics and AI, expanding the market opportunity for both hardware and software providers.

The Fund delivered solid performance over the period, led by holdings in industrial automation, collaborative robotics, and AI infrastructure. The Fund also benefited from enabling technologies such as semiconductors, sensor manufacturers, and machine vision. While some consumer-facing names faced pressure and currency fluctuations created headwinds, the Fund maintained a disciplined investment process focused on innovative companies with durable competitive advantages and growing end markets.

Looking ahead, the outlook for robotics and automation is constructive. Labor scarcity, wage pressure, reshoring, and the need for supply chain resilience are all structural forces supporting demand. The Fund is particularly focused on businesses building the systems that help robots see, decide, and act with greater autonomy. Robotics and automation is not a passing trend; it's a multi-decade transformation of how goods are made, moved, and delivered.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i1a3f80466583d567a54126d5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **AlphaCentric Robotics and Automation Fund** | **S&P 500<sup>®</sup> Index** | **MSCI All Country World Index** |
| **05/31/17** | $10000 | $10000 | $10000 |
| **03/31/18** | $12663 | $11127 | $11107 |
| **03/31/19** | $11897 | $12183 | $11458 |
| **03/31/20** | $9928 | $11333 | $10225 |
| **03/31/21** | $17445 | $17720 | $15880 |
| **03/31/22** | $14812 | $20492 | $17108 |
| **03/31/23** | $12845 | $18908 | $15917 |
| **03/31/24** | $13460 | $24558 | $19706 |
| **03/31/25** | $13077 | $26585 | $21209 |
| **03/31/26** | $17176 | $31318 | $25561 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (May 31, 2017)** |
| AlphaCentric Robotics and Automation Fund | 31.34% | -0.31% | 6.32% |
| MSCI All Country World Index | 20.52% | 9.99% | 11.21% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 13.80% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-844-223-8637.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $21754377 |
| Number of Portfolio Holdings | 40 |
| Advisory Fee (net of waivers) | $61847 |
| Portfolio Turnover | 114% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i5749b636472c91465b0db183.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 69.1% |
| Money Market Funds | 30.9% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](id5f662f97597561b5e3b39db.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -41.2% |
| Consumer Discretionary | 3.9% |
| Communications | 5.0% |
| Technology | 13.8% |
| Health Care | 18.9% |
| Money Market Funds | 43.6% |
| Industrials | 56.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio | &nbsp;&nbsp;41.3% |
| &nbsp;&nbsp;Stereotaxis, Inc. | &nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;Amprius Technologies, Inc. | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Rainbow Robotics | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Kraken Robotics, Inc. | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;FANUC Corporation | &nbsp;&nbsp;3.8% |
| &nbsp;&nbsp;Intuitive Surgical, Inc. | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Doosan Robotics, Inc. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Rockwell Automation, Inc. | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Symbotic, Inc. | &nbsp;&nbsp;3.1% |

---

# Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

![Image](ie2ec727ccf235ae3cb71493d.jpg)

#### AlphaCentric Robotics and Automation Fund

#### Annual Shareholder Report - March 31, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://alphacentricfunds.com/funds/gnxix/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](ifcafcea6a458eec5f600a86f.jpg)

TSR-AR 033126-GNXCX

#### AlphaCentric Robotics and Automation Fund

#### Class I Shares (GNXIX)

#### Annual Shareholder Report - March 31, 2026
![Image](ie2ec727ccf235ae3cb71493d.jpg)

# Fund Overview
This annual shareholder report contains important information about AlphaCentric Robotics and Automation Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://alphacentricfunds.com/funds/gnxix/**. You can also request this information by contacting us at 1-844-223-8637.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I Shares | $163 | 1.40% |

---

# How did the Fund perform during the reporting period?
Reflecting on the 12 months ended March 31, 2026, it is encouraging to witness continued momentum across the robotics and automation ecosystem. Global companies continued to invest in robotics, software, sensors, and intelligent systems to improve productivity, offset labor shortages, and increase operational resilience. A key development was the deepening convergence between robotics and AI, expanding the market opportunity for both hardware and software providers.

The Fund delivered solid performance over the period, led by holdings in industrial automation, collaborative robotics, and AI infrastructure. The Fund also benefited from enabling technologies such as semiconductors, sensor manufacturers, and machine vision. While some consumer-facing names faced pressure and currency fluctuations created headwinds, the Fund maintained a disciplined investment process focused on innovative companies with durable competitive advantages and growing end markets.

Looking ahead, the outlook for robotics and automation is constructive. Labor scarcity, wage pressure, reshoring, and the need for supply chain resilience are all structural forces supporting demand. The Fund is particularly focused on businesses building the systems that help robots see, decide, and act with greater autonomy. Robotics and automation is not a passing trend; it's a multi-decade transformation of how goods are made, moved, and delivered.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i0a4b625a88a31400a64bfb72.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **AlphaCentric Robotics and Automation Fund** | **S&P 500<sup>®</sup> Index** | **MSCI All Country World Index** |
| **05/31/17** | $10000 | $10000 | $10000 |
| **03/31/18** | $12773 | $11127 | $11107 |
| **03/31/19** | $12120 | $12183 | $11458 |
| **03/31/20** | $10216 | $11333 | $10225 |
| **03/31/21** | $18128 | $17720 | $15880 |
| **03/31/22** | $15552 | $20492 | $17108 |
| **03/31/23** | $13613 | $18908 | $15917 |
| **03/31/24** | $14410 | $24558 | $19706 |
| **03/31/25** | $14156 | $26585 | $21209 |
| **03/31/26** | $18773 | $31318 | $25561 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (May 31, 2017)** |
| AlphaCentric Robotics and Automation Fund | 32.62% | 0.70% | 7.39% |
| MSCI All Country World Index | 20.52% | 9.99% | 11.21% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 13.80% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-844-223-8637.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $21754377 |
| Number of Portfolio Holdings | 40 |
| Advisory Fee (net of waivers) | $61847 |
| Portfolio Turnover | 114% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i5749b636472c91465b0db183.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 69.1% |
| Money Market Funds | 30.9% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](id5f662f97597561b5e3b39db.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -41.2% |
| Consumer Discretionary | 3.9% |
| Communications | 5.0% |
| Technology | 13.8% |
| Health Care | 18.9% |
| Money Market Funds | 43.6% |
| Industrials | 56.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio | &nbsp;&nbsp;41.3% |
| &nbsp;&nbsp;Stereotaxis, Inc. | &nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;Amprius Technologies, Inc. | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Rainbow Robotics | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Kraken Robotics, Inc. | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;FANUC Corporation | &nbsp;&nbsp;3.8% |
| &nbsp;&nbsp;Intuitive Surgical, Inc. | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Doosan Robotics, Inc. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Rockwell Automation, Inc. | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Symbotic, Inc. | &nbsp;&nbsp;3.1% |

---

# Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

![Image](ie2ec727ccf235ae3cb71493d.jpg)

#### AlphaCentric Robotics and Automation Fund

#### Annual Shareholder Report - March 31, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://alphacentricfunds.com/funds/gnxix/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](ifcafcea6a458eec5f600a86f.jpg)

TSR-AR 033126-GNXIX

#### AlphaCentric Real Income Fund

#### Class A Shares (SIIAX)

#### Annual Shareholder Report - March 31, 2026
![Image](ie2ec727ccf235ae3cb71493d.jpg)

# Fund Overview
This annual shareholder report contains important information about AlphaCentric Real Income Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://alphacentricfunds.com/funds/siiix/**. You can also request this information by contacting us at 1-844-223-8637.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A Shares | $180 | 1.74% |

---

# How did the Fund perform during the reporting period?
During the fiscal year, the Fund gained 6.64% on Class A while the S&P USA REIT USD Total Return Index gained 6.98%. The Bloomberg U.S. Aggregate Bond Index, the Fund's broad based securities market index, gained 4.35% over the same period. Monthly investment results for the fiscal year ranged from -1.93% in April 2025 to 2.00% in May 2025. The median monthly return for the period was 0.78% with an annualized standard deviation of 4.52%.

The Fund had positive contributions from interest income and had realized gains and unrealized losses during the fiscal year. 100% of the income was distributed for a 1-year dividend yield of 6.38%. The total return for the fiscal year was positive. The Fund's NAV increased from $16.26 on March 31, 2025 to $16.27 on March 31, 2026 inclusive of the impact of the Fund distributing $1.04 in income during the year.

The primary contributors to performance during the fiscal year were security selection and duration management. In the face of ever-tightening credit spreads in both investment grade and high yield markets, along with a highly uncertain and volatile interest rate environment, we cautioned in multiple CrossingBridge quarterly commentaries published this past fiscal year (available on our website) that it has been a tough environment to make money – and an easy one to make mistakes. With this as the backdrop, we remained committed to emphasizing downside risk-management, while being selective in bottom-up security selection rather than making a bet on the direction of rates.

As of March 31, 2026, the Fund's net assets were weighted by asset style as follows: 28.3% Common Stocks, 22.2% Money Market Funds, 18.1% Corporate Bonds, 15.4% Mortgage Related Securities, 4.6% Convertible Bonds, 3.6% Foreign Bonds, 2.9% Commercial Paper, 2.3% Preferred Stocks, 0.8% U.S. Government & Agencies, and 0.4% Interest Only Bonds.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i23584b295bdc27f1b3e1582f.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **AlphaCentric Real Income Fund** | **Bloomberg U.S. Aggregate Bond Index** | **S&P US REIT Index** | **S&P 500<sup>®</sup> Index** |
| **05/28/21** | $9526 | $10000 | $10000 | $10000 |
| **03/31/22** | $9527 | $9479 | $11585 | $10903 |
| **03/31/23** | $8520 | $9025 | $9375 | $10060 |
| **03/31/24** | $10033 | $9179 | $10346 | $13066 |
| **03/31/25** | $10604 | $9626 | $11366 | $14144 |
| **03/31/26** | $11309 | $10045 | $12159 | $16662 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (May 28, 2021)** |
| AlphaCentric Real Income Fund |  |  |
| Without Load | 6.64% | 3.61% |
| With Load | 1.58% | 2.57% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.09% |
| S&P 500<sup>®</sup> Index | 17.80% | 11.12% |
| S&P US REIT Index | 6.98% | 4.12% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-844-223-8637.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $43051026 |
| Number of Portfolio Holdings | 77 |
| Advisory Fee (net of waivers) | $0 |
| Portfolio Turnover | 152% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ifa3dfd07281ba9408376e34b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 15.1% |
| Business Development Companies | 1.6% |
| Collateralized Mortgage Obligations | 0.4% |
| Commercial Paper | 2.8% |
| Common Stocks | 27.5% |
| Convertible Bonds | 4.5% |
| Corporate Bonds | 21.2% |
| Money Market Funds | 21.7% |
| Preferred Stocks | 2.3% |
| Term Loans | 2.1% |
| U.S. Government & Agencies | 0.8% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i5406e2fbacea7058b7832aa4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.7% |
| CMO | 0.6% |
| Industrials | 0.6% |
| MBS Passthrough | 0.8% |
| ABS | 1.3% |
| Materials | 2.7% |
| Utilities | 4.2% |
| Communications | 5.7% |
| Consumer Discretionary | 6.0% |
| Technology | 6.2% |
| Energy | 6.5% |
| Financials | 7.3% |
| CMBS | 13.9% |
| Money Market Funds | 22.1% |
| Real Estate | 23.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| First American Treasury Obligations Fund, Class X | 22.1% |
| Euronet Worldwide, Inc. | 4.3% |
| TPG Trust 2025-INFL, B | 3.5% |
| Genworth Holdings, Inc. | 3.2% |
| AMREP Corporation | 2.9% |
| Edison International | 2.9% |
| Crown Castle, Inc. | 2.9% |
| Saul Centers, Inc. | 2.7% |
| MHP 2021-STOR, A | 2.6% |
| Outfront Media Capital, LLC / Outfront Media | 2.3% |

---

# Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

![Image](ie2ec727ccf235ae3cb71493d.jpg)

#### AlphaCentric Real Income Fund

#### Annual Shareholder Report - March 31, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://alphacentricfunds.com/funds/siiix/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](ifcafcea6a458eec5f600a86f.jpg)

TSR-AR 033126-SIIAX

#### AlphaCentric Real Income Fund

#### Class C Shares (SIICX)

#### Annual Shareholder Report - March 31, 2026
![Image](ie2ec727ccf235ae3cb71493d.jpg)

# Fund Overview
This annual shareholder report contains important information about AlphaCentric Real Income Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://alphacentricfunds.com/funds/siiix/**. You can also request this information by contacting us at 1-844-223-8637.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C Shares | $256 | 2.49% |

---

# How did the Fund perform during the reporting period?
During the fiscal year, the Fund gained 5.81% on Class C while the S&P USA REIT USD Total Return Index gained 6.98%. The Bloomberg U.S. Aggregate Bond Index, the Fund's broad based securities market index, gained 4.35% over the same period. Monthly investment results for the fiscal year ranged from -2.05% in April 2025 to 2.00% in May 2025. The median monthly return for the period was 0.72% with an annualized standard deviation of 4.59%.

The Fund had positive contributions from interest income and had realized gains and unrealized losses during the fiscal year. 100% of the income was distributed for a 1-year dividend yield of 5.62%. The total return for the fiscal year was positive. The Fund's NAV neither increased nor decreased from $16.22 on March 31, 2025 to $16.22 on March 31, 2026 inclusive of the impact of the Fund distributing $0.92 in income during the year.

The primary contributors to performance during the fiscal year were security selection and duration management. In the face of ever-tightening credit spreads in both investment grade and high yield markets, along with a highly uncertain and volatile interest rate environment, we cautioned in multiple CrossingBridge quarterly commentaries published this past fiscal year (available on our website) that it has been a tough environment to make money – and an easy one to make mistakes. With this as the backdrop, we remained committed to emphasizing downside risk-management, while being selective in bottom-up security selection rather than making a bet on the direction of rates.

As of March 31, 2026, the Fund's net assets were weighted by asset style as follows: 28.3% Common Stocks, 22.2% Money Market Funds, 18.1% Corporate Bonds, 15.4% Mortgage Related Securities, 4.6% Convertible Bonds, 3.6% Foreign Bonds, 2.9% Commercial Paper, 2.3% Preferred Stocks, 0.8% U.S. Government & Agencies, and 0.4% Interest Only Bonds.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i0509fc3a13a4ad8ce325e1ba.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **AlphaCentric Real Income Fund** | **Bloomberg U.S. Aggregate Bond Index** | **S&P US REIT Index** | **S&P 500<sup>®</sup> Index** |
| **05/28/21** | $10000 | $10000 | $10000 | $10000 |
| **03/31/22** | $9939 | $9479 | $11585 | $10903 |
| **03/31/23** | $8822 | $9025 | $9375 | $10060 |
| **03/31/24** | $10311 | $9179 | $10346 | $13066 |
| **03/31/25** | $10819 | $9626 | $11366 | $14144 |
| **03/31/26** | $11447 | $10045 | $12159 | $16662 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (May 28, 2021)** |
| AlphaCentric Real Income Fund | 5.81% | 2.83% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.09% |
| S&P 500<sup>®</sup> Index | 17.80% | 11.12% |
| S&P US REIT Index | 6.98% | 4.12% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-844-223-8637.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $43051026 |
| Number of Portfolio Holdings | 77 |
| Advisory Fee (net of waivers) | $0 |
| Portfolio Turnover | 152% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ifa3dfd07281ba9408376e34b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 15.1% |
| Business Development Companies | 1.6% |
| Collateralized Mortgage Obligations | 0.4% |
| Commercial Paper | 2.8% |
| Common Stocks | 27.5% |
| Convertible Bonds | 4.5% |
| Corporate Bonds | 21.2% |
| Money Market Funds | 21.7% |
| Preferred Stocks | 2.3% |
| Term Loans | 2.1% |
| U.S. Government & Agencies | 0.8% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i5406e2fbacea7058b7832aa4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.7% |
| CMO | 0.6% |
| Industrials | 0.6% |
| MBS Passthrough | 0.8% |
| ABS | 1.3% |
| Materials | 2.7% |
| Utilities | 4.2% |
| Communications | 5.7% |
| Consumer Discretionary | 6.0% |
| Technology | 6.2% |
| Energy | 6.5% |
| Financials | 7.3% |
| CMBS | 13.9% |
| Money Market Funds | 22.1% |
| Real Estate | 23.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| First American Treasury Obligations Fund, Class X | 22.1% |
| Euronet Worldwide, Inc. | 4.3% |
| TPG Trust 2025-INFL, B | 3.5% |
| Genworth Holdings, Inc. | 3.2% |
| AMREP Corporation | 2.9% |
| Edison International | 2.9% |
| Crown Castle, Inc. | 2.9% |
| Saul Centers, Inc. | 2.7% |
| MHP 2021-STOR, A | 2.6% |
| Outfront Media Capital, LLC / Outfront Media | 2.3% |

---

# Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

![Image](ie2ec727ccf235ae3cb71493d.jpg)

#### AlphaCentric Real Income Fund

#### Annual Shareholder Report - March 31, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://alphacentricfunds.com/funds/siiix/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](ifcafcea6a458eec5f600a86f.jpg)

TSR-AR 033126-SIICX

#### AlphaCentric Real Income Fund

#### Class I Shares (SIIIX)

#### Annual Shareholder Report - March 31, 2026
![Image](ie2ec727ccf235ae3cb71493d.jpg)

# Fund Overview
This annual shareholder report contains important information about AlphaCentric Real Income Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://alphacentricfunds.com/funds/siiix/**. You can also request this information by contacting us at 1-844-223-8637.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I Shares | $154 | 1.49% |

---

# How did the Fund perform during the reporting period?
During the fiscal year, the Fund gained 6.89% on its Class I Institutional Class while the S&P USA REIT USD Total Return Index gained 6.98%. The Bloomberg U.S. Aggregate Bond Index, the Fund's broad based securities market index, gained 4.35% over the same period. Monthly investment results for the fiscal year ranged from -1.96% in April 2025 to 2.08% in May 2025. The median monthly return for the period was 0.83% with an annualized standard deviation of 4.59%.

The Fund had positive contributions from interest income and had realized gains and unrealized losses during the fiscal year. 100% of the income was distributed for a 1-year dividend yield of 6.56%. The total return for the fiscal year was positive. The Fund's NAV increased from $16.30 on March 31, 2025 to $16.31 on March 31, 2026 inclusive of the impact of the Fund distributing $1.08 in income during the year.

The primary contributors to performance during the fiscal year were security selection and duration management. In the face of ever-tightening credit spreads in both investment grade and high yield markets, along with a highly uncertain and volatile interest rate environment, we cautioned in multiple CrossingBridge quarterly commentaries published this past fiscal year (available on our website) that it has been a tough environment to make money – and an easy one to make mistakes. With this as the backdrop, we remained committed to emphasizing downside risk-management, while being selective in bottom-up security selection rather than making a bet on the direction of rates.

As of March 31, 2026, the Fund's net assets were weighted by asset style as follows: 28.3% Common Stocks, 22.2% Money Market Funds, 18.1% Corporate Bonds, 15.4% Mortgage Related Securities, 4.6% Convertible Bonds, 3.6% Foreign Bonds, 2.9% Commercial Paper, 2.3% Preferred Stocks, 0.8% U.S. Government & Agencies, and 0.4% Interest Only Bonds.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i58bf140213f080378224ca92.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **AlphaCentric Real Income Fund** | **Bloomberg U.S. Aggregate Bond Index** | **S&P US REIT Index** | **S&P 500<sup>®</sup> Index** |
| **03/31/16** | $10000 | $10000 | $10000 | $10000 |
| **03/31/17** | $11373 | $10044 | $10264 | $11717 |
| **03/31/18** | $13333 | $10165 | $9779 | $13357 |
| **03/31/19** | $13660 | $10620 | $11858 | $14625 |
| **03/31/20** | $12980 | $11569 | $9318 | $13605 |
| **03/31/21** | $23621 | $11651 | $12816 | $21271 |
| **03/31/22** | $24213 | $11168 | $16190 | $24599 |
| **03/31/23** | $21721 | $10633 | $13102 | $22698 |
| **03/31/24** | $25632 | $10814 | $14459 | $29480 |
| **03/31/25** | $27168 | $11342 | $15884 | $31913 |
| **03/31/26** | $29039 | $11835 | $16993 | $37594 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| AlphaCentric Real Income Fund | 6.89% | 4.22% | 11.25% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 14.16% |
| S&P US REIT Index | 6.98% | 5.80% | 5.45% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-844-223-8637.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $43051026 |
| Number of Portfolio Holdings | 77 |
| Advisory Fee (net of waivers) | $0 |
| Portfolio Turnover | 152% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ifa3dfd07281ba9408376e34b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 15.1% |
| Business Development Companies | 1.6% |
| Collateralized Mortgage Obligations | 0.4% |
| Commercial Paper | 2.8% |
| Common Stocks | 27.5% |
| Convertible Bonds | 4.5% |
| Corporate Bonds | 21.2% |
| Money Market Funds | 21.7% |
| Preferred Stocks | 2.3% |
| Term Loans | 2.1% |
| U.S. Government & Agencies | 0.8% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i5406e2fbacea7058b7832aa4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.7% |
| CMO | 0.6% |
| Industrials | 0.6% |
| MBS Passthrough | 0.8% |
| ABS | 1.3% |
| Materials | 2.7% |
| Utilities | 4.2% |
| Communications | 5.7% |
| Consumer Discretionary | 6.0% |
| Technology | 6.2% |
| Energy | 6.5% |
| Financials | 7.3% |
| CMBS | 13.9% |
| Money Market Funds | 22.1% |
| Real Estate | 23.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| First American Treasury Obligations Fund, Class X | 22.1% |
| Euronet Worldwide, Inc. | 4.3% |
| TPG Trust 2025-INFL, B | 3.5% |
| Genworth Holdings, Inc. | 3.2% |
| AMREP Corporation | 2.9% |
| Edison International | 2.9% |
| Crown Castle, Inc. | 2.9% |
| Saul Centers, Inc. | 2.7% |
| MHP 2021-STOR, A | 2.6% |
| Outfront Media Capital, LLC / Outfront Media | 2.3% |

---

# Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

![Image](ie2ec727ccf235ae3cb71493d.jpg)

#### AlphaCentric Real Income Fund

#### Annual Shareholder Report - March 31, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://alphacentricfunds.com/funds/siiix/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](ifcafcea6a458eec5f600a86f.jpg)

TSR-AR 033126-SIIIX

#### AlphaCentric Symmetry Strategy Fund

#### Class A Shares (SYMAX)

#### Annual Shareholder Report - March 31, 2026
![Image](ie2ec727ccf235ae3cb71493d.jpg)

# Fund Overview
This annual shareholder report contains important information about AlphaCentric Symmetry Strategy Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://alphacentricfunds.com/funds/symix/**. You can also request this information by contacting us at 1-844-223-8637.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A Shares | $203 | 1.85% |

---

# How did the Fund perform during the reporting period?
For the fiscal year ending March 31, 2026, the AlphaCentric Symmetry Strategy Fund Class A (SYMAX) delivered a total return of +19.63%. This strong result reflected positive contributions from both of the Fund's two primary strategic components: long-only traditional equity and credit exposure, and systematic alternative investments, primarily comprised of managed futures. The Fund maintained its target allocation of approximately 50% of portfolio risk to each of these components and rebalanced exposures regularly to adhere to that mandate. This risk-balanced construction is a central feature of the Fund's design, intended to diversify sources of return and provide resilience across a range of macroeconomic and market environments.

The traditional (long-only) portfolio was the largest contributor to performance, supported by broad strength in global equity markets throughout most of the fiscal year. Equity exposure was expressed through factor-based strategies targeting style characteristics such as value, growth, and low-volatility momentum. These factor portfolios are designed to capture broad, persistent drivers of stock returns across sectors and regions. Credit exposure also contributed positively, benefiting from generally tight spreads and constrictive risk sentiment over the period.

The systematic managed futures allocation also added meaningfully to overall performance, reversing the prior year's results. Commodity trend-following was the leading contributor within the alternatives sleeve, as sustained directional moves across energy, metals, and agricultural markets created a favorable environment for the strategy. Currency positioning contributed modestly, while fixed income trend-following detracted as rate markets experienced periodic reversals that challenged trend-capture. Notably, the managed futures allocation provided positive diversification during the market drawdown in March 2026, when energy exposures gained materially even as equity and fixed income markets declined, highlighting the strategy's intended role within the portfolio.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i88cd9cc1e9e36ac8341e55f1.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **AlphaCentric Symmetry Strategy Fund** | **60% - MSCI World Index / 40% - Bloomberg US Agg** | **MSCI World Index** | **S&P 500<sup>®</sup> Index** |
| **Aug-2019** | $9424 | $10000 | $10000 | $10000 |
| **Mar-2020** | $8327 | $9401 | $8731 | $8913 |
| **Mar-2021** | $9918 | $12269 | $13448 | $13936 |
| **Mar-2022** | $11065 | $12802 | $14809 | $16116 |
| **Mar-2023** | $10749 | $12052 | $13769 | $14871 |
| **Mar-2024** | $11747 | $13899 | $17227 | $19314 |
| **Mar-2025** | $11535 | $14767 | $18439 | $20908 |
| **Mar-2026** | $13799 | $16683 | $21924 | $24631 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (August 8, 2019)** |
| AlphaCentric Symmetry Strategy Fund |  |  |  |
| Without Load | 19.63% | 6.83% | 5.91% |
| With Load | 12.76% | 5.57% | 4.96% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 14.52% |
| MSCI World Index | 18.90% | 10.27% | 12.54% |
| 60% - MSCI World Index / 40% - Bloomberg US Agg | 12.97% | 6.34% | 8.15% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-844-223-8637.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $51829072 |
| Number of Portfolio Holdings | 228 |
| Advisory Fee (net of waivers) | $452628 |
| Portfolio Turnover | 574% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i47d94683875c8c2e5befc539.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 30.7% |
| Exchange-Traded Funds | 37.7% |
| Money Market Funds | 15.6% |
| Reit | 0.8% |
| U.S. Government & Agencies | 15.2% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i764da2be8c2ae15396ea06c4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 8.9% |
| Real Estate | 0.6% |
| Energy | 0.9% |
| Technology | 1.6% |
| Consumer Staples | 1.7% |
| Communications | 2.2% |
| Consumer Discretionary | 2.3% |
| Industrials | 3.0% |
| Materials | 3.2% |
| Health Care | 4.2% |
| Financials | 8.9% |
| Fixed Income | 13.4% |
| U.S. Treasury Obligations | 13.9% |
| Money Market Funds | 14.2% |
| Equity | 21.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| First American Treasury Obligations Fund, Class X | 14.2% |
| Invesco S&P 500 Pure Value ETF | 4.9% |
| iShares Russell 1000 Value ETF | 4.9% |
| United States Treasury Bill, 3.420%, 04/14/26 | 3.7% |
| United States Treasury Bill, 3.560%, 04/30/26 | 3.7% |
| United States Treasury Bill, 3.570%, 05/12/26 | 3.7% |
| United States Treasury Bill, 3.600%, 05/28/26 | 1.9% |
| iShares 1-3 Year Treasury Bond ETF | 1.5% |
| iShares 3-7 Year Treasury Bond ETF | 1.5% |
| iShares 7-10 Year Treasury Bond ETF | 1.5% |

---

#### Derivative Exposure by Notional Value
![Group By Industry Chart](i6aec08936a9f3183f1a51dc7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Interest Rate | -55% |
| Currency | 12% |
| Equity Index | 78% |
| Commodity | 33% |

---

# Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

![Image](ie2ec727ccf235ae3cb71493d.jpg)

#### AlphaCentric Symmetry Strategy Fund

#### Annual Shareholder Report - March 31, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://alphacentricfunds.com/funds/symix/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](ifcafcea6a458eec5f600a86f.jpg)

TSR-AR 033126-SYMAX

#### AlphaCentric Symmetry Strategy Fund

#### Class C Shares (SYMCX)

#### Annual Shareholder Report - March 31, 2026
![Image](ie2ec727ccf235ae3cb71493d.jpg)

# Fund Overview
This annual shareholder report contains important information about AlphaCentric Symmetry Strategy Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://alphacentricfunds.com/funds/symix/**. You can also request this information by contacting us at 1-844-223-8637.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C Shares | $284 | 2.60% |

---

# How did the Fund perform during the reporting period?
For the fiscal year ending March 31, 2026, the AlphaCentric Symmetry Strategy Fund Class C (SYMCX) delivered a total return of +18.73%.This strong result reflected positive contributions from both of the Fund's two primary strategic components: long-only traditional equity and credit exposure, and systematic alternative investments, primarily comprised of managed futures. The Fund maintained its target allocation of approximately 50% of portfolio risk to each of these components and rebalanced exposures regularly to adhere to that mandate. This risk-balanced construction is a central feature of the Fund's design, intended to diversify sources of return and provide resilience across a range of macroeconomic and market environments.

The traditional (long-only) portfolio was the largest contributor to performance, supported by broad strength in global equity markets throughout most of the fiscal year. Equity exposure was expressed through factor-based strategies targeting style characteristics such as value, growth, and low-volatility momentum. These factor portfolios are designed to capture broad, persistent drivers of stock returns across sectors and regions. Credit exposure also contributed positively, benefiting from generally tight spreads and constrictive risk sentiment over the period.

The systematic managed futures allocation also added meaningfully to overall performance, reversing the prior year's results. Commodity trend-following was the leading contributor within the alternatives sleeve, as sustained directional moves across energy, metals, and agricultural markets created a favorable environment for the strategy. Currency positioning contributed modestly, while fixed income trend-following detracted as rate markets experienced periodic reversals that challenged trend-capture. Notably, the managed futures allocation provided positive diversification during the market drawdown in March 2026, when energy exposures gained materially even as equity and fixed income markets declined, highlighting the strategy's intended role within the portfolio.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i60a27f9c08e1dd4137bdcda2.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **AlphaCentric Symmetry Strategy Fund** | **60% - MSCI World Index / 40% - Bloomberg US Agg** | **MSCI World Index** | **S&P 500<sup>®</sup> Index** |
| **Aug-2019** | $10000 | $10000 | $10000 | $10000 |
| **Mar-2020** | $8803 | $9401 | $8731 | $8913 |
| **Mar-2021** | $10396 | $12269 | $13448 | $13936 |
| **Mar-2022** | $11498 | $12802 | $14809 | $16116 |
| **Mar-2023** | $11092 | $12052 | $13769 | $14871 |
| **Mar-2024** | $12030 | $13899 | $17227 | $19314 |
| **Mar-2025** | $11728 | $14767 | $18439 | $20908 |
| **Mar-2026** | $13924 | $16683 | $21924 | $24631 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (August 8, 2019)** |
| AlphaCentric Symmetry Strategy Fund | 18.73% | 6.02% | 5.11% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 14.52% |
| MSCI World Index | 18.90% | 10.27% | 12.54% |
| 60% - MSCI World Index / 40% - Bloomberg US Agg | 12.97% | 6.34% | 8.15% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-844-223-8637.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $51829072 |
| Number of Portfolio Holdings | 228 |
| Advisory Fee (net of waivers) | $452628 |
| Portfolio Turnover | 574% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i47d94683875c8c2e5befc539.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 30.7% |
| Exchange-Traded Funds | 37.7% |
| Money Market Funds | 15.6% |
| Reit | 0.8% |
| U.S. Government & Agencies | 15.2% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i764da2be8c2ae15396ea06c4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 8.9% |
| Real Estate | 0.6% |
| Energy | 0.9% |
| Technology | 1.6% |
| Consumer Staples | 1.7% |
| Communications | 2.2% |
| Consumer Discretionary | 2.3% |
| Industrials | 3.0% |
| Materials | 3.2% |
| Health Care | 4.2% |
| Financials | 8.9% |
| Fixed Income | 13.4% |
| U.S. Treasury Obligations | 13.9% |
| Money Market Funds | 14.2% |
| Equity | 21.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| First American Treasury Obligations Fund, Class X | 14.2% |
| Invesco S&P 500 Pure Value ETF | 4.9% |
| iShares Russell 1000 Value ETF | 4.9% |
| United States Treasury Bill, 3.420%, 04/14/26 | 3.7% |
| United States Treasury Bill, 3.560%, 04/30/26 | 3.7% |
| United States Treasury Bill, 3.570%, 05/12/26 | 3.7% |
| United States Treasury Bill, 3.600%, 05/28/26 | 1.9% |
| iShares 1-3 Year Treasury Bond ETF | 1.5% |
| iShares 3-7 Year Treasury Bond ETF | 1.5% |
| iShares 7-10 Year Treasury Bond ETF | 1.5% |

---

#### Derivative Exposure by Notional Value
![Group By Industry Chart](i6aec08936a9f3183f1a51dc7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Interest Rate | -55% |
| Currency | 12% |
| Equity Index | 78% |
| Commodity | 33% |

---

# Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

![Image](ie2ec727ccf235ae3cb71493d.jpg)

#### AlphaCentric Symmetry Strategy Fund

#### Annual Shareholder Report - March 31, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://alphacentricfunds.com/funds/symix/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](ifcafcea6a458eec5f600a86f.jpg)

TSR-AR 033126-SYMCX

#### AlphaCentric Symmetry Strategy Fund

#### Class I Shares (SYMIX)

#### Annual Shareholder Report - March 31, 2026
![Image](ie2ec727ccf235ae3cb71493d.jpg)

# Fund Overview
This annual shareholder report contains important information about AlphaCentric Symmetry Strategy Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://alphacentricfunds.com/funds/symix/**. You can also request this information by contacting us at 1-844-223-8637.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I Shares | $176 | 1.60% |

---

# How did the Fund perform during the reporting period?
For the fiscal year ending March 31, 2026, the AlphaCentric Symmetry Strategy Fund Class I (SYMIX) delivered a total return of +19.83%.This strong result reflected positive contributions from both of the Fund's two primary strategic components: long-only traditional equity and credit exposure, and systematic alternative investments, primarily comprised of managed futures. The Fund maintained its target allocation of approximately 50% of portfolio risk to each of these components and rebalanced exposures regularly to adhere to that mandate. This risk-balanced construction is a central feature of the Fund's design, intended to diversify sources of return and provide resilience across a range of macroeconomic and market environments.

The traditional (long-only) portfolio was the largest contributor to performance, supported by broad strength in global equity markets throughout most of the fiscal year. Equity exposure was expressed through factor-based strategies targeting style characteristics such as value, growth, and low-volatility momentum. These factor portfolios are designed to capture broad, persistent drivers of stock returns across sectors and regions. Credit exposure also contributed positively, benefiting from generally tight spreads and constrictive risk sentiment over the period.

The systematic managed futures allocation also added meaningfully to overall performance, reversing the prior year's results. Commodity trend-following was the leading contributor within the alternatives sleeve, as sustained directional moves across energy, metals, and agricultural markets created a favorable environment for the strategy. Currency positioning contributed modestly, while fixed income trend-following detracted as rate markets experienced periodic reversals that challenged trend-capture. Notably, the managed futures allocation provided positive diversification during the market drawdown in March 2026, when energy exposures gained materially even as equity and fixed income markets declined, highlighting the strategy's intended role within the portfolio.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i83c3a651e026d2895f5af5e8.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **AlphaCentric Symmetry Strategy Fund** | **60% - MSCI World Index / 40% - Bloomberg US Agg** | **MSCI World Index** | **S&P 500<sup>®</sup> Index** |
| **Mar-2016** | $10000 | $10000 | $10000 | $10000 |
| **Mar-2017** | $9317 | $10888 | $11477 | $11717 |
| **Mar-2018** | $10034 | $11821 | $13036 | $13357 |
| **Mar-2019** | $9688 | $12348 | $13560 | $14625 |
| **Mar-2020** | $8420 | $12029 | $12151 | $13605 |
| **Mar-2021** | $10051 | $15699 | $18716 | $21271 |
| **Mar-2022** | $11231 | $16380 | $20610 | $24599 |
| **Mar-2023** | $10933 | $15421 | $19163 | $22698 |
| **Mar-2024** | $11980 | $17784 | $23975 | $29480 |
| **Mar-2025** | $11802 | $18896 | $25662 | $31913 |
| **Mar-2026** | $14143 | $21346 | $30512 | $37594 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| AlphaCentric Symmetry Strategy Fund | 19.83% | 7.07% | 3.53% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 14.16% |
| MSCI World Index | 18.90% | 10.27% | 11.80% |
| 60% - MSCI World Index / 40% - Bloomberg US Agg | 12.97% | 6.34% | 7.88% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-844-223-8637.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $51829072 |
| Number of Portfolio Holdings | 228 |
| Advisory Fee (net of waivers) | $452628 |
| Portfolio Turnover | 574% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i47d94683875c8c2e5befc539.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 30.7% |
| Exchange-Traded Funds | 37.7% |
| Money Market Funds | 15.6% |
| Reit | 0.8% |
| U.S. Government & Agencies | 15.2% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i764da2be8c2ae15396ea06c4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 8.9% |
| Real Estate | 0.6% |
| Energy | 0.9% |
| Technology | 1.6% |
| Consumer Staples | 1.7% |
| Communications | 2.2% |
| Consumer Discretionary | 2.3% |
| Industrials | 3.0% |
| Materials | 3.2% |
| Health Care | 4.2% |
| Financials | 8.9% |
| Fixed Income | 13.4% |
| U.S. Treasury Obligations | 13.9% |
| Money Market Funds | 14.2% |
| Equity | 21.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| First American Treasury Obligations Fund, Class X | 14.2% |
| Invesco S&P 500 Pure Value ETF | 4.9% |
| iShares Russell 1000 Value ETF | 4.9% |
| United States Treasury Bill, 3.420%, 04/14/26 | 3.7% |
| United States Treasury Bill, 3.560%, 04/30/26 | 3.7% |
| United States Treasury Bill, 3.570%, 05/12/26 | 3.7% |
| United States Treasury Bill, 3.600%, 05/28/26 | 1.9% |
| iShares 1-3 Year Treasury Bond ETF | 1.5% |
| iShares 3-7 Year Treasury Bond ETF | 1.5% |
| iShares 7-10 Year Treasury Bond ETF | 1.5% |

---

#### Derivative Exposure by Notional Value
![Group By Industry Chart](i6aec08936a9f3183f1a51dc7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Interest Rate | -55% |
| Currency | 12% |
| Equity Index | 78% |
| Commodity | 33% |

---

# Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

![Image](ie2ec727ccf235ae3cb71493d.jpg)

#### AlphaCentric Symmetry Strategy Fund

#### Annual Shareholder Report - March 31, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://alphacentricfunds.com/funds/symix/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](ifcafcea6a458eec5f600a86f.jpg)

TSR-AR 033126-SYMIX

(b) Not applicable

**Item 2. Code of Ethics.** 

(a) The
 registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant's principal
 executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions,
 regardless of whether these individuals are employed by the registrant or a third party.

(b) N/A

(c) During
 the period covered by this report, there were no amendments to any provision of the code of ethics.

(d) During
 the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.

(e) N/A

(f) See
 Item 19(a)(1)

**Item 3. Audit Committee Financial Expert.** 

(a)(1) The registrant's Board of Trustees has determined that it does not have an audit committee financial expert serving on its audit committee. At this time, the registrant believes that the experience provided by each member of the audit committee together offer the registrant adequate oversight for the registrant's level of financial complexity.

(a)(2) Not applicable.

(a)(3) Not applicable.

**Item 4. Principal Accountant Fees and Services.** 

(a) Audit
 Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's principal
 accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant
 in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

2026 - $123,200

2025 - $123,200

(b) Audit-Related
 Fees. There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that
 are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph
 (a) of this item.

(c) Tax
 Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for
 tax compliance are as follows:

2026 – $22,500

2025 – $22,500

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

(d) All
 Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's
 principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years
 ended March 31, 2025, and 2026 respectively.

(e)(1) The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant.

(e)(2) There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable. The percentage of
 hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal
 year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was zero
 percent (0%).

(g) All non-audit fees billed by the
 registrant's principal accountant for services rendered to the registrant for the fiscal years ended March 31, 2025, and 2026 respectively
 are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for
 the registrant's adviser.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

**Item 5. Audit Committee of Listed Companies.** Not applicable to open-end investment companies.

**Item 6. Schedule of Investments.** The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a)&nbsp;&nbsp;&nbsp;&nbsp;

![(LOGO)](al001_v1.jpg)

**Annual Financial Statements**

**and Additional Information**

---

| | | |
|:---|:---|:---|
| **AlphaCentric Income Opportunities Fund** | **AlphaCentric Income Opportunities Fund** | **AlphaCentric Income Opportunities Fund** |
| Class A: IOFAX | Class C: IOFCX | Class I: IOFIX |
| **AlphaCentric Premium Opportunity Fund** | **AlphaCentric Premium Opportunity Fund** | **AlphaCentric Premium Opportunity Fund** |
| Class A: HMXAX | Class C: HMXCX | Class I: HMXIX |
| **AlphaCentric Robotics and Automation Fund** | **AlphaCentric Robotics and Automation Fund** | **AlphaCentric Robotics and Automation Fund** |
| Class A: GNXAX | Class C: GNXCX | Class I: GNXIX |
| **AlphaCentric Symmetry Strategy Fund** | **AlphaCentric Symmetry Strategy Fund** | **AlphaCentric Symmetry Strategy Fund** |
| Class A: SYMAX | Class C: SYMCX | Class I: SYMIX |
| **AlphaCentric Life Sciences and Healthcare Fund** | **AlphaCentric Life Sciences and Healthcare Fund** | **AlphaCentric Life Sciences and Healthcare Fund** |
| Class A: LYFAX | Class C: LYFCX | Class I: LYFIX |
| **AlphaCentric Real Income Fund** | **AlphaCentric Real Income Fund** | **AlphaCentric Real Income Fund** |
| Class A: SIIAX | Class C: SIICX | Class I: SIIIX |

---

---

| |
|:---|
| **March 31, 2026** |
| AlphaCentric Advisors LLC |
| 207 Calle del Parque, AM Tower, Floor 7 Suite 2 |
| San Juan, PR 00912 |
| 1-844-223-8637 |

---

---

| |
|:---|
| **ALPHACENTRIC INCOME OPPORTUNITIES FUND (IOFAX, IOFCX, IOFIX)** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  |  |  |  | **Fair Value** |
|  | **COMMON STOCKS — 2.5%** | **COMMON STOCKS — 2.5%** | **COMMON STOCKS — 2.5%** |  |  |
|  | **RESIDENTIAL REIT - 0.8%** | **RESIDENTIAL REIT - 0.8%** | **RESIDENTIAL REIT - 0.8%** |  |  |
| 73000 | Invitation Homes, Inc. | Invitation Homes, Inc. | Invitation Homes, Inc. |  | $1814050 |
|  | **SPECIALTY FINANCE - 1.7%** | **SPECIALTY FINANCE - 1.7%** | **SPECIALTY FINANCE - 1.7%** |  |  |
| 100000 | Federal Home Loan Mortgage Corporation<sup>(a)</sup> | Federal Home Loan Mortgage Corporation<sup>(a)</sup> | Federal Home Loan Mortgage Corporation<sup>(a)</sup> |  | 640000 |
| 400000 | Federal National Mortgage Association<sup>(a)</sup> | Federal National Mortgage Association<sup>(a)</sup> | Federal National Mortgage Association<sup>(a)</sup> |  | 2904000 |
|  |  |  |  |  | 3544000 |
|  | **TOTAL COMMON STOCKS (Cost $7,240,704)** | **TOTAL COMMON STOCKS (Cost $7,240,704)** | **TOTAL COMMON STOCKS (Cost $7,240,704)** |  | 5358050 |
| **Principal** |  |  | **Coupon** |  |  |
| **Amount ($)** |  | **Spread** | **Rate (%)** | **Maturity** | **Fair Value** |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 104.0%** |  |  |  |  |
| 586817 | ABFS Mortgage Loan Trust 2003-2 Series 2003-2 B<sup>(b),(c)</sup> |  | 5.8382 | 04/25/34 | 425172 |
| 288870 | ACE Securities Corp Home Equity Loan Trust Series 2004-RM2 M4<sup>(d)</sup> | TSFR1M + 1.434% | 5.1100 | 01/25/35 | 305367 |
| 4614967 | ACE Securities Corp Home Equity Loan Trust Series 2005-HE2 M7<sup>(d)</sup> | TSFR1M + 1.959% | 5.6300 | 04/25/35 | 2776436 |
| 5158351 | ACE Securities Corp Home Equity Loan Trust Series 2006-ASP4 M1<sup>(d)</sup> | TSFR1M + 0.549% | 1.6210 | 08/25/36 | 4851152 |
| 38646 | Adjustable Rate Mortgage Trust 2005-3 Series 2005-3 1A2<sup>(c)</sup> |  | 4.3880 | 07/25/35 | 37585 |
| 934682 | Alternative Loan Trust 2006-OA22 Series 2006-OA22 A3<sup>(d)</sup> | TSFR1M + 0.594% | 4.2730 | 02/25/47 | 865921 |
| 3587455 | American Home Mortgage Investment Trust 2006-1 Series 2006-1 1A2<sup>(d)</sup> | TSFR1M + 0.494% | 4.1730 | 03/25/46 | 3109097 |
| 1021996 | Ameriquest Mort Sec Inc Asset-Backed Pass-Through Certs Series 2002-2 M4<sup>(d)</sup> | TSFR1M + 3.414% | 1.3960 | 08/25/32 | 928530 |
| 1324968 | Ameriquest Mortgage Securities Asset-Backed Series 2005-R10 M7<sup>(d)</sup> | TSFR1M + 2.289% | 3.9000 | 01/25/36 | 2104491 |
| 2787 | Amresco Residential Securities Corp Mort Loan Series 1999-1 M2<sup>(d)</sup> | TSFR1M + 1.464% | 5.0600 | 11/25/29 | 2377 |
| 8580 | Bear Stearns ARM Trust 2003-8 Series 2003-8 1A2<sup>(c)</sup> |  | 6.3750 | 01/25/34 | 8518 |
| 157780 | Bear Stearns ARM Trust 2004-7 Series 2004-7 1A1<sup>(c)</sup> |  | 0.0001 | 10/25/34 | 121721 |
| 45368500 | Carrington Mortgage Loan Trust Series 2006-FRE1 Series 2006-FRE1 M1<sup>(d)</sup> | TSFR1M + 0.414% | 2.7410 | 07/25/36 | 34344794 |
| 8969639 | Carrington Mortgage Loan Trust Series 2006-NC4 Series 2006-NC4 M1<sup>(d)</sup> | TSFR1M + 0.414% | 4.0900 | 10/25/36 | 6031893 |
| 14574814 | Carrington Mortgage Loan Trust Series 2007-RFC1 Series 2007-RFC1 M1<sup>(d)</sup> | TSFR1M + 0.374% | 3.6730 | 12/25/36 | 10260601 |
| 45576 | Centex Home Equity Loan Trust 2004-B Series 2004-B M7<sup>(d)</sup> | TSFR1M + 2.439% | 5.5610 | 03/25/34 | 833 |
| 10137182 | CIT Mortgage Loan Trust 2007-1 Series 2007-1 2M3<sup>(b),(d)</sup> | TSFR1M + 1.864% | 5.1950 | 10/25/37 | 10227954 |
| 19112584 | CIT Mortgage Loan Trust 2007-1 Series 2007-1 1M3<sup>(b),(d)</sup> | TSFR1M + 1.864% | 5.5430 | 10/25/37 | 19833759 |
| 4549046 | Citigroup Mortgage Loan Trust 2006-WMC1 Series 2006-WMC1 M2<sup>(d)</sup> | TSFR1M + 0.729% | 3.6960 | 12/25/35 | 3539803 |
| 11045058 | Citigroup Mortgage Loan Trust 2007-AHL1 Series 2007-AHL1 M2<sup>(d)</sup> | TSFR1M + 0.519% | 0.9710 | 12/25/36 | 10847420 |
| 501225 | Citigroup Mortgage Loan Trust, Inc. Series 2005-OPT1 M8<sup>(d)</sup> | TSFR1M + 2.049% | 4.0000 | 02/25/35 | 431770 |
| 1162198 | Credit Suisse First Boston Mortgage Securities Series 2001-HE22 M1<sup>(d)</sup> | TSFR1M + 1.614% | 5.2240 | 02/25/32 | 1842932 |
| 3703969 | Credit-Based Asset Servicing and Securitization, Series 2007-SP2 M7<sup>(b),(e)</sup> |  | 3.5700 | 03/25/46 | 1345235 |
| 1115111 | Delta Funding Home Equity Loan Trust 1997-3 Series 1997-3 B1F |  | 2.9750 | 10/25/28 | 1139190 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC INCOME OPPORTUNITIES FUND (IOFAX, IOFCX, IOFIX)** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon**<br>**Rate (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 104.0% (Continued)** |  |  |  |  |
| 1188267 | Delta Funding Home Equity Loan Trust 1998-1 Series 1998-1 M1F<sup>(d)</sup> | TSFR1M + 0.939% | 0.9390 | 05/25/30 | $1033473 |
| 592245 | Delta Funding Home Equity Loan Trust 1999-1 Series 1999-1 B<sup>(c)</sup> |  | 3.3340 | 03/15/28 | 535587 |
| 1544710 | Delta Funding Home Equity Loan Trust 1999-2 Series 1999-2 M1 |  | 2.6310 | 08/15/30 | 1337896 |
| 1332920 | First Franklin Mortgage Loan Trust 2006-FF7 Series 2006-FF7 M1<sup>(d)</sup> | TSFR1M + 0.489% | 4.1600 | 05/25/36 | 1256294 |
| 7202555 | First Franklin Mortgage Loan Trust 2006-FF9 Series 2006-FF9 M1<sup>(d)</sup> | TSFR1M + 0.489% | 4.1600 | 06/25/36 | 5940886 |
| 1975222 | Fremont Home Loan Trust 2004-3 Series 2004-3 M5<sup>(d)</sup> | TSFR1M + 1.989% | 3.7800 | 11/25/34 | 1337747 |
| 6000 | GSR Mortgage Loan Trust 2005-7F Series 2005-7F 3A1<sup>(d)</sup> | TSFR1M + 0.614% | 4.2930 | 09/25/35 | 5992 |
| 802241 | GSRPM Mortgage Loan Trust Series 2004-1 Series 2004-1 B2<sup>(b),(d)</sup> | TSFR1M + 5.364% | 3.4550 | 09/25/42 | 763078 |
| 1111620 | HarborView Mortgage Loan Trust 2006-12 Series 2006-12 2A2B<sup>(d)</sup> | TSFR1M + 0.614% | 4.1440 | 01/19/38 | 1758010 |
| 17239 | IndyMac INDX Mortgage Loan Trust 2004-AR6 Series 2004-AR6 6A2<sup>(c)</sup> |  | 5.2940 | 10/25/34 | 16302 |
| 1044692 | IXIS Real Estate Capital Trust 2005-HE2 Series 2005-HE2 M6<sup>(d)</sup> | TSFR1M + 1.149% | 4.8280 | 09/25/35 | 1469442 |
| 193573 | MAFI II Remic Trust 1998-A Series 1998-AX B2 |  | 5.2020 | 02/20/27 | 237732 |
| 163036 | MASTR Alternative Loan Trust 2002-2 Series 2002-2 B3<sup>(c)</sup> |  | 7.1800 | 10/25/32 | 2 |
| 4877531 | Mastr Asset Backed Securities Trust 2007-HE1 Series 2007-HE1 M1<sup>(d)</sup> | TSFR1M + 0.414% | 1.4960 | 05/25/37 | 4044209 |
| 11556 | Merrill Lynch Mortgage Investors Trust MLMI Series 2003-A1 2A<sup>(d)</sup> | TSFR12M + 2.340% | 5.8140 | 12/25/32 | 11648 |
| 36306 | Merrill Lynch Mortgage Investors Trust MLMI Series 2003-A2 2A2<sup>(d)</sup> | TSFR6M + 1.928% | 5.5490 | 02/25/33 | 35596 |
| 2255564 | Merrill Lynch Mortgage Investors Trust Series MLCC Series 2006-1 M1<sup>(c)</sup> |  | 1.9550 | 02/25/36 | 1695980 |
| 3522491 | Mill City Mortgage Loan Trust 2018-3 Series 3 B5<sup>(b),(c)</sup> |  | 3.6460 | 08/25/58 | 2103647 |
| 3257839 | Mill City Mortgage Loan Trust 2018-3 Series 3 B6<sup>(b),(c)</sup> |  | 3.6460 | 08/25/58 | 1634318 |
| 5899364 | Mill City Mortgage Loan Trust 2018-4 Series 4 B6<sup>(b),(c)</sup> |  | 3.0410 | 04/25/66 | 3418838 |
| 324284 | Morgan Stanley A.B.S Capital I Inc Trust 2004-WMC3 Series 2004-WMC3 M6<sup>(d)</sup> | TSFR1M + 1.764% | 3.8950 | 01/25/35 | 495837 |
| 5149801 | Morgan Stanley A.B.S Capital I Inc Trust 2007-HE6 Series 2007-HE6 M1<sup>(d)</sup> | TSFR1M + 0.374% | 4.0500 | 05/25/37 | 6794000 |
| 23985 | Morgan Stanley Mortgage Loan Trust 2004-7AR Series 2004-7AR 2A7<sup>(c)</sup> |  | 5.2720 | 09/25/34 | 23799 |
| 7372274 | Nationstar Home Equity Loan Trust 2007-B Series 2007-B M2<sup>(d)</sup> | TSFR1M + 0.584% | 4.3190 | 04/25/37 | 7984979 |
| 15977 | Nomura Asset Acceptance Corp Alternative Loan Series 2003-A1 A5 |  | 7.0000 | 04/25/33 | 16192 |
| 2690 | Nomura Asset Acceptance Corp Alternative Loan Series 2003-A1 A2 |  | 6.0000 | 05/25/33 | 2727 |
| 3117555 | NovaStar Mortgage Funding Trust Series 2003-1 Series 2003-1 M2<sup>(d)</sup> | TSFR1M + 3.114% | 4.0800 | 05/25/33 | 2769768 |
| 16078543 | Option One Mortgage Loan Trust 2007-CP1 Series 2007-CP1 M1<sup>(d)</sup> | TSFR1M + 0.414% | 3.2600 | 03/25/37 | 14998246 |
| 3919437 | Park Place Securities Inc Asset-Backed Series 2004-WHQ2 M7<sup>(d)</sup> | TSFR1M + 2.739% | 3.8160 | 02/25/35 | 2721942 |
| 8339596 | PHH Alternative Mortgage Trust Series 2007-1 Series 1 1A3<sup>(d)</sup> | TSFR1M + 0.594% | 4.2730 | 02/25/37 | 785627 |
| 2638701 | RAAC Series 2006-RP2 Trust Series 2006-RP2 M2<sup>(b),(d)</sup> | TSFR1M + 1.364% | 5.0430 | 02/25/37 | 2276735 |
| 11132573 | RAAC Series 2007-SP3 Trust Series 2007-SP3 M1<sup>(d)</sup> | TSFR1M + 2.364% | 6.0430 | 09/25/47 | 7380056 |
| 2180643 | RASC Series 2006-EMX1 Trust Series 2006-EMX1 M3<sup>(d)</sup> | TSFR1M + 0.584% | 4.4980 | 01/25/36 | 1596822 |
| 289632 | Renaissance Home Equity Loan Trust 2003-2 Series 2003-2 M2F<sup>(e)</sup> |  | 3.4800 | 08/25/33 | 235420 |
| 4207560 | Renaissance Home Equity Loan Trust 2005-1 Series 2005-1 M2<sup>(e)</sup> |  | 5.9100 | 05/25/35 | 285897 |
| 4599471 | Renaissance Home Equity Loan Trust 2005-2 Series 2005-2 M2<sup>(e)</sup> |  | 5.6010 | 08/25/35 | 856312 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC INCOME OPPORTUNITIES FUND (IOFAX, IOFCX, IOFIX)** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** | <br>**Spread** | **Coupon**<br>**Rate (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 104.0% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 104.0% (Continued)** |  |  |
| 86192 SASCO Mortgage Loan Trust 2003-GEL1 Series 2003-GEL1 M3<sup>(d)</sup> | TSFR1M + 4.614% | 8.2880 | 10/25/33 | $82425 |
| 4793155 Saxon Asset Securities Trust 2007-3 Series 2007-3 1M2<sup>(d)</sup> | TSFR1M + 1.014% | 0.6890 | 09/25/47 | 5838243 |
| 41362134 Seasoned Credit Risk Transfer Trust Series 2018-3 Series 3 BX<sup>(c)</sup> |  | 1.1760 | 08/25/57 | 12123158 |
| 5683809 Sequoia Mortgage Trust 2004-10 Series 2004-10 XA<sup>(c)</sup> |  | 0.9200 | 11/20/34 | 57 |
| 185696 Soundview Home Loan Trust 2005-A Series 2005-A M6<sup>(d)</sup> | TSFR1M + 1.464% | 5.1380 | 04/25/35 | 194519 |
| 5321456 Soundview Home Loan Trust 2005-OPT1 Series 2005-OPT1 M5<sup>(d)</sup> | TSFR1M + 1.164% | 3.7900 | 06/25/35 | 4041002 |
| 1785637 Structured Adjustable Rate Mortgage Loan Trust Series 7 4A1<sup>(c)</sup> |  | 4.4570 | 08/25/36 | 419193 |
| 75236 Structured Asset Mortgage Investments II Trust Series 2004-AR5 1A2<sup>(c)</sup> |  | 3.7210 | 10/19/34 | 66297 |
| 538633 Structured Asset Mortgage Investments Trust Series 2002-AR4 A2<sup>(d)</sup> | TSFR1M + 0.939% | 3.7600 | 02/19/33 | 469004 |
| 4830808 Structured Asset Securities Corp Trust 2005-AR1<sup>(d)</sup> | TSFR1M + 0.864% | 4.5430 | 09/25/35 | 4563895 |
| 757000 Truman Capital Mortgage Loan Trust Series 2005-1 M3<sup>(b),(d)</sup> | TSFR1M + 5.364% | 3.5820 | 03/25/37 | 696565 |
| 250382 WaMu Mortgage Pass-Through Certificates Series 2003-AR10 B2<sup>(c)</sup> |  | 5.6680 | 10/25/33 | 191481 |
| 88095 WaMu Mortgage Pass-Through Certificates Series 2002-AR17 2B1<sup>(d)</sup> | 12MTA + 0.798% | 3.8640 | 11/25/42 | 84291 |
|  | **TOTAL NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $157,724,363)** | **TOTAL NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $157,724,363)** |  | 222013717 |
| **Shares** |  |  |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 0.0%<sup>(f)</sup>** | **SHORT-TERM INVESTMENTS — 0.0%<sup>(f)</sup>** |  |  |
|  | **MONEY MARKET FUNDS - 0.0% <sup>(f)</sup>** | **MONEY MARKET FUNDS - 0.0% <sup>(f)</sup>** |  |  |
| 429 | First American Treasury Obligations Fund, Class X, 3.59% **(Cost $429)** <sup>(g)</sup> | First American Treasury Obligations Fund, Class X, 3.59% **(Cost $429)** <sup>(g)</sup> |  | 429 |
|  | **TOTAL INVESTMENTS - 106.5% (Cost $164,965,496)** | **TOTAL INVESTMENTS - 106.5% (Cost $164,965,496)** |  | $227372196 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (6.5)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (6.5)%** |  | (13912323) |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  | $213459873 |

---

---

| | |
|:---|:---|
| REIT | - Real Estate Investment Trust |
| REMIC | - Real Estate Mortgage Investment Conduit |
| 12MTA | - 12-Month Treasury Average |
| TSFR1M | - Term Secured Overnight Financing Rate (SOFR) 1 month |
| TSFR6M | - Term Secured Overnight Financing Rate (SOFR) 6 month |
| TSFR12M | - Term Secured Overnight Financing Rate (SOFR) 12 month |

---

 

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2026 the total market value of 144A securities is $42,725,301 or 20.0% of net assets.

<sup>(c)</sup> Variable rate security; the rate shown represents the rate on March 31, 2026.

<sup>(d)</sup> Floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

<sup>(e)</sup> Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at March 31, 2026.

<sup>(f)</sup> Percentage rounds to less than 0.1%.

<sup>(g)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC PREMIUM OPPORTUNITY FUND (HMXAX, HMXCX, HMXIX)** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Shares** |  |  |  |  |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 54.6%** | **SHORT-TERM INVESTMENTS — 54.6%** | **SHORT-TERM INVESTMENTS — 54.6%** | **SHORT-TERM INVESTMENTS — 54.6%** |  |  |
|  | **MONEY MARKET FUNDS - 54.6%** | **MONEY MARKET FUNDS - 54.6%** | **MONEY MARKET FUNDS - 54.6%** | **MONEY MARKET FUNDS - 54.6%** |  |  |
| 4563720 | Fidelity Investments Money Market Government Portfolio, Class I, 3.53%<sup>(a) (e)</sup> | Fidelity Investments Money Market Government Portfolio, Class I, 3.53%<sup>(a) (e)</sup> | Fidelity Investments Money Market Government Portfolio, Class I, 3.53%<sup>(a) (e)</sup> | Fidelity Investments Money Market Government Portfolio, Class I, 3.53%<sup>(a) (e)</sup> |  | $4563720 |
| 13129572 | First American Treasury Obligations Fund, Class X, 3.59%<sup>(a)</sup> | First American Treasury Obligations Fund, Class X, 3.59%<sup>(a)</sup> | First American Treasury Obligations Fund, Class X, 3.59%<sup>(a)</sup> | First American Treasury Obligations Fund, Class X, 3.59%<sup>(a)</sup> |  | 13129572 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $17,693,292)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $17,693,292)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $17,693,292)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $17,693,292)** |  | 17693292 |
| **Contracts<sup>(c)</sup>** |  | **Broker/Counterparty** | **Expiration <br> Date** | **Exercise <br> Price** | **Notional <br> Value** | **Fair Value** |
|  | **FUTURE OPTIONS PURCHASED - 11.7%** |  |  |  |  |  |
|  | **CALL OPTIONS PURCHASED - 5.1%** |  |  |  |  |  |
| 27 | Emini SP W Week Option | SXM | 04/01/2026 | $6675 | $8813502 | $2498 |
| 70 | S&P Emini 2nd Week | SXM | 04/10/2026 | 6400 | 22849820 | 753375 |
| 20 | S&P Emini 2nd Week | SXM | 04/10/2026 | 6550 | 6528520 | 108750 |
| 5 | S&P Emini 2nd Week | SXM | 04/10/2026 | 6600 | 1632130 | 19875 |
| 25 | S&P Emini 2nd Week | SXM | 04/10/2026 | 6675 | 8160650 | 55000 |
| 30 | S&P Emini 2nd Week | SXM | 04/10/2026 | 6750 | 9792780 | 29400 |
| 20 | S&P Emini 2nd Week | SXM | 04/10/2026 | 6800 | 6528520 | 9600 |
| 54 | S&P Emini 2nd Week | SXM | 04/10/2026 | 6900 | 17627004 | 4725 |
| 75 | S&P Emini 3rd Week | SXM | 04/17/2026 | 6575 | 24481950 | 452813 |
| 25 | S&P Emini 3rd Week | SXM | 04/17/2026 | 6700 | 8160650 | 71250 |
| 54 | S&P Emini 3rd Week | SXM | 04/17/2026 | 6750 | 17627004 | 103275 |
| 25 | S&P Emini Thurs Week | SXM | 04/02/2026 | 6675 | 8160650 | 9000 |
| 27 | S&P Emini Thurs Week | SXM | 04/02/2026 | 6700 | 8813502 | 5265 |
| 54 | S&P Emini Thurs Week | SXM | 04/02/2026 | 6875 | 17627004 | 405 |
| 50 | S&P Emini Thurs Week | SXM | 04/02/2026 | 7000 | 16321300 | 125 |
| 75 | S&P Emini Thurs Week | SXM | 04/02/2026 | 7025 | 24481950 | 187 |
| 3 | Nasdaq Emini Thurs Week | SXM | 04/02/2026 | 23350 | 1295438 | 36420 |
|  | **TOTAL CALL OPTIONS PURCHASED (Cost - $1,764,755)** | **TOTAL CALL OPTIONS PURCHASED (Cost - $1,764,755)** | **TOTAL CALL OPTIONS PURCHASED (Cost - $1,764,755)** | **TOTAL CALL OPTIONS PURCHASED (Cost - $1,764,755)** |  | 1661963 |
|  | **PUT OPTIONS PURCHASED - 6.6%** | **PUT OPTIONS PURCHASED - 6.6%** | **PUT OPTIONS PURCHASED - 6.6%** | **PUT OPTIONS PURCHASED - 6.6%** |  |  |
| 27 | Emini SP W Week Option | SXM | 04/01/2026 | $6200 | $8813502 | $202 |
| 45 | S&P Emini 2nd Week | SXM | 04/10/2026 | 6000 | 14689170 | 15525 |
| 10 | S&P Emini 2nd Week | SXM | 04/10/2026 | 6100 | 3264260 | 5050 |
| 100 | S&P Emini 2nd Week | SXM | 04/10/2026 | 6300 | 32642600 | 135000 |
| 75 | S&P Emini 3rd Week | SXM | 04/17/2026 | 5900 | 24481950 | 47625 |
| 75 | S&P Emini 3rd Week | SXM | 04/17/2026 | 6100 | 24481950 | 89063 |
| 75 | S&P Emini 3rd Week | SXM | 04/17/2026 | 6150 | 24481950 | 105938 |
| 75 | S&P Emini 3rd Week | SXM | 04/17/2026 | 6350 | 24481950 | 217500 |
| 15 | S&P Emini 3rd Week | SXM | 05/15/2026 | 6050 | 4896390 | 48750 |
| 15 | S&P Emini 3rd Week | SXM | 05/15/2026 | 6800 | 4896390 | 227625 |
| 27 | S&P Emini Thurs Week | SXM | 04/02/2026 | 6100 | 8813502 | 675 |
| 70 | S&P Emini Thurs Week | SXM | 04/02/2026 | 6250 | 22849820 | 4200 |
| 70 | S&P Emini Thurs Week | SXM | 04/02/2026 | 6450 | 22849820 | 43400 |
| 10 | S&P500 Emini Option | SXM | 05/29/2026 | 6650 | 3264260 | 123500 |
| 20 | S&P500 Emini Option | SXM | 06/18/2026 | 5500 | 6528520 | 47750 |
| 50 | S&P500 Emini Option | SXM | 06/18/2026 | 6300 | 16321300 | 410625 |
| 5 | S&P500 Emini Option | SXM | 06/18/2026 | 6450 | 1632130 | 51875 |
| 50 | S&P500 Emini Option | SXM | 06/18/2026 | 6500 | 16321300 | 560000 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC PREMIUM OPPORTUNITY FUND (HMXAX, HMXCX, HMXIX)** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2026** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(c)</sup>** |  | **Broker/Counterparty** | **Expiration <br> Date** | **Exercise<br> Price** | **Notional <br> Value** | **Fair Value** |
|  | **FUTURE OPTIONS PURCHASED - 11.7% (Continued)** | **FUTURE OPTIONS PURCHASED - 11.7% (Continued)** | **FUTURE OPTIONS PURCHASED - 11.7% (Continued)** |  |  |  |
|  | **PUT OPTIONS PURCHASED - 6.6% (Continued)** | **PUT OPTIONS PURCHASED - 6.6% (Continued)** | **PUT OPTIONS PURCHASED - 6.6% (Continued)** |  |  |  |
| 5 | S&P500 Emini Option | SXM | 09/18/2026 | $4600 | $1632130 | $10937 |
|  | **TOTAL PUT OPTIONS PURCHASED (Cost - $2,915,065)** | **TOTAL PUT OPTIONS PURCHASED (Cost - $2,915,065)** | **TOTAL PUT OPTIONS PURCHASED (Cost - $2,915,065)** |  |  | 2145240 |
|  | **TOTAL FUTURE OPTIONS PURCHASED (Cost - $4,679,820)** | **TOTAL FUTURE OPTIONS PURCHASED (Cost - $4,679,820)** | **TOTAL FUTURE OPTIONS PURCHASED (Cost - $4,679,820)** |  |  | 3807203 |
| **Contracts<sup>(b)</sup>** |  | **Broker/Counterparty** | **Expiration <br> Date** | **Exercise<br> Price** | **Notional <br> Value** | **Fair Value** |
|  | **INDEX OPTIONS PURCHASED - 3.2%** | **INDEX OPTIONS PURCHASED - 3.2%** | **INDEX OPTIONS PURCHASED - 3.2%** |  |  |  |
|  | **CALL OPTIONS PURCHASED - 3.2%** | **CALL OPTIONS PURCHASED - 3.2%** | **CALL OPTIONS PURCHASED - 3.2%** |  |  |  |
| 15 | S&P 500 Index | IB | 04/30/2026 | $6400 | $9792780 | $378300 |
| 7 | S&P 500 Index | IB | 05/29/2026 | 6500 | 4569964 | 176085 |
| 3 | S&P 500 Index | IB | 05/29/2026 | 6525 | 1958556 | 70590 |
| 10 | S&P 500 Index | IB | 06/30/2026 | 6650 | 6528520 | 216350 |
| 10 | S&P 500 Index | IB | 06/30/2026 | 6700 | 6528520 | 188300 |
|  | **TOTAL CALL OPTIONS PURCHASED (Cost - $1,190,783)** | **TOTAL CALL OPTIONS PURCHASED (Cost - $1,190,783)** | **TOTAL CALL OPTIONS PURCHASED (Cost - $1,190,783)** |  |  | 1029625 |
|  | **TOTAL INDEX OPTIONS PURCHASED (Cost - $1,190,783)** | **TOTAL INDEX OPTIONS PURCHASED (Cost - $1,190,783)** | **TOTAL INDEX OPTIONS PURCHASED (Cost - $1,190,783)** |  |  | 1029625 |
|  | **TOTAL INVESTMENTS - 69.5% (Cost $23,563,895)** | **TOTAL INVESTMENTS - 69.5% (Cost $23,563,895)** | **TOTAL INVESTMENTS - 69.5% (Cost $23,563,895)** |  |  | $22530120 |
|  | **EXCHANGE-TRADED FUND SHORT - (0.1)%** | **EXCHANGE-TRADED FUND SHORT - (0.1)%** | **EXCHANGE-TRADED FUND SHORT - (0.1)%** |  |  |  |
|  | **SPECIALTY - (0.1)%** | **SPECIALTY - (0.1)%** | **SPECIALTY - (0.1)%** |  |  |  |
| (300) | ProShares Ultra VIX Short-Term Futures ETF <sup>(f)</sup>**(Proceeds received - $10,562)** | ProShares Ultra VIX Short-Term Futures ETF <sup>(f)</sup>**(Proceeds received - $10,562)** | ProShares Ultra VIX Short-Term Futures ETF <sup>(f)</sup>**(Proceeds received - $10,562)** |  |  | (15690) |
|  | **CALL OPTIONS WRITTEN - (4.8)% (Proceeds received - $1,859,018)** | **CALL OPTIONS WRITTEN - (4.8)% (Proceeds received - $1,859,018)** | **CALL OPTIONS WRITTEN - (4.8)% (Proceeds received - $1,859,018)** |  |  | (1559255) |
|  | **PUT OPTIONS WRITTEN - (7.8)% (Proceeds received - $3,593,858)** | **PUT OPTIONS WRITTEN - (7.8)% (Proceeds received - $3,593,858)** | **PUT OPTIONS WRITTEN - (7.8)% (Proceeds received - $3,593,858)** |  |  | (2514278) |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 43.2%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 43.2%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 43.2%** |  |  | 14013676 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  |  | $32454573 |
| **Contracts<sup>(c)</sup>** |  | **Broker/Counterparty** | **Expiration <br> Date** | **Exercise<br> Price** | **Notional <br> Value** | **Fair Value** |
|  | **WRITTEN FUTURE OPTIONS - (10.0)%** | **WRITTEN FUTURE OPTIONS - (10.0)%** | **WRITTEN FUTURE OPTIONS - (10.0)%** |  |  |  |
|  | **CALL OPTIONS WRITTEN - (3.8)%** | **CALL OPTIONS WRITTEN - (3.8)%** | **CALL OPTIONS WRITTEN - (3.8)%** |  |  |  |
| 81 | Emini SP W Week Option | SXM | 04/01/2026 | $6700 | $26440506 | $3240 |
| 50 | S&P Emini 2nd Week | SXM | 04/10/2026 | 6450 | 16321300 | 442500 |
| 20 | S&P Emini 2nd Week | SXM | 04/10/2026 | 6500 | 6528520 | 141250 |
| 25 | S&P Emini 2nd Week | SXM | 04/10/2026 | 6650 | 8160650 | 68438 |
| 50 | S&P Emini 2nd Week | SXM | 04/10/2026 | 6725 | 16321300 | 66250 |
| 10 | S&P Emini 2nd Week | SXM | 04/10/2026 | 6900 | 3264260 | 875 |
| 15 | S&P Emini 2nd Week | SXM | 04/10/2026 | 6950 | 4896390 | 637 |
| 54 | S&P Emini 2nd Week | SXM | 04/10/2026 | 6975 | 17627004 | 1755 |
| 27 | S&P Emini 2nd Week | SXM | 04/10/2026 | 7000 | 8813502 | 675 |
| 108 | S&P Emini 2nd Week | SXM | 04/10/2026 | 7025 | 35254008 | 2430 |
| 75 | S&P Emini 3rd Week | SXM | 04/17/2026 | 6625 | 24481950 | 345938 |
| 25 | S&P Emini 3rd Week | SXM | 04/17/2026 | 6775 | 8160650 | 37813 |
| 54 | S&P Emini 3rd Week | SXM | 04/17/2026 | 6825 | 17627004 | 47790 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC PREMIUM OPPORTUNITY FUND (HMXAX, HMXCX, HMXIX)** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2026** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(c)</sup>** |  | **Broker/Counterparty** | **Expiration <br> Date** | **Exercise <br> Price** | **Notional <br> Value** | **Fair Value** |
|  | **WRITTEN FUTURE OPTIONS - (10.0)% (Continued)** | **WRITTEN FUTURE OPTIONS - (10.0)% (Continued)** | **WRITTEN FUTURE OPTIONS - (10.0)% (Continued)** |  |  |  |
|  | **CALL OPTIONS WRITTEN - (3.8)% (Continued)** | **CALL OPTIONS WRITTEN - (3.8)% (Continued)** | **CALL OPTIONS WRITTEN - (3.8)% (Continued)** |  |  |  |
| 108 | S&P Emini 3rd Week | SXM | 04/17/2026 | $6875 | $35254008 | $50220 |
| 106 | S&P Emini Thurs Week | SXM | 04/02/2026 | 6725 | 34601156 | 10865 |
| 30 | S&P Emini Thurs Week | SXM | 04/02/2026 | 6750 | 9792780 | 1575 |
| 15 | S&P Emini Thurs Week | SXM | 04/02/2026 | 6800 | 4896390 | 262 |
| 15 | S&P Emini Thurs Week | SXM | 04/02/2026 | 6850 | 4896390 | 112 |
| 81 | S&P Emini Thurs Week | SXM | 04/02/2026 | 6950 | 26440506 | 405 |
| 108 | S&P Emini Thurs Week | SXM | 04/02/2026 | 6975 | 35254008 | 270 |
| 110 | S&P Emini Thurs Week | SXM | 04/02/2026 | 7075 | 35906860 | 275 |
| 3 | Nasdaq Emini Thurs Week | SXM | 04/02/2026 | 23575 | 1295438 | 25110 |
|  | **TOTAL CALL OPTIONS WRITTEN (Proceeds - $1,392,730)** | **TOTAL CALL OPTIONS WRITTEN (Proceeds - $1,392,730)** | **TOTAL CALL OPTIONS WRITTEN (Proceeds - $1,392,730)** |  |  | 1248685 |
|  | **PUT OPTIONS WRITTEN - (6.2)%** | **PUT OPTIONS WRITTEN - (6.2)%** | **PUT OPTIONS WRITTEN - (6.2)%** |  |  |  |
| 81 | Emini SP W Week Option | SXM | 04/01/2026 | $6150 | $26440506 | $607 |
| 45 | S&P Emini 2nd Week | SXM | 04/10/2026 | 5000 | 14689170 | 2025 |
| 25 | S&P Emini 2nd Week | SXM | 04/10/2026 | 5200 | 8160650 | 1688 |
| 25 | S&P Emini 2nd Week | SXM | 04/10/2026 | 5900 | 8160650 | 6375 |
| 50 | S&P Emini 2nd Week | SXM | 04/10/2026 | 5950 | 16321300 | 14750 |
| 40 | S&P Emini 2nd Week | SXM | 04/10/2026 | 6050 | 13057040 | 16400 |
| 180 | S&P Emini 2nd Week | SXM | 04/10/2026 | 6200 | 58756680 | 144900 |
| 70 | S&P Emini 3rd Week | SXM | 04/17/2026 | 5100 | 22849820 | 12250 |
| 75 | S&P Emini 3rd Week | SXM | 04/17/2026 | 6050 | 24481950 | 74250 |
| 150 | S&P Emini 3rd Week | SXM | 04/17/2026 | 6000 | 48963900 | 126750 |
| 150 | S&P Emini 3rd Week | SXM | 04/17/2026 | 6250 | 48963900 | 301875 |
| 15 | S&P Emini 3rd Week | SXM | 05/15/2026 | 5550 | 4896390 | 18563 |
| 20 | S&P Emini 3rd Week | SXM | 05/15/2026 | 6400 | 6528520 | 138000 |
| 15 | S&P Emini Thurs Week | SXM | 04/02/2026 | 5750 | 4896390 | 112 |
| 81 | S&P Emini Thurs Week | SXM | 04/02/2026 | 6050 | 26440506 | 1417 |
| 10 | S&P Emini Thurs Week | SXM | 04/02/2026 | 6275 | 3264260 | 775 |
| 170 | S&P Emini Thurs Week | SXM | 04/02/2026 | 6350 | 55492420 | 31025 |
| 15 | S&P500 Emini Option | SXM | 05/29/2026 | 6275 | 4896390 | 95250 |
| 20 | S&P500 Emini Option | SXM | 06/18/2026 | 4500 | 6528520 | 15800 |
| 10 | S&P500 Emini Option | SXM | 06/18/2026 | 5950 | 3264260 | 47250 |
| 100 | S&P500 Emini Option | SXM | 06/18/2026 | 6400 | 32642600 | 960000 |
| 3 | Nasdaq Emini Thurs Week | SXM | 04/02/2026 | 22500 | 1295438 | 216 |
|  | **TOTAL PUT OPTIONS WRITTEN (Proceeds - $2,994,770)** | **TOTAL PUT OPTIONS WRITTEN (Proceeds - $2,994,770)** | **TOTAL PUT OPTIONS WRITTEN (Proceeds - $2,994,770)** |  |  | 2010278 |
|  | **TOTAL FUTURE OPTIONS WRITTEN (Proceeds - $4,387,500)** | **TOTAL FUTURE OPTIONS WRITTEN (Proceeds - $4,387,500)** | **TOTAL FUTURE OPTIONS WRITTEN (Proceeds - $4,387,500)** |  |  | $3258963 |
| **Contracts<sup>(b)</sup>** |  | **Broker/Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional <br> Value** | **Fair Value** |
|  | **WRITTEN INDEX OPTIONS - (2.6)%** | **WRITTEN INDEX OPTIONS - (2.6)%** | **WRITTEN INDEX OPTIONS - (2.6)%** |  |  |  |
|  | **CALL OPTIONS WRITTEN - (1.0)%** | **CALL OPTIONS WRITTEN - (1.0)%** | **CALL OPTIONS WRITTEN - (1.0)%** |  |  |  |
| 15 | S&P 500 Index | IB | 04/30/2026 | $6725 | $9792780 | $97050 |
| 7 | S&P 500 Index | IB | 05/29/2026 | 6825 | 4569964 | 54740 |
| 3 | S&P 500 Index | IB | 05/29/2026 | 6850 | 1958556 | 20730 |
| 10 | S&P 500 Index | IB | 06/30/2026 | 6950 | 6528520 | 76850 |
| 10 | S&P 500 Index | IB | 06/30/2026 | 7000 | 6528520 | 61200 |
|  | **TOTAL CALL OPTIONS WRITTEN (Proceeds - $466,288)** | **TOTAL CALL OPTIONS WRITTEN (Proceeds - $466,288)** | **TOTAL CALL OPTIONS WRITTEN (Proceeds - $466,288)** |  |  | 310570 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC PREMIUM OPPORTUNITY FUND (HMXAX, HMXCX, HMXIX)** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(c)</sup>** |  | **Expiration <br> Date** | **Exercise<br> Price** | **Notional <br> Value** | **Fair Value** |
|  | **WRITTEN INDEX OPTIONS - (2.6)% (Continued)** | **WRITTEN INDEX OPTIONS - (2.6)% (Continued)** |  |  |  |
|  | **PUT OPTIONS WRITTEN - (1.6)%** | **PUT OPTIONS WRITTEN - (1.6)%** |  |  |  |
| 15 | S&P 500 Index IB | 04/30/2026 | $6100 | $9792780 | $74475 |
| 7 | S&P 500 Index IB | 05/29/2026 | 6175 | 4569964 | 75355 |
| 3 | S&P 500 Index IB | 05/29/2026 | 6200 | 1958556 | 33870 |
| 10 | S&P 500 Index IB | 06/30/2026 | 6200 | 6528520 | 154100 |
| 10 | S&P 500 Index IB | 06/30/2026 | 6250 | 6528520 | 166200 |
|  | **TOTAL PUT OPTIONS WRITTEN (Proceeds - $599,088)** | **TOTAL PUT OPTIONS WRITTEN (Proceeds - $599,088)** | **TOTAL PUT OPTIONS WRITTEN (Proceeds - $599,088)** |  | 504000 |
|  | **TOTAL INDEX OPTIONS WRITTEN (Proceeds - $1,065,376)** | **TOTAL INDEX OPTIONS WRITTEN (Proceeds - $1,065,376)** | **TOTAL INDEX OPTIONS WRITTEN (Proceeds - $1,065,376)** |  | $814570 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of <br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(d)</sup>** | **Value and <br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 1 | CME E-Mini NASDAQ 100 Index Future | 06/18/2026 | $478300 | $(14735) |
| 1 | CME E-mini Russell 2000 Index Futures | 06/18/2026 | 125610 | 815 |
|  | **TOTAL OPEN LONG FUTURES CONTRACTS** |  |  | $(13920) |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(d)</sup>** | **Value and<br> Unrealized <br> (Depreciation)** |
| 20 | CBOE Volatility Index Future | 04/15/2026 | $500448 | $(19248) |
| 1 | CBOE Volatility Index Future | 05/19/2026 | 24412 | (362) |
| 5 | CME E-Mini Standard & Poor's 500 Index Future | 06/18/2026 | 1642688 | (22962) |
|  | **TOTAL OPEN SHORT FUTURES CONTRACTS** |  |  | $(42572) |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $(56492) |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| IB | - Interactive Brokers |
| SXM | - StoneX Financial Inc. |

---

 

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

<sup>(b)</sup> Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.

<sup>(c)</sup> Each contract is equivalent to one futures contract.

<sup>(d)</sup> The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund's futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.

<sup>(e)</sup> All or a portion of this investment is segregated as collateral for security sold short, option contracts and future contracts.

<sup>(f)</sup> Non-income producing security.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC ROBOTICS AND AUTOMATION FUND (GNXAX, GNXCX, GNXIX)** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.6%** |  |
|  | **AEROSPACE & DEFENSE - 20.4%** |  |
| 3500 | AeroVironment, Inc.<sup>(a),(b)</sup> | $640675 |
| 60000 | Amprius Technologies, Inc.<sup>(a)</sup> | 1011600 |
| 35000 | Intuitive Machines, Inc.<sup>(a),(b)</sup> | 649600 |
| 8000 | Kratos Defense & Security Solutions, Inc.<sup>(a),(b)</sup> | 564080 |
| 55000 | Ondas Holdings, Inc.<sup>(a),(b)</sup> | 497200 |
| 37500 | Redwire Corporation<sup>(a),(b)</sup> | 318750 |
| 35000 | Unusual Machines Inc<sup>(a)</sup> | 434000 |
| 150000 | XTI Aerospace, Inc.<sup>(a)</sup> | 310500 |
|  |  | 4426405 |
|  | **AUTOMOTIVE - 3.9%** |  |
| 50000 | Aeva Technologies, Inc.<sup>(a)</sup> | 658000 |
| 300000 | Arbe Robotics Ltd.<sup>(a)</sup> | 183000 |
|  |  | 841000 |
|  | **ELECTRICAL EQUIPMENT - 7.3%** |  |
| 150000 | Kraken Robotics, Inc.<sup>(a)</sup> | 862453 |
| 2000 | Rockwell Automation, Inc.<sup>(b)</sup> | 717760 |
|  |  | 1580213 |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - 2.3%** |  |
| 12500 | Xometry, Inc., Class A<sup>(a),(b)</sup> | 510500 |
|  | **INTERNET MEDIA & SERVICES - 2.9%** |  |
| 75000 | Serve Robotics, Inc.<sup>(a),(b)</sup> | 633000 |
|  | **MACHINERY - 26.0%** |  |
| 15000 | Doosan Robotics, Inc.<sup>(a)</sup> | 792813 |
| 25000 | FANUC Corporation | 835155 |
| 75000 | Knightscope, Inc.<sup>(a),(b)</sup> | 312750 |
| 100000 | Palladyne AI Corporation<sup>(a),(b)</sup> | 607000 |
| 2500 | Rainbow Robotics<sup>(a)</sup> | 865945 |
| 250000 | Richtech Robotics, Inc.<sup>(a),(b)</sup> | 522500 |
| 362246 | Scott Technology Ltd. | 493347 |
| 12500 | Symbotic, Inc.<sup>(a),(b)</sup> | 665000 |
| 22500 | Yaskawa Electric Corporation | 569897 |
|  |  | 5664407 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC ROBOTICS AND AUTOMATION FUND (GNXAX, GNXCX, GNXIX)** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.6% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 18.9%** |  |
| 7500 | Globus Medical, Inc., Class A<sup>(a)</sup> | $646200 |
| 1750 | Intuitive Surgical, Inc.<sup>(a)</sup> | 806733 |
| 200000 | Microbot Medical, Inc.<sup>(a),(b)</sup> | 482000 |
| 15000 | PROCEPT BioRobotics Corporation<sup>(a)</sup> | 375150 |
| 50000 | SS Innovations International, Inc.<sup>(a)</sup> | 250000 |
| 600000 | Stereotaxis, Inc.<sup>(a)</sup> | 1104000 |
| 10000 | Tempus AI, Inc.<sup>(a),(b)</sup> | 452200 |
|  |  | 4116283 |
|  | **SOFTWARE - 13.8%** |  |
| 75000 | BigBear.ai Holdings, Inc.<sup>(a),(b)</sup> | 264000 |
| 75000 | Kodiak AI, Inc.<sup>(a),(b)</sup> | 520500 |
| 3500 | Manhattan Associates, Inc.<sup>(a)</sup> | 465920 |
| 45000 | Red Cat Holdings, Inc.<sup>(a),(b)</sup> | 589050 |
| 150000 | Rezolve AI plc<sup>(a),(b)</sup> | 384000 |
| 75000 | SoundHound AI, Inc., Class A<sup>(a),(b)</sup> | 515250 |
| 650 | Synopsys, Inc.<sup>(a)</sup> | 257712 |
|  |  | 2996432 |
|  | **TELECOMMUNICATIONS - 2.1%** |  |
| 200000 | Sidus Space, Inc.<sup>(a),(b)</sup> | 464000 |
|  | **TOTAL COMMON STOCKS (Cost $21,444,544)** | 21232240 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC ROBOTICS AND AUTOMATION FUND (GNXAX, GNXCX, GNXIX)** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 43.6%** |  |
|  | **INVESTMENT PURCHASED AS SECURITIES LENDING COLLATERAL – 41.3%** |  |
| 8987123 | Mount Vernon Liquid Assets Portfolio, 3.74%<sup>(c) (d)</sup> **(Cost $8,987,123)** | $8987123 |
|  | **MONEY MARKET FUND – 2.3%** |  |
| 488085 | First American Treasury Obligations Fund, Class X, 3.59%<sup>(d)</sup> **(Cost $488,085)** | 488085 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $9,475,208)** | 9475208 |
|  | **TOTAL INVESTMENTS - 141.2% (Cost $30,919,752)** | $30707448 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (41.2)%** | (8953071) |
|  | **NET ASSETS - 100.0%** | $21754377 |

---

---

| | |
|:---|:---|
| LTD | - Limited Company |
| PLC | - Public Limited Company |

---

 

<sup>(a)</sup> Non-income producing security.

 

<sup>(b)</sup> All or a portion of the security is on loan. The total value of the securities on loan as of March 31, 2026 was $9,449,703.

 

<sup>(c)</sup> Security was purchased with cash received as collateral for securities on loan at March 31, 2026. Total collateral had a value of $8,987,123 at March 31, 2026.

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC SYMMETRY STRATEGY FUND (SYMAX, SYMCX, SYMIX)** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 28.7%** |  |
|  | **ADVERTISING & MARKETING - 0.1%** |  |
| 115 | AppLovin Corporation, Class A<sup>(a)</sup> | $45770 |
|  | **AEROSPACE & DEFENSE - 1.1%** |  |
| 144 | AeroVironment, Inc.<sup>(a)</sup> | 26359 |
| 756 | General Dynamics Corporation | 259474 |
| 793 | L3Harris Technologies, Inc. | 273704 |
|  |  | 559537 |
|  | **ASSET MANAGEMENT - 0.6%** |  |
| 11919 | Invesco Ltd. | 289513 |
|  | **AUTOMOTIVE - 0.7%** |  |
| 16355 | Ford Motor Company | 188736 |
| 2181 | General Motors Company | 162485 |
|  |  | 351221 |
|  | **BANKING - 1.1%** |  |
| 6731 | Huntington Bancshares Inc | 105340 |
| 577 | M&T Bank Corporation | 119277 |
| 4862 | Regions Financial Corporation | 126995 |
| 1048 | Toronto-Dominion Bank (The) | 97789 |
| 2469 | US Bancorp | 128414 |
|  |  | 577815 |
|  | **BEVERAGES - 0.6%** |  |
| 1933 | Celsius Holdings, Inc.<sup>(a)</sup> | 68583 |
| 3445 | Monster Beverage Corporation<sup>(a)</sup> | 249625 |
|  |  | 318208 |
|  | **BIOTECH & PHARMA - 1.1%** |  |
| 46 | Eli Lilly & Company | 42309 |
| 2047 | Exelixis, Inc.<sup>(a)</sup> | 87796 |
| 291 | Insmed, Inc.<sup>(a)</sup> | 47584 |
| 1310 | Johnson & Johnson | 320217 |
| 178 | Madrigal Pharmaceuticals, Inc.<sup>(a)</sup> | 93178 |
|  |  | 591084 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC SYMMETRY STRATEGY FUND (SYMAX, SYMCX, SYMIX)** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 28.7% (Continued)** |  |
|  | **CABLE & SATELLITE - 0.1%** |  |
| 271 | Charter Communications, Inc., Class A<sup>(a)</sup> | $58503 |
|  | **CHEMICALS - 0.5%** |  |
| 1061 | CF Industries Holdings, Inc. | 137760 |
| 5079 | Mosaic Company (The) | 129515 |
|  |  | 267275 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.8%** |  |
| 903 | Republic Services, Inc. | 197775 |
| 4404 | Rollins, Inc. | 235218 |
|  |  | 432993 |
|  | **ELECTRICAL EQUIPMENT - 0.1%** |  |
| 555 | Nextpower, Inc., Class A<sup>(a)</sup> | 66905 |
|  | **ENTERTAINMENT CONTENT - 0.0%<sup>(b)</sup>** |  |
| 426 | ROBLOX Corporation, Class A<sup>(a)</sup> | 24095 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.7%** |  |
| 1865 | Cardinal Health, Inc. | 394093 |
| 1350 | Cencora, Inc. | 424090 |
| 1615 | CVS Health Corporation | 115989 |
| 764 | HCA Healthcare, Inc. | 361555 |
| 638 | Universal Health Services, Inc., Class B | 114183 |
|  |  | 1409910 |
|  | **HEALTH CARE REIT - 0.6%** |  |
| 3557 | Ventas, Inc. | 290891 |
|  | **HOME & OFFICE PRODUCTS - 0.1%** |  |
| 1075 | Somnigroup International, Inc. | 79464 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 3.1%** |  |
| 2248 | Bank of New York Mellon Corporation (The) | 266679 |
| 1023 | Cboe Global Markets, Inc. | 287534 |
| 821 | CME Group, Inc. | 242482 |
| 272 | Evercore, Inc., Class A | 81195 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC SYMMETRY STRATEGY FUND (SYMAX, SYMCX, SYMIX)** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 28.7% (Continued)** |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 3.1% (Continued)** |  |
| 499 | Houlihan Lokey, Inc. | $71666 |
| 1637 | Interactive Brokers Group, Inc., Class A | 109794 |
| 1256 | Intercontinental Exchange, Inc. | 197544 |
| 2603 | Nasdaq, Inc. | 220969 |
| 780 | Northern Trust Corporation | 108865 |
|  |  | 1586728 |
|  | **INSURANCE - 3.3%** |  |
| 625 | Allstate Corporation (The) | 129588 |
| 1630 | Equitable Holdings, Inc. | 60489 |
| 1802 | Globe Life, Inc. | 250784 |
| 973 | Hartford Insurance Group, Inc. (The) | 131579 |
| 3811 | Loews Corporation | 406785 |
| 2464 | MetLife, Inc. | 174254 |
| 1462 | Principal Financial Group, Inc. | 131741 |
| 765 | Progressive Corporation (The) | 151654 |
| 468 | Travelers Companies, Inc. (The) | 136506 |
| 1930 | W R Berkley Corporation | 127920 |
|  |  | 1701300 |
|  | **INTERNET MEDIA & SERVICES - 0.4%** |  |
| 802 | VeriSign, Inc. | 199185 |
|  | **LEISURE FACILITIES & SERVICES - 0.6%** |  |
| 8549 | Carnival Corporation | 221248 |
| 491 | TKO Group Holdings, Inc. | 99010 |
|  |  | 320258 |
|  | **MEDICAL EQUIPMENT & DEVICES - 0.3%** |  |
| 1699 | Abbott Laboratories | 174436 |
|  | **METALS & MINING - 2.7%** |  |
| 960 | Agnico Eagle Mines Ltd. | 194861 |
| 6173 | Barrick Mining Corporation | 251797 |
| 5053 | Coeur Mining, Inc.<sup>(a)</sup> | 94845 |
| 11462 | Kinross Gold Corporation | 349820 |
| 4028 | Newmont Corporation | 436030 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC SYMMETRY STRATEGY FUND (SYMAX, SYMCX, SYMIX)** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 28.7% (Continued)** |  |
|  | **METALS & MINING - 2.7% (Continued)** |  |
| 936 | Pan American Silver Corporation | $51134 |
|  |  | 1378487 |
|  | **MORTGAGE FINANCE - 0.2%** |  |
| 8859 | AGNC Investment Corporation | 88856 |
|  | **OIL & GAS PRODUCERS - 0.6%** |  |
| 951 | Expand Energy Corporation | 104401 |
| 753 | Marathon Petroleum Corporation | 183868 |
|  |  | 288269 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.3%** |  |
| 2471 | TechnipFMC plc | 170820 |
|  | **REAL ESTATE SERVICES - 0.2%** |  |
| 286 | Jones Lang LaSalle, Inc.<sup>(a)</sup> | 87036 |
|  | **RETAIL - CONSUMER STAPLES - 0.4%** |  |
| 1612 | Dollar General Corporation | 191393 |
| 532 | Sprouts Farmers Market, Inc.<sup>(a)</sup> | 41033 |
|  |  | 232426 |
|  | **RETAIL - DISCRETIONARY - 0.8%** |  |
| 294 | Carvana Company<sup>(a)</sup> | 92428 |
| 258 | Lithia Motors, Inc., Class A | 64428 |
| 1693 | TJX Companies, Inc. (The) | 270372 |
|  |  | 427228 |
|  | **SEMICONDUCTORS - 0.4%** |  |
| 242 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 49230 |
| 170 | Broadcom, Inc. | 52617 |
| 303 | Micron Technology, Inc. | 102366 |
|  |  | 204213 |
|  | **SOFTWARE - 0.5%** |  |
| 239 | Cloudflare, Inc., Class A<sup>(a)</sup> | 49315 |
| 90 | Duolingo, Inc.<sup>(a)</sup> | 8871 |
| 582 | Palantir Technologies, Inc., Class A<sup>(a)</sup> | 85136 |
| 4022 | QXO, Inc.<sup>(a)</sup> | 78107 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC SYMMETRY STRATEGY FUND (SYMAX, SYMCX, SYMIX)** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 28.7% (Continued)** |  |
|  | **SOFTWARE - 0.5% (Continued)** |  |
| 1093 | Samsara, Inc., Class A<sup>(a)</sup> | $34637 |
| 140 | Zscaler, Inc.<sup>(a)</sup> | 19641 |
|  |  | 275707 |
|  | **SPECIALTY FINANCE - 0.7%** |  |
| 1359 | Capital One Financial Corporation | 247922 |
| 1525 | Synchrony Financial | 103731 |
|  |  | 351653 |
|  | **TECHNOLOGY HARDWARE - 0.7%** |  |
| 3418 | Cisco Systems, Inc. | 265202 |
| 350 | Credo Technology Group Holding Ltd.<sup>(a)</sup> | 32855 |
| 174 | Seagate Technology Holdings PLC | 68165 |
|  |  | 366222 |
|  | **TELECOMMUNICATIONS - 1.6%** |  |
| 17619 | AT&T, Inc. | 510775 |
| 5867 | Verizon Communications, Inc. | 294523 |
|  |  | 805298 |
|  | **TRANSPORTATION & LOGISTICS - 1.0%** |  |
| 4068 | Delta Air Lines, Inc. | 270441 |
| 2499 | United Airlines Holdings, Inc.<sup>(a)</sup> | 230083 |
|  |  | 500524 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.7%** |  |
| 2146 | Archer-Daniels-Midland Company | 155992 |
| 977 | Performance Food Group Company<sup>(a)</sup> | 83690 |
| 1115 | US Foods Holding Corporation<sup>(a)</sup> | 102814 |
|  |  | 342496 |
|  | **TOTAL COMMON STOCKS (Cost $13,981,066)** | 14864326 |
|  | **EXCHANGE-TRADED FUNDS — 34.4%** |  |
|  | **EQUITY - 21.0%** |  |
| 2134 | Global X MSCI Greece ETF | 136299 |
| 21069 | Invesco S&P 500 BuyWrite ETF | 463307 |
| 23882 | Invesco S&P 500 Pure Value ETF | 2564687 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC SYMMETRY STRATEGY FUND (SYMAX, SYMCX, SYMIX)** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 34.4% (Continued)** |  |
|  | **EQUITY - 21.0% (Continued)** |  |
| 9095 | iShares Mortgage Real Estate ETF | $195270 |
| 22157 | iShares MSCI Australia ETF | 615078 |
| 3910 | iShares MSCI Austria ETF | 138610 |
| 4304 | iShares MSCI Brazil ETF | 165231 |
| 3832 | iShares MSCI Chile ETF | 152360 |
| 737 | iShares MSCI France ETF | 31971 |
| 2584 | iShares MSCI Italy ETF | 138037 |
| 5704 | iShares MSCI Malaysia ETF | 162051 |
| 2059 | iShares MSCI Mexico ETF | 154899 |
| 2359 | iShares MSCI Netherlands ETF | 135666 |
| 1776 | iShares MSCI Peru and Global Exposure ETF | 143341 |
| 4371 | iShares MSCI Poland ETF | 159148 |
| 2043 | iShares MSCI South Africa ETF | 138515 |
| 1101 | iShares MSCI South Korea ETF | 135434 |
| 2588 | iShares MSCI Spain ETF | 140554 |
| 2708 | iShares MSCI Sweden ETF | 131934 |
| 2277 | iShares MSCI Switzerland ETF | 133910 |
| 2203 | iShares MSCI Taiwan ETF | 156237 |
| 2221 | iShares MSCI Thailand ETF | 154093 |
| 4102 | iShares MSCI Turkey ETF | 158542 |
| 3044 | iShares MSCI United Kingdom ETF | 138685 |
| 11825 | iShares Russell 1000 Value ETF | 2526647 |
| 8842 | JPMorgan BetaBuilders Japan ETF | 609302 |
| 9861 | State Street SPDR S&P International Dividend ETF | 449680 |
| 2479 | Vanguard Global ex-U.S. Real Estate ETF | 110192 |
| 3096 | Vanguard High Dividend Yield ETF | 458518 |
| 1075 | Vanguard Real Estate ETF | 95353 |
|  |  | 10893551 |
|  | **FIXED INCOME - 13.4%** |  |
| 7898 | FlexShares High Yield Value-Scored Bond Index Fund | 316394 |
| 23752 | Invesco Senior Loan ETF | 484778 |
| 7524 | iShares 0-5 Year High Yield Corporate Bond ETF | 318340 |
| 9461 | iShares 1-3 Year Treasury Bond ETF | 781196 |
| 2513 | iShares 1-5 Year Investment Grade Corporate Bond | 132083 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC SYMMETRY STRATEGY FUND (SYMAX, SYMCX, SYMIX)** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2026** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 34.4% (Continued)** | **EXCHANGE-TRADED FUNDS — 34.4% (Continued)** |  |
|  | **FIXED INCOME - 13.4% (Continued)** | **FIXED INCOME - 13.4% (Continued)** |  |
| 6519 | iShares 3-7 Year Treasury Bond ETF | iShares 3-7 Year Treasury Bond ETF | $773153 |
| 8031 | iShares 7-10 Year Treasury Bond ETF | iShares 7-10 Year Treasury Bond ETF | 766479 |
| 11668 | iShares Fallen Angels USD Bond ETF | iShares Fallen Angels USD Bond ETF | 311769 |
| 1197 | iShares iBoxx $ Investment Grade Corporate Bond ETF | iShares iBoxx $ Investment Grade Corporate Bond ETF | 130461 |
| 11810 | iShares J.P. Morgan EM High Yield Bond ETF | iShares J.P. Morgan EM High Yield Bond ETF | 465078 |
| 4931 | iShares J.P. Morgan USD Emerging Markets Bond ETF | iShares J.P. Morgan USD Emerging Markets Bond ETF | 463169 |
| 1227 | iShares National Muni Bond ETF | iShares National Muni Bond ETF | 130246 |
| 12386 | iShares Preferred and Income Securities ETF | iShares Preferred and Income Securities ETF | 375544 |
| 6979 | iShares US & Intl High Yield Corp Bond ETF | iShares US & Intl High Yield Corp Bond ETF | 314823 |
| 4948 | Schwab US TIPS ETF | Schwab US TIPS ETF | 131666 |
| 3244 | SPDR FTSE International Government | SPDR FTSE International Government | 128462 |
| 4337 | State Street SPDR Bloomberg Investment Grade Floating Rate ETF | State Street SPDR Bloomberg Investment Grade Floating Rate ETF | 133493 |
| 5093 | State Street SPDR Bloomberg Convertible Securities ETF | State Street SPDR Bloomberg Convertible Securities ETF | 466111 |
| 3307 | State Street SPDR Bloomberg High Yield Bond ETF | State Street SPDR Bloomberg High Yield Bond ETF | 316546 |
|  |  |  | 6939791 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $16,924,789)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $16,924,789)** | 17833342 |
| **Principal** |  |  |  |
| **Amount ($)** | **Yield Rate (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 13.8%** | **U.S. GOVERNMENT & AGENCIES — 13.8%** |  |
|  | **U.S. TREASURY BILLS — 13.8%** | **U.S. TREASURY BILLS — 13.8%** |  |
| 1900000 | 3.4200 | 04/14/26 | 1897515 |
| 1900000 | 3.5600 | 04/30/26 | 1894456 |
| 500000 | 3.6300 | 05/05/26 | 498294 |
| 1900000 | 3.5700 | 05/12/26 | 1892159 |
| 1000000 | 3.6000 | 05/28/26 | 994265 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $7,176,825)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $7,176,825)** | 7176689 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC SYMMETRY STRATEGY FUND (SYMAX, SYMCX, SYMIX)** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  |  |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 14.2%** | **SHORT-TERM INVESTMENT — 14.2%** | **SHORT-TERM INVESTMENT — 14.2%** |  |
|  | **MONEY MARKET FUND - 14.2%** | **MONEY MARKET FUND - 14.2%** | **MONEY MARKET FUND - 14.2%** |  |
| 7342257 | First American Treasury Obligations Fund, Class X, 3.59% **(Cost $7,342,257)**<sup>(d) (f)</sup> | First American Treasury Obligations Fund, Class X, 3.59% **(Cost $7,342,257)**<sup>(d) (f)</sup> | First American Treasury Obligations Fund, Class X, 3.59% **(Cost $7,342,257)**<sup>(d) (f)</sup> | $7342257 |
|  | **TOTAL INVESTMENTS - 91.1% (Cost $45,424,937)** | **TOTAL INVESTMENTS - 91.1% (Cost $45,424,937)** | **TOTAL INVESTMENTS - 91.1% (Cost $45,424,937)** | $47216614 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 8.9%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 8.9%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 8.9%** | 4612458 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $51829072 |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(e)</sup>** | **Value and <br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 32 | 3 Month Euro Euribor Future | 06/15/2026 | $9015256 | $(18628) |
| 47 | 3-Month CORRA Futures | 09/16/2026 | 8244288 | 46715 |
| 11 | CBOT Corn Future<sup>(f)</sup> | 05/15/2026 | 251763 | 75 |
| 18 | CBOT Soybean Future<sup>(f)</sup> | 05/15/2026 | 1053900 | 4537 |
| 32 | CBOT Soybean Meal Future<sup>(f)</sup> | 05/15/2026 | 1012480 | (3410) |
| 28 | CBOT Soybean Oil Future<sup>(f)</sup> | 05/15/2026 | 1157184 | 191688 |
| 35 | CBOT Wheat Future<sup>(f)</sup> | 05/15/2026 | 1078437 | 31887 |
| 40 | CME Australian Dollar Currency Future | 06/16/2026 | 2753000 | (103830) |
| 112 | CME Brazilian Real Currency Future | 05/01/2026 | 2143680 | 20415 |
| 9 | CME Canadian Dollar Currency Future | 06/17/2026 | 648000 | (15390) |
| 2 | CME E Mini Consumer Staples Select Sector Futures | 06/22/2026 | 166400 | (4820) |
| 2 | CME E Mini Energy Select Sector Futures | 06/22/2026 | 258660 | 12880 |
| 1 | CME E Mini Health Care Select Sector Futures | 06/22/2026 | 149040 | (2840) |
| 1 | CME E Mini Industrial Select Sector Futures | 06/22/2026 | 164340 | (4630) |
| 2 | CME E Mini Materials Select Sector Futures | 06/22/2026 | 213620 | 2550 |
| 1 | CME E Mini Technology Select Sector Futures | 06/22/2026 | 269980 | (13570) |
| 3 | CME E Mini Utilities Select Sector Futures | 06/22/2026 | 279840 | (6030) |
| 18 | CME E-Mini Standard & Poor's 500 Index Future | 06/22/2026 | 5913675 | (166950) |
| 5 | CME Feeder Cattle Future<sup>(f)</sup> | 05/22/2026 | 916188 | 30875 |
| 19 | CME Lean Hogs Future<sup>(f)</sup> | 06/15/2026 | 798380 | 7030 |
| 9 | CME Live Cattle Future<sup>(f)</sup> | 07/01/2026 | 875790 | 46010 |
| 8 | CME Live Cattle Future<sup>(f)</sup> | 09/01/2026 | 767360 | 20260 |
| 75 | CME Mexican Peso Currency Future | 06/16/2026 | 2076000 | (27225) |
| 14 | CME Norwegian Krone Currency Future | 06/16/2026 | 2886800 | (12840) |
| 69 | CME South African Rand Currency Future | 06/16/2026 | 2021700 | (55550) |
| 3 | CME Swedish Krona Currency Future | 06/16/2026 | 635250 | (18390) |
| 2 | CME Swiss Franc Currency Future | 06/16/2026 | 314950 | (8975) |
| 8 | COMEX Copper Future<sup>(f)</sup> | 07/30/2026 | 1133100 | (51188) |
| 2 | COMEX Gold 100 Troy Ounces Future<sup>(f)</sup> | 06/29/2026 | 935720 | 3090 |
| 3 | COMEX Silver Future<sup>(f)</sup> | 05/28/2026 | 1123785 | (54125) |
| 1 | E-mini S&P Communication Services Select Sector | 06/22/2026 | 146013 | (5812) |
| 2 | E-mini S&P Real Estate Select Sector Stock Index | 06/22/2026 | 100550 | (4150) |
| 70 | Euronext Milling Wheat Future<sup>(f)</sup> | 05/12/2026 | 828277 | 3018 |
| 15 | ICE Brent Crude Oil Future<sup>(f)</sup> | 05/01/2026 | 1559550 | 551520 |
| 18 | ICE Gas Oil Future<sup>(f)</sup> | 06/12/2026 | 1983600 | 458250 |
| 35 | ICE Natural Gas Future<sup>(f)</sup> | 05/29/2026 | 1756763 | (141135) |
| 16 | NYMEX Light Sweet Crude Oil Future<sup>(f)</sup> | 05/20/2026 | 1490560 | 460940 |
| 9 | NYMEX Light Sweet Crude Oil Future<sup>(f)</sup> | 08/21/2026 | 701820 | 124260 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC SYMMETRY STRATEGY FUND (SYMAX, SYMCX, SYMIX)** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(e)</sup>** | **Value and <br> Unrealized <br> Appreciation<br> (Depreciation)** |
| 10 | NYMEX NY Harbor ULSD Futures<sup>(f)</sup> | 06/01/2026 | $1571178 | $565526 |
| 5 | NYMEX NY Harbor ULSD Futures<sup>(f)</sup> | 09/01/2026 | 664902 | 163930 |
| 10 | NYMEX Platinum Future<sup>(f)</sup> | 07/30/2026 | 985100 | (96015) |
| 11 | NYMEX Reformulated Gasoline Blendstock for Oxygen<sup>(f)</sup> | 06/01/2026 | 1411687 | 376433 |
| 6 | NYMEX Reformulated Gasoline Blendstock for Oxygen<sup>(f)</sup> | 09/01/2026 | 667246 | 124518 |
| 35 | Three-Month SOFR Futures | 09/15/2026 | 8429313 | (13737) |
|  | **TOTAL OPEN LONG FUTURES CONTRACTS** |  |  | $2417167 |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(e)</sup>** | **Value and <br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 13 | Carbon Emissions Future<sup>(f)</sup> | 12/15/2026 | $1089494 | $(24646) |
| 45 | CBOT 2 Year US Treasury Note Future | 07/01/2026 | 9335038 | 16703 |
| 18 | CBOT 5 Year US Treasury Note | 07/01/2026 | 1947234 | (5976) |
| 31 | CBOT Corn Future<sup>(f)</sup> | 07/15/2026 | 725788 | (27387) |
| 12 | CBOT Soybean Future<sup>(f)</sup> | 07/15/2026 | 711600 | (5100) |
| 24 | CBOT Wheat Future<sup>(f)</sup> | 07/15/2026 | 751800 | (58112) |
| 8 | CME British Pound Currency Future | 06/16/2026 | 661300 | (325) |
| 17 | CME Euro Foreign Exchange Currency Future | 06/16/2026 | 2461919 | 519 |
| 35 | CME Japanese Yen Currency Future | 06/16/2026 | 2771125 | 3990 |
| 25 | CME New Zealand Dollar Currency Future | 06/16/2026 | 1438250 | 5600 |
| 6 | Eurex 10 Year Euro BUND Future | 06/09/2026 | 869556 | (830) |
| 37 | Eurex 2 Year Euro SCHATZ Future | 06/09/2026 | 4522365 | 42125 |
| 15 | Eurex 5 Year Euro BOBL Future | 06/09/2026 | 2001214 | (293) |
| 5 | Euro-BTP Italian Bond Futures | 06/09/2026 | 671983 | (2404) |
| 50 | EUX Short term Euro-BTP Futures | 06/09/2026 | 6117083 | (4057) |
| 13 | French Government Bond Futures | 06/09/2026 | 1783368 | (3203) |
| 30 | KFE 10 Year Treasury Bond Future<sup>(g)</sup> | 06/17/2026 | 2166025 | 29027 |
| 87 | KFE 3 Year Treasury Bond Future<sup>(g)</sup> | 06/17/2026 | 5987644 | 35659 |
| 15 | Long Gilt Future | 06/29/2026 | 1742926 | 574 |
| 19 | Montreal Exchange 10 Year Canadian Bond Future | 06/22/2026 | 1638798 | (9076) |
| 86 | Montreal Exchange 2 Year Canadian Bond Future | 06/22/2026 | 6501703 | (14233) |
| 40 | Montreal Exchange 5 Year Canadian Bond Future | 06/22/2026 | 3262660 | (14222) |
| 6 | NYBOT CSC C Coffee Future<sup>(f)</sup> | 05/19/2026 | 671288 | (32157) |
| 21 | NYBOT CSC Cocoa Future<sup>(f)</sup> | 05/14/2026 | 692999 | 116410 |
| 32 | NYBOT CSC Number 11 World Sugar Future<sup>(f)</sup> | 05/01/2026 | 556237 | (64366) |
| 14 | NYBOT CTN Number 2 Cotton Future<sup>(f)</sup> | 05/07/2026 | 490000 | (39110) |
| 35 | NYMEX Henry Hub Natural Gas Futures<sup>(f)</sup> | 05/28/2026 | 1052100 | 41380 |
| 22 | NYMEX Henry Hub Natural Gas Futures<sup>(f)</sup> | 08/28/2026 | 720500 | 30540 |
| 30 | SFE 10 Year Australian Bond Future | 06/16/2026 | 2230342 | 2293 |
| 85 | SFE 3 Year Australian Bond Future | 06/16/2026 | 6078921 | 15026 |
| 6 | TSE Japanese 10 Year Bond Futures | 06/16/2026 | 4926251 | 62388 |
| 1 | Ultra 10-Year US Treasury Note Futures | 06/22/2026 | 113516 |  |
|  | **TOTAL OPEN SHORT FUTURES CONTRACTS** |  |  | $96737 |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $2513904 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC SYMMETRY STRATEGY FUND (SYMAX, SYMCX, SYMIX)** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2026** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** |
|  |  |  |  |  |  |  | | | **Upfront** | |
|  |  |  | **Fixed** | **Implied** | **Frequency** |  | | | **Premiums** | **Unrealized** |
|  |  | **Buy/Sell** | **Rate** | **Credit** | **of** | **Expiration** | **Notional** | | **Paid/** | **Appreciation/** |
| **Counterparty** | **Index** | **Protection** | **Received** | **Spread** | **Payments** | **Date** | **Amount** | **Value** | **(Received)** | **(Depreciation)** |
| SOC | Markit CDX North America High Yield Index | Sell | 5.00% | 385.21% | Quarterly | 6/20/2031 | $666500 | $32171 | $25258 | $6913 |
| SOC | Markit CDX North America Investment Grade Index | Sell | 1.00% | 63.06% | Quarterly | 6/20/2031 | 666500 | 11522 | 10814 | 708 |
| SOC | Markit iTraxx Europe Index <sup>(g)</sup> | Sell | 1.00% | 71.52% | Quarterly | 6/20/2031 | 564500 | 8952 | 9355 | (403) |
| SOC | Markit iTraxx Europe Crossover Index <sup>(g)</sup> | Sell | 5.00% | 353.17% | Quarterly | 6/20/2031 | 457000 | 33122 | 35232 | (2110) |
|  | **Net Unrealized Appreciation on Swap Contracts** | **Net Unrealized Appreciation on Swap Contracts** | **Net Unrealized Appreciation on Swap Contracts** | **Net Unrealized Appreciation on Swap Contracts** | **Net Unrealized Appreciation on Swap Contracts** | **Net Unrealized Appreciation on Swap Contracts** | **Net Unrealized Appreciation on Swap Contracts** | **Net Unrealized Appreciation on Swap Contracts** | $**80659** | $**5108** |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| LTD | - Limited Company |
| MSCI | - Morgan Stanley Capital International |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| SPDR | - Standard & Poor's Depositary Receipt |
| SOC | - Societe Generale |

---

 

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Percentage rounds to less than 0.1%.

<sup>(c)</sup> Zero coupon bond.

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

<sup>(e)</sup> The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund's futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.

<sup>(f)</sup> All or a portion of this investment is a holding of the ACSSF Fund Limited.

<sup>(g)</sup> Illiquid security. Total illiquid securities represents 0.0% of net assets as of March 31, 2026.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC LIFE SCIENCES AND HEALTHCARE FUND (LYFAX, LYFCX, LYFIX)** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 92.4%** |  |
|  | **BIOTECH & PHARMA - 89.3%** |  |
| 3544 | AbbVie, Inc. | $770785 |
| 3424 | Abivax S.A. - ADR<sup>(a)</sup> | 381262 |
| 10037 | ADMA Biologics, Inc.<sup>(a)</sup> | 90433 |
| 13971 | Agios Pharmaceuticals, Inc.<sup>(a)</sup> | 472639 |
| 37120 | Aldeyra Therapeutics, Inc.<sup>(a)</sup> | 62733 |
| 1370 | Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 453292 |
| 2329 | Amgen, Inc. | 819459 |
| 24518 | Annexon, Inc.<sup>(a)</sup> | 135830 |
| 11369 | Apogee Therapeutics, Inc.<sup>(a)</sup> | 956929 |
| 1794 | Argenx S.E. - ADR<sup>(a)</sup> | 1310069 |
| 13150 | Arvinas, Inc.<sup>(a)</sup> | 139390 |
| 4526 | Ascendis Pharma A/S - ADR<sup>(a)</sup> | 1035232 |
| 11232 | AstraZeneca plc - ADR | 2215174 |
| 13286 | Atrium Therapeutics, Inc.<sup>(a)</sup> | 177634 |
| 11668 | Avalo Therapeutics, Inc.<sup>(a)</sup> | 174203 |
| 6438 | Axsome Therapeutics, Inc.<sup>(a)</sup> | 1088151 |
| 3835 | Biogen, Inc.<sup>(a)</sup> | 703071 |
| 5616 | BioNTech S.E. - ADR<sup>(a)</sup> | 499150 |
| 36313 | Candel Therapeutics, Inc.<sup>(a)</sup> | 177934 |
| 23286 | Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 576561 |
| 12614 | Celldex Therapeutics, Inc.<sup>(a)</sup> | 400116 |
| 20135 | Cullinan Oncology, Inc.<sup>(a)</sup> | 286118 |
| 5616 | Cytokinetics, Inc.<sup>(a)</sup> | 370151 |
| 21231 | Design Therapeutics, Inc.<sup>(a)</sup> | 225898 |
| 3972 | Disc Medicine, Inc.<sup>(a)</sup> | 253970 |
| 15615 | Edgewise Therapeutics, Inc.<sup>(a)</sup> | 491873 |
| 20260 | Gilead Sciences, Inc. | 2823635 |
| 4794 | Halozyme Therapeutics, Inc.<sup>(a)</sup> | 309836 |
| 14245 | Incyte Corporation<sup>(a)</sup> | 1340739 |
| 8583 | Insmed, Inc.<sup>(a)</sup> | 1403491 |
| 11506 | Intellia Therapeutics, Inc.<sup>(a)</sup> | 147507 |
| 19587 | Ionis Pharmaceuticals, Inc.<sup>(a)</sup> | 1470787 |
| 3561 | Jazz Pharmaceuticals PLC<sup>(a)</sup> | 673207 |
| 1918 | Krystal Biotech, Inc.<sup>(a)</sup> | 495458 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC LIFE SCIENCES AND HEALTHCARE FUND (LYFAX, LYFCX, LYFIX)** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 92.4% (Continued)** |  |
|  | **BIOTECH & PHARMA - 89.3% (Continued)** |  |
| 5342 | Kymera Therapeutics, Inc.<sup>(a)</sup> | $444935 |
| 53694 | MeiraGTx Holdings PLC<sup>(a)</sup> | 464990 |
| 12566 | Monte Rosa Therapeutics, Inc.<sup>(a)</sup> | 206711 |
| 9607 | Neurocrine Biosciences, Inc.<sup>(a)</sup> | 1265626 |
| 14656 | Newamsterdam Pharma Company N.V.<sup>(a)</sup> | 469139 |
| 25571 | Nurix Therapeutics, Inc.<sup>(a)</sup> | 396351 |
| 4657 | Nuvalent, Inc., Class A<sup>(a)</sup> | 477110 |
| 11506 | Oruka Therapeutics, Inc.<sup>(a)</sup> | 564369 |
| 9040 | Protagonist Therapeutics, Inc.<sup>(a)</sup> | 952816 |
| 6438 | Rapport Therapeutics, Inc.<sup>(a)</sup> | 201445 |
| 71227 | Rezolute, Inc.<sup>(a)</sup> | 217242 |
| 9297 | Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | 808560 |
| 47667 | Roivant Sciences Ltd.<sup>(a)</sup> | 1320376 |
| 14382 | Sanofi - ADR | 692925 |
| 4818 | Sionna Therapeutics, Inc.<sup>(a)</sup> | 193154 |
| 6634 | Spyre Therapeutics, Inc.<sup>(a)</sup> | 334619 |
| 6849 | Tectonic Therapeutic, Inc.<sup>(a)</sup> | 211703 |
| 23970 | Trevi Therapeutics, Inc.<sup>(a)</sup> | 285962 |
| 4931 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 2201888 |
| 29175 | WaVe Life Sciences Ltd.<sup>(a)</sup> | 211519 |
| 45886 | Xeris Biopharma Holdings, Inc.<sup>(a)</sup> | 266139 |
|  |  | 35120296 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.9%** |  |
| 973 | ICON plc<sup>(a)</sup> | 107672 |
| 822 | IQVIA Holdings, Inc.<sup>(a)</sup> | 140184 |
| 32951 | MDxHealth S.A.<sup>(a)</sup> | 75787 |
| 64032 | Personalis, Inc.<sup>(a)</sup> | 407884 |
|  |  | 731527 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.2%** |  |
| 1370 | Natera, Inc.<sup>(a)</sup> | 273986 |
| 6838 | Veracyte, Inc.<sup>(a)</sup> | 220252 |
|  |  | 494238 |
|  | **TOTAL COMMON STOCKS (Cost $30,002,243)** | 36346061 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC LIFE SCIENCES AND HEALTHCARE FUND (LYFAX, LYFCX, LYFIX)** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2026** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Expiration <br> Date** | **Exercise<br> Price** | **Fair Value** |
| | **RIGHT — 0.0%<sup>(b)</sup>** | **RIGHT — 0.0%<sup>(b)</sup>** | |
|  | **MEDICAL EQUIPMENT & DEVICES – 0.0%**<sup>(b)</sup> |  |  |
| 39859 Alkermes PLC. - CVR<sup>(a)(d)(f)</sup> **(Cost $0)** | 12/31/2028 | $1.50 | $— <sup>(e)</sup> |
|  | **SHORT-TERM INVESTMENT - 7.7%** |  |  |
|  | **MONEY MARKET FUND - 7.7%** |  |  |
| 3035293 | First American Treasury Obligations Fund, Class X, 3.59% **(Cost $3,035,293)** <sup>(c)</sup> |  | 3035293 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $33,037,536)** |  | $39381354 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** |  | (58038) |
|  | **NET ASSETS - 100.0%** |  | $39323316 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| A/S | - Anonim Sirketi |
| CVR | - Contingent Value Right |
| LTD | - Limited Company |
| N.V. | - Naamioze Vennootschap |
| PLC | - Public Limited Company |
| S.A. | - Société Anonyme |

---

 

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Percentage rounds to less than 0.1%.

 

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

<sup>(d)</sup> The fair value of this investment is determined using significant unobservable inputs.

<sup>(e)</sup> Amount represents less than $1.

<sup>(f)</sup> Illiquid security. The total fair value of these securities as of March 31, 2026 was $0, representing 0.0% of net assets.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC REAL INCOME FUND (SIIAX, SIICX, SIIIX)** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 29.6%** |  |
|  | **BUSINESS DEVELOPMENT COMPANIES - 1.6%** |  |
| 155950 | PennantPark Investment Corporation | $700216 |
|  | **CONTAINERS & PACKAGING - 1.3%** |  |
| 55000 | Graphic Packaging Holding Company | 546700 |
|  | **ENGINEERING & CONSTRUCTION - 0.6%** |  |
| 21239 | Star Group, L.P. | 260815 |
|  | **INTERNET MEDIA & SERVICES - 0.1%** |  |
| 3400 | Angi, Inc.<sup>(a)</sup> | 23290 |
|  | **METALS & MINING - 1.4%** |  |
| 6115500 | Battery Mineral Resources Corporation<sup>(a) (g)</sup> | 615339 |
|  | **MULTI ASSET CLASS REIT - 3.3%** |  |
| 115000 | AH Realty Trust, Inc. | 632500 |
| 35000 | American Assets Trust, Inc. | 644350 |
| 10000 | Minto Apartment Real Estate Investment Trust | 126278 |
|  |  | 1403128 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 4.0%** |  |
| 44496 | AMREP Corporation<sup>(a)</sup> | 1251673 |
| 91924 | Nam Tai Property, Inc.<sup>(a)</sup> | 476166 |
|  |  | 1727839 |
|  | **RESIDENTIAL REIT - 0.3%** |  |
| 10000 | UMH Properties, Inc. | 144300 |
|  | **RETAIL - DISCRETIONARY - 1.9%** |  |
| 10000 | Builders FirstSource, Inc.<sup>(a)</sup> | 823300 |
|  | **RETAIL REIT - 6.2%** |  |
| 50400 | CTO Realty Growth, Inc. | 931896 |
| 10000 | Modiv Industrial, Inc. | 143200 |
| 35000 | Saul Centers, Inc. | 1140299 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC REAL INCOME FUND (SIIAX, SIICX, SIIIX)** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  |  |  |  | **Fair Value** |
|  | **COMMON STOCKS — 29.6% (Continued)** | **COMMON STOCKS — 29.6% (Continued)** | **COMMON STOCKS — 29.6% (Continued)** |  |  |
|  | **RETAIL REIT - 6.2% (Continued)** | **RETAIL REIT - 6.2% (Continued)** | **RETAIL REIT - 6.2% (Continued)** |  |  |
| 28490 | Whitestone REIT | Whitestone REIT | Whitestone REIT |  | $460114 |
|  |  |  |  |  | 2675509 |
|  | **SELF-STORAGE REIT - 2.5%** | **SELF-STORAGE REIT - 2.5%** | **SELF-STORAGE REIT - 2.5%** |  |  |
| 35271 | Global Self Storage, Inc. | Global Self Storage, Inc. | Global Self Storage, Inc. |  | 180235 |
| 30000 | Smartstop Self Storage REIT, Inc. | Smartstop Self Storage REIT, Inc. | Smartstop Self Storage REIT, Inc. |  | 908400 |
|  |  |  |  |  | 1088635 |
|  | **SPECIALTY FINANCE - 0.2%** | **SPECIALTY FINANCE - 0.2%** | **SPECIALTY FINANCE - 0.2%** |  |  |
| 28246 | Marblegate Capital Corporation<sup>(a)</sup> | Marblegate Capital Corporation<sup>(a)</sup> | Marblegate Capital Corporation<sup>(a)</sup> |  | 64118 |
|  | **TECHNOLOGY HARDWARE - 1.9%** | **TECHNOLOGY HARDWARE - 1.9%** | **TECHNOLOGY HARDWARE - 1.9%** |  |  |
| 35000 | Ingram Micro Holding Corporation | Ingram Micro Holding Corporation | Ingram Micro Holding Corporation |  | 815850 |
|  | **TECHNOLOGY SERVICES - 4.3%** | **TECHNOLOGY SERVICES - 4.3%** | **TECHNOLOGY SERVICES - 4.3%** |  |  |
| 27855 | Euronet Worldwide, Inc.<sup>(a)</sup> | Euronet Worldwide, Inc.<sup>(a)</sup> | Euronet Worldwide, Inc.<sup>(a)</sup> |  | 1848736 |
|  | **TOTAL COMMON STOCKS (Cost $14,260,031)** | **TOTAL COMMON STOCKS (Cost $14,260,031)** | **TOTAL COMMON STOCKS (Cost $14,260,031)** |  | 12737775 |
|  | **PREFERRED STOCK— 2.3%** |  |  |  |  |
|  | **OIL & GAS PRODUCERS — 2.3%** | **OIL & GAS PRODUCERS — 2.3%** | **OIL & GAS PRODUCERS — 2.3%** |  |  |
| 40000 | NGL Energy Partners, L.P. - Series B **(Cost $923,983)** | NGL Energy Partners, L.P. - Series B **(Cost $923,983)** | NGL Energy Partners, L.P. - Series B **(Cost $923,983)** |  | 987200 |
| **Principal<br> Amount** |  |  | **Coupon Rate** |  |  |
| **($)** |  | **Spread** | **(%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 15.3%** |  |  |  |  |
|  | **AUTO LOAN — 0.4%** |  |  |  |  |
| 155000 | First Investors Auto Owner Trust 2022-2 Series 2A D<sup>(b)</sup> |  | 8.7100 | 10/16/28 | 158445 |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.4%** |  |  |  |  |
| 36085 | Adjustable Rate Mortgage Trust 2007-1 Series 2007-1 1A1<sup>(c)</sup> |  | 5.1800 | 03/25/37 | 29206 |
| 23917 | MFA 2020-NQM2 Trust Series NQM2 A3<sup>(b),(c)</sup> |  | 1.9470 | 04/25/65 | 23557 |
| 177421 | Washington Mutual Mortgage Pass-Through Series 2007-HY1 A2A<sup>(d)</sup> | TSFR1M + 0.160% | 4.1130 | 02/25/37 | 141048 |
|  |  |  |  |  | 193811 |
|  | **HOME EQUITY — 0.4%** |  |  |  |  |
| 157070 | Terwin Mortgage Trust 2004-7HE Series 7HE A3<sup>(b),(d)</sup> | TSFR1M+ 1.400% | 5.1930 | 07/25/34 | 155601 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC REAL INCOME FUND (SIIAX, SIICX, SIIIX)** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount** |  |  | **Coupon Rate** |  | |
| **($)** |  | **Spread** | **(%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 15.3% (Continued)** | **ASSET BACKED SECURITIES — 15.3% (Continued)** | **ASSET BACKED SECURITIES — 15.3% (Continued)** |  |  |
|  | **NON AGENCY CMBS — 13.6%** | **NON AGENCY CMBS — 13.6%** | **NON AGENCY CMBS — 13.6%** |  |  |
| 477000 | CFCRE Commercial Mortgage Trust 2016-C6 Series C6 C<sup>(c)</sup> |  | 4.3300 | 11/10/49 | $436567 |
| 115000 | Citigroup Commercial Mortgage Trust 2017-C4 Series C4 AS |  | 3.7640 | 10/12/50 | 111888 |
| 100000 | COMM 2013-CCRE6 Mortgage Trust Series 2013-CR6 F<sup>(b),(c)</sup> |  | 3.8720 | 03/10/46 | 59791 |
| 76206 | COMM 2015-CCRE25 Mortgage Trust Series CR25 D<sup>(c)</sup> |  | 3.4680 | 08/10/48 | 74537 |
| 81000 | COMM 2015-LC19 Mortgage Trust Series 2015-LC19 D<sup>(b)</sup> |  | 2.8670 | 02/10/48 | 76265 |
| 15944 | COMM 2015-LC23 Mortgage Trust Series LC23 C<sup>(c)</sup> |  | 4.6850 | 10/10/48 | 15440 |
| 150000 | COMM 2016-CR28 Mortgage Trust Series CR28 B<sup>(c)</sup> |  | 4.5060 | 02/10/49 | 147449 |
| 4036 | CSAIL 2016-C5 Commercial Mortgage Trust Series 2016-C5 C<sup>(c)</sup> |  | 4.4040 | 11/15/48 | 3967 |
| 100000 | CSAIL 2016-C6 Commercial Mortgage Trust Series C6 B<sup>(c)</sup> |  | 3.9240 | 01/15/49 | 96802 |
| 120000 | CSAIL 2016-C6 Commercial Mortgage Trust Series C6 C<sup>(c)</sup> |  | 4.8710 | 01/15/49 | 115636 |
| 185000 | DBJPM 2016-C3 Mortgage Trust Series C3 B |  | 3.2640 | 08/10/49 | 177938 |
| 45000 | JPMBB Commercial Mortgage Securities Trust Series 2015-C30 B<sup>(c)</sup> |  | 4.0680 | 07/15/48 | 42918 |
| 1487 | JPMBB Commercial Mortgage Securities Trust Series 2015-C28 C<sup>(c)</sup> |  | 4.2840 | 10/15/48 | 1472 |
| 150000 | JPMDB Commercial Mortgage Securities Trust 2016-C2 Series C2 AS |  | 3.4840 | 06/15/49 | 141652 |
| 145000 | JPMDB Commercial Mortgage Securities Trust 2017-C7 Series C7 B |  | 3.9850 | 10/15/50 | 137925 |
| 1125000 | MHP 2021-STOR Series STOR A<sup>(b),(d)</sup> | TSFR1M + 0.814% | 4.4870 | 07/15/38 | 1124608 |
| 2583 | Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C12 C<sup>(c)</sup> |  | 4.6010 | 10/15/46 | 2508 |
| 450000 | Morgan Stanley Bank of America Merrill Lynch Trust Series C28 C<sup>(c)</sup> |  | 4.5830 | 01/15/49 | 390773 |
| 1329947 | SG Commercial Mortgage Securities Trust 2016-C5 Series C5 XA<sup>(c),(e)</sup> |  | 1.7580 | 10/10/48 | 930 |
| 370000 | SG Commercial Mortgage Securities Trust 2016-C5 Series C5 B<sup>(g)</sup> |  | 3.9330 | 10/10/48 | 359478 |
| 1500000 | TPG Trust 2025-INFL Series INFL B<sup>(b),(d)</sup> | TSFR1M + 1.800% | 5.4730 | 08/15/30 | 1496256 |
| 220000 | UBS Commercial Mortgage Trust 2018-C13 Series C13 B<sup>(c)</sup> |  | 4.7860 | 10/15/51 | 208725 |
| 73775 | Wells Fargo Commercial Mortgage Trust 2015-NXS1 Series 2015-NXS1 D<sup>(c)</sup> |  | 3.8180 | 05/15/48 | 67169 |
| 100000 | Wells Fargo Commercial Mortgage Trust 2016-C36 Series C36 B<sup>(c)</sup> |  | 3.6710 | 11/15/59 | 95170 |
| 100000 | Wells Fargo Commercial Mortgage Trust 2016-NXS6 Series 2016-NXS6 B |  | 3.8110 | 11/15/49 | 98528 |
| 232560 | WFRBS Commercial Mortgage Trust 2013-C15 Series 2013-C15 B<sup>(c)</sup> |  | 4.1520 | 08/15/46 | 226793 |
| 160000 | WFRBS Commercial Mortgage Trust 2013-C15 Series 2013-C15 C<sup>(c)</sup> |  | 4.1520 | 08/15/46 | 147140 |
|  |  |  |  |  | 5858325 |
|  | **OTHER ABS — 0.5%** |  |  |  |  |
| 226724 | RAM 2024-1, LLC Series 1 A<sup>(b)</sup> |  | 6.6690 | 02/15/39 | 226781 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $6,394,623)** |  |  |  | 6592963 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC REAL INCOME FUND (SIIAX, SIICX, SIIIX)** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount** |  |  | **Coupon Rate** |  | |
| **($)** |  | **Spread** | **(%)** | **Maturity** | **Fair Value** |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.4%** |  |  |  |  |
|  | **CMBS — 0.3%** |  |  |  |  |
| 1000000 | Freddie Mac Multifamily Structured Pass Through Series K126 X3<sup>(c),(e)</sup> |  | 2.6280 | 01/25/49 | $108635 |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.1%** |  |  |  |  |
| 565112 | Government National Mortgage Association Series 2019-110 SE<sup>(d),(e)</sup> | TSFR1M + 5.986% | 2.3100 | 09/20/49 | 63976 |
|  | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $178,748)** |  |  |  | 172611 |
|  | **CONVERTIBLE BONDS — 4.6%** |  |  |  |  |
|  | **REAL ESTATE INVESTMENT TRUSTS — 2.3%** |  |  |  |  |
| 1000000 | Braemar Hotels & Resorts, Inc. |  | 4.5000 | 06/01/26 | 985000 |
|  | **REAL ESTATE SERVICES — 2.3%** |  |  |  |  |
| 1163000 | Compass, Inc.<sup>(b)</sup> |  | 0.2500 | 04/15/31 | 976339 |
|  | **TOTAL CONVERTIBLE BONDS (Cost $1,996,469)** |  |  |  | 1961339 |
|  | **CORPORATE BONDS — 21.6%** |  |  |  |  |
|  | **APPAREL & TEXTILE PRODUCTS — 2.0%** |  |  |  |  |
| 8000000 | Boras V-tyget 1 A.B.<sup>(d)</sup> | STIB3M + 5.750% | 7.7500 | 04/29/27 | 854708 |
|  | **GAS & WATER UTILITIES — 1.3%** |  |  |  |  |
| 588000 | Superior Plus, L.P. / Superior General Partner,<sup>(b)</sup> |  | 4.5000 | 03/15/29 | 562430 |
|  | **INSURANCE — 3.2%** |  |  |  |  |
| 1700000 | Genworth Holdings, Inc.<sup>(c)</sup> | TSFR3M + 2.264% | 5.9170 | 11/15/36 | 1383456 |
|  | **INTERNET MEDIA & SERVICES — 1.8%** |  |  |  |  |
| 848000 | Getty Images, Inc. |  | 11.2500 | 02/21/30 | 755301 |
|  | **OIL & GAS PRODUCERS — 2.1%** |  |  |  |  |
| 899000 | Summit Midstream Holdings, LLC<sup>(b)</sup> |  | 8.6250 | 10/31/29 | 924702 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 2.1%** |  |  |  |  |
| 850000 | Forum Energy Technologies, Inc. |  | 10.5000 | 11/07/29 | 896094 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC REAL INCOME FUND (SIIAX, SIICX, SIIIX)** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount** |  |  | **Coupon Rate** |  | |
| **($)** |  | **Spread** | **(%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 21.6% (Continued)** | **CORPORATE BONDS — 21.6% (Continued)** | **CORPORATE BONDS — 21.6% (Continued)** |  |  |
|  | **REAL ESTATE INVESTMENT TRUSTS — 2.9%** | **REAL ESTATE INVESTMENT TRUSTS — 2.9%** | **REAL ESTATE INVESTMENT TRUSTS — 2.9%** |  |  |
| 1250000 | Crown Castle, Inc. |  | 1.0500 | 07/15/26 | $1238104 |
|  | **SPECIALTY FINANCE — 2.3%** |  |  |  |  |
| 1000000 | Arbor Realty SR, Inc.<sup>(b)</sup> |  | 8.5000 | 10/15/27 | 995754 |
|  | **SPECIALTY REIT — 2.3%** |  |  |  |  |
| 1000000 | Outfront Media Capital, LLC / Outfront Media<sup>(b)</sup> |  | 5.0000 | 08/15/27 | 998200 |
|  | **TELECOMMUNICATIONS — 1.6%** |  |  |  |  |
| 6600000 | ASP Data Center A/S<sup>(b),(d)</sup> | NIBOR3M + 7.000% | 11.1700 | 03/03/28 | 683885 |
|  | **TOTAL CORPORATE BONDS (Cost $9,119,650)** | **TOTAL CORPORATE BONDS (Cost $9,119,650)** | **TOTAL CORPORATE BONDS (Cost $9,119,650)** |  | 9292634 |
|  | **TERM LOANS — 2.1%** |  |  |  |  |
|  | **SPECIALTY RETAIL — 2.1%** |  |  |  |  |
| 983819 | Container Store<sup>(d)(g)</sup> **(Cost $919,457)** |  | 10.8150 | 04/30/29 | 919457 |
|  | **U.S. GOVERNMENT & AGENCIES — 0.8%** | **U.S. GOVERNMENT & AGENCIES — 0.8%** | **U.S. GOVERNMENT & AGENCIES — 0.8%** |  |  |
|  | **AGENCY MBS OTHER — 0.8%** |  |  |  |  |
| 224605 | Ginnie Mae II Pool MA8867 |  | 5.5000 | 05/20/53 | 224751 |
| 121363 | Ginnie Mae II Pool MA9007 |  | 6.5000 | 07/20/53 | 124971 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $347,827)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $347,827)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $347,827)** |  | 349722 |
|  |  |  | **Yield Rate** |  |  |
|  |  |  | **(%)** |  |  |
|  | **COMMERCIAL PAPER — 2.9%** | **COMMERCIAL PAPER — 2.9%** | **COMMERCIAL PAPER — 2.9%** |  |  |
|  | **COMMERCIAL PAPER - 2.9%** | **COMMERCIAL PAPER - 2.9%** | **COMMERCIAL PAPER - 2.9%** |  |  |
| 1250000 | Edison International <sup>(b)</sup> **(Cost $1,245,771)** |  | 4.0700 | 04/30/26 | 1245771 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC REAL INCOME FUND (SIIAX, SIICX, SIIIX)** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 22.1%** |  |
|  | **MONEY MARKET FUND - 22.1%** |  |
| 9515011 | First American Treasury Obligations Fund, Class X, 3.59% **(Cost $9,515,011)**<sup>(f)</sup> | $9515011 |
|  | **TOTAL INVESTMENTS - 101.7% (Cost $44,901,570)** | $43774483 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.7)%** | (723457) |
|  | **NET ASSETS - 100.0%** | $43051026 |

---

---

| | |
|:---|:---|
| A/S | - Anonim Sirketi |
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| REIT | - Real Estate Investment Trust |
| NIBOR3M | - Norwegian Interbank Offered Rate 3 month |
| STIB3M | - Stockholm Interbank Offered Rate 3 month |
| TSFR1M | - Term Secured Overnight Financing Rate (SOFR) 1 month |
| TSFR3M | - Term Secured Overnight Financing Rate (SOFR) 3 month |

---

 

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2026 the total market value of 144A securities is $9,708,385 or 22.6% of net assets.

<sup>(c)</sup> Variable rate security; the rate shown represents the rate on March 31, 2026.

<sup>(d)</sup> Floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

<sup>(e)</sup> Interest only securities.

<sup>(f)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

<sup>(g)</sup> Illiquid security. Total illiquid securities represents 4.4% of net assets as of March 31, 2026.

As of March 31, 2026, AlphaCentric Real Income Fund had the following open forward currency contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency** | **Foreign Currency** | <br>**Settlement Date** | <br>**Counterparty** |<br>**Local Currency** |<br>**U.S. Dollar Value** | **Unrealized**<br>**Appreciation** |
| **To Buy:** | **To Sell:** |  |  |  |  |  |
| United States Dollar | Canadian Dollar | 05/15/2026 | US Bank | 1214000 | $874252 | $20797 |
| United States Dollar | Norwegian Krone | 05/15/2026 | US Bank | 6480000 | 669188 | 822 |
| United States Dollar | Swedish Krona | 05/15/2026 | US Bank | 8175000 | 865476 | 17239 |
|  |  |  |  |  | $**2408916** | $**38858** |
| **Total** |  |  |  |  |  | $**38858** |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***AlphaCentric Funds*** |
| **STATEMENTS OF ASSETS AND LIABILITIES** |
| **March 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AlphaCentric**<br>**Income Opportunities**<br>**Fund** | **AlphaCentric**<br>**Premium Opportunity**<br>**Fund** | **AlphaCentric**<br>**Robotics and**<br>**Automation Fund** | **AlphaCentric**<br>**Symmetry Strategy**<br>**Fund (Consolidated)** |
| **ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at cost | $164965496 | $23563895 | $30919752 | $45424937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value (including collateral for loaned securities $0, $0, $8,987,123, $0) | $227372196 | $22530120 | $30707448 | $47216614 |
| &nbsp;&nbsp;&nbsp;Deposit with brokers for futures and swaps |  | 15354727 |  | 2996498 |
| &nbsp;&nbsp;&nbsp;Foreign currency (Cost $0, $0, $2,288, $25,077) |  |  | 2293 | 24977 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold |  |  |  | 167272 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 31676 | 20110 | 11964 | 29862 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 265967 | 55166 | 38897 | 31615 |
| &nbsp;&nbsp;&nbsp;Upfront payment on swap |  |  |  | 80659 |
| &nbsp;&nbsp;&nbsp;Securities lending income receivable |  |  | 50316 |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on open futures contracts |  | 815 |  | 3648641 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on swap contracts |  |  |  | 7621 |
| &nbsp;&nbsp;&nbsp;Due from insurance | 81685 |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 21684 | 23850 | 18730 | 11271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 227773208 | 37984788 | 30829648 | 54215030 |
| **LIABILITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Line of credit payable | 13916000 |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable upon return of securities loaned |  |  | 8987123 |  |
| &nbsp;&nbsp;&nbsp;Options Written (Proceeds $0, $5,452,876, $0, $0) |  | 4073533 |  |  |
| &nbsp;&nbsp;&nbsp;Due to broker |  | 1289994 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased |  |  |  | 1158808 |
| &nbsp;&nbsp;&nbsp;Payable for fund shares repurchased | 85684 | 2000 | 31120 |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on swap contracts |  |  |  | 2513 |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on open futures contracts |  | 57307 |  | 1134737 |
| &nbsp;&nbsp;&nbsp;Securities sold short, at value (Proceeds $0, $10,562, $0, $0) |  | 15690 |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees payable | 212796 | 37152 | 14376 | 45422 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 6354 | 2712 | 1317 | 1099 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 10668 | 7205 | 2562 | 3908 |
| &nbsp;&nbsp;&nbsp;Administration fees payable | 23756 | 7814 | 7375 | 10753 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 58077 | 36808 | 31398 | 28718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 14313335 | 5530215 | 9075271 | 2385958 |
| **NET ASSETS** | $**213459873** | $**32454573** | $**21754377** | $**51829072** |
| **Composition of Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $488974539 | $33908260 | $21172207 | $41917148 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (loss) | (275514666) | (1453687) | 582170 | 9911924 |
| **NET ASSETS** | $**213459873** | $**32454573** | $**21754377** | $**51829072** |
| **Net Asset Value Per Share:** |  |  |  |  |
| Class A Shares (IOFAX, HMXAX, GNXAX, SYMAX): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**33057943** | $**2223790** | $**2326935** | $**124103** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (a) | **4559458** | **80001** | **148312** | **8666** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share | $**7.25** **(d)** | $**27.80** **(d)** | $**15.69** | $**14.32** |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share | $**7.61** **(c)(d)** | $**29.49** **(b)(d)** | $**16.65** **(b)** | $**15.19** **(b)** |
| Class C Shares (IOFCX, HMXCX, GNXCX, SYMCX): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**11857552** | $**819534** | $**574477** | $**498944** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (a) | **1643500** | **31083** | **39332** | **36098** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) offering price and redemption price per share | $**7.21** | $**26.37** **(d)** | $**14.61** **(d)** | $**13.82** |
| Class I Shares (IOFIX, HMXIX, GNXIX, SYMIX): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**168544378** | $**29411249** | $**18852965** | $**51206025** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (a) | **23211345** | **1032109** | **1172539** | **3574763** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) offering price and redemption price per share | $**7.26** | $**28.50** **(d)** | $**16.08** | $**14.32** |

---

(a) Unlimited number of
 shares
 of
 beneficial
 interest
 authorized,
 no
 par
 value.

(b) Net asset value plus
 maximum
 sales
 charge
 of
 5.75%

(c) Net asset value plus
 maximum
 sales
 charge
 of
 4.75%

(d) The Net Asset Value
 ("NAV")
 and
 offering
 price
 shown
 above
 differs
 from
 the
 traded
 NAV
 on
 March
 31,
 2026
 due
 to
 financial
 statement
 rounding
 and/or
 financial
 statement
 adjustments.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***AlphaCentric Funds*** |
| **STATEMENTS OF ASSETS AND LIABILITIES (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
|  | **AlphaCentric**<br>**Life Sciences and**<br>**Healthcare Fund** | <br>**AlphaCentric**<br>**Real Income Fund** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at cost | $33037536 | $44901570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value | $39381354 | $43774483 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 26000 | 3167 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 8909 | 280508 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 11884 | 20246 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts |  | 38858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 39428147 | 44117262 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased |  | 919457 |
| &nbsp;&nbsp;&nbsp;Payable for fund shares repurchased | 25002 | 69282 |
| &nbsp;&nbsp;&nbsp;Advisory fees payable | 31586 | 30631 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 1308 | 1279 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 890 | 1202 |
| &nbsp;&nbsp;&nbsp;Administration fees payable | 7938 | 9147 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 38107 | 35238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 104831 | 1066236 |
| **NET ASSETS** | $**39323316** | $**43051026** |
| **Composition of Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $40606915 | $44257124 |
| &nbsp;&nbsp;&nbsp;Accumulated loss | (1283599) | (1206098) |
| **NET ASSETS** | $**39323316** | $**43051026** |
| **Net Asset Value Per Share:** |  |  |
| Class A Shares (LYFAX,SIIAX): |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**4309444** | $**2709998** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (a) | **273778** | **166590** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share | $**15.74** | $**16.27** |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share | $**16.70** **(b)** | $**17.08** **(c)** |
| Class C Shares (LYFCX,SIICX): |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**1796372** | $**2070811** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (a) | **116577** | **127644** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) offering price and redemption price per share | $**15.41** | $**16.22** |
| Class I Shares (LYFIX,SIIIX): |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**33217500** | $**38270217** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (a) | **2095915** | **2346280** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) offering price and redemption price per share | $**15.85** | $**16.31** |

---

(a) Unlimited number of
 shares
 of
 beneficial
 interest
 authorized,
 no
 par
 value.

(b) Net asset value plus
 maximum
 sales
 charge
 of
 5.75%

(c) Net asset value plus
 maximum
 sales
 charge
 of
 4.75%

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***AlphaCentric Funds*** |
| **STATEMENTS OF OPERATIONS** |
| **For the Year Ended March 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**AlphaCentric**<br>**Income**<br>**Opportunities Fund** | **AlphaCentric**<br>**Premium**<br>**Opportunity**<br>**Fund** | <br>**AlphaCentric**<br>**Robotics and**<br>**Automation Fund** | **AlphaCentric**<br>**Symmetry Strategy**<br>**Fund**<br>**(Consolidated)** |
| **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends (ARAF and ASSF: Net of tax withholding of $5,203 and $785, respectively) | $182958 | $— | $48925 | $799398 |
| &nbsp;&nbsp;&nbsp;Interest | 13671372 | 1035429 | 20211 | 563971 |
| &nbsp;&nbsp;&nbsp;Securities lending income |  |  | 290985 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 13854330 | 1035429 | 360121 | 1363369 |
| **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 3155010 | 677715 | 249805 | 608491 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 91186 | 6582 | 5442 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 137783 | 10086 | 5707 | 5053 |
| &nbsp;&nbsp;&nbsp;Financial administration/fund accounting fees | 264193 | 62629 | 45024 | 93060 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees | 207934 | 44984 | 23215 | 8482 |
| &nbsp;&nbsp;&nbsp;Legal fees | 805361 \* | 28178 | 28862 | 33550 |
| &nbsp;&nbsp;&nbsp;Line of credit fees | 128755 | 432 | 427 |  |
| &nbsp;&nbsp;&nbsp;Legal administration/management services fees | 121346 | 13904 | 11247 | 26842 |
| &nbsp;&nbsp;&nbsp;Audit fees | 72809 | 18434 | 19897 | 21808 |
| &nbsp;&nbsp;&nbsp;Registration fees | 68823 | 49806 | 43015 | 38060 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 34047 | 14940 | 15060 | 15518 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 18016 | 8201 | 14508 | 13691 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 12822 | 2997 | 4519 | 3987 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 12786 | 2764 | 830 | 1726 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 11012 | 4875 | 10289 | 10021 |
| &nbsp;&nbsp;&nbsp;Other expenses | 2734 | 2354 | 1784 | 2676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 5144617 | 948881 | 479631 | 883247 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived by the Adviser | (409575) | (162435) | (187958) | (155863) |
| &nbsp;&nbsp;&nbsp;Less: Expenses reimbursed by insurance (See Note 11) | (1954013) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 2781029 | 786446 | 291673 | 727384 |
| **NET INVESTMENT INCOME** | 11073301 | 248983 | 68448 | 635985 |
| **REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 332279 | (1130413) | 1723375 | 3974552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions of capital gains from underlying investment companies |  |  |  | 7117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currencies Transactions |  |  | (768) | 33490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts |  | (305101) |  | 1383790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options Written |  | 5060508 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Contracts |  |  |  | 35138 |
|  | 332279 | 3624994 | 1722607 | 5434087 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 6602320 | (1248041) | 1025786 | 471303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currencies Translation |  |  | 1536 | (3636) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts |  | 880 |  | 1589853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options Written |  | 1267509 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Sold Short |  | (5128) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Contracts |  |  |  | 13319 |
|  | 6602320 | 15220 | 1027322 | 2070839 |
| **NET REALIZED AND UNREALIZED GAIN FROM INVESTMENTS** | 6934599 | 3640214 | 2749929 | 7504926 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**18007900** | $**3889197** | $**2818377** | $**8140911** |

---

\* Includes legal fees that are extraordinary expenses that are outside the expense limitation.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***AlphaCentric Funds*** |
| **STATEMENTS OF OPERATIONS (Continued)** |
| **For the Year Ended March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
|  | **AlphaCentric Life**<br>**Sciences and**<br>**Healthcare Fund** | <br>**AlphaCentric**<br>**Real Income Fund** |
| **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends (ALHF and ARIF : Net of tax withholding of $2,244 and $2,135, respectively) | $290275 | $540207 |
| &nbsp;&nbsp;&nbsp;Interest | 81377 | 2497567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 371652 | 3037774 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 458587 | 696810 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 10899 | 6545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 17799 | 21948 |
| &nbsp;&nbsp;&nbsp;Financial administration/fund accounting fees | 68199 | 95532 |
| &nbsp;&nbsp;&nbsp;Registration fees | 60575 | 55946 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees | 40030 | 47143 |
| &nbsp;&nbsp;&nbsp;Legal fees | 38000 | 38829 |
| &nbsp;&nbsp;&nbsp;Audit fees | 17993 | 18852 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 16433 | 20644 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 16376 | 16070 |
| &nbsp;&nbsp;&nbsp;Legal administration/management services fees | 14886 | 25891 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 13781 | 13435 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 9134 | 14639 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 3112 | 2211 |
| &nbsp;&nbsp;&nbsp;Line of credit fees | 629 | 429 |
| &nbsp;&nbsp;&nbsp;Other expenses | 2259 | 2259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 788692 | 1077183 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived by the Adviser | (246002) | (356347) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 542690 | 720836 |
| **NET INVESTMENT INCOME (LOSS)** | (171038) | 2316938 |
| **REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (1030764) | 1362739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currencies Transactions |  | (168435) |
|  | (1030764) | 1194304 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 7994505 | (364678) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Translation |  | (944) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  | 58267 |
|  | 7994505 | (307355) |
| **NET REALIZED AND UNREALIZED GAIN FROM INVESTMENTS** | 6963741 | 886949 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**6792703** | $**3203887** |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***AlphaCentric Income Opportunities Fund*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**March 31, 2026** | **Year Ended**<br>**March 31, 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $11073301 | $10982220 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investments | 332279 | 3912521 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 6602320 | (12805684) |
| Net increase in net assets resulting from operations | 18007900 | 2089057 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From return of capital: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (IOFAX) | (1433780) | (1237689) |
| &nbsp;&nbsp;&nbsp;Class C (IOFCX) | (506378) | (732147) |
| &nbsp;&nbsp;&nbsp;Class I (IOFIX) | (8013685) | (8328015) |
| &nbsp;&nbsp;&nbsp;From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (IOFAX) | (1440399) | (1259327) |
| &nbsp;&nbsp;&nbsp;Class C (IOFCX) | (471456) | (649156) |
| &nbsp;&nbsp;&nbsp;Class I (IOFIX) | (7620740) | (10054675) |
| Total distributions to shareholders | (19486438) | (22261009) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (IOFAX) | 15627788 | 12407333 |
| &nbsp;&nbsp;&nbsp;Class C (IOFCX) | 46416 | 252476 |
| &nbsp;&nbsp;&nbsp;Class I (IOFIX) | 78279765 | 43823093 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (IOFAX) | 2236263 | 2105091 |
| &nbsp;&nbsp;&nbsp;Class C (IOFCX) | 921728 | 1298335 |
| &nbsp;&nbsp;&nbsp;Class I (IOFIX) | 13480421 | 15763381 |
| &nbsp;&nbsp;&nbsp;Payments for shares repurchased: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (IOFAX) | (18861854) | (12067309) |
| &nbsp;&nbsp;&nbsp;Class C (IOFCX) | (5465539) | (8091730) |
| &nbsp;&nbsp;&nbsp;Class I (IOFIX) | (113946781) | (135714527) |
| Net decrease in net assets from shares of beneficial interest | (27681793) | (80223857) |
| **TOTAL DECREASE IN NET ASSETS** | (29160331) | (100395809) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 242620204 | 343016013 |
| &nbsp;&nbsp;&nbsp;End of Year | $**213459873** | $**242620204** |
| **SHARE ACTIVITY** |  |  |
| Class A (IOFAX): |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 2117083 | 1654681 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 304968 | 281477 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (2577773) | (1607245) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | (155722) | 328913 |
| Class C (IOFCX): |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 6345 | 33436 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 126462 | 174228 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (748705) | (1083214) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (615898) | (875550) |
| Class I (IOFIX): |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 10534944 | 5755581 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 1836216 | 2102935 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (15473407) | (17999778) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (3102247) | (10141262) |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***AlphaCentric Premium Opportunity Fund*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**March 31, 2026** | **Year Ended**<br>**March 31, 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $248983 | $1003906 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investments, future contracts and options written | 3624994 | (939337) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments, securities sold short, future contracts and options written | 15220 | (337199) |
| Net increase (decrease) in net assets resulting from operations | 3889197 | (272630) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (HMXAX) | (142683) | (54487) |
| &nbsp;&nbsp;&nbsp;Class C (HMXCX) | (47473) | (10589) |
| &nbsp;&nbsp;&nbsp;Class I (HMXIX) | (1975824) | (1312885) |
| Total distributions to shareholders | (2165980) | (1377961) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (HMXAX) | 89562 | 346957 |
| &nbsp;&nbsp;&nbsp;Class C (HMXCX) | 14500 | 73900 |
| &nbsp;&nbsp;&nbsp;Class I (HMXIX) | 2297357 | 13496174 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (HMXAX) | 115551 | 45902 |
| &nbsp;&nbsp;&nbsp;Class C (HMXCX) | 45485 | 10175 |
| &nbsp;&nbsp;&nbsp;Class I (HMXIX) | 1670334 | 999757 |
| &nbsp;&nbsp;&nbsp;Payments for shares repurchased: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (HMXAX) | (1168918) | (1572484) |
| &nbsp;&nbsp;&nbsp;Class C (HMXCX) | (420057) | (587488) |
| &nbsp;&nbsp;&nbsp;Class I (HMXIX) | (27250452) | (29991880) |
| Net decrease in net assets from shares of beneficial interest | (24606638) | (17178987) |
| **TOTAL DECREASE IN NET ASSETS** | (22883421) | (18829578) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 55337994 | 74167572 |
| &nbsp;&nbsp;&nbsp;End of Year | $**32454573** | $**55337994** |
| **SHARE ACTIVITY** |  |  |
| Class A (HMXAX): |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 3310 | 12558 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 4056 | 1607 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (41984) | (57413) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (34618) | (43248) |
| Class C (HMXCX): |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 535 | 2811 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 1680 | 374 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (15437) | (22324) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (13222) | (19139) |
| Class I (HMXIX): |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 79030 | 473046 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 57242 | 34215 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (987578) | (1056106) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (851306) | (548845) |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***AlphaCentric Robotics and Automation Fund*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**March 31, 2026** | **Year Ended**<br>**March 31, 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $68448 | $(39202) |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments and foreign currencies transactions | 1722607 | 5179918 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and foreign currencies translation | 1027322 | (6141464) |
| Net increase (decrease) in net assets resulting from operations | 2818377 | (1000748) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (GNXAX) | (26725) |  |
| &nbsp;&nbsp;&nbsp;Class C (GNXCX) | (7816) |  |
| &nbsp;&nbsp;&nbsp;Class I (GNXIX) | (233662) |  |
| Total distributions to shareholders | (268203) |  |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (GNXAX) | 1304884 | 128707 |
| &nbsp;&nbsp;&nbsp;Class C (GNXCX) | 277150 | 82536 |
| &nbsp;&nbsp;&nbsp;Class I (GNXIX) | 12303443 | 5547398 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (GNXAX) | 22436 |  |
| &nbsp;&nbsp;&nbsp;Class C (GNXCX) | 7678 |  |
| &nbsp;&nbsp;&nbsp;Class I (GNXIX) | 134816 |  |
| &nbsp;&nbsp;&nbsp;Payments for shares repurchased: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (GNXAX) | (840246) | (1570861) |
| &nbsp;&nbsp;&nbsp;Class C (GNXCX) | (201465) | (196664) |
| &nbsp;&nbsp;&nbsp;Class I (GNXIX) | (6330564) | (17080820) |
| Net increase (decrease) in net assets from shares of beneficial interest | 6678132 | (13089704) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 9228306 | (14090452) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 12526071 | 26616523 |
| &nbsp;&nbsp;&nbsp;End of Year | $**21754377** | $**12526071** |
| **SHARE ACTIVITY** |  |  |
| Class A (GNXAX): |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 71498 | 9410 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 1280 |  |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (49345) | (128207) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 23433 | (118797) |
| Class C (GNXCX): |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 16403 | 5687 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 470 |  |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (12933) | (16487) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 3940 | (10800) |
| Class I (GNXIX): |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 648264 | 433307 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 7511 |  |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (349447) | (1414389) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 306328 | (981082) |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***AlphaCentric Symmetry Strategy Fund*** |
| **CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**March 31, 2026** | **Year Ended**<br>**March 31, 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $635985 | $667560 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investments, foreign currencies transactions, futures contracts and swap contracts | 5426970 | (543401) |
| &nbsp;&nbsp;&nbsp;Distributions of capital gains from underlying investment companies | 7117 | 791 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments, foreign currencies translation, futures contracts and swap contracts | 2070839 | (812003) |
| Net increase (decrease) in net assets resulting from operations | 8140911 | (687053) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (SYMAX) | 3195 | 21608 |
| &nbsp;&nbsp;&nbsp;Class C (SYMCX) | 41959 | 21840 |
| &nbsp;&nbsp;&nbsp;Class I (SYMIX) | 6604028 | 3341927 |
| &nbsp;&nbsp;&nbsp;Payments for shares repurchased: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (SYMAX) | (2974) | (104581) |
| &nbsp;&nbsp;&nbsp;Class C (SYMCX) | (172103) | (198226) |
| &nbsp;&nbsp;&nbsp;Class I (SYMIX) | (3457330) | (2436211) |
| Net increase in net assets from shares of beneficial interest | 3016775 | 646357 |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 11157686 | (40696) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 40671386 | 40712082 |
| &nbsp;&nbsp;&nbsp;End of Year | $**51829072** | $**40671386** |
| **SHARE ACTIVITY** |  |  |
| Class A (SYMAX): |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 227 | 1753 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (228) | (8571) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (1) | (6818) |
| Class C (SYMCX): |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 3091 | 1823 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (13799) | (16894) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (10708) | (15071) |
| Class I (SYMIX): |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 493651 | 272810 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (269256) | (202883) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 224395 | 69927 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***AlphaCentric Life Sciences and Healthcare Fund*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**March 31, 2026** | **Year Ended**<br>**March 31, 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(171038) | $(237517) |
| &nbsp;&nbsp;&nbsp;Net realized loss from investments | (1030764) | (2422008) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments and foreign currency translation | 7994505 | 5692022 |
| Net increase in net assets resulting from operations | 6792703 | 3032497 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (LYFAX) | (60095) | (126887) |
| &nbsp;&nbsp;&nbsp;Class C (LYFCX) | (13922) | (22143) |
| &nbsp;&nbsp;&nbsp;Class I (LYFIX) | (541974) | (1005687) |
| Total distributions to shareholders | (615991) | (1154717) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (LYFAX) | 446785 | 1998240 |
| &nbsp;&nbsp;&nbsp;Class C (LYFCX) | 118932 | 278394 |
| &nbsp;&nbsp;&nbsp;Class I (LYFIX) | 8295461 | 8871209 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (LYFAX) | 58441 | 124994 |
| &nbsp;&nbsp;&nbsp;Class C (LYFCX) | 13765 | 21863 |
| &nbsp;&nbsp;&nbsp;Class I (LYFIX) | 397393 | 773628 |
| &nbsp;&nbsp;&nbsp;Payments for shares repurchased: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (LYFAX) | (2141209) | (3635100) |
| &nbsp;&nbsp;&nbsp;Class C (LYFCX) | (475544) | (700250) |
| &nbsp;&nbsp;&nbsp;Class I (LYFIX) | (17743993) | (68571324) |
| Net decrease in net assets from shares of beneficial interest | (11029969) | (60838346) |
| **TOTAL DECREASE IN NET ASSETS** | (4853257) | (58960566) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 44176573 | 103137139 |
| &nbsp;&nbsp;&nbsp;End of Year | $**39323316** | $**44176573** |
| **SHARE ACTIVITY** |  |  |
| Class A (LYFAX): |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 30273 | 152883 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 3703 | 9739 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (158817) | (284102) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (124841) | (121480) |
| Class C (LYFCX): |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 8889 | 22483 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 889 | 1737 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (35207) | (55260) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (25429) | (31040) |
| Class I (LYFIX): |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 571844 | 683592 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 25025 | 59848 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (1364478) | (5232284) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (767609) | (4488844) |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***AlphaCentric Real Income Fund*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**March 31, 2026** | **Year Ended**<br>**March 31, 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $2316938 | $2640064 |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments and foreign currencies transaction | 1194304 | 104903 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments, foreign currencies translation and forward foreign currency exchange contracts | (307355) | 437181 |
| Net increase in net assets resulting from operations | 3203887 | 3182148 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (SIIAX) | (167020) | (128256) |
| &nbsp;&nbsp;&nbsp;Class C (SIICX) | (123425) | (129594) |
| &nbsp;&nbsp;&nbsp;Class I (SIIIX) | (2732101) | (3307359) |
| Total distributions to shareholders | (3022546) | (3565209) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (SIIAX) | 600243 | 1252284 |
| &nbsp;&nbsp;&nbsp;Class C (SIICX) | 85031 | 741746 |
| &nbsp;&nbsp;&nbsp;Class I (SIIIX) | 11653819 | 20759934 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (SIIAX) | 121170 | 100949 |
| &nbsp;&nbsp;&nbsp;Class C (SIICX) | 115004 | 118258 |
| &nbsp;&nbsp;&nbsp;Class I (SIIIX) | 1996148 | 2350085 |
| &nbsp;&nbsp;&nbsp;Payments for shares repurchased: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (SIIAX) | (446955) | (145033) |
| &nbsp;&nbsp;&nbsp;Class C (SIICX) | (440844) | (387131) |
| &nbsp;&nbsp;&nbsp;Class I (SIIIX) | (19844537) | (32192543) |
| Net decrease in net assets from shares of beneficial interest | (6160921) | (7401451) |
| **TOTAL DECREASE IN NET ASSETS** | (5979580) | (7784512) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 49030606 | 56815118 |
| &nbsp;&nbsp;&nbsp;End of Year | $**43051026** | $**49030606** |
| **SHARE ACTIVITY** |  |  |
| Class A (SIIAX): |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 36742 | 75680 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 7444 | 6095 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (27317) | (8835) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 16869 | 72940 |
| Class C (SIICX): |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 5238 | 45422 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 7086 | 7156 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (27069) | (23379) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | (14745) | 29199 |
| Class I (SIIIX): |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 720537 | 1253795 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 122382 | 141819 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (1213651) | (1950845) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (370732) | (555231) |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***AlphaCentric Income Opportunities Fund*** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class A (IOFAX)** | **Year Ended**<br>**March 31,**<br>**2026** | **Year Ended**<br>**March 31,**<br>**2025** | **Year Ended**<br>**March 31,**<br>**2024** | **Year Ended**<br>**March 31,**<br>**2023** | **Year Ended**<br>**March 31,**<br>**2022** |
| Net asset value, beginning of year | $7.28 | $7.79 | $8.68 | $11.48 | $11.50 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.32 | 0.27 | 0.28 | 0.22 | 0.13 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.23 | (0.20) | (0.60) | (2.52) | 0.30 |
| Total from investment operations | 0.55 | 0.07 | (0.32) | (2.30) | 0.43 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.29) | (0.28) | (0.25) | (0.19) | (0.26) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.29) | (0.30) | (0.32) | (0.31) | (0.19) |
| Total distributions | (0.58) | (0.58) | (0.57) | (0.50) | (0.45) |
| Net asset value, end of year | $7.25 | $7.28 | $7.79 | $8.68 | $11.48 |
| Total return (2) | 7.79% (10) | 0.99% (10) | (3.63)% (10) | (20.20)% | 3.68% |
| Net assets, at end of year (000s) | $33058 | $34339 | $34190 | $44561 | $146192 |
| Ratio of gross expenses to average net assets before expense reimbursement (3) | 2.28% (9) | 3.63% (8) | 2.31% (7) | 2.18% (6) | 1.95% (5) |
| Ratio of net expenses to average net assets after expense reimbursement | 1.30% (9) | 2.64% (8) | 1.99% (7) | 1.90% (6) | 1.76% (5) |
| Ratio of net investment income to average net assets (4) | 4.41% (9) | 3.70% (8) | 3.46% (7) | 2.32% (6) | 1.09% (5) |
| Portfolio Turnover Rate | 14% | 6% | 15% | 0% | 14% |

---

(1) Per share amounts calculated using the average
 shares
 method.

(2) Total return in the above table is historical
 in
 nature
 and
 represents
 the
 rate
 that
 the
 investor
 would
 have
 earned
 or
 lost
 on
 an
 investment
 in
 the
 Fund
 assuming
 reinvestment
 of
 dividends
 and
 capital
 gain
 distributions,
 if
 any,
 and
 does
 not
 reflect
 the
 impact
 of
 sales
 charges.
 Had
 the
 adviser
 not
 waived
 a
 portion
 of
 the
 Fund's
 expenses,
 total
 returns
 would
 have
 been
 lower.

(3) Represents the ratio of expenses to average net
 assets
 absent
 fee
 waivers
 and/or
 expense
 reimbursements
 by
 the
 adviser.

(4) Recognition of net investment income (loss) is
 affected
 by
 the
 timing
 and
 declaration
 of
 dividends
 by
 the
 underlying
 investment
 companies
 in
 which
 the
 Fund
 invests.

(5) Includes 0.02% for the year ended March 31, 2022
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 and
 extraordinary
 expenses
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(6) Includes 0.16% for the year ended March 31, 2023
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 and
 extraordinary
 expenses
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(7) Includes 0.25% for the year ended March 31, 2024
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 and
 extraordinary
 expenses
 net
 of
 insurance
 reimbursement
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(8) Includes 0.90% for the year ended March 31, 2025
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 and
 extraordinary
 expenses
 net
 of
 insurance
 reimbursement
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(9) Includes 0.37% for the year ended March 31, 2026
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 and
 extraordinary
 expenses
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser
 and
 also
 includes
 (0.81)%
 attributted
 to
 insurance
 reimbursement
 from
 previously
 incurred
 legal
 fees.

(10) Includes adjustments in accordance with accounting
 principles
 generally
 accepted
 in
 the
 United
 States
 of
 America
 and,
 consequently,
 the
 net
 asset
 value
 for
 financial
 reporting
 purposes
 and
 the
 returns
 based
 upon
 those
 net
 asset
 values
 may
 differ
 from
 the
 net
 asset
 values
 and
 returns
 for
 shareholder
 transactions.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***AlphaCentric Income Opportunities Fund*** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class C (IOFCX)** | **Year Ended**<br>**March 31,**<br>**2026** | **Year Ended**<br>**March 31,**<br>**2025** | **Year Ended**<br>**March 31,**<br>**2024** | **Year Ended**<br>**March 31,**<br>**2023** | **Year Ended**<br>**March 31,**<br>**2022** |
| Net asset value, beginning of year | $7.25 | $7.76 | $8.65 | $11.43 | $11.45 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.27 | 0.22 | 0.23 | 0.16 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.22 | (0.21) | (0.60) | (2.51) | 0.30 |
| Total from investment operations | 0.49 | 0.01 | (0.37) | (2.35) | 0.34 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.27) | (0.25) | (0.23) | (0.17) | (0.21) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.26) | (0.27) | (0.29) | (0.26) | (0.15) |
| Total distributions | (0.53) | (0.52) | (0.52) | (0.43) | (0.36) |
| Net asset value, end of year | $7.21 | $7.25 | $7.76 | $8.65 | $11.43 |
| Total return (2) | 6.87% | 0.24% (10) | (4.37)% (10) | (20.74)% | 2.92% |
| Net assets, at end of year (000s) | $11858 | $16379 | $24330 | $46084 | $100794 |
| Ratio of gross expenses to average net assets before expense reimbursement (3) | 3.02% (9) | 4.38% (8) | 3.06% (7) | 2.93% (6) | 2.71% (5) |
| Ratio of net expenses to average net assets after expense reimbursement | 2.05% (9) | 3.39% (8) | 2.74% (7) | 2.65% (6) | 2.51% (5) |
| Ratio of net investment income to average net assets (4) | 3.66% (9) | 2.95% (8) | 2.74% (7) | 1.66% (6) | 0.34% (5) |
| Portfolio Turnover Rate | 14% | 6% | 15% | 0% | 14% |

---

(1) Per share amounts calculated using the average
 shares
 method.

(2) Total return in the above table is historical
 in
 nature
 and
 represents
 the
 rate
 that
 the
 investor
 would
 have
 earned
 or
 lost
 on
 an
 investment
 in
 the
 Fund
 assuming
 reinvestment
 of
 dividends
 and
 capital
 gain
 distributions,
 if
 any,
 and
 does
 not
 reflect
 the
 impact
 of
 sales
 charges.
 Had
 the
 adviser
 not
 waived
 a
 portion
 of
 the
 Fund's
 expenses,
 total
 returns
 would
 have
 been
 lower.

(3) Represents the ratio of expenses to average net
 assets
 absent
 fee
 waivers
 and/or
 expense
 reimbursements
 by
 the
 adviser.

(4) Recognition of net investment income (loss) is
 affected
 by
 the
 timing
 and
 declaration
 of
 dividends
 by
 the
 underlying
 investment
 companies
 in
 which
 the
 Fund
 invests.

(5) Includes 0.02% for the year ended March 31, 2022
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 and
 extraordinary
 expenses
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(6) Includes 0.16% for the year ended March 31, 2023
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 and
 extraordinary
 expenses
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(7) Includes 0.25% for the year ended March 31, 2024
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 and
 extraordinary
 expenses
 net
 of
 insurance
 reimbursement
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(8) Includes 0.90% for the year ended March 31, 2025
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 and
 extraordinary
 expenses
 net
 of
 insurance
 reimbursement
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(9) Includes 0.37% for the year ended March 31, 2026
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 and
 extraordinary
 expenses
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser
 and
 also
 includes
 (0.81)%
 attributted
 to
 insurance
 reimbursement
 from
 previously
 incurred
 legal
 fees.

(10) Includes adjustments in accordance with accounting
 principles
 generally
 accepted
 in
 the
 United
 States
 of
 America
 and,
 consequently,
 the
 net
 asset
 value
 for
 financial
 reporting
 purposes
 and
 the
 returns
 based
 upon
 those
 net
 asset
 values
 may
 differ
 from
 the
 net
 asset
 values
 and
 returns
 for
 shareholder
 transactions.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***AlphaCentric Income Opportunities Fund*** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class I (IOFIX)** | **Year Ended**<br>**March 31,**<br>**2026** | **Year Ended**<br>**March 31,**<br>**2025** | **Year Ended**<br>**March 31,**<br>**2024** | **Year Ended**<br>**March 31,**<br>**2023** | **Year Ended**<br>**March 31,**<br>**2022** |
| Net asset value, beginning of year | $7.29 | $7.80 | $8.69 | $11.49 | $11.51 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.34 | 0.30 | 0.31 | 0.25 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.23 | (0.21) | (0.60) | (2.52) | 0.30 |
| Total from investment operations | 0.57 | 0.09 | (0.29) | (2.27) | 0.46 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.30) | (0.34) | (0.26) | (0.20) | (0.28) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.30) | (0.26) | (0.34) | (0.33) | (0.20) |
| Total distributions | (0.60) | (0.60) | (0.60) | (0.53) | (0.48) |
| Net asset value, end of year | $7.26 | $7.29 | $7.80 | $8.69 | $11.49 |
| Total return (2) | 8.04% | 1.23% (10) | (3.38)% (10) | (19.99)% | 3.93% |
| Net assets, at end of year (000s) | $168544 | $191902 | $284496 | $528778 | $2189289 |
| Ratio of gross expenses to average net assets before expense reimbursement (3) | 2.03% (9) | 3.38% (8) | 2.06% (7) | 1.93% (6) | 1.70% (5) |
| Ratio of net expenses to average net assets after expense reimbursement | 1.05% (9) | 2.39% (8) | 1.74% (7) | 1.65% (6) | 1.51% (5) |
| Ratio of net investment income to average net assets (4) | 4.66% (9) | 3.95% (8) | 3.74% (7) | 2.56% (6) | 1.34% (5) |
| Portfolio Turnover Rate | 14% | 6% | 15% | 0% | 14% |

---

(1) Per share amounts calculated using the average
 shares
 method.

(2) Total return in the above table is historical
 in
 nature
 and
 represents
 the
 rate
 that
 the
 investor
 would
 have
 earned
 or
 lost
 on
 an
 investment
 in
 the
 Fund
 assuming
 reinvestment
 of
 dividends
 and
 capital
 gain
 distributions,
 if
 any,
 and
 does
 not
 reflect
 the
 impact
 of
 sales
 charges.
 Had
 the
 adviser
 not
 waived
 a
 portion
 of
 the
 Fund's
 expenses,
 total
 returns
 would
 have
 been
 lower.

(3) Represents the ratio of expenses to average net
 assets
 absent
 fee
 waivers
 and/or
 expense
 reimbursements
 by
 the
 adviser.

(4) Recognition of net investment income (loss) is
 affected
 by
 the
 timing
 and
 declaration
 of
 dividends
 by
 the
 underlying
 investment
 companies
 in
 which
 the
 Fund
 invests.

(5) Includes 0.02% for the year ended March 31, 2022
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 and
 extraordinary
 expenses
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(6) Includes 0.16% for the year ended March 31, 2023
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 and
 extraordinary
 expenses
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(7) Includes 0.25% for the year ended March 31, 2024
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 and
 extraordinary
 expenses
 net
 of
 insurance
 reimbursement
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(8) Includes 0.90% for the year ended March 31, 2025
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 and
 extraordinary
 expenses
 net
 of
 insurance
 reimbursement
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(9) Includes 0.37% for the year ended March 31, 2026
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 and
 extraordinary
 expenses
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser
 and
 also
 includes
 (0.81)%
 attributted
 to
 insurance
 reimbursement
 from
 previously
 incurred
 legal
 fees.

(10) Includes adjustments in accordance with accounting
 principles
 generally
 accepted
 in
 the
 United
 States
 of
 America
 and,
 consequently,
 the
 net
 asset
 value
 for
 financial
 reporting
 purposes
 and
 the
 returns
 based
 upon
 those
 net
 asset
 values
 may
 differ
 from
 the
 net
 asset
 values
 and
 returns
 for
 shareholder
 transactions.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***AlphaCentric Premium Opportunity Fund*** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class A (HMXAX)** | **Year Ended**<br>**March 31,**<br>**2026** | **Year Ended**<br>**March 31,**<br>**2025** | **Year Ended**<br>**March 31,**<br>**2024** | **Year Ended**<br>**March 31,**<br>**2023** | **Year Ended**<br>**March 31,**<br>**2022** |
| Net asset value, beginning of year | $26.54 | $27.33 | $24.00 | $25.14 | $25.80 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.12 | 0.36 | 0.37 | (0.07) | (0.58) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.85 | (0.68) | 2.96 | (1.07) | 1.19 |
| Total from investment operations | 2.97 | (0.32) | 3.33 | (1.14) | 0.61 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.75) | (0.47) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.96) |  |  |  | (1.27) |
| Total distributions | (1.71) | (0.47) |  |  | (1.27) |
| Net asset value, end of year | $27.80 | $26.54 | $27.33 | $24.00 | $25.14 |
| Total return (2) | 11.03% (5) | (1.28)% (5) | 13.88% (5) | (4.53)% | 2.24% |
| Net assets, at end of year (000s) | $2224 | $3041 | $4314 | $7452 | $6187 |
| Ratio of gross expenses to average net assets before expense reimbursement (3) | 2.66% (6) | 2.51% | 2.43% | 2.37% | 2.25% |
| Ratio of net expenses to average net assets after expense reimbursement | 2.24% (6) | 2.24% | 2.24% | 2.24% | 2.24% |
| Ratio of net investment income (loss) to average net assets | 0.44% (6) | 1.30% | 1.48% | (0.31)% | (2.22)% |
| Portfolio Turnover Rate (4) | 0% | 0% | 0% | 0% | 0% |

---

(1) Per share amounts calculated using the average
 shares
 method.

(2) Total return in the above table is historical
 in
 nature
 and
 represents
 the
 rate
 that
 the
 investor
 would
 have
 earned
 or
 lost
 on
 an
 investment
 in
 the
 Fund
 assuming
 reinvestment
 of
 dividends
 and
 capital
 gain
 distributions,
 if
 any,
 and
 does
 not
 reflect
 the
 impact
 of
 sales
 charges.
 Had
 the
 adviser
 not
 waived
 a
 portion
 of
 the
 Fund's
 expenses,
 total
 returns
 would
 have
 been
 lower.

(3) Represents the ratio of expenses to average net
 assets
 absent
 fee
 waivers
 and/or
 expense
 reimbursements
 by
 the
 adviser.

(4) All securities whose maturity or expiration date
 at
 the
 time
 of
 acquisition
 were
 one
 year
 or
 less
 are
 excluded
 from
 the
 portfolio
 turnover
 calculation.

(5) Includes adjustments in accordance with accounting
 principles
 generally
 accepted
 in
 the
 United
 States
 of
 America
 and,
 consequently,
 the
 net
 asset
 value
 for
 financial
 reporting
 purposes
 and
 the
 returns
 based
 upon
 those
 net
 asset
 values
 may
 differ
 from
 the
 net
 asset
 values
 and
 returns
 for
 shareholder
 transactions.

(6) Includes 0.00% for the year ended March 31, 2026
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***AlphaCentric Premium Opportunity Fund*** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class C (HMXCX)** | **Year Ended**<br>**March 31,**<br>**2026** | **Year Ended**<br>**March 31,**<br>**2025** | **Year Ended**<br>**March 31,**<br>**2024** | **Year Ended**<br>**March 31,**<br>**2023** | **Year Ended**<br>**March 31,**<br>**2022** |
| Net asset value, beginning of year | $25.21 | $25.95 | $22.96 | $24.24 | $25.10 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | (0.08) | 0.15 | 0.18 | (0.29) | (0.75) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.70 | (0.66) | 2.81 | (0.99) | 1.16 |
| Total from investment operations | 2.62 | (0.51) | 2.99 | (1.28) | 0.41 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.50) | (0.23) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.96 |  |  |  | (1.27) |
| Total distributions | (1.46 | (0.23) |  |  | (1.27) |
| Net asset value, end of year | $26.37 | $25.21 | $25.95 | $22.96 | $24.24 |
| Total return (2) | 10.24 | (2.04)% (5) | 13.02% (5) | (5.28)% | 1.50% |
| Net assets, at end of year (000s) | $820 | $1117 | $1646 | $1783 | $3652 |
| Ratio of gross expenses to average net assets before expense reimbursement (3) | 3.41 | 3.26% | 3.18% | 3.12% | 3.00% |
| Ratio of net expenses to average net assets after expense reimbursement | 2.99 | 2.99% | 2.99% | 2.99% | 2.99% |
| Ratio of net investment income (loss) to average net assets | (0.31) | 0.55% | 0.73% | (1.30)% | (2.97)% |
| Portfolio Turnover Rate (4) | 0 | 0% | 0% | 0% | 0% |

---

(1) Per share amounts calculated using the average
 shares
 method.

(2) Total return in the above table is historical
 in
 nature
 and
 represents
 the
 rate
 that
 the
 investor
 would
 have
 earned
 or
 lost
 on
 an
 investment
 in
 the
 Fund
 assuming
 reinvestment
 of
 dividends
 and
 capital
 gain
 distributions,
 if
 any,
 and
 does
 not
 reflect
 the
 impact
 of
 sales
 charges.
 Had
 the
 adviser
 not
 waived
 a
 portion
 of
 the
 Fund's
 expenses,
 total
 returns
 would
 have
 been
 lower.

(3) Represents the ratio of expenses to average net
 assets
 absent
 fee
 waivers
 and/or
 expense
 reimbursements
 by
 the
 adviser.

(4) All securities whose maturity or expiration date
 at
 the
 time
 of
 acquisition
 were
 one
 year
 or
 less
 are
 excluded
 from
 the
 portfolio
 turnover
 calculation.

(5) Includes adjustments in accordance with accounting
 principles
 generally
 accepted
 in
 the
 United
 States
 of
 America
 and,
 consequently,
 the
 net
 asset
 value
 for
 financial
 reporting
 purposes
 and
 the
 returns
 based
 upon
 those
 net
 asset
 values
 may
 differ
 from
 the
 net
 asset
 values
 and
 returns
 for
 shareholder
 transactions.

(6) Includes 0.00% for the year ended March 31, 2026
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(7) The amount of net investment income (loss) on
 investments
 per
 share
 does
 not
 accord
 with
 the
 amounts
 in
 the
 Statements
 of
 Operations
 due
 to
 the
 timing
 of
 shareholder
 subscriptions
 and
 redemptions
 relative
 to
 fluctuating
 net
 asset
 values
 during
 the
 year.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***AlphaCentric Premium Opportunity Fund*** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class I (HMXIX)** | **Year Ended**<br>**March 31,**<br>**2026** | **Year Ended**<br>**March 31,**<br>**2025** | **Year Ended**<br>**March 31,**<br>**2024** | **Year Ended**<br>**March 31,**<br>**2023** | **Year Ended**<br>**March 31,**<br>**2022** |
| Net asset value, beginning of year | $27.17 | $28.04 | $24.56 | $25.67 | $26.25 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.20 | 0.44 | 0.45 | (0.07) | (0.52) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.93 | (0.69) | 3.03 | (1.04) | 1.21 |
| Total from investment operations | 3.13 | (0.25) | 3.48 | (1.11) | 0.69 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.84) | (0.62) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.96) |  |  |  | (1.27) |
| Total distributions | (1.80) | (0.62) |  |  | (1.27) |
| Net asset value, end of year | $28.50 | $27.17 | $28.04 | $24.56 | $25.67 |
| Total return (2) | 11.27% (5) | (1.04)% (5) | 14.17% | (4.32)% | 2.51% |
| Net assets, at end of year (000s) | $29411 | $51179 | $68207 | $79979 | $167686 |
| Ratio of gross expenses to average net assets before expense reimbursement (3) | 2.41% (6) | 2.26% | 2.18% | 2.12% | 2.01% |
| Ratio of net expenses to average net assets after expense reimbursement | 1.99% (6) | 1.99% | 1.99% | 1.99% | 1.99% |
| Ratio of net investment income (loss) to average net assets | 0.69% (6) | 1.55% | 1.73% | (0.30)% | (1.97)% |
| Portfolio Turnover Rate (4) | 0% | 0% | 0% | 0% | 0% |

---

(1) Per share amounts calculated using the average
 shares
 method.

(2) Total return in the above table is historical
 in
 nature
 and
 represents
 the
 rate
 that
 the
 investor
 would
 have
 earned
 or
 lost
 on
 an
 investment
 in
 the
 Fund
 assuming
 reinvestment
 of
 dividends
 and
 capital
 gain
 distributions,
 if
 any,
 and
 does
 not
 reflect
 the
 impact
 of
 sales
 charges.
 Had
 the
 adviser
 not
 waived
 a
 portion
 of
 the
 Fund's
 expenses,
 total
 returns
 would
 have
 been
 lower.

(3) Represents the ratio of expenses to average net
 assets
 absent
 fee
 waivers
 and/or
 expense
 reimbursements
 by
 the
 adviser.

(4) All securities whose maturity or expiration date
 at
 the
 time
 of
 acquisition
 were
 one
 year
 or
 less
 are
 excluded
 from
 the
 portfolio
 turnover
 calculation.

(5) Includes adjustments in accordance with accounting
 principles
 generally
 accepted
 in
 the
 United
 States
 of
 America
 and,
 consequently,
 the
 net
 asset
 value
 for
 financial
 reporting
 purposes
 and
 the
 returns
 based
 upon
 those
 net
 asset
 values
 may
 differ
 from
 the
 net
 asset
 values
 and
 returns
 for
 shareholder
 transactions.

(6) Includes 0.00% for the year ended March 31, 2026
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***AlphaCentric Robotics and Automation Fund*** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class A (GNXAX)** | **Year Ended**<br>**March 31,**<br>**2026** | **Year Ended**<br>**March 31,**<br>**2025** | **Year Ended**<br>**March 31,**<br>**2024** | **Year Ended**<br>**March 31,**<br>**2023** | **Year Ended**<br>**March 31,**<br>**2022** |
| Net asset value, beginning of year | $12.00 | $12.26 | $11.61 | $13.99 | $17.06 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.02 | (0.06) | (0.04) | (0.02) | (0.14) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.88 | (0.20) | 0.69 | (1.78) | (2.20) |
| Total from investment operations | 3.90 | (0.26) | 0.65 | (1.80) | (2.34) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.21) |  |  | (0.58) | (0.73) |
| Total distributions | (0.21) |  |  | (0.58) | (0.73) |
| Net asset value, end of year | $15.69 | $12.00 | $12.26 | $11.61 | $13.99 |
| Total return (2) | 32.35% (7) | (2.12)% (7) | 5.60% | (12.70)% | (14.41)% |
| Net assets, at end of year (000s) | $2327 | $1499 | $2988 | $3729 | $5853 |
| Ratio of gross expenses to average net assets before expense reimbursement (3) | 2.59% (6) | 2.84% (5) | 2.34% (4) | 2.31% | 2.02% |
| Ratio of net expenses to average net assets after expense reimbursement | 1.65% (6) | 1.76% (5) | 1.65% (4) | 1.65% | 1.65% |
| Ratio of net investment income (loss) to average net assets | 0.15% (6) | (0.43)% (5) | (0.32)% (4) | (0.20)% | (0.85)% |
| Portfolio Turnover Rate | 114% | 59% | 54% | 38% | 73% |

---

(1) Per share amounts calculated using the average
 shares
 method.

(2) Total return in the above table is historical
 in
 nature
 and
 represents
 the
 rate
 that
 the
 investor
 would
 have
 earned
 or
 lost
 on
 an
 investment
 in
 the
 Fund
 assuming
 reinvestment
 of
 dividends
 and
 capital
 gain
 distributions,
 if
 any,
 and
 does
 not
 reflect
 the
 impact
 of
 sales
 charges.
 Had
 the
 adviser
 not
 waived
 a
 portion
 of
 the
 Fund's
 expenses,
 total
 returns
 would
 have
 been
 lower.

(3) Represents the ratio of expenses to average net
 assets
 absent
 fee
 waivers
 and/or
 expense
 reimbursements
 by
 the
 adviser.

(4) Includes 0.00% for the year ended March 31, 2024
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(5) Includes 0.11% for the year ended March 31, 2025
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 and
 custody
 overdraft
 fees
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(6) Includes 0.00% for the year ended March 31, 2026
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 and
 custody
 overdraft
 fees
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(7) Includes adjustments in accordance with accounting
 principles
 generally
 accepted
 in
 the
 United
 States
 of
 America
 and,
 consequently,
 the
 net
 asset
 value
 for
 financial
 reporting
 purposes
 and
 the
 returns
 based
 upon
 those
 net
 asset
 values
 may
 differ
 from
 the
 net
 asset
 values
 and
 returns
 for
 shareholder
 transactions.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***AlphaCentric Robotics and Automation Fund*** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class C (GNXCX)** | **Year Ended**<br>**March 31,**<br>**2026** | **Year Ended**<br>**March 31,**<br>**2025** | **Year Ended**<br>**March 31,**<br>**2024** | **Year Ended**<br>**March 31,**<br>**2023** | **Year Ended**<br>**March 31,**<br>**2022** |
| Net asset value, beginning of year | $11.27 | $11.60 | $11.07 | $13.47 | $16.57 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.10) | (0.15) | (0.11) | (0.10) | (0.26) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.65 | (0.18) | 0.64 | (1.72) | (2.11) |
| Total from investment operations | 3.55 | (0.33) | 0.53 | (1.82) | (2.37) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.21 |  |  | (0.58) | (0.73) |
| Total distributions | (0.21 |  |  | (0.58) | (0.73) |
| Net asset value, end of year | $14.61 | $11.27 | $11.60 | $11.07 | $13.47 |
| Total return (2) | 31.34 | (2.84)% (7) | 4.79% | (13.34)% | (15.03)% |
| Net assets, at end of year (000s) | $574 | $399 | $536 | $676 | $1258 |
| Ratio of gross expenses to average net assets before expense reimbursement (3) | 3.34 | 3.59% (5) | 3.09% (4) | 3.06% | 2.78% |
| Ratio of net expenses to average net assets after expense reimbursement | 2.40 | 2.51% (5) | 2.40% (4) | 2.40% | 2.40% |
| Ratio of net investment loss to average net assets | (0.60) | (1.18)% (5) | (1.07)% (4) | (0.96)% | (1.61)% |
| Portfolio Turnover Rate | 114 | 59% | 54% | 38% | 73% |

---

(1) Per share amounts calculated using the average
 shares
 method.

(2) Total return in the above table is historical
 in
 nature
 and
 represents
 the
 rate
 that
 the
 investor
 would
 have
 earned
 or
 lost
 on
 an
 investment
 in
 the
 Fund
 assuming
 reinvestment
 of
 dividends
 and
 capital
 gain
 distributions,
 if
 any,
 and
 does
 not
 reflect
 the
 impact
 of
 sales
 charges.
 Had
 the
 adviser
 not
 waived
 a
 portion
 of
 the
 Fund's
 expenses,
 total
 returns
 would
 have
 been
 lower.

(3) Represents the ratio of expenses to average net
 assets
 absent
 fee
 waivers
 and/or
 expense
 reimbursements
 by
 the
 adviser.

(4) Includes 0.00% for the year ended March 31, 2024
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(5) Includes 0.11% for the year ended March 31, 2025
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 and
 custody
 overdraft
 fees
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(6) Includes 0.00% for the year ended March 31, 2026
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 and
 custody
 overdraft
 fees
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(7) Includes adjustments in accordance with accounting
 principles
 generally
 accepted
 in
 the
 United
 States
 of
 America
 and,
 consequently,
 the
 net
 asset
 value
 for
 financial
 reporting
 purposes
 and
 the
 returns
 based
 upon
 those
 net
 asset
 values
 may
 differ
 from
 the
 net
 asset
 values
 and
 returns
 for
 shareholder
 transactions.

(8) The amount of net investment loss on investments
 per
 share
 does
 not
 accord
 with
 the
 amounts
 in
 the
 Statements
 of
 Operations
 due
 to
 the
 timing
 of
 shareholder
 subscriptions
 and
 redemptions
 relative
 to
 fluctuating
 net
 asset
 values
 during
 the
 year.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***AlphaCentric Robotics and Automation Fund*** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class I (GNXIX)** | **Year Ended**<br>**March 31,**<br>**2026** | **Year Ended**<br>**March 31,**<br>**2025** | **Year Ended**<br>**March 31,**<br>**2024** | **Year Ended**<br>**March 31,**<br>**2023** | **Year Ended**<br>**March 31,**<br>**2022** |
| Net asset value, beginning of year | $12.27 | $12.50 | $11.81 | $14.17 | $17.23 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.07 | (0.02) | (0.01) | 0.01 | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.95 | (0.21) | 0.70 | (1.79 | (2.23) |
| Total from investment operations | 4.02 | (0.23) | 0.69 | (1.78 | (2.33) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.21) |  |  | (0.58 | (0.73) |
| Total distributions | (0.21) |  |  | (0.58 | (0.73) |
| Net asset value, end of year | $16.08 | $12.27 | $12.50 | $11.81 | $14.17 |
| Total return (2) | 32.62% (8) | (1.84)% (8) | 5.84% (8) | (12.39 | (14.21)% |
| Net assets, at end of year (000s) | $18853 | $10628 | $23092 | $27309 | $32289 |
| Ratio of gross expenses to average net assets before expense reimbursement (3) | 2.34% (7) | 2.59% (6) | 2.09% (5) | 2.06 | 1.78% |
| Ratio of net expenses to average net assets after expense reimbursement | 1.40% (7) | 1.51% (6) | 1.40% (5) | 1.40 | 1.40% |
| Ratio of net investment income (loss) to average net assets | 0.40% (7) | (0.18)% (6) | (0.07)% (5) | 0.03 | (0.60)% |
| Portfolio Turnover Rate | 114% | 59% | 54% | 38 | 73% |

---

(1) Per share amounts calculated using the average
 shares
 method.

(2) Total return in the above table is historical
 in
 nature
 and
 represents
 the
 rate
 that
 the
 investor
 would
 have
 earned
 or
 lost
 on
 an
 investment
 in
 the
 Fund
 assuming
 reinvestment
 of
 dividends
 and
 capital
 gain
 distributions,
 if
 any,
 and
 does
 not
 reflect
 the
 impact
 of
 sales
 charges.
 Had
 the
 adviser
 not
 waived
 a
 portion
 of
 the
 Fund's
 expenses,
 total
 returns
 would
 have
 been
 lower.

(3) Represents the ratio of expenses to average net
 assets
 absent
 fee
 waivers
 and/or
 expense
 reimbursements
 by
 the
 adviser.

(4) The amount of net investment income (loss) on
 investments
 per
 share
 does
 not
 accord
 with
 the
 amounts
 in
 the
 Statements
 of
 Operations
 due
 to
 the
 timing
 of
 shareholder
 subscriptions
 and
 redemptions
 relative
 to
 fluctuating
 net
 asset
 values
 during
 the
 year.

(5) Includes 0.00% for the year ended March 31, 2024
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(6) Includes 0.11% for the year ended March 31, 2025
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 and
 custody
 overdraft
 fees
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(7) Includes 0.00% for the year ended March 31, 2026
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 and
 custody
 overdraft
 fees
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(8) Includes adjustments in accordance with accounting
 principles
 generally
 accepted
 in
 the
 United
 States
 of
 America
 and,
 consequently,
 the
 net
 asset
 value
 for
 financial
 reporting
 purposes
 and
 the
 returns
 based
 upon
 those
 net
 asset
 values
 may
 differ
 from
 the
 net
 asset
 values
 and
 returns
 for
 shareholder
 transactions.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***AlphaCentric Symmetry Strategy Fund*** |
| **CONSOLIDATED FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class A (SYMAX)** | **Year Ended**<br>**March 31,**<br>**2026** | **Year Ended**<br>**March 31,**<br>**2025** | **Year Ended**<br>**March 31,**<br>**2024** | **Year Ended**<br>**March 31,**<br>**2023** | **Year Ended**<br>**March 31,**<br>**2022** |
| Net asset value, beginning of year | $11.97 | $12.19 | $11.30 | $12.76 | $11.46 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.15 | 0.17 | 0.19 | 0.08 | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.20 | (0.39) | 0.85 | (0.43) | 1.40 |
| Total from investment operations | 2.35 | (0.22) | 1.04 | (0.35) | 1.32 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.15) | (0.98) | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.13) |  |
| Total distributions |  |  | (0.15) | (1.11) | (0.02) |
| Net asset value, end of year | $14.32 | $11.97 | $12.19 | $11.30 | $12.76 |
| Total return (2) | 19.63% | (1.80)% | 9.28% | (2.86)% | 11.57% |
| Net assets, at end of year (000s) | $124 | $104 | $189 | $858 | $211 |
| Ratio of gross expenses to average net assets before expense reimbursement (3) | 2.20% (6) | 2.22% | 2.17% (5) | 1.95% | 2.38% (4) |
| Ratio of net expenses to average net assets after expense reimbursement | 1.85% (6) | 1.85% | 1.85% (5) | 1.85% | 2.01% (4) |
| Ratio of net investment income (loss) to average net assets | 1.17% (6) | 1.41% | 1.63% (5) | 0.65% | (0.54)% (4) |
| Portfolio Turnover Rate | 574% | 299% | 329% | 362% | 189% |

---

(1) Per share amounts calculated using the average
 shares
 method.

(2) Total return in the above table is historical
 in
 nature
 and
 represents
 the
 rate
 that
 the
 investor
 would
 have
 earned
 or
 lost
 on
 an
 investment
 in
 the
 Fund
 assuming
 reinvestment
 of
 dividends
 and
 capital
 gain
 distributions,
 if
 any,
 and
 does
 not
 reflect
 the
 impact
 of
 sales
 charges.
 Had
 the
 adviser
 not
 waived
 a
 portion
 of
 the
 Fund's
 expenses,
 total
 returns
 would
 have
 been
 lower.

(3) Represents the ratio of expenses to average net
 assets
 absent
 fee
 waivers
 and/or
 expense
 reimbursements
 by
 the
 adviser.

(4) Includes 0.02% for the year ended March 31, 2022
 attributable
 to
 margin
 expense
 on
 futures,
 which
 is
 not
 subject
 to
 waiver
 by
 the
 adviser.

(5) Includes 0.00% for the year ended March 31, 2024
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(6) Includes 0.00% for the year ended March 31, 2026
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***AlphaCentric Symmetry Strategy Fund*** |
| **CONSOLIDATED FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class C (SYMCX)** | **Year Ended**<br>**March 31,**<br>**2026** | **Year Ended**<br>**March 31,**<br>**2025** | **Year Ended**<br>**March 31,**<br>**2024** | **Year Ended**<br>**March 31,**<br>**2023** | **Year Ended**<br>**March 31,**<br>**2022** |
| Net asset value, beginning of year | $11.64 | $11.94 | $11.11 | $12.63 | $11.42 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.05 | 0.08 | 0.11 | 0.01 | (0.15) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.13 | (0.38) | 0.82 | (0.44) | 1.36 |
| Total from investment operations | 2.18 | (0.30) | 0.93 | (0.43) | 1.21 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.10) | (0.96) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.13) |  |
| Total distributions |  |  | (0.10) | (1.09) |  |
| Net asset value, end of year | $13.82 | $11.64 | $11.94 | $11.11 | $12.63 |
| Total return (2) | 18.73% | (2.51)% | 8.46% | (3.53)% | 10.60% |
| Net assets, at end of year (000s) | $499 | $545 | $739 | $954 | $9 |
| Ratio of gross expenses to average net assets before expense reimbursement (3) | 2.95% (6) | 2.97% | 2.92% (5) | 2.70% | 3.12% (4) |
| Ratio of net expenses to average net assets after expense reimbursement | 2.60% (6) | 2.60% | 2.60% (5) | 2.60% | 2.76% (4) |
| Ratio of net investment income (loss) to average net assets | 0.42% (6) | 0.66% | 0.98% (5) | 0.06% | (1.29)% (4) |
| Portfolio Turnover Rate | 574% | 299% | 329% | 362% | 189% |

---

(1) Per share amounts calculated using the average
 shares
 method.

(2) Total return in the above table is historical
 in
 nature
 and
 represents
 the
 rate
 that
 the
 investor
 would
 have
 earned
 or
 lost
 on
 an
 investment
 in
 the
 Fund
 assuming
 reinvestment
 of
 dividends
 and
 capital
 gain
 distributions,
 if
 any,
 and
 does
 not
 reflect
 the
 impact
 of
 sales
 charges.
 Had
 the
 adviser
 not
 waived
 a
 portion
 of
 the
 Fund's
 expenses,
 total
 returns
 would
 have
 been
 lower.

(3) Represents the ratio of expenses to average net
 assets
 absent
 fee
 waivers
 and/or
 expense
 reimbursements
 by
 the
 adviser.

(4) Includes 0.02% for the year ended March 31, 2022
 attributable
 to
 margin
 expense
 on
 futures,
 which
 is
 not
 subject
 to
 waiver
 by
 the
 adviser.

(5) Includes 0.00% for the year ended March 31, 2024
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(6) Includes 0.00% for the year ended March 31, 2026
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***AlphaCentric Symmetry Strategy Fund*** |
| **CONSOLIDATED FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class I (SYMIX)** | **Year Ended**<br>**March 31,**<br>**2026** | **Year Ended**<br>**March 31,**<br>**2025** | **Year Ended**<br>**March 31,**<br>**2024** | **Year Ended**<br>**March 31,**<br>**2023** | **Year Ended**<br>**March 31,**<br>**2022** |
| Net asset value, beginning of year | $11.95 | $12.13 | $11.30 | $12.75 | $11.44 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.19 | 0.20 | 0.23 | 0.08 | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.18 | (0.38) | 0.84 | (0.40) | 1.38 |
| Total from investment operations | 2.37 | (0.18) | 1.07 | (0.32) | 1.34 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.24) | (1.00) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.13) |  |
| Total distributions |  |  | (0.24) | (1.13) | (0.03) |
| Net asset value, end of year | $14.32 | $11.95 | $12.13 | $11.30 | $12.75 |
| Total return (2) | 19.83% | (1.48)% | 9.57% | (2.65)% | 11.74% |
| Net assets, at end of year (000s) | $51206 | $40023 | $39785 | $48961 | $34898 |
| Ratio of gross expenses to average net assets before expense reimbursement (3) | 1.95% (6) | 1.97% | 1.92% (5) | 1.70% | 2.12% (4) |
| Ratio of net expenses to average net assets after expense reimbursement | 1.60% (6) | 1.60% | 1.60% (5) | 1.60% | 1.76% (4) |
| Ratio of net investment income (loss) to average net assets | 1.42% (6) | 1.66% | 1.98% (5) | 0.71% | (0.29)% (4) |
| Portfolio Turnover Rate | 574% | 299% | 329% | 362% | 189% |

---

(1) Per share amounts calculated using the average
 shares
 method.

(2) Total return in the above table is historical
 in
 nature
 and
 represents
 the
 rate
 that
 the
 investor
 would
 have
 earned
 or
 lost
 on
 an
 investment
 in
 the
 Fund
 assuming
 reinvestment
 of
 dividends
 and
 capital
 gain
 distributions,
 if
 any,
 and
 does
 not
 reflect
 the
 impact
 of
 sales
 charges.
 Had
 the
 adviser
 not
 waived
 a
 portion
 of
 the
 Fund's
 expenses,
 total
 returns
 would
 have
 been
 lower.

(3) Represents the ratio of expenses to average net
 assets
 absent
 fee
 waivers
 and/or
 expense
 reimbursements
 by
 the
 adviser.

(4) Includes 0.02% for the year ended March 31, 2022
 attributable
 to
 margin
 expense
 on
 futures,
 which
 is
 not
 subject
 to
 waiver
 by
 the
 adviser.

(5) Includes 0.00% for the year ended March 31, 2024
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(6) Includes 0.00% for the year ended March 31, 2026
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***AlphaCentric Life Sciences and Healthcare Fund*** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class A (LYFAX)** | **Year Ended**<br>**March 31,**<br>**2026** | **Year Ended**<br>**March 31,**<br>**2025** | **Year Ended**<br>**March 31,**<br>**2024** | **Year Ended**<br>**March 31,**<br>**2023** | **Year Ended**<br>**March 31,**<br>**2022** |
| Net asset value, beginning of year | $12.90 | $12.73 | $13.18 | $13.38 | $15.56 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.09) | (0.06) | (0.08) | (0.09) | (0.21) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.15 | 0.48 | (0.03) | 0.44 | (0.32) |
| Total from investment operations | 3.06 | 0.42 | (0.11) | 0.35 | (0.53) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.22) | (0.25) |  |  | (0.07) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  | (0.34) | (0.55) | (1.58) |
| Total distributions | (0.22) | (0.25) | (0.34) | (0.55) | (1.65) |
| Net asset value, end of year | $15.74 | $12.90 | $12.73 | $13.18 | $13.38 |
| Total return (2) | 23.75% | 3.30% | (0.79)% | 3.00% | (2.74)% |
| Net assets, at end of year (000s) | $4309 | $5143 | $6622 | $3786 | $1815 |
| Ratio of gross expenses to average net assets before expense reimbursement (3) | 2.32% (7) | 2.12% (6) | 1.90% | 2.00% (5) | 2.11% (4) |
| Ratio of net expenses to average net assets after expense reimbursement | 1.65% (7) | 1.70% (6) | 1.65% | 1.65% (5) | 1.66% (4) |
| Ratio of net investment loss to average net assets | (0.64)% (7) | (0.54)% (6) | (0.62)% | (0.71)% (5) | (1.46)% (4) |
| Portfolio Turnover Rate | 107% | 164% | 134% | 142% | 167% |

---

(1) Per share amounts calculated using the average
 shares
 method.

(2) Total return in the above table is historical
 in
 nature
 and
 represents
 the
 rate
 that
 the
 investor
 would
 have
 earned
 or
 lost
 on
 an
 investment
 in
 the
 Fund
 assuming
 reinvestment
 of
 dividends
 and
 capital
 gain
 distributions,
 if
 any,
 and
 does
 not
 reflect
 the
 impact
 of
 sales
 charges.
 Had
 the
 adviser
 not
 waived
 and
 reimbursed
 a
 portion
 of
 the
 Fund's
 expenses,
 total
 returns
 would
 have
 been
 lower.

(3) Represents the ratio of expenses to average net
 assets
 absent
 fee
 waivers
 and/or
 expense
 reimbursements
 by
 the
 adviser.

(4) Includes 0.01% for the year ended March 31, 2022
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(5) Includes 0.00% for the year ended March 31, 2023
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(6) Includes 0.05% for the year ended March 31, 2025
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 and
 extraordinary
 expenses
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(7) Includes 0.00% for the year ended March 31, 2026
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 and
 extraordinary
 expenses
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***AlphaCentric Life Sciences and Healthcare Fund*** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class C (LYFCX)** | **Year Ended**<br>**March 31,**<br>**2026** | **Year Ended**<br>**March 31,**<br>**2025** | **Year Ended**<br>**March 31,**<br>**2024** | **Year Ended**<br>**March 31,**<br>**2023** | **Year Ended**<br>**March 31,**<br>**2022** |
| Net asset value, beginning of year | $12.64 | $12.47 | $13.01 | $13.31 | $15.53 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.19) | (0.15) | (0.16) | (0.18) | (0.32) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.07 | 0.46 | (0.04) | 0.43 | (0.32) |
| Total from investment operations | 2.88 | 0.31 | (0.20) | 0.25 | (0.64) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.11) | (0.14) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  | (0.34) | (0.55) | (1.58) |
| Total distributions | (0.11) | (0.14) | (0.34) | (0.55) | (1.58) |
| Net asset value, end of year | $15.41 | $12.64 | $12.47 | $13.01 | $13.31 |
| Total return (2) | 22.82% | 2.51% | (1.50)% | 2.26% | (3.54)% |
| Net assets, at end of year (000s) | $1796 | $1795 | $2157 | $709 | $302 |
| Ratio of gross expenses to average net assets before expense reimbursement (3) | 3.07% (7) | 2.87% (6) | 2.65% | 2.75% (5) | 2.86% (4) |
| Ratio of net expenses to average net assets after expense reimbursement | 2.40% (7) | 2.45% (6) | 2.40% | 2.40% (5) | 2.41% (4) |
| Ratio of net investment loss to average net assets | (1.39)% (7) | (1.29)% (6) | (1.30)% | (1.49)% (5) | (2.21)% (4) |
| Portfolio Turnover Rate | 107% | 164% | 134% | 142% | 167% |

---

(1) Per share amounts calculated using the average
 shares
 method.

(2) Total return in the above table is historical
 in
 nature
 and
 represents
 the
 rate
 that
 the
 investor
 would
 have
 earned
 or
 lost
 on
 an
 investment
 in
 the
 Fund
 assuming
 reinvestment
 of
 dividends
 and
 capital
 gain
 distributions,
 if
 any,
 and
 does
 not
 reflect
 the
 impact
 of
 sales
 charges.
 Had
 the
 adviser
 not
 waived
 and
 reimbursed
 a
 portion
 of
 the
 Fund's
 expenses,
 total
 returns
 would
 have
 been
 lower.

(3) Represents the ratio of expenses to average net
 assets
 absent
 fee
 waivers
 and/or
 expense
 reimbursements
 by
 the
 adviser.

(4) Includes 0.01% for the year ended March 31, 2022
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(5) Includes 0.00% for the year ended March 31, 2023
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(6) Includes 0.05% for the year ended March 31, 2025
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 and
 extraordinary
 expenses
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(7) Includes 0.00% for the year ended March 31, 2026
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 and
 extraordinary
 expenses
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***AlphaCentric Life Sciences and Healthcare Fund*** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class I (LYFIX)** | **Year Ended**<br>**March 31,**<br>**2026** | **Year Ended**<br>**March 31,**<br>**2025** | **Year Ended**<br>**March 31,**<br>**2024** | **Year Ended**<br>**March 31,**<br>**2023** | **Year Ended**<br>**March 31,**<br>**2022** |
| Net asset value, beginning of year | $13.00 | $12.83 | $13.25 | $13.42 | $15.59 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.06) | (0.04) | (0.06) | (0.06) | (0.18) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.19 | 0.49 | (0.02) | 0.44 | (0.31) |
| Total from investment operations | 3.13 | 0.45 | (0.08) | 0.38 | (0.49) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.28) | (0.28) |  |  | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  | (0.34) | (0.55) | (1.58) |
| Total distributions | (0.28) | (0.28) | (0.34) | (0.55) | (1.68) |
| Net asset value, end of year | $15.85 | $13.00 | $12.83 | $13.25 | $13.42 |
| Total return (2) | 24.10% | 3.54% | (0.56)% | 3.22% | (2.47)% |
| Net assets, at end of year (000s) | $33218 | $37239 | $94358 | $75021 | $29483 |
| Ratio of gross expenses to average net assets before expense reimbursement (3) | 2.07% (7) | 1.87% (6) | 1.65% | 1.75% (5) | 1.86% (4) |
| Ratio of net expenses to average net assets after expense reimbursement | 1.40% (7) | 1.45% (6) | 1.40% | 1.40% (5) | 1.41% (4) |
| Ratio of net investment loss to average net assets | (0.39)% (7) | (0.29)% (6) | (0.40)% | (0.47)% (5) | (1.21)% (4) |
| Portfolio Turnover Rate | 107% | 164% | 134% | 142% | 167% |

---

(1) Per share amounts calculated using the average
 shares
 method.

(2) Total return in the above table is historical
 in
 nature
 and
 represents
 the
 rate
 that
 the
 investor
 would
 have
 earned
 or
 lost
 on
 an
 investment
 in
 the
 Fund
 assuming
 reinvestment
 of
 dividends
 and
 capital
 gain
 distributions,
 if
 any,
 and
 does
 not
 reflect
 the
 impact
 of
 sales
 charges.
 Had
 the
 adviser
 not
 waived
 and
 reimbursed
 a
 portion
 of
 the
 Fund's
 expenses,
 total
 returns
 would
 have
 been
 lower.

(3) Represents the ratio of expenses to average net
 assets
 absent
 fee
 waivers
 and/or
 expense
 reimbursements
 by
 the
 adviser.

(4) Includes 0.01% for the year ended March 31, 2022
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(5) Includes 0.00% for the year ended March 31, 2023
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(6) Includes 0.05% for the year ended March 31, 2025
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 and
 extraordinary
 expenses
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(7) Includes 0.00% for the year ended March 31, 2026
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 and
 extraordinary
 expenses
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***AlphaCentric Real Income Fund*** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class A (SIIAX)** | **Year Ended**<br>**March 31,**<br>**2026** | **Year Ended**<br>**March 31,**<br>**2025** | **Year Ended**<br>**March 31,**<br>**2024** | **Year Ended**<br>**March 31,**<br>**2023** | **Period Ended**<br>**March 31,**<br>**2022 (1)** |
| Net asset value, beginning of period | $16.26 | $16.38 | $14.86 | $17.67 | $18.48 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.78 | 0.78 | 0.83 | 0.70 | 0.40 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.27 | 0.14 | 1.73 | (2.54) | (0.38 |
| Total from investment operations | 1.05 | 0.92 | 2.56 | (1.84) | 0.02 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.04) | (1.04) | (1.04) | (0.75) | (0.55) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (0.18) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.22) | (0.10 |
| Total distributions | (1.04) | (1.04) | (1.04) | (0.97) | (0.83 |
| Net asset value, end of period | $16.27 | $16.26 | $16.38 | $14.86 | $17.67 |
| Total return (3)(11) | 6.64% | 5.69% | 17.77% | (10.58)% | 0.02 |
| Net assets, at end of period (000s) | $2710 | $2434 | $1257 | $467 | $246 |
| Ratio of gross expenses to average net assets before expense reimbursement (4)(5)(10) | 2.51% (9) | 2.41% | 2.27% (8) | 2.37% | 2.37 |
| Ratio of net expenses to average net assets after expense reimbursement (5)(10) | 1.74% (9) | 1.74% | 1.74% (8) | 1.74% | 1.75 |
| Ratio of net investment income to average net assets (5)(10) | 4.80% (9) | 4.58% | 5.21% (8) | 4.42% | 2.64 |
| Portfolio Turnover Rate (11) | 152% | 144% | 44% | 22% | 20 |

---

(1) The AlphaCentric Real Income Fund Class A commenced
 operations
 on
 May
 28,
 2021.

(2) Per share amounts calculated using the average
 shares
 method.

(3) Total return in the above table is historical
 in
 nature
 and
 represents
 the
 rate
 that
 the
 investor
 would
 have
 earned
 or
 lost
 on
 an
 investment
 in
 the
 Fund
 assuming
 reinvestment
 of
 dividends
 and
 capital
 gain
 distributions,
 if
 any,
 and
 does
 not
 reflect
 the
 impact
 of
 sales
 charges.
 Had
 the
 adviser
 not
 waived
 and
 reimbursed
 a
 portion
 of
 the
 Fund's
 expenses,
 total
 returns
 would
 have
 been
 lower.

(4) Represents the ratio of expenses to average net
 assets
 absent
 fee
 waivers
 and/or
 expense
 reimbursements
 by
 the
 adviser.

(5) Does not include the expenses of other investment
 companies
 in
 which
 the
 Fund
 invests.

(6) The amount of net realized and unrealized gain
 (loss)
 on
 investments
 per
 share
 does
 not
 accord
 with
 the
 amounts
 in
 the
 Statements
 of
 Operations
 due
 to
 the
 timing
 of
 shareholder
 subscriptions
 and
 redemptions
 relative
 to
 fluctuating
 net
 asset
 values
 during
 the
 period.

(7) Includes 0.01% for the period ended March 31,
 2022
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(8) Includes 0.00% for the year ended March 31, 2024
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(9) Includes 0.00% for the year ended March 31, 2026
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(10) Annualized for periods less than one year.

(11) Not annualized for periods less than one year.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***AlphaCentric Real Income Fund*** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class C (SIICX)** | **Year Ended**<br>**March 31,**<br>**2026** | **Year Ended**<br>**March 31,**<br>**2025** | **Year Ended**<br>**March 31,**<br>**2024** | **Year Ended**<br>**March 31,**<br>**2023** | **Period Ended**<br>**March 31,**<br>**2022 (1)** |
| Net asset value, beginning of period | $16.22 | $16.34 | $14.83 | $17.64 | $18.48 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.66 | 0.64 | 0.68 | 0.51 | 0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.26 | 0.16 | 1.76 | (2.47) | (0.31 |
| Total from investment operations | 0.92 | 0.80 | 2.44 | (1.96) | (0.10 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.92) | (0.92) | (0.93) | (0.65) | (0.47) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (0.18) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.20) | (0.09 |
| Total distributions | (0.92) | (0.92) | (0.93) | (0.85) | (0.74 |
| Net asset value, end of period | $16.22 | $16.22 | $16.34 | $14.83 | $17.64 |
| Total return (3)(11) | 5.81% | 4.93% | 16.88% | (11.24)% | (0.61 |
| Net assets, at end of period (000s) | $2071 | $2309 | $1850 | $983 | $563 |
| Ratio of gross expenses to average net assets before expense reimbursement (4)(5)(10) | 3.26% (9) | 3.16% | 3.02% (8) | 3.12% | 3.12 |
| Ratio of net expenses to average net assets after expense reimbursement (5)(10) | 2.49% (9) | 2.49% | 2.49% (8) | 2.49% | 2.50 |
| Ratio of net investment income to average net assets (5)(10) | 4.05% (9) | 3.83% | 4.35% (8) | 3.26% | 1.41 |
| Portfolio Turnover Rate (11) | 152% | 144% | 44% | 22% | 20 |

---

(1) The AlphaCentric Real Income Fund Class C commenced
 operations
 on
 May
 28,
 2021.

(2) Per share amounts calculated using the average
 shares
 method.

(3) Total return in the above table is historical
 in
 nature
 and
 represents
 the
 rate
 that
 the
 investor
 would
 have
 earned
 or
 lost
 on
 an
 investment
 in
 the
 Fund
 assuming
 reinvestment
 of
 dividends
 and
 capital
 gain
 distributions,
 if
 any,
 and
 does
 not
 reflect
 the
 impact
 of
 sales
 charges.
 Had
 the
 adviser
 not
 waived
 and
 reimbursed
 a
 portion
 of
 the
 Fund's
 expenses,
 total
 returns
 would
 have
 been
 lower.

(4) Represents the ratio of expenses to average net
 assets
 absent
 fee
 waivers
 and/or
 expense
 reimbursements
 by
 the
 adviser.

(5) Does not include the expenses of other investment
 companies
 in
 which
 the
 Fund
 invests.

(6) The amount of net realized and unrealized gain
 (loss)
 on
 investments
 per
 share
 does
 not
 accord
 with
 the
 amounts
 in
 the
 Statements
 of
 Operations
 due
 to
 the
 timing
 of
 shareholder
 subscriptions
 and
 redemptions
 relative
 to
 fluctuating
 net
 asset
 values
 during
 the
 period.

(7) Includes 0.01% for the period ended March 31,
 2022
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(8) Includes 0.00% for the year ended March 31, 2024
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(9) Includes 0.00% for the year ended March 31, 2026
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(10) Annualized for periods less than one year.

(11) Not annualized for periods less than one year.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***AlphaCentric Real Income Fund*** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class I (SIIIX)** | **Year Ended**<br>**March 31,**<br>**2026** | **Year Ended**<br>**March 31,**<br>**2025** | **Year Ended**<br>**March 31,**<br>**2024** | **Year Ended**<br>**March 31,**<br>**2023** | **Period Ended**<br>**March 31,**<br>**2022 (1)** |
| Net asset value, beginning of period | $16.30 | $16.41 | $14.89 | $17.69 | $18.48 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.82 | 0.80 | 0.83 | 0.62 | 0.35 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.27 | 0.17 | 1.77 | (2.42) | (0.29 |
| Total from investment operations | 1.09 | 0.97 | 2.60 | (1.80) | 0.06 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.08) | (1.08) | (1.08) | (0.77) | (0.56) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (0.18) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.23) | (0.11 |
| Total distributions | (1.08) | (1.08) | (1.08) | (1.00) | (0.85 |
| Net asset value, end of period | $16.31 | $16.30 | $16.41 | $14.89 | $17.69 |
| Total return (3)(11) | 6.89% | 5.99% | 18.00% | (10.29)% | 0.23 |
| Net assets, at end of period (000s) | $38270 | $44287 | $53708 | $46511 | $45539 |
| Ratio of gross expenses to average net assets before expense reimbursement (4)(5)(10) | 2.26% (9) | 2.16% | 2.02% (8) | 2.12% | 2.12 |
| Ratio of net expenses to average net assets after expense reimbursement (5)(10) | 1.49% (9) | 1.49% | 1.49% (8) | 1.49% | 1.50 |
| Ratio of net investment income to average net assets (5)(10) | 5.05% (9) | 4.83% | 5.30% (8) | 3.91% | 2.25 |
| Portfolio Turnover Rate (11) | 152% | 144% | 44% | 22% | 20 |

---

(1) The AlphaCentric Real Income Fund Class I commenced
 operations
 on
 August
 1,
 2011
 and
 financial
 highlights
 above
 does
 not
 include
 performance
 prior
 to
 May
 28,
 2021
 when
 Class
 I
 shares
 were
 previously
 shares
 of
 a
 private
 fund.

(2) Per share amounts calculated using the average
 shares
 method.

(3) Total return in the above table is historical
 in
 nature
 and
 represents
 the
 rate
 that
 the
 investor
 would
 have
 earned
 or
 lost
 on
 an
 investment
 in
 the
 Fund
 assuming
 reinvestment
 of
 dividends
 and
 capital
 gain
 distributions,
 if
 any,
 and
 does
 not
 reflect
 the
 impact
 of
 sales
 charges.
 Had
 the
 adviser
 not
 waived
 and
 reimbursed
 a
 portion
 of
 the
 Fund's
 expenses,
 total
 returns
 would
 have
 been
 lower.

(4) Represents the ratio of expenses to average net
 assets
 absent
 fee
 waivers
 and/or
 expense
 reimbursements
 by
 the
 adviser.

(5) Does not include the expenses of other investment
 companies
 in
 which
 the
 Fund
 invests.

(6) The amount of net realized and unrealized gain
 (loss)
 on
 investments
 per
 share
 does
 not
 accord
 with
 the
 amounts
 in
 the
 Statements
 of
 Operations
 due
 to
 the
 timing
 of
 shareholder
 subscriptions
 and
 redemptions
 relative
 to
 fluctuating
 net
 asset
 values
 during
 the
 period.

(7) Includes 0.01% for the period ended March 31,
 2022
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(8) Includes 0.00% for the year ended March 31, 2024
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(9) Includes 0.00% for the year ended March 31, 2026
 attributed
 to
 borrowing
 costs
 (line
 of
 credit
 fees)
 which
 are
 not
 subject
 to
 waiver
 by
 the
 adviser.

(10) Annualized for periods less than one year.

(11) Not annualized for periods less than one year.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **AlphaCentric Funds** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS*** |
| **March 31, 2026** |

---

**(1)** **ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES** 

Mutual Fund Series Trust (the "***Trust***") was organized as an Ohio business trust on February 27, 2006. The Trust is registered as an open-end investment management company under the Investment Company Act of 1940, as amended ("***1940 Act***"). The Trust currently consists of thirty-four series. These financial statements include the following series: AlphaCentric Income Opportunities Fund, AlphaCentric Premium Opportunity Fund, AlphaCentric Robotics and Automation Fund, AlphaCentric Symmetry Strategy Fund, AlphaCentric Life Sciences and Healthcare Fund and AlphaCentric Real Income Fund. Each series is individually referred to as a "***Fund***" or collectively as the "***Funds***" throughout these financial statements. Each Fund is a diversified series of the Trust. The Funds' investment adviser is AlphaCentric Advisors, LLC (the "***Adviser***" or "***AlphaCentric***").

AlphaCentric Income Opportunities Fund ("***AIOF***") commenced operations on May 28, 2015. AIOF's investment objective is current income. The Fund's sub-advisor is Garrison Point Capital, LLC.

AlphaCentric Premium Opportunity Fund ("***APOF****")* commenced operations on September 30, 2016. The predecessor fund of APOF Class I commenced operations on August 31, 2011, as a private investment fund. APOF's investment objective is to achieve long-term capital appreciation.

AlphaCentric Robotics and Automation Fund ("***ARAF***") commenced operations on May 31, 2017. ARAF's investment objective is long-term capital appreciation. The Fund's sub-advisor is Contego Capital Group, Inc.

AlphaCentric Symmetry Strategy Fund ("***ASSF***") Class A and C commenced operations on August 8, 2019, and Class I commenced operations on September 1, 2014. ASSF's investment objective is capital appreciation. The Fund's sub-advisor is Mount Lucas Management LP.

AlphaCentric Life Sciences and Healthcare Fund ("***ALSHF***") commenced operations on November 29, 2019. ALSHF's investment objective is long-term capital appreciation. The Fund's sub-advisor is Kennedy Capital Management LLC.

AlphaCentric Real Income Fund ("***ARIF***") commenced operations on May 28, 2021. ARIF's investment objective is total return through current income and capital appreciation. The Fund's sub-advisor is CrossingBridge Advisors, LLC.

Each Fund offers three classes of shares, Class A, Class C and Class I. Each share class represents an interest in the same assets of the respective Fund, has the same rights and is identical in all material respects except that (i) each class of shares may bear different distribution fees; (ii) each class of shares may be subject to different (or no) sales charges; (iii) certain other class specific expenses borne solely by the class to which such expenses are attributable; and (iv) each class has exclusive voting rights with respect to matters relating to its own distribution arrangements.

The following is a summary of significant accounting policies consistently followed by the Funds and are in accordance with generally accepted accounting principles in the United States of America (***"GAAP"***). Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("***FASB***") Accounting Standards Codification Topic 946 - *Financial Services – Investment Companies* including FASB Accounting Standards Update ("***ASU***") 2013-08.

a)&nbsp;&nbsp;&nbsp;&nbsp; Operating Segments – The Funds have adopted FASB ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect any Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ***("CODM")*** to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. Each Fund's CODM is comprised of the portfolio managers and Chief Financial Officer of the Trust. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

b)&nbsp;&nbsp;&nbsp;&nbsp; Securities Valuation – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ, at the NASDAQ Official Closing Price ("***NOCP***"). In the absence of a sale, such securities shall be valued at the last bid price on the day of valuation. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Board of Trustees (the "***Board***") using methods which include current market quotations from a major market maker in the securities and based on methods which include the consideration of yields or prices of securities of comparable quality, coupon, maturity and type. The Funds may invest in portfolios of open-end or closed-end investment companies (the "***underlying funds***"). Open-end funds are valued at their respective net asset values as reported by such investment companies. The underlying funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the boards of the underlying funds. The shares of many closed-end investment companies, after their initial public offering,

---

| |
|:---|
| **AlphaCentric Funds** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **March 31, 2026** |

---

frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Funds will not change. The independent pricing service does not distinguish between smaller-sized bond positions known as "odd lots" and larger institutional-sized bond positions known as "round lots". A Fund may fair value a particular bond if the Adviser does not believe that the round lot value provided by the independent pricing service reflects fair value of the Fund's holding. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost, provided each such valuation represent fair value. Credit default swaps are valued by a pricing agent covering the specific type of swap. Certain credit default swaps (***"CDS"***) and credit indices are valued independently by Markit; or if no valuation is available from a pricing agent, at the price received from the broker-dealer/counterparty that issued the swap. Futures and future options are valued at the final settled price or, in the absence of a settled price, at the last sale price on the day of valuation. Options are valued at their closing price on the exchange they are traded on. When no closing price is available, options are valued at their mean price. Swap transactions are valued through an independent pricing service or at fair value based on daily price reporting from the swap counterparty issuing the swap.

Securities traded on a foreign exchange which has not closed by the valuation time or for which the official closing prices are not available at the time the net asset value (***"NAV"***) is determined will be valued using alternative market prices provided by a pricing service.

In certain circumstances, instead of valuing securities in the usual manner, the Funds may value securities at "fair value" as determined in good faith by the Board, pursuant to the procedures (the ***"Procedures"***) approved by the Board. The Board has designated the Adviser as its valuation designee (the ***"Valuation Designee"***) to execute these procedures. The Procedures consider, among others, the following factors to determine a security's fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security. Fair value may also be used by the Valuation Designee if extraordinary events occur after the close of the relevant world market but prior to the New York Stock Exchange close.

The Funds utilize various methods to measure the fair value of most of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Funds have the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following tables summarize the inputs used as of March 31, 2026 for the Funds' assets and liabilities measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>AIOF</u>**<br>**Assets**<br>**Security Classifications +** |<br><br>**Level 1**<br>**(Quoted Prices)** |<br>**Level 2**<br>**(Other Significant**<br>**Observable Inputs)** |<br>**Level 3**<br>**(Unobservable**<br>**Inputs)** |<br><br>**Totals** |
| Common Stocks | $5358050 | $— | $— | $5358050 |
| Non-Agency Residential Mortgage Backed Securities |  | 222013717 |  | 222013717 |
| Short-Term Investment | 429 |  |  | 429 |
| **Total** | $5358479 | $222013717 | $— | $227372196 |

---

---

| |
|:---|
| **AlphaCentric Funds** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **March 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>APOF</u>**<br>**Assets**<br>**Security Classifications + \*** |<br><br>**Level 1**<br>**(Quoted Prices)** |<br>**Level 2**<br>**(Other Significant**<br>**Observable Inputs)** |<br>**Level 3**<br>**(Unobservable**<br>**Inputs)** |<br><br>**Totals** |
| Short-Term Investments | $17693292 | $— | $— | $17693292 |
| Call Options Purchased | 1661963 | 1029625 |  | 2691588 |
| Put Options Purchased | 2145240 |  |  | 2145240 |
| Unrealized Appreciation on Open Futures Contracts | 815 |  |  | 815 |
| **Total** | $21501310 | $1029625 | $— | $22530935 |
| **<u>APOF</u>** |  |  |  |  |
| **Liabilities** |  |  |  |  |
|  |  | **Level 2** | **Level 3** |  |
|  | **Level 1** | **(Other Significant** | **(Unobservable** |  |
| **Security Classifications + \*** | **(Quoted Prices)** | **Observable Inputs)** | **Inputs)** | **Totals** |
| Call Options Written | $1248685 | $310570 | $— | $1559255 |
| Put Options Written | 2010278 | 504000 |  | 2514278 |
| Exchange-Traded Fund Short | 15690 |  |  | 15690 |
| Unrealized Depreciation on Open Futures Contracts | 57307 |  |  | 57307 |
| **Total** | $3331960 | $814570 | $— | $4146530 |
| **<u>ARAF</u>** |  |  |  |  |
| **Assets** |  |  |  |  |
|  |  | **Level 2** | **Level 3** |  |
|  | **Level 1** | **(Other Significant** | **(Unobservable** |  |
| **Security Classifications +** | **(Quoted Prices)** | **Observable Inputs)** | **Inputs)** | **Totals** |
| Common Stocks | $21232240 | $— | $— | $21232240 |
| Investment Purchased as Securities Lending Collateral (b) |  |  |  | 8987123 |
| Money Market Fund | 488085 |  |  | 488085 |
| **Total** | $21720325 | $— | $— | $30707448 |
| **<u>ASSF</u>** |  |  |  |  |
| **Assets** |  |  |  |  |
|  |  | **Level 2** | **Level 3** |  |
|  | **Level 1** | **(Other Significant** | **(Unobservable** |  |
| **Security Classifications (a) + \*** | **(Quoted Prices)** | **Observable Inputs)** | **Inputs)** | **Totals** |
| Common Stocks | $14864326 | $— | $— | $14864326 |
| Exchange-Traded Funds | 17833342 |  |  | 17833342 |
| U.S. Government & Agencies |  | 7176689 |  | 7176689 |
| Short-Term Investment | 7342257 |  |  | 7342257 |
| Unrealized Appreciation on Open Futures Contracts | 3648641 |  |  | 3648641 |
| Unrealized Appreciation on Swap Contracts |  | 7621 |  | 7621 |
| **Total** | $43688566 | $7184310 | $— | $50872876 |
| **<u>ASSF</u>** |  |  |  |  |
| **Liabilities** |  |  |  |  |
|  |  | **Level 2** | **Level 3** |  |
|  | **Level 1** | **(Other Significant** | **(Unobservable** |  |
| **Security Classifications + \*** | **(Quoted Prices)** | **Observable Inputs)** | **Inputs)** | **Totals** |
| Unrealized Depreciation on Open Futures Contracts | $1134737 | $— | $— | $1134737 |
| Unrealized Depreciation on Swap Contracts |  | 2513 |  | 2513 |
| **Total** | $1134737 | $2513 | $— | $1137250 |

---

---

| |
|:---|
| **AlphaCentric Funds** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **March 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>ALSHF</u>**<br>**Assets**<br>**Security Classifications +** |<br><br>**Level 1**<br>**(Quoted Prices)** |<br>**Level 2**<br>**(Other Significant**<br>**Observable Inputs)** |<br>**Level 3**<br>**(Unobservable**<br>**Inputs)** |<br><br>**Totals** |
| Common Stocks | $36346061 | $— | $— | $36346061 |
| Right |  |  |  |  |
| Short-Term Investments | 3035293 |  |  | 3035293 |
| **Total** | $39381354 | $— | $— | $39381354 |
| **<u>ARIF</u>** |  |  |  |  |
| **Assets** |  |  |  |  |
|  |  | **Level 2** | **Level 3** |  |
|  | **Level 1** | **(Other Significant** | **(Unobservable** |  |
| **Security Classifications + \*** | **(Quoted Prices)** | **Observable Inputs)** | **Inputs)** | **Totals** |
| Common Stocks | $12737775 | $— | $— | $12737775 |
| Preferred Stock | 987200 |  |  | 987200 |
| Asset Backed Securities |  | 6592963 |  | 6592963 |
| Collateralized Mortgage Obligations |  | 172611 |  | 172611 |
| Convertible Bonds |  | 1961339 |  | 1961339 |
| Corporate Bonds |  | 9292634 |  | 9292634 |
| Term Loans |  | 919457 |  | 919457 |
| U.S. Government & Agencies |  | 349722 |  | 349722 |
| Commercial Paper |  | 1245771 |  | 1245771 |
| Short-Term Investment | 9515011 |  |  | 9515011 |
| Unrealized Appreciation on Forward Foreign Currency Exchange Contracts |  | 38858 |  | 38858 |
| **Total** | $23239986 | $20573355 | $— | $43813341 |

---

(a) All ETFs held in the
 Fund
 are
 Level

 securities.
 For
 a
 detailed
 break-out
 of
 ETFs
 by
 major
 index
 classification,
 please
 refer
 to
 the
 Schedules
 of
 Investments.

(b) In accordance with
 Subtopic
 820-10,
 certain
 investments
 that
 are
 measured
 at
 fair
 value
 using
 the
 net
 asset
 value
 per
 share
 (or
 its
 equivalent)
 have
 not
 been
 classified
 in
 the
 fair
 value
 hierarchy.
 The
 fair
 value
 amount
 presented
 in
 this
 table
 is
 intended
 to
 permit
 reconciliation
 of
 the
 fair
 value
 hierarchy
 to
 the
 amounts
 presented
 in
 the
 Statements
 of
 Assets
 and
 Liabilities.

---

| | |
|:---|:---|
| + | See Schedules of Investments for industry classification. |

---

\* Derivative instruments include cumulative net unrealized appreciation (depreciation) on swaps, forwards and futures contracts open as of March 31, 2026.

---

| | |
|:---|:---|
| ^ | Includes securities valued at $0. |

---

**Exchange Traded Funds** – The Funds may invest in exchange traded funds ("***ETFs***"). ETFs are a type of fund bought and sold on a securities exchange. An ETF trades like common stock and represents a fixed portfolio of securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the potential lack of liquidity on an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

**Forward Foreign Currency Contracts** – As foreign securities are purchased, a Fund generally enters into forward foreign currency exchange contracts in order to hedge against foreign currency exchange rate risks. The market value of the contract fluctuates with changes in currency exchange rates. The contract is marked-to-market daily and the change in market value is recorded by the Fund as an unrealized gain or loss. As foreign currency contracts are sold, a portion of the contract is generally closed and the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Realized gains and losses from contract transactions are included as a component of net realized gains (losses) from foreign currency contracts in the Statements of Operations. For the year ended March 31, 2026 only ARIF invested in forward foreign currency contracts.

**Foreign Currency** – Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from

---

| |
|:---|
| **AlphaCentric Funds** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **March 31, 2026** |

---

changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

**Futures Contracts** – Each Fund may purchase and sell futures contracts. A Fund may use futures contracts to gain exposure to, or hedge against changes in the value of equities, interest rates or foreign currencies. Upon entering into a contract, a Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is affected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as "variation margin" and are recorded by the Fund as unrealized gains and losses. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. For the year ended March 31, 2026, APOF and ASSF invested in futures contracts.

**Swap Agreements –** The Funds that invest in swaps are subject to equity price risk, interest rate risk, credit risk, currency risk, counterparty risk and/or commodity risk in the normal course of pursuing their investment objective. The Funds may enter into various swap transactions for investment purposes or to manage interest rate, equity, foreign exchange (currency), or credit risk. These would be two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular pre-determined investments or instruments.

The Funds may enter into credit default swaps ("***CDS***"). CDS are typically two-party (bilateral) financial contracts that transfer credit exposure between the two parties. One party to a CDS (referred to as the credit protection "buyer") receives credit protection or sheds credit risk, whereas the other party to a CDS (referred to as the credit protection "seller") is selling credit protection or taking on credit risk. The seller typically receives pre-determined periodic payments from the other party. These payments are in consideration for agreeing to make compensating specific payments to the buyer should a negative credit event occur, such as (1) bankruptcy or (2) failure to pay interest or principal on a reference debt instrument, with respect to a specified issuer or one of the reference issuers in a CDS portfolio. In general, CDS may be used by the Funds to obtain credit risk exposure similar to that of a direct investment in high yield bonds.

The gross returns to be exchanged or "swapped" between parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a "basket" of securities representing a particular index or market segment. Changes in the value of swap agreements are recognized as unrealized gains or losses in the Statements of Operations by "marking to market" on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statements of Assets and Liabilities and may be referred to as upfront payments. The Funds amortize upfront payments and/or accrue for the fixed payment stream on swap agreements on a daily basis with the net amount recorded as a component of unrealized gain or loss on the Statements of Operations. Periodic payments and receipts and liquidation payments received or made at the termination of the swap agreement are recorded as realized gains or losses on the Statements of Operations. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and counterparty risk in excess of amounts recognized on the Statements of Assets and Liabilities. A Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. For the year ended March 31, 2026, only ASSF invested in credit default swap contracts.

**Accounting for Options** – The Funds are subject to equity price risks in the normal course of pursuing their investment objective and may purchase or sell options to help hedge against risk. When the Funds write a call or put option, an amount equal to the premium received is included in the Statements of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if the Funds enter into a closing purchase transaction, a gain or loss is realized. If a written put option is exercised, the purchase cost of the underlying security is reduced by the premium originally received. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. As writer of an option, the Funds have no control over whether the option will be exercised and, as a result, retain the market risk of an unfavorable change in the price of the security underlying the written option.

Certain Funds may purchase put and call options. Put options are purchased to hedge against a decline in the value of securities held in a Fund's portfolio. If such a decline occurs, the put options will permit the Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by a Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to the Fund. In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to a Fund, the benefits realized by the Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty risk to the Funds since these options are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default. Initial margin deposits required upon entering into options contracts are satisfied by the deposits of cash as collateral for the account of the broker (the Funds' agent in acquiring the options). For the year ended March 31, 2026, only APOF invested in options.

---

| |
|:---|
| **AlphaCentric Funds** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **March 31, 2026** |

---

The derivatives are not accounted for as hedging instruments under GAAP. The effect of derivative instruments on the Statements of Assets and Liabilities at March 31, 2026 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** | <br>**Derivative** | <br>**Risk Type** | <br>**Location of derivatives on Statement of Assets and Liabilities** | **Fair value of**<br>**asset/liability derivatives** |
| **<u>APOF</u>** |  |  |  |  |
|  | Future Contracts | Equity | Unrealized appreciation on open futures contracts | $815 |
|  | Future Contracts | Equity | Unrealized depreciation on open futures contracts | (57307) |
|  |  |  | **Total** | $(56492) |
|  | Options Purchased | Equity | Investments, At Value | 4836828 |
|  |  |  | **Total** | $4836828 |
|  | Options Written | Equity | Options Written | 4073533 |
|  |  |  | **Total** | $4073533 |
|  |  |  | **Location of derivatives on Statement of Assets and Liabilities** | **Fair value of** |
| **Fund** | **Derivative** | **Risk Type** | **(Consolidated)** | **asset/liability derivatives** |
| **<u>ASSF</u>** |  |  |  |  |
|  | Credit Default Swap Contracts | Credit | Unrealized appreciation on swap contracts | $7621 |
|  | Credit Default Swap Contracts | Credit | Unrealized depreciation on swap contracts | (2513) |
|  |  |  | **Total** | $5108 |
|  | Future Contracts | Commodity | Unrealized appreciation on open futures contracts | $3352177 |
|  |  | Currency | Unrealized appreciation on open futures contracts | 30524 |
|  |  | Equity | Unrealized appreciation on open futures contracts | 15430 |
|  |  | Interest | Unrealized appreciation on open futures contracts | 250510 |
|  | Future Contracts | Commodity | Unrealized depreciation on open futures contracts | (596751) |
|  |  | Currency | Unrealized depreciation on open futures contracts | (242525) |
|  |  | Equity | Unrealized depreciation on open futures contracts | (208802) |
|  |  | Interest | Unrealized depreciation on open futures contracts | (86659) |
|  |  |  | **Total** | $2513904 |
|  |  |  |  | **Fair value of** |
| **Fund** | **Derivative** | **Risk Type** | **Location of derivatives on Statement of Assets and Liabilities** | **asset/liability derivatives** |
| **<u>ARIF</u>** |  |  |  |  |
|  | Forward Foreign Currency Exchange Contracts | Currency | Unrealized appreciation on forward foreign currency exchange contracts | $38858 |
|  |  |  | **Total** | $38858 |

---

The effect of derivative instruments on the Statements of Operations for the year ended March 31, 2026 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** | <br>**Derivative** | <br>**Risk Type** | <br>**Location of gain (loss) on derivatives** | **Realized and unrealized**<br>**gain (loss) on derivatives** |
| **<u>APOF</u>** |  |  |  |  |
|  | Future Contracts | Equity | Net realized gain (loss) from Futures Contracts | $(305101) |
|  | Future Contracts | Equity | Net change in unrealized appreciation (depreciation) on Futures Contracts | 880 |
|  |  |  | **Total** | $(304221) |
|  | Options Purchased | Equity | Net realized gain (loss) from Investments | $(1118121) |
|  | Options Purchased | Equity | Net change in unrealized appreciation (depreciation) on Investments | (1247104) |
|  |  |  | **Total** | $(2365225) |
|  | Options Written | Equity | Net realized gain (loss) from Options Written | $5060508 |
|  | Options Written | Equity | Net change in unrealized appreciation (depreciation) on Options Written | 1267509 |
|  |  |  | **Total** | $6328017 |

---

---

| |
|:---|
| **AlphaCentric Funds** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **March 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** | <br>**Derivative** | <br>**Risk Type** | <br>**Location of gain (loss) on derivatives (Consolidated)** | **Realized and unrealized**<br>**gain (loss) on derivatives** |
| **<u>ASSF</u>** |  |  |  |  |
|  | Credit Default Swap Contracts | Credit | Net realized gain (loss) from Swap Contracts | $35138 |
|  | Credit Default Swap Contracts | Credit | Net change in unrealized appreciation (depreciation) on Swap Contracts | 13319 |
|  |  |  | **Total** | $48457 |
|  | Future Contracts | Commodity | Net realized gain (loss) from Futures Contracts | $2225613 |
|  |  | Currency | Net realized gain (loss) from Futures Contracts | 366671 |
|  |  | Equity | Net realized gain (loss) from Futures Contracts | 27027 |
|  |  | Interest | Net realized gain (loss) from Futures Contracts | (1235521) |
|  |  |  | **Total** | $1383790 |
|  | Future Contracts | Commodity | Net change in unrealized appreciation (depreciation) on Futures Contracts | $2482748 |
|  |  | Currency | Net change in unrealized appreciation (depreciation) on Futures Contracts | (273143) |
|  |  | Equity | Net change in unrealized appreciation (depreciation) on Futures Contracts | (198112) |
|  |  | Interest | Net change in unrealized appreciation (depreciation) on Futures Contracts | (421640) |
|  |  |  | **Total** | $1589853 |
|  |  |  | **Total** | $2973643 |
|  |  |  |  | **Realized and unrealized** |
| **Fund** | **Derivative** | **Risk Type** | **Location of gain (loss) on derivatives** | **gain (loss) on derivatives** |
| **<u>ARIF</u>** |  |  |  |  |
|  | Forward Foreign Currency Exchange Contracts | Currency | Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts | $58267 |
|  |  |  | **Totals** | $58267 |

---

During the year ended March 31, 2026, APOF was subject to a master netting arrangement for the futures. The following table shows additional information regarding the offsetting of assets and liabilities at March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>APO</u>F** |  | | | | | | |  |
|  |  |  |  |  | Gross Amounts of Assets and Liabilities Not Offset in | Gross Amounts of Assets and Liabilities Not Offset in | Gross Amounts of Assets and Liabilities Not Offset in |  |
|  |  |  |  |  | the Statement of Assets and Liabilities | the Statement of Assets and Liabilities | the Statement of Assets and Liabilities |  |
|  |  | Gross Amounts | Gross Amounts |  |  |  |  |  |
|  |  | Recognized in | Offset in the | Net Amounts |  |  |  |  |
|  |  | the Statements | Statements of | Presented in the |  |  |  |  |
|  |  | of Assets and | Assets and | Statements of Assets | Financial | Cash Collateral |  |  |
| **Assets:** | Counterparty | Liabilities | Liabilities | and Liabilities | Instruments | Pledged/Received<sup>(1)</sup> | Net Amount |  |
| Futures Contracts | StoneX Financial Inc. | $815 | $— | $815 | $(815) | $— | $— |  |
| Total |  | $815 | $— | $815 | $(815) | $— | $— | (2) |
| **Liabilities:** | **Liabilities:** |  |  |  |  |  |  |  |
| Futures Contracts | StoneX Financial Inc. | $57307 | $— | $57307 | $(57307) | $— | $— |  |
| Total |  | $57307 | $— | $57307 | $(57307) | $— | $— | (2) |

---

(1) Collateral pledged
 is
 limited
 to
 the
 net
 outstanding
 amount
 due
 to/from
 one
 individual
 counterparty.
 The
 actual
 collateral
 amounts
 pledged
 may
 exceed
 these
 amounts
 and
 fluctuate
 in
 value.

(2) Total reflects net
 amount
 offset
 with
 StoneX
 Financial
 Inc.

---

| |
|:---|
| **AlphaCentric Funds** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **March 31, 2026** |

---

During the year ended March 31, 2026, ASSF was subject to a master netting arrangement for the futures and swaps. The following table shows additional information regarding the offsetting of assets and liabilities at March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>ASSF</u>** |  | | | | | | |  |
|  |  |  |  |  | Gross Amounts of Assets and Liabilities Not Offset in | Gross Amounts of Assets and Liabilities Not Offset in | Gross Amounts of Assets and Liabilities Not Offset in |  |
|  |  |  |  |  | the Consolidated Statement of Assets and Liabilities | the Consolidated Statement of Assets and Liabilities | the Consolidated Statement of Assets and Liabilities |  |
|  |  | Gross Amounts |  |  |  |  |  |  |
|  |  | Recognized in | Gross Amounts |  |  |  |  |  |
|  |  | the | Offset in the | Net Amounts |  |  |  |  |
|  |  | Consolidated | Consolidated | Presented in the |  |  |  |  |
|  |  | Statements of | Statements of | Consolidated |  |  |  |  |
|  |  | Assets and | Assets and | Statements of Assets | Financial | Cash Collateral |  |  |
| **<u>Assets:</u>** | Counterparty | Liabilities | Liabilities | and Liabilities | Instruments | Pledged/Received(1) | Net Amount |  |
| Futures Contracts | Societe Generale | $3648641 | $— | $3648641 | $(1134737) | $— | $2513904 |  |
| Swap Contracts | Societe Generale | 7621 |  | 7621 | (2513) |  | 5108 |  |
| Total |  | $3656262 | $— | $3656262 | $(1137250) | $— | $2519012 | (2) |
| **Liabilities:** |  |  |  |  |  |  |  |  |
| Futures Contracts | Societe Generale | $1134737 | $— | $1134737 | $(1134737) | $— | $— |  |
| Swap Contracts | Societe Generale | 2513 |  | 2513 | (2513) |  |  |  |
| Total |  | $1137250 | $— | $1137250 | $(1137250) | $— | $— | (2) |

---

(1) Collateral pledged
 is
 limited
 to
 the
 net
 outstanding
 amount
 due
 to/from
 one
 individual
 counterparty.
 The
 actual
 collateral
 amounts
 pledged
 may
 exceed
 these
 amounts
 and
 fluctuate
 in
 value.

(2) Total reflects net
 amount
 offset
 with
 Societe
 Generale.

During the year ended March 31, 2026, ARIF was subject to a master netting arrangement for the forward foreign currency contracts. The following table shows additional information regarding the offsetting of assets and liabilities at March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>ARIF</u>** |  | | | | | | |  |
|  |  |  |  |  | Gross Amounts of Assets and liabilities Presented in | Gross Amounts of Assets and liabilities Presented in | Gross Amounts of Assets and liabilities Presented in |  |
|  |  |  |  |  | the Statement of Assets and Liabilities | the Statement of Assets and Liabilities | the Statement of Assets and Liabilities |  |
|  |  | Gross Amounts | Gross Amounts |  |  |  |  |  |
|  |  | Recognized in | Offset in the | Net Amounts |  |  |  |  |
|  |  | the Statements | Statements of | Presented in the |  |  |  |  |
|  |  | of Assets and | Assets and | Statements of Assets | Financial | Cash Collateral |  |  |
| **<u>Assets:</u>** | Counterparty | Liabilities | Liabilities | and Liabilities | Instruments | Pledged/Received<sup>(1)</sup> | Net Amount |  |
| Forward Foreign Currency Exchange Contracts | US Bank | $2447774 | $— | $2447774 | $(2408916) | $— | $38858 |  |
| Total |  | $2447774 | $— | $2447774 | $(2408916) | $— | $38858 | (2) |
| **<u>Liabilities:</u>** | **<u>Liabilities:</u>** |  |  |  |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | US Bank | $2408916 | $— | $2408916 | $(2408916) | $— | $— |  |
| Total |  | $2408916 | $— | $2408916 | $(2408916) | $— | $— |  |

---

(1) Collateral pledged
 is
 limited
 to
 the
 net
 outstanding
 amount
 due
 to/from
 one
 individual
 counterparty.
 The
 actual
 collateral
 amounts
 pledged
 may
 exceed
 these
 amounts
 and
 fluctuate
 in
 value.

(2) Total reflects net
 amount
 offset
 with
 US
 Bank.

The value of derivative instruments outstanding as of March 31, 2026 as disclosed in the Schedules of Investments and the amounts realized and changes in unrealized gains and losses on derivative instruments during the year ended March 31, 2026, as disclosed above and within the Statements of Operations serve as indicators of the volume of derivative activity for the APOF, ASSF and ARIF.

c)&nbsp;&nbsp;&nbsp;&nbsp; Federal Income Tax – The Funds qualify as regulated investment companies and to comply with the applicable provisions of the Internal Revenue Code of 1986, as amended, and to distribute substantially all of their taxable income to their shareholders. Therefore, no federal income or excise tax provisions are required.

During the year ended March 31, 2026, the Funds did not have a liability for any unrecognized tax expense. The Funds recognize interest and penalties, if any, related to unrecognized tax expense as income tax expense in the Statements of Operations as incurred. As of March 31, 2026, the Funds did not incur any interest or penalties. The Trust's officers have analyzed the Fund's tax positions and have concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended March 31, 2024 to March 31, 2025, or expected to be taken in the Funds' March 31, 2026 year-end tax returns. Except for the AlphaCentric Income Opportunities Fund in which its tax period-ended November 30, 2022 to November 30, 2024, or expected to be taken in the Funds' November 30, 2025, year-end tax returns.

---

| |
|:---|
| **AlphaCentric Funds** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **March 31, 2026** |

---

d)&nbsp;&nbsp;&nbsp;&nbsp; Distribution to Shareholders – Distributions to shareholders, which are determined in accordance with income tax regulations and may differ from GAAP, are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid at least annually for APOF, ARAF, ASSF and ALSHF. AIOF and ARIF make monthly dividend distributions from net investment income. Distributable net realized gains, if any, are declared and distributed annually.

e)&nbsp;&nbsp;&nbsp;&nbsp; Multiple Class Allocations – Income, non-class specific expenses and realized/unrealized gains or losses are allocated to each class based on relative net assets. Expenses of the Trust that are directly identifiable to a specific Fund are charged to that Fund. Expenses, which are not readily identifiable to a specific Fund, are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative sizes of the Funds in the Trust. Distribution fees are charged to each respective share class in accordance with the distribution plan.

f)&nbsp;&nbsp;&nbsp;&nbsp; Other – Investment and shareholder transactions are recorded on the trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities utilizing the effective interest method. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds. Withholding taxes and capital gains on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates.

g)&nbsp;&nbsp;&nbsp;&nbsp; Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets resulting from operations during the reporting period. Actual results could differ from those estimates.

h)&nbsp;&nbsp;&nbsp;&nbsp; Commitments and Contingencies – In the normal course of business, the Trust may enter into contracts that contain a variety of representations and warranties and provide general indemnifications. The Funds' maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated; however, management considers the risk of loss from future claims to be remote. (See note 11)

i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales charges (loads) – A maximum sales charge of 5.75% is imposed on Class A shares of the APOF, ARAF, ASSF, and ALSHF. A maximum sales charge of 4.75% is imposed on Class A shares of AIOF and ARIF. Investments in Class A shares in all Funds made at or above $1 million breakpoint are not subject to an initial sales charge and may be subject to a 1.00% contingent deferred sales charge ("***CDSC***") on shares redeemed within 18 months of purchase (excluding shares purchased with reinvested dividends and/or distributions). The respective shareholders pay such CDSC charges, which are not an expense of the Fund. For the year ended March 31, 2026, there were $0 CDSC fees paid.

j)&nbsp;&nbsp;&nbsp;&nbsp; Short Sales – The Funds may sell securities short. A short sale is a transaction in which the Funds sell securities they do not own in anticipation of a decline in the market price of the securities. To deliver the securities to the buyer, the Funds must arrange through a broker to borrow the securities and, in so doing, the Funds become obligated to replace the securities borrowed at their market price at the time of replacement, whatever that price may be. The Funds will make a profit or incur a loss as a result of a short sale depending on whether the price of the securities decrease or increase between the date of the short sale and the date on which the Funds purchased the securities to replace the borrowed securities that have been sold.

k)&nbsp;&nbsp;&nbsp;&nbsp; Cash and Cash Equivalents – The Funds consider their investment in a Federal Deposit Insurance Corporation ("***FDIC***") insured interest bearing savings account to be cash. The Funds maintain cash balances, which, at times, may exceed federally insured limits. The Funds maintain these balances with a high quality financial institution.

***Consolidation of Subsidiaries*** – ACSSF Fund Limited ("***ASSF-CFC***") - The Consolidated Financial Statements of ASSF include the accounts of ASSF-CFC, which is a wholly-owned and controlled foreign subsidiary. ASSF consolidates the results of subsidiaries in which ASSF holds a controlling economic interest. Controlling economic interest is generally deemed to exist with investment interests comprising greater than 50% of the net asset value of the subsidiary. However, ASSF may also consider qualitative aspects of control in determining if a controlling economic interest exists. These qualitative control considerations include the nature and organizational structure of the investment, as well as ASSF's ability to control the circumstances leading to majority ownership. All inter-company accounts and transactions have been eliminated in consolidation.

ASSF may invest up to 25% of its total assets in ASSF-CFC, which acts as an investment vehicle in order to effect certain investments consistent with ASSF's investment objectives and policies.

---

| |
|:---|
| **AlphaCentric Funds** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **March 31, 2026** |

---

A summary of ASSF's investments in ASSF-CFC is as follows:

---

| | | | |
|:---|:---|:---|:---|
| | Inception<br>Date of<br>ASSF-CFC | ASSF-CFC's<br>Net Assets at<br>March 31, 2026 |% of Net Assets at<br>March 31, 2026 |
| ASSF-CFC | 8/8/2019 | $7602745 | 14.67% |

---

ASSF-CFC utilizes commodity-based derivative products to facilitate ASSF's pursuit of its investment objectives. In accordance with its investment objectives and through their exposure to the aforementioned commodity-based derivative products, ASSF may have increased or decreased exposure to one or more of the following risk factors defined below:

Taxation Risk – By investing in commodities indirectly through ASSF-CFC, ASSF obtains exposure to the commodities markets within the federal tax requirements that apply to ASSF.

For tax purposes, ASSF-CFC is an exempted Cayman investment company. ASSF-CFC has received an undertaking from the Government of the Cayman Islands exempting it from all local income, profits and capital gains taxes. No such taxes are levied in the Cayman Islands at the present time. For U.S. income tax purposes, ASSF-CFC is a controlled foreign corporation which generates and is allocated no income which is considered effectively connected with U.S. trade or business and as such is not subject to U.S. income tax. However, as a wholly-owned controlled foreign corporation, ASSF-CFC's net income and capital gain, to the extent of its earnings and profits, will be included each year in the ASSF's investment company taxable income.

**(2)** **INVESTMENT TRANSACTIONS** 

For the year ended March 31, 2026, aggregate cost of purchases and proceeds from sales of investment securities (excluding short-term investments) for the Funds were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Purchases** | **Sales** |
| &nbsp;&nbsp;**AIOF** | $33472434 | $60052320 |
| &nbsp;&nbsp;**APOF** | $33478 | $2521187 |
| &nbsp;&nbsp;**ARAF** | $27917637 | $21756931 |
| &nbsp;&nbsp;**ASSF** | $169396459 | $167906916 |
| &nbsp;&nbsp;**ALSHF** | $37858332 | $51776590 |
| &nbsp;&nbsp;**ARIF** | $61582484 | $73092310 |

---

**(3)** **INVESTMENT ADVISORY AGREEMENT AND OTHER RELATED PARTY TRANSACTIONS** 

AlphaCentric acts as investment adviser to the Funds pursuant to the terms of the investment advisory agreement (the "***Advisory Agreement***") with the Trust. Under the terms of the Advisory Agreement, the Adviser directs the investment operations of the Funds in accordance with the Funds' investment policies and restrictions. The investment sub-advisers have day-to-day responsibility over the relevant Fund's portfolios. The Adviser provides the Funds with investment advice and supervision and furnishes an investment program for the Funds. For its investment advisory services, the Funds pay to the Adviser, as of the last day of each month, an annualized fee detailed in the table below. Such fees are computed daily based upon daily average net assets of the respective Fund. The Adviser pays expenses incurred by it in connection with acting as investment adviser to the Funds other than costs (including taxes and brokerage commissions, borrowing costs, costs of investing in underlying funds and extraordinary expenses, if any) of securities purchased for the Funds and certain other expenses paid by the Funds (as detailed in the Advisory Agreement).

The Adviser and the Trust, with respect to the Funds, have entered into Expense Limitation Agreements (the "***Limitation***"), approved annually, under which the Adviser has contractually agreed to waive fees and/or reimburse expenses to the extent necessary to maintain total annual operating expenses (excluding brokerage costs; borrowing costs, such as (a) interest and (b) dividends on securities sold short; taxes; costs of investing in underlying funds; and extraordinary expenses) that do not exceed the expense limitation shown in the table below, which is based on each Fund's average daily net assets.

---

| |
|:---|
| **AlphaCentric Funds** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **March 31, 2026** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Expense Limitation** | **Expense Limitation** | **Expense Limitation** | | | |
| <br>**Fund** | <br>**Advisory**<br>**Agreement** | <br>**Class A** | <br>**Class C** | <br>**Class I** | <br>**Expires** |<br>**Total Advisory fee** | **Advisory Fees**<br>**Waived/ Expenses**<br>**Reimbursed** |
| **AIOF** | 1.30% | 1.74% | 2.49% | 1.49% | July 31, 2026 | $3155010 | $409575 |
| **APOF** | 1.75% | 2.24% | 2.99% | 1.99% | July 31, 2026 | 677715 | 162435 |
| **ARAF** | 1.25% | 1.65% | 2.40% | 1.40% | July 31, 2026 | 249805 | 187958 |
| **ASSF** | 1.35% | 1.85% | 2.60% | 1.60% | July 31, 2026 | 608491 | 155863 |
| **ALSHF** | 1.25% | 1.65% | 2.40% | 1.40% | July 31, 2026 | 458587 | 246002 |
| **ARIF** | 1.50% | 1.74% | 2.49% | 1.49% | July 31, 2026 | 696810 | 356347 |

---

For the year ended March 31, 2026, the Adviser waived advisory fees and reimbursed expenses. The Adviser may recapture a portion of the waived and/or reimbursed amounts. The Adviser may seek reimbursement only for fees waived or expenses reimbursed by a Fund within the three years following the date the waiver and/or reimbursement was incurred if the Fund is able to make the repayment without exceeding the limitation in effect at that time of the waiver and the Limitation in effect at the time of recoupment, no later than the dates as stated below:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;***2027*** | &nbsp;&nbsp;***2028*** | &nbsp;&nbsp;***2029*** |
| &nbsp;&nbsp;**AIOF** | &nbsp;&nbsp;$686763 | &nbsp;&nbsp;$297138 | &nbsp;&nbsp;$409575 |
| &nbsp;&nbsp;**APOF** | &nbsp;&nbsp;153036 | &nbsp;&nbsp;177009 | &nbsp;&nbsp;162435 |
| &nbsp;&nbsp;**ARAF** | &nbsp;&nbsp;199793 | &nbsp;&nbsp;168912 | &nbsp;&nbsp;187958 |
| &nbsp;&nbsp;**ASSF** | &nbsp;&nbsp;138723 | &nbsp;&nbsp;150163 | &nbsp;&nbsp;155863 |
| &nbsp;&nbsp;**ALSHF** | &nbsp;&nbsp;245808 | &nbsp;&nbsp;314249 | &nbsp;&nbsp;246002 |
| &nbsp;&nbsp;**ARIF** | &nbsp;&nbsp;296073 | &nbsp;&nbsp;372528 | &nbsp;&nbsp;356347 |

---

Pursuant to the Management Services Agreement between the Trust and MFund Services LLC ("***MFund***"), an affiliate of the Adviser, MFund provides the Funds with various management and legal administrative services (the "***Management Services Agreement***"). For these services, the Funds pay MFund an annual asset-based fee in accordance with the following schedule applied at the Fund family level (i.e., all the Funds in the Trust advised by the Adviser): 0.10% of net assets up to $50 million; 0.07% of net assets from $50 million to $100 million; 0.05% of net assets from $100 million to $250 million; 0.04% of net assets from $250 million to $500 million; 0.03% of net assets from $500 million to $1 billion; 0.02% of net assets from $1 billion to $5 billion; and 0.01% of assets from $5 billion and above. In addition, the Funds reimburse MFund for any reasonable out of pocket expenses incurred in the performance of its duties under the Management Services Agreement. The amounts due to MFund for the Management Services Agreement are listed in the Statements of Assets and Liabilities under "Payable to related parties" and the amounts accrued for the year are shown in the Statements of Operations under "Legal administration/management services fees."

Pursuant to the Compliance Services Agreement, MFund provides chief compliance officer services to the Funds (the ***"Compliance Services Agreement"***). For these services, the Funds pay MFund $1,200 per month for the first fund in the fund family and $400 for each additional fund; $400 for the Adviser and each sub-adviser; and .0025% of the assets of each Fund. In addition, the Funds reimburse MFund for any reasonable out-of-pocket expenses incurred in the performance of its duties under the Compliance Services Agreement. The amounts due to MFund for chief compliance officer services are listed in the Statements of Assets and Liabilities under "Payable to related parties" and the amounts accrued for the year are shown in the Statements of Operations under "Compliance officer fees."

A trustee of the Trust is also the controlling member of MFund, the Adviser and Catalyst Capital Advisors, LLC (an investment adviser to other series of the Trust) and is not paid any fees directly by the Trust for serving in such capacities.

Trustees who are not "interested persons" as that term is defined in the 1940 Act (the "***Independent Trustees***"), are paid a quarterly retainer and receive compensation for each special board meeting and risk and compliance committee meeting. The fees paid to the Independent Trustees for their attendance at a meeting will be shared equally by the funds of the Trust to which the meeting relates. The Lead Independent Trustee of the Trust and the Chairmen of the Trust's Audit Committee and Risk and Compliance Committee receive an additional quarterly retainer. The "interested persons" of the Trust receive no compensation from the Funds. The Trust reimburses each trustee and officer for his or her travel and other expenses related to attendance at such meetings.

Ultimus Fund Solutions, LLC (**"*UFS*"**) provides financial administration, fund accounting, and transfer agency services to the Funds pursuant to agreements with the Trust, for which it receives from each Fund: (i) basis points in decreasing amounts as assets reach certain breakpoints; and (ii) any related out-of-pocket expenses. Certain officers of the Trust are also employees of UFS and MFund, and are not paid any fees directly by the Trust for serving in such capacity.

---

| |
|:---|
| **AlphaCentric Funds** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **March 31, 2026** |

---

The Trust has adopted a Master Distribution Plan pursuant to rule 12b- 1 under the 1940 Act for each class of shares, that allows the Funds to pay distribution and shareholder servicing expenses of up to 0.50% per annum for the Class A shares and up to 1.00% for the Class C shares based on average daily net assets of each class. Class A shares are currently paying 0.25% per annum of 12b-1 fees and Class C shares are currently paying 1.00% per annum of 12b-1 fees. The fee may be used for a variety of purposes, including compensating dealers and other financial service organizations for eligible services provided by those parties to the Funds and their shareholders and to reimburse Northern Lights Distributors, LLC ("***NLD***") and the Adviser for distribution related expenses. Brokers may receive a 1.00% commission from NLD for the sale of Class C shares.

For the year ended March 31, 2026, the Distributor received the following in underwriter commissions from the sale of Class A shares of the

Funds:

---

| | |
|:---|:---|
| **Fund** | **Underwriter Commissions** |
| **AIOF** | $7826 |
| **APOF** | 1435 |
| **ARAF** | 49002 |
| **ASSF** | 132 |
| **ALSHF** | 14272 |
| **ARIF** | 23197 |

---

**(4)** **CREDIT FACILITY** 

Effective January 22, 2025, the Trust amended the Revolving Credit Agreement and entered into a new revolving, uncommitted $75,000,000 line of credit with U.S. Bank National Association (the *"**2025 Revolving Credit Agreement**")* that applies to all of the Funds, that expired on January 21, 2026. Borrowings under the 2025 Revolving Credit Agreement bear an interest at Prime Rate minus 1% per month. There are no fees charged on the unused portion of the line of credit. For the period January 22, 2025 through January 21, 2026, amounts outstanding to Funds under the credit facility at no time were permitted to exceed in the aggregate the lessor of (a) $100,000,000; (b) 15% gross market value of AIOF, APOF, ARAF, ASSF, ALSHF and ARIF; or (c) 33.33% of a Fund's daily market value.

Effective January 21, 2026, the Trust amended the Revolving Credit Agreement and entered into a new revolving, uncommitted $75,000,000 line of credit with U.S. Bank National Association (the "***2026 Revolving Credit Agreement***") that applies to all of the Funds, that is set to expire on January 21, 2027. Borrowings under the 2026 Revolving Credit Agreement bear an interest at Prime Rate minus 1% per month. There are no fees charged on the unused portion of the line of credit. For the period January 21, 2026 through March 31, 2026, amounts outstanding to Funds under the credit facility at no time were permitted to exceed in the aggregate the lesser of (a) $75,000,000; (b) 15% gross market value of AIOF, APOF, ASSF, ALSHF, and ARIF, and 10% gross market value and of ARAF; or (c) 33.33% of a Fund's daily market value. ASSF did not borrow during the year ended March 31, 2026. For the year ended March 31, 2026, amounts outstanding to AIOF, APOF, ARAF, ALSHF and ARIF were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Fund** | **Periods the line of credit**<br>**was drawn on:** | **Interest**<br>**Expense** | **Outstanding**<br>**Borrowings** | **Average**<br>**Borrowings** | **Average**<br>**Borrowings Rate** | **Maximum**<br>**Borrowings** | **Maximum**<br>**Borrowings Rate** |
| **AIOF** | 4/4/2025-3/31/2026 | $128755 | $13916000 | $4685250 | 6.13% | $16822000 | 6.50% |
| **APOF** | 6/9/2025-6/10/2025 | 432 |  | 87000 | 6.50% | 87000 | 6.50% |
| **ARAF** | 12/22/2025-12/23/2025 | 427 |  | 62000 | 5.75% | 62000 | 5.75% |
| **ALSHF** | 10/2/2025-10/3/2025 | 629 |  | 1214000 | 6.25% | 1214000 | 6.25% |
| **ARIF** | 10/2/2025-10/3/2025 | 429 |  | 72000 | 6.25% | 72000 | 6.25% |

---

**(5)** **CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates presumption of the control of the Fund, under section 2(a)(9) of the 1940 Act. As of March 31, 2026, Charles Schwab & Co. Inc. owned 40.6% of AIOF. Charles Schwab & Co. Inc. owned 31.3% of APOF. National Financial Services LLC owned 49.3% of ARAF. Hartz Capital Investments LLC owned 63.8**%** of ASSF. The Trust has no knowledge as to whether all or any portion of the shares owned of record by Charles Schwab & Co. Inc., National Financial Services LLC and Hartz Capital Investments LLC are also owned beneficially.

---

| |
|:---|
| **AlphaCentric Funds** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **March 31, 2026** |

---

**(6)** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS TO CAPITAL** 

The tax character of fund distributions paid for the year ended March 31, 2026 (for the tax period-ended November 30, 2025 for the AlphaCentric Income Opportunities Fund) and March 31, 2025 (for the tax period-ended November 30, 2024 for the AlphaCentric Income Opportunities Fund) was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the year ended March 31, 2026:** | **For the year ended March 31, 2026:** | **For the year ended March 31, 2026:** | **For the year ended March 31, 2026:** | **For the year ended March 31, 2026:** | **For the year ended March 31, 2026:** |
|  | **Ordinary** | **Long-Term** | **Return** | **Tax-Exempt** | |
| **Fund** | **Income** | **Capital Gains** | **of Capital** | **Income** | **Total** |
| AlphaCentric Income Opportunities Fund | $10128802 | $— | $9953843 | $— | $20082645 |
| AlphaCentric Premium Opportunity Fund | 1241661 | 924319 |  |  | 2165980 |
| AlphaCentric Robotics and Automation Fund |  | 268203 |  |  | 268203 |
| AlphaCentric Symmetry Strategy Fund |  |  |  |  |  |
| AlphaCentric Life Sciences and Healthcare Fund | 615991 |  |  |  | 615991 |
| AlphaCentric Real Income Fund | 3022546 |  |  |  | 3022546 |
| **For the year ended March 31, 2025:** | **For the year ended March 31, 2025:** | **For the year ended March 31, 2025:** | **For the year ended March 31, 2025:** | **For the year ended March 31, 2025:** | **For the year ended March 31, 2025:** |
|  | **Ordinary** | **Long-Term** | **Return** | **Tax-Exempt** |  |
| **Fund** | **Income** | **Capital Gains** | **of Capital** | **Income** | **Total** |
| AlphaCentric Income Opportunities Fund | $14457945 | $— | $10297851 | $— | $24755796 |
| AlphaCentric Premium Opportunity Fund | 1377961 |  |  |  | 1377961 |
| AlphaCentric Robotics and Automation Fund |  |  |  |  |  |
| AlphaCentric Symmetry Strategy Fund |  |  |  |  |  |
| AlphaCentric Life Sciences and Healthcare Fund | 1154717 |  |  |  | 1154717 |
| AlphaCentric Real Income Fund | 2925414 | 639795 |  |  | 3565209 |

---

As of each Fund's tax year-ended March 31, 2026 (for the tax period-ended November 30, 2025, for the AlphaCentric Income Opportunities Fund), the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Fund** | **Undistributed**<br>**Ordinary**<br>**Tax-Exempt Income** | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gains** | **Post October Loss**<br>**and**<br>**Late Year Loss** | **Capital Loss**<br>**Carry**<br>**Forwards** | **Other**<br>**Book/Tax**<br>**Differences** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings/(Deficits)** |
| AlphaCentric Income Opportunities Fund | $— | $— | $— | $— | $(336703195) | $— | $67995325 | $(268707870) |
| AlphaCentric Premium Opportunity Fund |  | 470925 | 3464 | (1883036) |  |  | (45040) | (1453687) |
| AlphaCentric Robotics and Automation Fund |  | 59342 | 852010 |  |  |  | (329182) | 582170 |
| AlphaCentric Symmetry Strategy Fund |  | 5407089 |  |  |  | 2777055 | 1727780 | 9911924 |
| AlphaCentric Life Sciences and Healthcare Fund |  |  |  | (62278) | (7411071) |  | 6189750 | (1283599) |
| AlphaCentric Real Income Fund |  |  |  | (46071) |  |  | (1160027) | (1206098) |

---

The difference between book basis and tax basis undistributed net investment income, accumulated net realized gains, and unrealized appreciation(depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales, mark-to-market on open forward foreign currency contracts, 1256 futures, options, swaps and passive foreign investment companies, adjustments for partnerships, Section 305(c) deemed dividend distributions and the ASSF Fund's wholly owned subsidiary.

The unrealized appreciation in the table above includes unrealized foreign currency gains (losses) of $1,005, $(5,117), and $(410) for AlphaCentric Robotics and Automation Fund, AlphaCentric Symmetry Strategy Fund, and AlphaCentric Real Income Fund, respectively.

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Funds incurred and elected to defer such late year losses as follows:

---

| | |
|:---|:---|
| <br>**Fund** | **Late Year**<br>**Losses** |
| AlphaCentric Income Opportunities Fund | $— |
| AlphaCentric Premium Opportunity Fund |  |
| AlphaCentric Robotics and Automation Fund |  |
| AlphaCentric Symmetry Strategy Fund |  |
| AlphaCentric Life Sciences and Healthcare Fund | 62278 |
| AlphaCentric Real Income Fund | 46071 |

---

---

| |
|:---|
| **AlphaCentric Funds** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **March 31, 2026** |

---

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Funds incurred and elected to defer such capital losses as follows:

---

| | |
|:---|:---|
| <br>**Fund** | **Post October**<br>**Losses** |
| AlphaCentric Income Opportunities Fund | $— |
| AlphaCentric Premium Opportunity Fund | 1883036 |
| AlphaCentric Robotics and Automation Fund |  |
| AlphaCentric Symmetry Strategy Fund |  |
| AlphaCentric Life Sciences and Healthcare Fund |  |
| AlphaCentric Real Income Fund |  |

---

At March 31, 2026, the Funds (for the tax period-ended November 30, 2025, for the AlphaCentric Income Opportunities Fund) had capital loss carry forwards for federal income tax purposes available to offset future capital gains and capital loss carry forwards utilized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** | **Total** | **CLCF Utilized** |
| AlphaCentric Income Opportunities Fund | $336703195 | $— | $336703195 | $1499232 |
| AlphaCentric Premium Opportunity Fund |  |  |  | 2026456 |
| AlphaCentric Robotics and Automation Fund |  |  |  | 658438 |
| AlphaCentric Symmetry Strategy Fund |  |  |  | 2137309 |
| AlphaCentric Life Sciences and Healthcare Fund | 1823204 | 5587867 | 7411071 |  |
| AlphaCentric Real Income Fund |  |  |  |  |

---

Permanent book and tax differences, primarily attributable to the book/tax basis treatment of net operating losses, distributions in excess, prior year true up adjustment, and the ASSF Fund's wholly owned subsidiary, resulted in reclassifications for the Funds for the year ended March 31, 2026 as follows:

---

| | | |
|:---|:---|:---|
| <br>**Fund** | **Paid In**<br>**Capital** | **Accumulated**<br>**Earnings (Losses)** |
| AlphaCentric Income Opportunities Fund | $— | $— |
| AlphaCentric Premium Opportunity Fund |  |  |
| AlphaCentric Robotics and Automation Fund |  |  |
| AlphaCentric Symmetry Strategy Fund | (2559375) | 2559375 |
| AlphaCentric Life Sciences and Healthcare Fund | (109383) | 109383 |
| AlphaCentric Real Income Fund | (73248) | 73248 |

---

**(7)** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS** 

The tax cost the Funds for the year ended March 31, 2026 (except for the AlphaCentric Income Opportunities Fund in which its tax period-ended November 30, 2025) has been adjusted for March 31, 2026 activity. The unrealized appreciation (depreciation) in the table below includes unrealized for written options and other derivatives.

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** |<br>**Cost for Federal**<br>**Tax purposes** |<br>**Unrealized**<br>**Appreciation** |<br>**Unrealized**<br>**Depreciation** | **Tax Net Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| AlphaCentric Income Opportunities Fund | $164965496 | $72169542 | $(9762842) | $62406700 |
| AlphaCentric Premium Opportunity Fund | 18429445 |  | (45040) | (45040) |
| AlphaCentric Robotics and Automation Fund | 31037635 | 3818440 | (4148627) | (330187) |
| AlphaCentric Symmetry Strategy Fund | 48083387 | 5582397 | (3849500) | 1732897 |
| AlphaCentric Life Sciences and Healthcare Fund | 33191604 | 7537313 | (1347563) | 6189750 |
| AlphaCentric Real Income Fund | 44934100 | 1297176 | (2456793) | (1159617) |

---

---

| |
|:---|
| **AlphaCentric Funds** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **March 31, 2026** |

---

**(8)** **UNDERLYING INVESTMENT IN OTHER INVESTMENT COMPANIES** 

APOF currently invests a significant portion of its assets in the First American Treasury Obligations Fund, Class X ("FXFXX"). APOF may redeem its investment in FXFXX at any time if the Adviser determines that it is in the best interest of APOF and its shareholders to do so. APOF's performance will be directly affected by the performance of FXFXX. The financial statements of FXFXX, including the portfolio of investments, can be found on the Securities and Exchange Commission's website www.sec.gov and should be read in conjunction with APOF's financial statements. As of March 31, 2026, APOF owns 40.5% of FXFXX.

**(9)** **UNDERLYING FUND RISK** 

The Funds in the normal course of business make investments in financial instruments and derivatives where the risk of potential loss exists due to changes in the market or failure or inability of the counterparty to a transaction to perform. See below for a detailed description of select principal risks.

Each underlying fund, including each ETF, is subject to specific risks, depending on the nature of the underlying fund. These risks could include liquidity risk, sector risk, foreign and related currency risk, as well as risks associated with real estate investments and commodities. Investors in the Funds will indirectly bear fees and expenses charged by the underlying investment companies in which the Funds invest in addition to the Funds' direct fees and expenses.

*Wholly-Owned Subsidiary Risk:* ASSF-CFC is not registered under the 1940 Act and is not subject to all of the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands, under which ASSF and ASSF-CFC, respectively, are organized, could result in the inability of ASSF and/or ASSF-CFC to operate as described in the Prospectus and could negatively affect ASSF and its shareholders. Your cost of investing in ASSF will be higher because you indirectly bear the expenses of ASSF-CFC.

*Credit Risk:* There is a risk that issuers and counterparties will not make payments on securities and other investments held by a Fund, resulting in losses to the Fund. In addition, the credit quality of securities held by a Fund may be lowered if an issuer's financial condition changes. Lower credit quality may lead to greater volatility in the price of a security and in shares of the Fund. Lower credit quality also may affect liquidity and make it difficult for a Fund to sell the security. The Funds may invest, directly or indirectly, in high yield fixed-income securities (also known as "junk bonds"), which are considered speculative with respect to the issuer's capacity to pay interest and repay principal in accordance with the terms of the obligations. This means that, compared to issuers of higher rated securities, issuers of medium and lower rated securities are less likely to have the capacity to pay interest and repay principal when due in the event of adverse business, financial or economic conditions and/or may be in default or not current in the payment of interest or principal. The market values of medium- and lower-rated securities tend to be more sensitive to company-specific developments and changes in economic conditions than higher-rated securities. The companies that issue these securities often are highly leveraged, and their ability to service their debt obligations during an economic downturn or periods of rising interest rates may be impaired. In addition, these companies may not have access to more traditional methods of financing, and may be unable to repay debt at maturity by refinancing. The risk of loss due to default in payment of interest or principal by these issuers is significantly greater than with higher-rated securities because medium- and lower-rated securities generally are unsecured and subordinated to senior debt. Default, or the market's perception that an issuer is likely to default, could reduce the value and liquidity of securities held by a Fund. In addition, default may cause a Fund to incur expenses in seeking recovery of principal or interest on its portfolio holdings.

*Swap Counterparty Credit Risk:* The Funds are subject to credit risk on the amount the Funds expect to receive from swap agreement counterparties. With certain exchange traded credit default swaps, there is minimal counterparty risk to a Fund in that the exchanges, clearinghouse, as counterparty, guarantees against default.

*Commodity Risk*: Investing in the commodities markets may subject the Funds to greater volatility than investments in traditional securities. Commodity prices may be influenced by unfavorable weather, animal and plant disease, geologic and environmental factors as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions.

*Foreign Currency Risk:* Currency trading risks include market risk, credit risk and country risk. Market risk results from adverse changes in exchange rates in the currencies the Fund is long or short. Credit risk results because a currency-trade counterparty may default. Country risk arises because a government may interfere with transactions in its currency.

*Foreign Exchanges Risk:* A portion of the derivatives trades made by the Funds may take place on foreign markets. Neither existing CFTC regulations nor regulations of any other U.S. governmental agency apply to transactions on foreign markets. Some of these foreign markets, in contrast to U.S. exchanges, are so-called principal markets in which performance is the responsibility only of the individual counterparty with whom the trader has entered into a commodity interest transaction and not of the exchange or clearing corporation. In these kinds of markets, there is risk of bankruptcy or other failure or refusal to perform by the counterparty.

---

| |
|:---|
| **AlphaCentric Funds** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **March 31, 2026** |

---

*Fixed Income Risk:* When the Funds invest in fixed income securities, the value of your investment in each will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Funds. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). If the U.S. Federal Reserve's Federal Open Market Committee ("***FOMC***") raises the federal funds interest rate target, interest rates across the U.S. financial system may rise. However, the magnitude of rate changes across maturities and borrower sectors is uncertain. Rising rates may decrease liquidity and increase volatility, which may make portfolio management more difficult and costly to each Fund and its shareholders. Additionally, default risk increases if issuers must borrow at higher rates. These risks could affect the value of a particular investment by each Fund, possibly causing the Fund's share price and total return to be reduced and fluctuate more than other types of investments.

*Futures and Forwards Contract Risk:* For APOF and ASSF the successful use of futures contracts draws upon the Adviser's skill and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with the use of futures contracts are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract; (b) possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Adviser's inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so.

*Derivatives Risk*: APOF, ASSF and ARIF may use derivatives (including options, futures, forwards, swaps and options on futures) to enhance returns or hedge against market declines. Each Fund's use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships.

*Options Risk:* There are risks associated with the sale and purchase of call and put options. As the seller (writer) of a covered call option, APOF assumes the risk of a decline in the market price of the underlying security below the purchase price of the underlying security less the premium received, and gives up the opportunity for gain on the underlying security above the exercise option price. As the buyer of a put or call option, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option. As a seller (writer) of a put option, the Fund will lose money if the value of the security falls below the strike price. If unhedged, the Fund's written calls exposes it to potentially unlimited losses.

*Market Risk:* Overall market risks may also affect the value of the Funds. The market values of securities or other investments owned by the Funds will go up or down, sometimes rapidly or unpredictably. Factors such as economic growth and market conditions, interest rate levels, exchange rates and political events affect the securities markets. Changes in market conditions and interest rates generally do not have the same impact on all types of securities and instruments. Unexpected local, regional or global events and their aftermath, such as war; acts of terrorism; financial, political or social disruptions; natural, environmental or man-made disasters; climate-change or climate-related events; the spread of infectious illnesses or other public health issues; tariffs and trade wars; recessions and depressions; or other tragedies, catastrophes and events could have a significant impact on the Funds and their investments and could result in increased premiums or discounts to a Fund's net asset value, and may impair market liquidity, thereby increasing liquidity risk. Such events can cause investor fear and panic, which can adversely affect the economies of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen. The Funds could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. In times of severe market disruptions, you could lose your entire investment.

Please refer to each Fund's prospectus for a full listing of risks associated with the investments.

**(10)** **SECURITIES LENDING** 

ARAF has entered into a Securities Lending Agreement with the US Bank NA ("***US Bank***"). ARAF can lend its securities to brokers, dealers and other financial institutions approved by the Board to earn additional income. The cash collateral is invested in short-term investments as noted in the ARAF's Schedule of Investments. ARAF also continues to receive interest or dividends on the securities loaned. Loans are collateralized at a value at least equal to 105% of the then current market value of any loaned security that are foreign, or 102% of the then current market value of any other loaned security. The market value of the loaned securities may increase intraday. In such instances, the value of the collateral held may temporarily fall below the market value of the loaned securities. All interest and dividend payments received on securities which are held

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| |
|:---|
| **AlphaCentric Funds** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **March 31, 2026** |

---

on loan, provided that there is no material default, will be paid to ARAF. A portion of the income generated by the investment in ARAF's collateral, net of any rebates paid by US Bank to the borrowers is remitted to US Bank as lending agent and the remainder is paid to ARAF.

Although risk is mitigated by the collateral, ARAF could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return them. Should the borrower of the securities fail financially, ARAF has the right to repurchase the securities using the collateral in the open market.

ARAF receives cash as collateral in return for securities lent as part of the securities lending program. The collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC of which the investment objective is to seek to maximize current income to the extent with the preservation of capital and liquidity and maintain a stable NAV of $1.00 per unit. ARAF held $8,987,123 as of March 31, 2026. The income earned by ARAF on investments of cash collateral received from borrowers for the securities loaned to them are reflected in ARAF's Statement of Operations.

The following table is a summary of the Funds' securities loaned and related collateral which are subject to a netting agreement as of March 31, 2026:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | Gross Amounts Not Offset in the Statement of | Gross Amounts Not Offset in the Statement of |
|  | | | | | Assets & Liabilities | Assets & Liabilities |
|  | | **Gross Amounts** | **Net Amounts of** | | | |
|  | | **Offset in the** | **Assets Presented in** | | | |
|  | **Gross Amounts of** | **Statement of Assets** | **the Statement of** | **Financial** | **Cash Collateral** | **Net Amount of** |
| **Assets:** | **Recognized Assets** | **& Liabilities** | **Assets & Liabilities** | **Instruments Pledged** | **Received \*** | **Assets** |
| **ARAF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Description: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Loaned | $9449703 | $— | $9449703 | $— | $8987123 \* | $462580 |
| &nbsp;&nbsp;&nbsp;Total | $9449703 | $— | $9449703 | $— | $8987123 | $462580 |

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\* The amount is limited to the asset balance and accordingly does not include excess collateral received.

The fair value of the securities loaned for ARAF totaled $9,449,703 as of March 31, 2026. The securities loaned are noted in the Schedule of Investments. The fair value of the "Collateral for Securities Loaned" on the Schedule of Investments includes cash collateral received and reinvested that totaled $8,987,123 for ARAF at March 31, 2026. This amount is offset by a liability recorded as "Payable upon return of securities loaned." The contractual maturity of securities lending transactions is on an overnight and continuous basis. The Funds cannot pledge or resell the collateral.

**(11)** **LEGAL PROCEEDINGS** 

On July 30, 2020, an investor in AIOF filed a putative class action in Florida state court, naming the Adviser, the Trust, and others as defendants. Plaintiff alleges that AIOF misrepresented that it held no more than 15% of its assets in illiquid securities, among other things, and asserts violation of Section 11, 12(a)(2) and 15 of the Securities Act of 1933. The Florida action was dismissed with prejudice on September 22, 2021.

On October 14, 2020, the same Plaintiff filed a nearly identical putative class action in New York State Court against the same defendants. That complaint was amended on February 26, 2021, which added two additional defendants, including sub-advisor Garrison Point LLC. On February 16, 2023, the New York court dismissed all but one claim for failure to state a claim. A class was certified on July 2, 2024.

On March 24, 2025, the plaintiff filed a "Note of Issue and Certificate of Readiness," indicating that discovery had been completed and the case was positioned to move forward. In accordance with the court's rule requiring alternative dispute resolution after the close of discovery, and in response to prior outreach from the plaintiff's counsel, the parties agreed to private mediation. Subsequent decisions between the parties' respective counsel and the mediator led to a settlement in principle. On September 26, 2025, an order was entered staying all deadlines in the case to allow the parties to document the settlement and prepare a schedule for further proceedings. A Stipulation of Settlement was executed by the parties' counsel on January 20, 2026, and an unopposed motion for preliminary approval of the settlement, including notice to the Class, was filed on January 21, 2026 (the "Preliminary Approval Motion"). On February 4, 2026, the court entered an Order granting the Preliminary Approval Motion, including notice to the Class, and setting a hearing date to consider final approval of the settlement for June 4, 2026.

The proposed settlement would resolve all claims against all defendants for $20,000,000, all of which would be paid by insurance. Management of the Trust has determined that the amount of the loss to the Trust is not reasonably estimable because the settlement was jointly negotiated to address all claims against all defendants without attribution of settlement proceeds to any specific defendant. Additionally, the settlement funds were provided by several insurers covering multiple defendants as part of a global settlement without attribution to any specific defendant. Therefore, consistent with ASC 450, Trust management has determined that the settlement amount should not be recognized as liability in AIOF's financial statements.

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| |
|:---|
| **AlphaCentric Funds** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **March 31, 2026** |

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AIOF incurred legal costs in the current fiscal year that relate to the class action lawsuit reported on the Statement of Operations as Legal fees, which were reimbursed through insurance. These reimbursements are reported on AIOF's Statement of Operations as Expenses reimbursed by insurance and also include insurance reimbursements related to legal costs incurred in prior years.

**(12)** **ACCOUNTING PRONOUNCEMENT** 

The Funds adopted the FASB Accounting Standards Update 2023-09, "Income Taxes (Topic 740) Improvements to Income Tax Disclosures" ("***ASU 2023-09***"), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Fund's adoption of ASU 2023-09 did not have a material impact on the Fund's financial statements.

**(13)** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. The Fund's officers have determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

![(COHEN & CO LOGO)](al002_v1.jpg)

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders of AlphaCentric Income Opportunities Fund, AlphaCentric Premium Opportunity Fund, AlphaCentric Robotics and Automation Fund, AlphaCentric Symmetry Strategy Fund, AlphaCentric Life Sciences and Healthcare Fund, and AlphaCentric Real Income Fund and

Board of Trustees of Mutual Fund Series Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the funds listed below (the "Funds"), each a series of Mutual Fund Series Trust as of March 31, 2026, the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2026, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below, in conformity with accounting principles generally accepted in the United States of America.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;Statements of Operations | &nbsp;&nbsp;Statements of <br> Changes in Net <br> Assets | &nbsp;&nbsp;Financial Highlights |
| &nbsp;&nbsp;AlphaCentric Income Opportunities Fund, AlphaCentric Premium Opportunity Fund, AlphaCentric Robotics and Automation Fund, AlphaCentric Symmetry Strategy Fund\*, and AlphaCentric Life Sciences and Healthcare Fund | &nbsp;&nbsp;For the year ended March 31, 2026 | &nbsp;&nbsp;For the years ended March 31, 2026 and 2025 | &nbsp;&nbsp;For the years ended March 31, 2026, 2025, 2024, 2023, and 2022 |
| &nbsp;&nbsp;AlphaCentric Real Income Fund | &nbsp;&nbsp;For the year ended March 31, 2026 | &nbsp;&nbsp;For the years ended March 31, 2026 and 2025 | &nbsp;&nbsp;For the years ended March 31, 2026, 2025, 2024, 2023, and for the period from May 28, 2021 (commencement of operations) through March 31, 2022 |

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\* The financial statements referred to above, in addition to the statement of assets and liabilities and schedule of investments, are consolidated financial statements.

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| |
|:---|
| **COHEN & COMPANY, LTD.**<br>**Registered with the Public Company Accounting Oversight Board** |
| 800.229.1099 \| 866.818.4538 fax \| cohenco.com |

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Basis for Opinion

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian, agent banks, and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2015.

![(-s- COHEN & COMPANY LTD)](al003_v1.jpg)

COHEN & COMPANY, LTD.

Greenwood Village, Colorado

May 30, 2026

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| |
|:---|
| **AlphaCentric Funds** |
| **ADDITIONAL INFORMATION (Unaudited)** |
| **March 31, 2026** |

---

**Changes in and Disagreements with Accountants**

Not applicable.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

This information is included in Item 7, as part of the financial statements.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Approval of the Renewal of the Advisory Agreement between the Mutual Fund Series Trust and AlphaCentric Advisors, LLC with respect to the AlphaCentric Income Opportunities Fund, AlphaCentric LifeSci Healthcare Fund, AlphaCentric Premium Opportunity Fund, AlphaCentric Robotics and Automation Fund, AlphaCentric Real Income Fund and AlphaCentric Symmetry Strategy Fund.

At a meeting held on November 18 and 21, 2025, the Board of Trustees (the "Board") of Mutual Fund Series Trust (the "Trust"), including a majority of the Trustees who are not "interested persons" as that term is defined in the Investment Company Act of 1940, as amended, (each an "Independent Trustee," and collectively the "Independent Trustees") discussed the renewal of the advisory agreement (the "Advisory Agreement") between the Trust and AlphaCentric Advisors LLC ("AlphaCentric") with respect to the AlphaCentric Income Opportunities Fund ("AlphaCentric IO"), AlphaCentric Life Sciences and Healthcare Fund, ("AlphaCentric LH"), AlphaCentric Premium Opportunity Fund, ("AlphaCentric PO"), AlphaCentric Robotics and Automation Fund, ("AlphaCentric RA"), AlphaCentric Real Income Fund ("AlphaCentric RI") and AlphaCentric Symmetry Strategy Fund ("AlphaCentric SS"), and (collectively, the "AlphaCentric Funds").

The Board examined AlphaCentric's responses to a series of questions regarding, among other things, its advisory services provided to the AlphaCentric Funds, comparative fee and expense information, and AlphaCentric's profitability from managing the AlphaCentric Funds. The Board was assisted by legal counsel throughout the review process and relied upon the advice of legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement and the weight to be given to each factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to renewal of the Advisory Agreement.

*Nature, Extent and Quality of Services.* The Board reviewed AlphaCentric's key personnel and noted its familiarity with the level of service AlphaCentric provided. The Board considered that, for those AlphaCentric Funds with a sub-advisor, AlphaCentric oversaw each sub-advisor's compliance and risk management programs. The Board noted that AlphaCentric served as the Rule 2a-5 valuation designee for the AlphaCentric Funds and continuously monitored liquidity requirements to ensure compliance with Rule 22e-4. The Board reviewed AlphaCentric's compliance program and noted that it was appropriately focused on risk management and that its chief compliance officer worked closely with the Trust's chief compliance officer. The Board acknowledged that AlphaCentric reported no material compliance or cybersecurity issues since the most recent renewal of the advisory agreement, and that it may use AI for idea generation, but not for foundational research. The Board agreed that AlphaCentric provided quality, comprehensive services to the AlphaCentric Funds.

*Performance.* The Board reviewed the performance of each AlphaCentric Fund relative to its peer group, Morningstar category and benchmark index.

*<u>AlphaCentric IO:</u>* The Board observed that AlphaCentric IO underperformed the peer group, benchmark index, and both Morningstar categories for all time periods. The Board noted that AlphaCentric explained that this underperformance was due to high interest rates, including one of the fastest and largest rate hikes in history, and AlphaCentric IO's concentration in subprime non-agency residential mortgage-backed securities. The Fund was impacted more than peers because of longer-duration holdings as well as larger spread widening in the particular sectors of the Fund's emphasis. The Board noted that AlphaCentric believed that if interest rates continued to be cut as expected, and inflation remained steady, the Fund was positioned to perform well going forward. The Board determined to monitor AlphaCentric IO's performance over a full market cycle.

*<u>AlphaCentric LH:</u>* The Board noted that AlphaCentric LH outperformed the peer group average, Morningstar category, and S&P 500 Biotechnology TR Index for the 3-year, 5-year, and since inception periods, but underperformed the S&P 500 TR Index ("S&P 500") and S&P 500 Health Care Sector TR Index for the 3-year and since inception periods. The Board noted that

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| |
|:---|
| **AlphaCentric Funds** |
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| **March 31, 2026** |

---

despite the Fund's negative performance over the 1-year period, it outperformed its peer group and the S&P 500 Biotechnology Sector TR Index for the 1-year period and slightly trailed the Morningstar category. The Board acknowledged that AlphaCentric changed sub-advisors for AlphaCentric LH in November 2024 and that the sub-advisor was in the process of repositioning the portfolio

*<u>AlphaCentric PO:</u>* The Board observed that AlphaCentric PO slightly underperformed the peer group average and Morningstar category for the 1-year period but trailed all benchmarks for the 3- and 5-year periods. The Board noted AlphaCentric PO outperformed the peer group average and Morningstar category for the since inception period. The Board noted that AlphaCentric explained that AlphaCentric PO was not fully invested in equities and therefore could not keep up with the S&P 500 during extended periods of strong equity markets.

*<u>AlphaCentric RA:</u>* The Board noted that AlphaCentric RA significantly outperformed all benchmarks for the 1-year period. The Board observed that AlphaCentric RA outperformed the peer group and Morningstar category for the 3-year and since inception periods but trailed the peer group for the 5-year period. The Board noted AlphaCentric RA underperformed the S&P 500 benchmark and MSCI ACWI Gross index for the 3-year, 5-year, and since inception periods. The Board considered that AlphaCentric noted that strong recent performance could be attributed to certain high conviction securities which buoyed AlphaCentric RA's overall performance in prior periods.

*<u>AlphaCentric RI:</u>* The Board recognized AlphaCentric RI outperformed the peer group and Real Estate Morningstar category for the 1-year period but slightly underperformed the benchmark index and underperformed the Nontraditional Bond Morningstar category over the same time period. The Board noted AlphaCentric RI outperformed all benchmarks for both the 3-year and since inception periods. The Board noted that AlphaCentric attributed AlphaCentric RI's recent underperformance to shorter duration bonds held in the portfolio compared to the bonds in the benchmark index and Nontraditional Bond Morningstar category and that AlphaCentric RI was expected to underperform these benchmarks in a declining interest rate environment.

*<u>AlphaCentric SS:</u>* The Board commented that AlphaCentric SS outperformed the Morningstar category for the 1-year period, the peer group average and Morningstar category over the 5-year and 10-year periods, and the benchmark index for the 5-year period. The Board discussed AlphaCentric's explanation that the traditional component of AlphaCentric SS's portfolio contributed to its performance while the alternative component detracted from performance in the 1-year period. The Board acknowledged that AlphaCentric SS was intended to provide a balanced approach between the two components. After discussion, the Board concluded that the performance of each AlphaCentric Fund was acceptable.

*Fees and Expenses.*

*<u>AlphaCentric IO:</u>* The Board noted that AlphaCentric IO's advisory fee was above the high of its peer group but was within the range of the Multisector Bond and Nontraditional Bond Morningstar categories. The Board acknowledged that when taking the expense limitation into account, the net advisory fee received was below the median and average for the peer group and both Morningstar categories. The Board added that the net expense ratio was above the range for the peer group but within the range for both Morningstar categories.

*<u>AlphaCentric LH:</u>* The Board observed that the advisory fee for AlphaCentric LH equaled the high of the peer group and Morningstar category. The Board noted that the net-advisory fee received was on par with the average of the peer group. The Board noted that the net expense ratio was above the medians and averages for the peer group and Morningstar category but well below the highs of both.

*<u>AlphaCentric PO:</u>* The Board observed that the AlphaCentric PO advisory fee was above the peer group's and Morningstar category's median and average but within the ranges of each. The Board noted the net expense ratio was above the medians and averages of the peer group and Morningstar category but well below the highs of each.

*<u>AlphaCentric RA:</u>* The Board observed that AlphaCentric RA's advisory fee was tied with the high of the peer group and Morningstar category but noted that when the fee waiver was considered, the net advisory fee was far below the medians and averages of both. The Board noted that the net expense ratio was higher than the medians and averages for the peer group and Morningstar category but well below the highs of both.

*<u>AlphaCentric RI:</u>* The Board discussed that AlphaCentric RI's advisory fee was above the peer group median and average but below the peer group high. The Board noted that the advisory fee was above the range for the Real Estate Morningstar category but within the range for the Nontraditional Bond Morningstar category. The Board noted the net advisory fee received was within the range for both Morningstar categories and peer group and well below the highs of each. The Board added that the net expense ratio was below the peer group average and below the highs of both Morningstar categories.

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| |
|:---|
| **AlphaCentric Funds** |
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| **March 31, 2026** |

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*<u>AlphaCentric SS:</u>* The Board noted the advisory fee for AlphaCentric SS was higher than the medians and averages for the peer group and Morningstar category but well below the highs of each. The Board observed that the net expense ratio was below the average for the peer group and the Morningstar category.

The Board concluded that the advisory fee paid by each of the AlphaCentric Funds to AlphaCentric was not unreasonable.

Profitability. The Board reviewed the financial information provided by AlphaCentric and discussed AlphaCentric's profitability from its services to each of the AlphaCentric Funds. The Board observed that AlphaCentric received a reasonable profit from each AlphaCentric Fund before marketing expenses were taken into account except for AlphaCentric SS, which AlphaCentric was advising at a loss. The Board agreed that AlphaCentric's profits, on a fund-by-fund basis and with respect to the enterprise, were not excessive.

*Economies of Scale.* The Board noted that the advisory agreement with AlphaCentric did not include breakpoints to reduce the fee rate based on certain levels of assets and that AlphaCentric did not believe any of the AlphaCentric Funds had reached significant scale to warrant breakpoints. The Board acknowledged that AlphaCentric remained willing to revisit breakpoints at the appropriate time.

*Conclusion.* Having requested and received such information from AlphaCentric as the Board believed to be reasonably necessary to evaluate the terms of the advisory agreement, and as assisted by the advice of counsel, the Board concluded that renewal of the advisory agreement was in the best interests of each AlphaCentric Fund and its shareholders.

Approval of renewal of Sub-Advisory Agreement between AlphaCentric Advisors, LLC and Garrison Point Capital Management, LLC with respect to AlphaCentric Income Opportunities Fund

At a meeting held on November 18 and 21, 2025, the Board of Trustees (the "Board") of Mutual Fund Series Trust (the "Trust"), including a majority of the Trustees who are not "interested persons" as that term is defined in the Investment Company Act of 1940, as amended, (each an "Independent Trustee," and collectively the "Independent Trustees") discussed the renewal of the sub-advisory agreement (the "Sub-Advisory Agreement") between AlphaCentric Advisors, LLC ("AlphaCentric") and Garrison Point Capital Management, LLC ("Garrison Point") with respect to the AlphaCentric Income Opportunities Fund ("AlphaCentric IO").

The Board examined Garrison Point's responses to a series of questions regarding, among other things, its sub-advisory services provided to AlphaCentric IO, comparative fee and expense information, and Garrison Point's profitability from sub-advising AlphaCentric IO. The Board was assisted by legal counsel throughout the review process and relied upon the advice of legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Sub-Advisory Agreement and the weight to be given to each factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to approval of the Sub-Advisory Agreement.

*Nature, Extent and Quality of Services.* The Board reviewed the services Garrison Point provided to AlphaCentric IO, noting that Garrison Point provided portfolio monitoring, research services and trade execution services. The Board noted that Garrison Point allocated the portfolio to various asset classes that Garrison Point believed offered the best risk-adjusted values at that time. The Board discussed the investment team, noting that Garrison Point held weekly strategy meetings and was in constant contact throughout the trading day. The Board discussed that Garrison Point collected and analyzed large amounts of data related to the bond market and had strong relationships throughout the market which allowed Garrison Point to buy and sell securities at the best possible prices. The Board observed that there were no material compliance issues since the last renewal and noted that the advisor had recommended renewing the sub-advisory agreement with Garrison Point. After further discussion, the Board concluded that the nature, extent and quality of services provided by Garrison Point were satisfactory.

*Performance.* The Board discussed that AlphaCentric IO underperformed the peer group, benchmark index, and both Morningstar categories for all time periods. The Board noted the explanation that this underperformance was due to increased interest rates and AlphaCentric IO's concentration in subprime non-agency residential mortgage-backed securities. The Board noted that Garrison Point believed that if interest rates continued to be cut as expected, and inflation remained steady, AlphaCentric IO was positioned well going forward. The Board determined to monitor AlphaCentric IO's performance over a full market cycle. After further discussion, the Board agreed that the performance of AlphaCentric IO was acceptable.

*Fees and Expenses.* The Board observed that Garrison Point received 50% of the net advisory fee. The Board discussed that this was less than Garrison Point charged to other accounts and private funds. After further discussion, the Board concluded that the sub-advisory fee charged with respect to AlphaCentric IO and the allocation of fees between the advisor and Garrison Point were not unreasonable.

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| |
|:---|
| **AlphaCentric Funds** |
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| **March 31, 2026** |

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*Profitability.* The Board discussed that Garrison Point earned a reasonable profit from sub-advising AlphaCentric IO. The Board noted that expenses were allocated based on Garrison Point's assets under management. The Board discussed other benefits Garrison Point received, including soft dollar arrangements and agreed that excessive profitability was not an issue.

*Economies of Scale.* The Board discussed whether Garrison Point benefited from economies of scale. The Board acknowledged that AlphaCentric IO's assets had continued to drop and acknowledged economies of scale was an issue primarily considered by the Board when evaluating the advisory agreement. The Board concluded that Garrison Point did not appear to have materially benefited from economies of scale.

*Conclusion.* Having requested and received such information from Garrison Point as the Board believed to be reasonably necessary to evaluate the terms of the Sub-Advisory Agreement, and as assisted by the advice and guidance of counsel, the Board concluded that renewal of the Sub-Advisory Agreement was in the best interests of AlphaCentric IO and its shareholders.

Approval of the Renewal of the Sub-Advisory Agreement between AlphaCentric Advisors LLC and Contego Capital Group, Inc. with respect to AlphaCentric Robotics & Automation Fund

At a meeting held on November 18 and 21, 2025, the Board of Trustees (the "Board") of Mutual Fund Series Trust (the "Trust"), including a majority of the Trustees who are not "interested persons" as that term is defined in the Investment Company Act of 1940, as amended, (each an "Independent Trustee", and collectively the "Independent Trustees") discussed the renewal of the sub-advisory agreement (the "Sub-Advisory Agreement") between AlphaCentric Advisors LLC ("AlphaCentric") and Contego Capital Group, Inc. ("Contego") with respect to the AlphaCentric Robotics & Automation Fund ("AlphaCentric RA").

The Board examined Contego's responses to a series of questions regarding, among other things, its sub-advisory services provided to AlphaCentric RA, comparative fee and expense information, and Contego's profitability from sub-advising AlphaCentric RA. The Board was assisted by legal counsel throughout the review process and relied upon the advice of legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Sub-Advisory Agreement and the weight to be given to each factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to renewal of the Sub-Advisory Agreement.

*Nature, Extent and Quality of Services.* The Board discussed that Contego furnished AlphaCentric RA with advice and recommendations with respect to the investments of AlphaCentric RA's assets and the purchase and sale of portfolio securities and other investments for AlphaCentric RA. The Board acknowledged that Contego continuously monitored AlphaCentric RA's investments in pursuit of AlphaCentric RA's investment objective and to ensure compliance with AlphaCentric RA's investment policies and restrictions. The Board discussed that Contego's services included fundamental and quantitative equity research, record keeping, compliance, trading, disaster recovery and account reconciliation. The Board acknowledged that Contego maintained robust backup systems and that it reviewed trading activity on a quarterly basis to monitor brokers and assess best execution. The Board noted that Contego reported no compliance issues and no material litigation since the most recent renewal of the sub-advisory agreement and that the advisor had recommended continuing the sub-advisory agreement with Contego. The Board concluded that Contego provided quality services to AlphaCentric RA.

*Performance.* The Board noted that AlphaCentric RA significantly outperformed all benchmarks for the 1-year period. The Board observed that AlphaCentric RA outperformed the peer group and Morningstar category for the 3-year and since inception periods but trailed the peer group for the 5-year period. The Board noted AlphaCentric RA underperformed the S&P 500 benchmark and MSCI ACWI Gross index for the 3-year, 5-year, and since inception periods. The Board considered that strong recent performance was attributed to certain high conviction securities which buoyed AlphaCentric RA's overall performance in prior periods. The Board concluded that the performance of AlphaCentric RA was acceptable.

*Fees and Expenses.* The Board reviewed the fees paid to Contego and the allocation of fees between Contego and the advisor relative to their respective duties and other factors. The Board noted that Contego received 50% of the net advisory, which was less than Contego charged to other similar accounts. After further discussion the Board agreed that the sub-advisory fee received by Contego for AlphaCentric RA was not unreasonable.

*Profitability.* The Board reviewed the profitability analysis provided by Contego, noting that Contego sub-advised AlphaCentric RA at a loss and therefore excess profitability was not a concern.

*Economies of Scale.* The Board considered whether AlphaCentric RA had reached the size that Contego benefited from economies of scale. The Board acknowledged that this was generally an advisor issue and noted that it should be considered in terms of the

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| |
|:---|
| **AlphaCentric Funds** |
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| **March 31, 2026** |

---

advisory agreement and its potential impact on Contego's expenses. The Board noted that AlphaCentric RA had increased in size but agreed that it was unlikely that Contego benefited from any meaningful economies of scale.

*Conclusion.* Having requested and received such information from Contego as the Board believed to be reasonably necessary to evaluate the terms of the Sub-Advisory Agreement between AlphaCentric and Contego, and as assisted by the advice and guidance of counsel, the Board concluded that renewal of the Sub-Advisory Agreement was in the best interests of AlphaCentric RA and its shareholders.

Approval of the Renewal of the Sub-Advisory Agreement between AlphaCentric Advisors, LLC and Mount Lucas Management LP with respect to AlphaCentric Symmetry Strategy Fund

At a meeting held on November 18 and 21, 2025, the Board of Trustees (the "Board") of Mutual Fund Series Trust (the "Trust"), including a majority of the Trustees who are not "interested persons" as that term is defined in the Investment Company Act of 1940, as amended, (each an "Independent Trustee," and collectively the "Independent Trustees") discussed the renewal of the sub-advisory agreement (the "Sub-Advisory Agreement") between AlphaCentric Advisors, LLC ("AlphaCentric") and Mount Lucas Management LP ("Mount Lucas") (including its wholly-owned subsidiary, ASSF Fund Limited). with respect to the AlphaCentric Symmetry Strategy ("AlphaCentric SS").

The Board examined Mount Lucas' responses to a series of questions regarding, among other things, its sub-advisory services provided to AlphaCentric SS, comparative fee and expense information, and Mount Lucas' profitability from sub-advising AlphaCentric SS. The Board was assisted by legal counsel throughout the review process and relied upon the advice of legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Sub-Advisory Agreement and the weight to be given to each factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the renewal of the Sub-Advisory Agreement.

*Nature, Extent and Quality of Services.* The Board discussed the key investment personnel involved in servicing AlphaCentric SS, noting that there were no changes from the prior year. The Board reviewed that Mount Lucas implemented AlphaCentric SS's investment strategy, making investment decisions and executing transactions. The Board noted that Mount Lucas conducted extensive research on potential portfolio companies. The Board discussed that Mount Lucas used computerized trade support functions and used the capabilities to research new investment strategies and perform complex portfolio analysis. The Board observed that Mount Lucas invested in a variety of asset classes including ETFs, common stock, and derivatives. The Board acknowledged that Mount Lucas reported no cyber security incidents, compliance issues or material litigation since the most recent renewal of the sub-advisory agreement. The Board noted that the advisor recommended renewing the sub-advisory agreement. After further discussion, the Board agreed that Mount Lucas had the experience and resources necessary to continue providing quality services to AlphaCentric SS.

*Performance.* The Board commented that AlphaCentric SS outperformed the Morningstar category for the 1-year period, outperformed the peer group average and Morningstar category over the 5-year and 10-year periods, and the benchmark index for the 5-year period. The Board discussed the explanation that the traditional component of AlphaCentric SS's portfolio contributed to its performance while the alternative component detracted from performance in the 1-year period. The Board acknowledged that AlphaCentric SS was intended to provide a balanced approach between the two components. After further discussion, the Board agreed that the performance of AlphaCentric SS was acceptable.

*Fees and Expenses.* The Board observed that Mount Lucas received 100% of the net advisory fees from accounts converted from AlphaCentric SS's predecessor fund and 50% of the net advisory fee from all other assets in AlphaCentric SS. The Board discussed that the fee charged to AlphaCentric SS was in line with the fee Mount Lucas charged for other accounts. After further discussion, the Board concluded that the sub-advisory fees received by Mount Lucas from the advisor for AlphaCentric SS were not unreasonable

*Profitability.* The Board reviewed the profitability analysis provided by Mount Lucas, noting that Mount Lucas sub-advised AlphaCentric SS at a reasonable profit. The Board noted that Mount Lucas's expenses were allocated to AlphaCentric SS based on assets under management. After further discussion, the Board concluded that excessive profitability for Mount Lucas was not an issue.

*Economies of Scale.* The Board reviewed whether AlphaCentric SS had reached the size where Mount Lucas benefited from economies of scale and acknowledged economies of scale were an issue primarily considered by the Board when evaluating the advisory agreement. The Board agreed that it was unlikely that Mount Lucas benefitted from material economies of scale.

---

| |
|:---|
| **AlphaCentric Funds** |
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| **March 31, 2026** |

---

*Conclusion.* Having requested and received such information from Mount Lucas as the Board believed to be reasonably necessary to evaluate the terms of the Sub-Advisory Agreement, and as assisted by the advice and guidance of counsel, the Board concluded that renewal of the Sub-Advisory Agreement was in the best interests of AlphaCentric SS and its shareholders.

Approval of the Sub-Advisory Agreement between AlphaCentric Advisors, LLC and Kennedy Capital Management, LLC with respect to AlphaCentric Life Sciences and Healthcare Fund.

At a meeting held on November 18 and 21, 2025, the Board of Trustees (the "Board") of Mutual Fund Series Trust (the "Trust"), including a majority of the Trustees who are not "interested persons" as that term is defined in the Investment Company Act of 1940, as amended, (each an "Independent Trustee," and collectively the "Independent Trustees") discussed the sub-advisory agreement (the "Sub-Advisory Agreement") between AlphaCentric Advisors, LLC ("AlphaCentric") and Kennedy Capital Management, LLC ("Kennedy") with respect to the AlphaCentric Life Sciences and Healthcare Fund ("AlphaCentric LH").

The Board examined Kennedy's responses to a series of questions regarding, among other things, its sub-advisory services provided to AlphaCentric LH, comparative fee and expense information, and Kennedy's profitability from sub-advising AlphaCentric LH. The Board was assisted by legal counsel throughout the review process and relied upon the advice of legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Sub-Advisory Agreement and the weight to be given to each factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to renewal of the Sub-Advisory Agreement.

*Nature, Extent and Quality of Services.* The Board reviewed the key personnel involved in servicing AlphaCentric LH, noting that an assistant portfolio manager was added to AlphaCentric LH since approval of the advisory agreement. The Board acknowledged that Kennedy conducted extensive research on potential investments which included discussions with management, data gathering, and onsite visits. The Board noted that Kennedy's utilized proprietary tools to analyze potential investments with a focus on return on invested capital as a measure of corporate performance. The Board discussed that Kennedy maintained an investment policy committee chaired by its chief investment officer that ensured that all funds advised by Kennedy, including AlphaCentric LH, complied with their specific investment objectives and restrictions. The Board noted that the investment policy committee also closely monitored the liquidity of AlphaCentric LH. The Board acknowledged that Kennedy selected broker-dealers on the basis of best execution. The Board recognized that Kennedy developed a robust trade allocation policy to address any potential conflicts of interest between AlphaCentric LH and other funds advised by Kennedy. The Board observed that Kennedy reported no material changes to its cybersecurity controls, and that it experienced no material compliance issues in the past year. After further discussion, the Board concluded that Kennedy had the resources and ability to continue providing high quality service to AlphaCentric LH.

*Performance.* The Board noted that despite the Fund's negative performance over the 1-year period, it outperformed its peer group and the S&P 500 Biotechnology Sector TR Index for the 1-year period and slightly trailed the Morningstar category. The Board acknowledged that Kennedy had only been sub-advisor to AlphaCentric LH since November 2024 and that Kennedy was in the process of repositioning the portfolio. The Board agreed that AlphaCentric LH's performance was acceptable

*Fees and Expenses.* The Board observed that Kennedy received a maximum sub-advisory fee of 50% of the net advisory. The Board discussed the fee split between Kennedy and the advisor and concluded that the sub-advisory fee received by Kennedy for AlphaCentric LH was not unreasonable.

*Profitability.* The Board reviewed the profitability analysis provided by Kennedy, noting that Kennedy sub-advised AlphaCentric LH at a reasonable profit. After further discussion, the Board concluded that excessive profitability for AlphaCentric LH was not an issue at this time.

*Economies of Scale.* The Board acknowledged that Kennedy had only recently become sub-advisor to AlphaCentric LH. It noted that economies of scale was generally an advisor issue and should be considered in terms of the advisory agreement and its potential impact on Kennedy's expenses. The Board agreed it was unlikely that Kennedy had benefited from any economies of scale.

*Conclusion.* Having requested and received such information from Kennedy as the Board believed to be reasonably necessary to evaluate the terms of the Sub-Advisory Agreement, and as assisted by the advice and guidance of counsel, the Board concluded that approval of the Sub-Advisory Agreement was in the best interests of AlphaCentric LH and its shareholders.

Approval of a Sub-Advisory Agreement between AlphaCentric Advisors, LLC and CrossingBridge Advisors, LLC respect to AlphaCentric Real Income Fund

---

| |
|:---|
| **AlphaCentric Funds** |
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| **March 31, 2026** |

---

At a meeting held on November 18 and 21, 2025, the Board of Trustees (the "Board") of Mutual Fund Series Trust (the "Trust"), including a majority of the Trustees who are not "interested persons" as that term is defined in the Investment Company Act of 1940, as amended, (each an "Independent Trustee," and collectively the "Independent Trustees") discussed a new sub-advisory agreement (the "Sub-Advisory Agreement") between AlphaCentric Advisors, LLC ("AlphaCentric") and CrossingBridge Advisors, LLC ("CrossingBridge") with respect to the AlphaCentric Real Income Fund ("AlphaCentric RI").

The Board examined CrossingBridge's responses to a series of questions regarding, among other things, its sub-advisory services provided to AlphaCentric RI, comparative fee and expense information, and CrossingBridge's profitability from sub-advising AlphaCentric RI. The Board was assisted by legal counsel throughout the review process and relied upon the advice of legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Sub-Advisory Agreement and the weight to be given to each factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the renewal of the Sub-Advisory Agreement.

*Nature, Extent and Quality of Services.* The Board discussed that there were no changes to CrossingBridge's key personnel servicing AlphaCentric RI since the approval of the sub-advisory agreement. The Board observed that CrossingBridge investment advisory services for AlphaCentric RI included research on existing and potential investments, making investment decisions, monitoring investment activity and portfolio reconciliation. The Board noted that CrossingBridge utilized an order management system with a specific compliance module that alerted portfolio managers and the compliance team if a trade did not comply with AlphaCentric RI's investment requirements. The Board noted that CrossingBridge reported no material cyber security issues, compliance issues, or material litigation reported. After further discussion, the Board concluded that CrossingBridge had the resources and ability to continue to provide high quality service to AlphaCentric RI.

*Performance.* The Board recognized that AlphaCentric RI outperformed the peer group and Real Estate Morningstar category for the 1-year period but slightly underperformed the benchmark index and Nontraditional Bond Morningstar category over the same time period. The Board acknowledged CrossingBridge started in November 2024 and thus the 1-year period was the most relevant. The Board noted that AlphaCentric RI's underperformance was attributed to the shorter duration bonds held in its portfolio compared to the bonds in the benchmark index and Nontraditional Bond Morningstar category and that AlphaCentric RI was expected to underperform these benchmarks in a declining interest rate environment. The Board agreed that the performance of AlphaCentric RI was acceptable.

*Fees and Expenses.* The Board observed that CrossingBridge was paid on a tiered fee structure based on AlphaCentric RI's average daily net asset value. The Board discussed the sub-advisory fee over different asset levels and in relation to the allocation of fees and responsibilities between the advisor and CrossingBridge. After discussion, the Board concluded that the sub-advisory fee was not unreasonable.

*Profitability.* The Board reviewed the profitability analysis provided by CrossingBridge, noting that CrossingBridge sub-advised AlphaCentric RI at a loss. The Board concluded therefore that excess profitability was not a concern.

*Economies of Scale.* The Board acknowledged that CrossingBridge had only recently become sub-advisor to AlphaCentric RI. The Board noted that economies of scale were generally an advisor issue and should be considered in terms of the advisory agreement and its potential impact on sub-advisor expenses. The Board agreed it was unlikely that CrossingBridge benefited from any economies of scale.

*Conclusion.* Having requested and received information from CrossingBridge as the Board believed to be reasonably necessary to evaluate the terms of the sub-advisory agreement, and as assisted by the advice and guidance of counsel, the Board concluded that renewal of the sub-advisory agreement was in the best interests of AlphaCentric RI and its shareholders.

---

| |
|:---|
| **<u>Mutual Fund Series Trust</u>** |
| 4221 North 203<sup>rd</sup> Street, Suite 100 |
| Elkhorn, NE 68022 |
| **<u>ADVISER</u>** |
| AlphaCentric Advisors, LLC <br> 207 Calle del Parque, AM Tower, Floor 7 Suite 2 <br> San Juan, PR 00912 |
| **<u>ADMINISTRATOR</u>** |
| Ultimus Fund Solutions, LLC |
| 225 Pictoria Drive, Suite 450 |
| Cincinnati, OH 45246 |
| **<u>TRANSFER AGENT</u>** |
| Ultimus Fund Solutions, LLC |
| 225 Pictoria Drive, Suite 450 |
| Cincinnati, OH 45246 |
| **<u>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>** |
| Cohen & Company, Ltd. |
| 8101 East Prentice Ave Suite 750 |
| Greenwood Village, CO 80111 |
| **<u>LEGAL COUNSEL</u>** |
| Thompson Hine LLP |
| 41 South High Street Suite 1700 |
| Columbus, OH 43215 |
| **<u>CUSTODIAN BANK</u>** |
| U.S. Bank |
| 1555 N. Rivercenter Drive. Suite 302 |
| Milwaukee, WI 53212 |

---

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** Not applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** Not applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** Included under Item 7 of this Form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Included under Item 7 of this Form.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.** 

None.

**Item 16. Controls and Procedures.** 

(a)&nbsp;&nbsp;&nbsp;&nbsp; The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b)&nbsp;&nbsp;&nbsp;&nbsp; There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 19. Exhibits.** 

(a)(1) Code of Ethics for Principal Executive and Senior Financial Officers. [Exhibit 99.CODE](coe.htm)

(a)(2) Not applicable

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto. [Exhibit 99. CERT](ex99-cert.htm)

(a)(4) Not applicable.

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto [Exhibit 99.906CERT](ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) <u>Mutual Fund Series Trust</u>

By (Signature and Title)

---

| |
|:---|
| /s/ Michael Schoonover |
| Michael Schoonover, Principal Executive Officer/President |

---

Date <u>6/8/26</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)

---

| |
|:---|
| /s/ Michael Schoonover |
| Michael Schoonover, Principal Executive Officer/President |

---

Date <u>6/8/26</u>

By (Signature and Title)

---

| |
|:---|
| /s/ Erik Naviloff |
| Erik Naviloff, Principal Financial Officer/Treasurer |

---

Date <u>6/8/26</u>

## Ex-99.Cert

CERTIFICATIONS

I, Michael Schoonover, certify that:

1. I have reviewed this report on Form N-CSR of the Mutual Fund Series Trust (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 6/8/26 | /s/ Michael Schoonover |
|  |  | Michael Schoonover |
|  |  | Principal Executive Officer/President |

---

I, Erik Naviloff, certify that:

1. I have reviewed this report on Form N-CSR of the Mutual Fund Series Trust (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 6/8/26 | /s/ Erik Naviloff |
|  |  | Erik Naviloff |
|  |  | Principal Financial Officer/Treasurer |

---

## Ex-99.Cert

**CERTIFICATION**

Michael Schoonover, Principal Executive Officer/President, and Erik Naviloff, Principal Financial Officer/Treasurer of Mutual Fund Series Trust (the "Registrant"), each certify to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended March 31, 2026 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer/President | Principal Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Northern Lights Fund Trust | Northern Lights Fund Trust | Northern Lights Fund Trust | Northern Lights Fund Trust |
| /s/ Michael Schoonover | /s/ Michael Schoonover | /s/ Erik Naviloff | /s/ Erik Naviloff |
| Michael Schoonover | Michael Schoonover | Erik Naviloff | Erik Naviloff |
| Date: | 6/8/26 | Date: | 6/8/26 |

---

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

## Ex-99.Code

**CODE OF ETHICS**

**I.** **Statement of General Principles**

This Code of Ethics has been adopted by the Mutual Fund Series Trust (the "Trust") for the purpose of instructing all employees, officers and trustees of the Trust and Catalyst Capital Advisors, LLC, the adviser to the Trust (the "Adviser"), in their ethical obligations and to provide rules for their personal securities transactions. All such persons owe a fiduciary duty to the Trust and its shareholders. A fiduciary duty means a duty of loyalty, fairness and good faith towards the Trust and its shareholders, and the obligation to adhere not only to the specific provisions of this Code but to the general principles that guide the Code. These general principles are:

· The duty at all times to place the interests of the Trust and its shareholders first;

· The requirement that all personal securities transactions be conducted in a manner consistent with the Code of Ethics and in such a manner as to avoid any actual or potential conflict of interest or any abuse of any individual's position of trust and responsibility; and

· The fundamental standard that such employees, officers, directors and trustees should not take inappropriate advantage of their positions, or of their relationship with the Trust or its shareholders.

It is imperative that the personal trading activities of the employees, officers, directors and trustees of the Trust and the Adviser, respectively, be conducted with the highest regard for these general principles in order to avoid any possible conflict of interest, any appearance of a conflict, or activities that could lead to disciplinary action. This includes executing transactions through or for the benefit of a third party when the transaction is not in keeping with the general principles of this Code.

All personal securities transactions must also comply with the Securities & Exchange Commission's Rule 17j-1. Under this rule, no Employee may:

· employ any device, scheme or artifice to defraud the Trust or any of its shareholders;

· make to the Trust or any of its shareholders any untrue statement of a material fact or omit to state to such client a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

· engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon the Trust or any of its shareholders; or

· engage in any manipulative practice with respect to the Trust or any of its shareholders.

**II.** **Definitions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Advisory Employees</u>: Employees who, in connection with their regular functions or duties, make, participate in, or obtain information regarding the purchase or sale of securities by a Fund, or whose functions relate to the making of any recommendation with respect to purchases or sales. The Compliance Officer will maintain a current list of all Advisory Employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Beneficial Interest</u>: ownership or any benefits of ownership, including the opportunity to directly or indirectly profit or otherwise obtain financial benefits from any interest in a security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Compliance Officer</u>: the Compliance Officer for the Adviser and the Trust is each company's duly named Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Disinterested Trustees</u>: trustees of the Trust whose affiliation with the Trust is solely by reason of being a trustee of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Employee Account</u>: each account in which an Employee or a member of his or her family has any direct or indirect Beneficial Interest or over which such person exercises control or influence, including, but not limited to, any joint account, partnership, corporation, trust or estate. An Employee's family members include the Employee's spouse, minor children, any person living in the home of the Employee and any relative of the Employee (including in-laws) to whose support an Employee directly or indirectly contributes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Employees</u>: the employees, officers, and trustees of the Trust and the employees, officers and directors of the Adviser, including Advisory Employees. The Compliance Officer will maintain a current list of all Employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. <u>Exempt Transactions</u>: transactions which are 1) effected in an amount or in a manner over which the Employee has no direct or indirect influence or control, 2) pursuant to a systematic dividend reinvestment plan, systematic cash purchase plan or systematic withdrawal plan, 3) in connection with the exercise or sale of rights to purchase additional securities from an issuer and granted by such issuer pro-rata to all holders of a class of its securities, 4) in connection with the call by the issuer of a preferred stock or bond, 5) pursuant to the exercise by a second party of a put or call option, 6) closing transactions no more than five business days prior to the expiration of a related put or call option, 7) inconsequential to any Fund because the transaction is very unlikely to affect a highly liquid market or because the security is clearly not related economically to any securities that a Fund may purchase or sell, 8) involving shares of a security of a company with a market capitalization in excess of $500 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. <u>Funds</u>: any series of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. <u>Related Securities</u>: securities issued by the same issuer or issuer under common control, or when either security gives the holder any contractual rights with respect to the other security, including options, warrants or other convertible securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. <u>Securities</u>: any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas or other mineral rights, or, in general, any interest or instrument commonly known as a "security," or any certificate or interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase (including options) any of the foregoing; except for the following: 1) securities issued by the government of the United States, 2) bankers' acceptances, 3) bank certificates of deposit, 4) commercial paper, and 5) shares of unaffiliated registered open-end investment companies (other than exchange traded funds)..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. <u>Securities Transaction</u>: the purchase or sale, or any action to accomplish the purchase or sale, of a Security for an Employee Account. The term Securities Transaction does not include transactions executed by the Adviser for the benefit of unaffiliated persons, such as investment advisory and brokerage clients.

**III.** **Personal Investment Guidelines**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**

**Personal Accounts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Personal Investment Guidelines in this Section III do not apply to Exempt Transactions unless the transaction involves a private placement or initial public offering. Employees must remember that regardless of the transaction's status as exempt or not exempt, the Employee's fiduciary obligations remain unchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. While trustees of the Trust are subject at all times to the fiduciary obligations described in this Code, the Personal Investment Guidelines and Compliance Procedures in Sections III and IV of this Code apply to Disinterested Trustees only if such person knew, or in the ordinary course of fulfilling the duties of that position, should have known, that during the fifteen days immediately preceding or after the date of the such person's transaction that the same Security or a Related Security was or was to be purchased or sold for a Fund or that such purchase or sale for a Fund was being considered, in which case such Sections apply only to such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Employees may not execute a Securities Transaction on a day during which a purchase or sell order in that same Security or a Related Security is pending for a Fund unless the Securities Transaction is combined ("blocked") with the Fund's transaction. Securities Transactions executed in violation of this prohibition shall be unwound or, if not possible or practical, the Employee must disgorge to the Fund the value received by the Employee due to any favorable price differential received by the Employee. For example, if the Employee buys 100 shares at $10 per share, and the Fund buys 1000 shares at $11 per share, the Employee will pay $100 (100 shares x $1 differential) to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Any Securities Transactions in a private placement must be authorized by the Compliance Officer, in writing, prior to the transaction. In connection with a private placement acquisition, the Compliance Officer will take into account, among other factors, whether the investment opportunity should be reserved for a Fund, and whether the opportunity is being offered to the Employee by virtue of the Employee's position with the Trust or the Adviser. If the private placement acquisition is authorized, the Compliance Officer shall retain a record of the authorization and the rationale supporting the authorization. Employees who have been authorized to acquire securities in a private placement will, in connection therewith, be required to disclose that investment if and when the Employee takes part in any subsequent investment in the same issuer. In such circumstances, the determination to purchase Securities of that issuer on behalf of a Fund will be subject to an independent review by personnel of the Adviser with no personal interest in the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Employees are prohibited from acquiring any Securities in an initial public offering without the prior written approval of the Compliance Officer. This restriction is imposed in order to preclude any possibility of an Employee profiting improperly from the Employee's position with the Trust or the Adviser. If the initial public offering is authorized, the Compliance Officer shall retain a record of the authorization and the rationale supporting the authorization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.**

**Other Restrictions**

Employees are prohibited from serving on the boards of directors of publicly traded companies, absent prior authorization by the Compliance Officer. The consideration of prior authorization will be based upon a determination that the board service will be consistent with the interests of the Trust and the Funds' shareholders. In the event that board service is authorized, Employees serving as directors will be isolated from other Employees making investment decisions with respect to the securities of the company in question.

**IV.** **Compliance Procedures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**

**Employee Disclosure**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Within ten (10) days of commencement of employment with the Trust or the Adviser, each Employee must certify that he or she has read and understands this Code and recognizes that he or she is subject to it, and must disclose the following information, which information must be current as of a date no more than 45 days prior to the date the person became an Employee: a) the title, number of shares and principal amount of each Security in which the Employee has a Beneficial Interest when the person became an Employee, b) the name of any broker/dealer with whom the Employee maintained an account when the person became an Employee, and c) the date the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annually, each Employee must certify that he or she has read and understands this Code and recognizes that he or she is subject to it, that he or she has complied with the requirements of this Code and has disclosed or reported all personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. In addition, each Employee shall annually provide the following information (as of a date no more than 30 days before the report is submitted): a) the title, number of shares and principal amount of each Security in which the Employee had any Beneficial Interest, b) the name of any broker, dealer or bank with whom the Employee maintains an account in which any Securities are held for the direct or indirect benefit of the Employee, and c) the date the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.**

**Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. All Employees must provide copies of all periodic broker account statements to the Compliance Officer. Each Employee must report, no later than thirty (30) days after the close of each calendar quarter, on the Securities Transaction Report form provided by the Trust or the Adviser, all transactions in which the Employee acquired or sold any direct or indirect Beneficial Interest in a Security, including Exempt Transactions, and certify that he or she has reported all transactions required to be disclosed pursuant to the requirements of this Code. The report will also identify any trading account, in which the Employee has a direct or indirect Beneficial Interest, established during the quarter with a broker, dealer or bank. The Employee may exclude transactions effected pursuant to an automatic investment plan. An automatic investment plan is a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An automatic investment plan includes a dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Compliance Officer will, on a quarterly basis, check the trading account statements provided by brokers to verify that the Employee has not violated the Code. The Compliance Officer shall identify all Employees, inform those persons of their reporting obligations, and maintain a record of all current and former access persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If an Employee violates this Code, the Compliance Officer will report the violation to management personnel of the Trust and the Adviser for appropriate remedial action which, in addition to the actions specifically delineated in other sections of this Code, may include a reprimand of the Employee, or suspension or termination of the Employee's relationship with the Trust and/or the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The management personnel of the Trust will prepare an annual report to the Trust's board of trustees that summarizes existing procedures and any changes in the procedures made during the past year and certify to the Trust's Board of Trustees that the Adviser and the Trust have each adopted procedures reasonably necessary to prevent Employees from violating this Code. The report will describe any issues existing under this Code since the last report, including without limitation, information about any material violations of this Code, any significant remedial action during the past year and any recommended procedural or substantive changes to this Code based on management's experience under this Code, evolving industry practices or legal developments.

**Responsible Party/Compliance Process:** Chief Compliance Officer/Investment Adviser

**Approved**: <u>DFG</u> 

**Revised**: <u>02/01/2007</u> 

**ANNUAL EMPLOYEE SECURITIES REPORT**

This information is current as of _______________ (must be current as of a date no more than 45 days before the Report is submitted). Please list all Securities in which you have a Beneficial Interest, as defined in the Code of Ethics.

---

| | | |
|:---|:---|:---|
| <br>Security(name, type, CUSIP or ticker symbol) | **# of Shares and**<br> **Principal Amount** | <br>**Date Acquired** |

---

Please list all brokers, dealers and banks that maintain a brokerage account in which you have a Beneficial Interest, as defined in the Code of Ethics.

---

| | |
|:---|:---|
| **Name of Broker, Dealer or Bank** | **Account Name** |

---

I certify that I have read and understand the Code of Ethics and recognize that I am subject to it. I certify that this is a complete list of all Securities in which I have a Beneficial Interest, and that I have complied with the requirements of the Code of Ethics including disclosure of all Securities Transactions for which the Code of Ethics requires disclosure.

Printed Name:

Signature:

Date:

 **PRE-CLEARANCE OF SECURITY TRANSACTION**

&nbsp;&nbsp;&nbsp;&nbsp;To:

Compliance Officer

From:

__________________________________________

(Name of Employee)

Date:

__________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1. I hereby seek approval for the □ purchase/□ sale of _________ shares or $__________ par value of _______________________ for the cash or margin account of _____________________.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2. The price per share or contract is approximately $_________________.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3. The transaction □ is/□ is not in connection with a private placement or an initial public offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4. Said transaction was recommended to me by __________________________________.

I have no knowledge of any pending purchase or sell order for this Security or a Related Security.

I have read the Code of Ethics within the past year and recognize that I am subject to it.

After inquiry, I am satisfied that this transaction is consistent with the Code of Ethics and the Insider Trading Policy. If I become aware that the trade does not comply with this Code or that the statements made on the request are no longer true, I will immediately notify the Compliance Officer.

______________________________________

Signature of Employee

APPROVED: _________________________________

DATE: ______________________

**TRANSACTION COMPLETED:** Date ___________

No. of Shares _________

Price _______

TRANSACTION UNFILLED: ___________________

<u>COMMENTS/FOLLOW UP</u>:

(This authorization is valid until close of business on the second trading day following authorization.

**QUARTERLY SECURITIES TRANSACTIONS REPORT**

**Calendar Quarter/Year:**

Persons subject to the Code of Ethics must report **ALL** Securities Transactions (including Exempt Transactions and transactions involving affiliated mutual Funds) as defined in the Code of Ethics, executed during the reporting period. **DO NOT ATTACH BROKERAGE REPORTS**. The report must be returned to the Compliance Officer, regardless of whether any Securities Transactions occurred, before the 30th day after the close of the calendar quarter. Please note that this Report covers all Securities in which you have a Beneficial Interest.

<br> □

I have executed no Securities Transactions during the quarter. □

The following is a complete list of my Securities Transactions:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Security\*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Transaction**<br> **Date** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Purchase, Sale,**<br> **or Other** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**# of Shares &**<br> **Principal Amount**<br> **of Security** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Price** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Executing Broker** |

---

\*Provide interest rate, maturity date, ticker symbol or CUSIP, if applicable

I have not opened a brokerage account during the quarter.

The following is a complete list of all brokerage accounts I opened during the quarter:

---

| | | |
|:---|:---|:---|
| **Name of Broker, Dealer or Bank:** | **Account Name:** | **Date Established:** |

---

I certify that I have read and understand the Code of Ethics and that I have complied with the requirements of the Code of Ethics, including disclosure of all Securities Transactions that require disclosure.

Printed Name:

Signature:

Filing Date:

THIS REPORT SHALL NOT BE CONSTRUED AS AN ADMISSION THAT THE REPORTING PERSON HAS ANY DIRECT OR INDIRECT BENEFICIAL OWNERSHIP IN ANY SECURITY TO WHICH THIS REPORT RELATES.

**NEW EMPLOYEE SECURITIES REPORT**

This information is current as of _______________ (must be current as of a date no more than 45 days before your commencing employment). *Return to Compliance Officer within 10 days of your commencing employment.*

Please list all Securities in which you have a Beneficial Interest, as defined in the Code of Ethics.

---

| | | |
|:---|:---|:---|
| <br>Security(name, type, CUSIP or ticker symbol) | **# of Shares or**<br> **Principal Amount** | <br>**Date Acquired** |

---

Please list all brokers, dealers and banks that maintain a brokerage account in which you have a Beneficial Interest, as defined in the Code of Ethics.

---

| | |
|:---|:---|
| **Name of Broker, Dealer or Bank** | **Account Name** |

---

I certify that I have read and understand the Code of Ethics and recognize that I am subject to it. I certify that this is a complete list of all Securities in which I have a Beneficial Interest, and that I have complied with the requirements of the Code of Ethics including disclosure of all Securities Transactions for which the Code of Ethics requires disclosure.

Printed Name:

Signature:

Date:

**ANNUAL ISSUES REPORT AND CERTIFICATION** 

**OF**

**CATALYST FUNDS**

For the period__________ to ______________

**A. Issues Report**. Rule 17j-1 under the 1940 Act requires that the Catalysts Funds (the "Trust") submit at least annually, for the Board of Trustees' consideration, a written report describing any issues arising under the Trust's Code of Ethics, including, but not limited to, information about material violations of the code and sanctions imposed in response to the material violations.

[Describe all issues relevant to the Board or state that there are no issues to report.]

No issues to report.

**B.** 

**Certification**. The undersigned authorized officer of the Trust hereby certifies to the Board that the Trust has adopted procedures reasonably necessary to prevent Access Persons (as defined in the Code) from violating the Code.

Date:___________________

_________________________________________

Authorized Officer

**ANNUAL ISSUES REPORT AND CERTIFICATION** 

**OF**

**Name of Adviser or Sub Adviser**

For the period _______________ to __________________

**A.** 

**Issues Report**. Rule 17j-1 under the 1940 Act requires that __________________ (the "Adviser"), adviser to the Mutual Fund Series Trust submit at least annually, for the Board of Trustees' consideration, a written report describing any issues arising under the Trust's Code of Ethics, including, but not limited to, information about material violations of the code and sanctions imposed in response to the material violations.

[Describe all issues relevant to the Board or state that there are no issues to report.]

No issues to report.

**B.** 

**Certification**. The undersigned authorized officer of the Adviser hereby certifies to the Board that the Trust has adopted procedures reasonably necessary to prevent Access Persons (as defined in the Code) from violating the Code.

Date:___________________

_________________________________________

Authorized Officer

**ANNUAL ISSUES REPORT AND CERTIFICATION** 

**OF**

**Matrix Capital Group, Inc.** 

For the period _______________ to __________________

**A.** 

**Issues Report**. Rule 17j-1 under the 1940 Act requires that Matrix Capital Group, Inc. principal underwriter of the Mutual Fund Series Trust (the "Underwriter") submit at least annually, for the Board of Trustees' consideration, a written report describing any issues arising under the Trust's Code of Ethics, including, but not limited to, information about material violations of the code and sanctions imposed in response to the material violations.

[Describe all issues relevant to the Board or state that there are no issues to report.]

No issues to report.

**B.** 

**Certification**. The undersigned authorized officer of the Underwriter hereby certifies to the Board that the Trust has adopted procedures reasonably necessary to prevent Access Persons (as defined in the Code) from violating the Code.

Date:___________________

_________________________________________

Authorized Officer

<br>