# EDGAR Filing Document

**Accession Number:** 0001355064
**File Stem:** 0001580642-25-003575
**Filing Date:** 2025-6
**Character Count:** 451196
**Document Hash:** c9ab6849bbdf281dea465d3ca6386e5d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-003575.hdr.sgml**: 20250609

**ACCESSION NUMBER**: 0001580642-25-003575

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 110

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250609

**DATE AS OF CHANGE**: 20250609

**EFFECTIVENESS DATE**: 20250609

**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:** 251033243

**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>3/31/25</u>

**Item 1. Reports to Stockholders.** 

(a) Tailored Shareholder
 Report

#### AlphaCentric Income Opportunities Fund

#### Class A Shares (IOFAX)

#### Annual Shareholder Report - March 31, 2025
![Image](i1226ae4edef5c15cc2393930.jpg)

# Fund Overview
This annual shareholder report contains important information about AlphaCentric Income Opportunities Fund for the period of April 1, 2024 to March 31, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

# 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 | $264 | 2.64% |

---

# How did the Fund perform during the reporting period?
Performance in 2024 began with a broader interest rate rally, as participants anticipated the beginning of long-awaited Fed Funds rate cuts. The Fund's long-duration subprime mezzanine securities rallied with the market, although nuance and complexity presented a drag versus more straightforward fixed-coupon, fixed-maturity bond instruments.

Although Fed Funds rate cuts were finally realized in Q3 & Q4 2024, narratives surrounding inflation re-igniting as well as uncertainty injected by assumptions about re-elected President Donald Trump's agenda contributed to higher yields in US Treasuries, which continued into 2025. The Fund's sector arguably experienced more negative impact than other fixed income categories, again due to the complexity of analysis regarding the Fund's bonds.

We have conducted swaps out of some of the Fund's more generic subprime holdings into rated Non-Agency RMBS bonds as a placeholder and to maintain "dry powder" for opportunities which arise. The Fund's higher-upside holdings, such as subprime mezzanine securities with larger potential writeback and optionality which will manifest with more Fed Funds rate cuts, remain its largest focus and we feel that the yield environment as well as the Fed's current profile of actions should meaningfully benefit these bonds.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](if5aab63c968bc3cc98efcab7.jpg)

---

| | | |
|:---|:---|:---|
| | **AlphaCentric Income Opportunities Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **May-2015** | $9524 | $10000 |
| **Mar-2016** | $10554 | $10274 |
| **Mar-2017** | $11844 | $10319 |
| **Mar-2018** | $13255 | $10443 |
| **Mar-2019** | $13959 | $10911 |
| **Mar-2020** | $9720 | $11886 |
| **Mar-2021** | $14333 | $11970 |
| **Mar-2022** | $14860 | $11473 |
| **Mar-2023** | $11869 | $10925 |
| **Mar-2024** | $11425 | $11110 |
| **Mar-2025** | $11538 | $11652 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (May 28, 2015)** |
| AlphaCentric Income Opportunities Fund |  |  |  |
| Without Load | 0.99% | 3.49% | 1.97% |
| With Load | -3.83% | 2.48% | 1.46% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.57% |

---

***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.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $242620204 |
| Number of Portfolio Holdings | 83 |
| Advisory Fee (net of waivers) | $3425943 |
| Portfolio Turnover | 6% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib9d3da4cad3c44bc0860631f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.3% |
| Non-Agency Residential Mortgage Backed Securities | 99.7% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i8286063719f5fa02ed4236bb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.3% |
| Money Market Funds | 0.3% |
| CMO | 15.1% |
| ABS | 84.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Carrington Mortgage Loan Trust Series 2006-FRE1, 1.349%, 07/25/36 | 13.4% |
| CIT Mortgage Loan Trust 2007-1, 5.283%, 10/25/37 | 9.0% |
| Option One Mortgage Loan Trust 2007-CP1, 0.000%, 03/25/37 | 6.0% |
| Seasoned Credit Risk Transfer Trust Series 2018-3, 0.941%, 08/25/57 | 5.0% |
| Citigroup Mortgage Loan Trust 2007-AHL1, 3.100%, 12/25/36 | 4.3% |
| CIT Mortgage Loan Trust 2007-1, 4.817%, 10/25/37 | 4.3% |
| Carrington Mortgage Loan Trust Series 2007-RFC1, 0.110%, 12/25/36 | 4.3% |
| RAAC Series 2007-SP3 Trust, 6.238%, 09/25/47 | 3.4% |
| Nationstar Home Equity Loan Trust 2007-B, 4.401%, 04/25/37 | 3.2% |
| First Franklin Mortgage Loan Trust 2006-FF9, 4.488%, 06/25/36 | 2.8% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by August 1, 2024 at www.AlphaCentricFunds.com or call us at 1-844-ACFUNDS (844-223-8637).

Effective November 18, 2024, Thomas Hamel is a Vice President of the Trust.

![Image](i1226ae4edef5c15cc2393930.jpg)

#### AlphaCentric Income Opportunities Fund

#### Annual Shareholder Report - March 31, 2025

# 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](id22c91964e617cf799921c68.jpg)

TSR-AR 033125-IOFAX

#### AlphaCentric Income Opportunities Fund

#### Class C Shares (IOFCX)

#### Annual Shareholder Report - March 31, 2025
![Image](i969964602a528a6d9c09c17a.jpg)

# Fund Overview
This annual shareholder report contains important information about AlphaCentric Income Opportunities Fund for the period of April 1, 2024 to March 31, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

# 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 | $339 | 3.39% |

---

# How did the Fund perform during the reporting period?
Performance in 2024 began with a broader interest rate rally, as participants anticipated the beginning of long-awaited Fed Funds rate cuts. The Fund's long-duration subprime mezzanine securities rallied with the market, although nuance and complexity presented a drag versus more straightforward fixed-coupon, fixed-maturity bond instruments.

Although Fed Funds rate cuts were finally realized in Q3 & Q4 2024, narratives surrounding inflation re-igniting as well as uncertainty injected by assumptions about re-elected President Donald Trump's agenda contributed to higher yields in US Treasuries, which continued into 2025. The Fund's sector arguably experienced more negative impact than other fixed income categories, again due to the complexity of analysis regarding the Fund's bonds.

We have conducted swaps out of some of the Fund's more generic subprime holdings into rated Non-Agency RMBS bonds as a placeholder and to maintain "dry powder" for opportunities which arise. The Fund's higher-upside holdings, such as subprime mezzanine securities with larger potential writeback and optionality which will manifest with more Fed Funds rate cuts, remain its largest focus and we feel that the yield environment as well as the Fed's current profile of actions should meaningfully benefit these bonds.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i9ed10bd526a77d38a2281cf3.jpg)

---

| | | |
|:---|:---|:---|
| | **AlphaCentric Income Opportunities Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **May-2015** | $10000 | $10000 |
| **Mar-2016** | $11019 | $10274 |
| **Mar-2017** | $12271 | $10319 |
| **Mar-2018** | $13631 | $10443 |
| **Mar-2019** | $14256 | $10911 |
| **Mar-2020** | $9851 | $11886 |
| **Mar-2021** | $14412 | $11970 |
| **Mar-2022** | $14833 | $11473 |
| **Mar-2023** | $11756 | $10925 |
| **Mar-2024** | $11242 | $11110 |
| **Mar-2025** | $11269 | $11652 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (May 28, 2015)** |
| AlphaCentric Income Opportunities Fund | 0.24% | 2.72% | 1.22% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.57% |

---

***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.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $242620204 |
| Number of Portfolio Holdings | 83 |
| Advisory Fee (net of waivers) | $3425943 |
| Portfolio Turnover | 6% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ife3ffe5195f7a82d154c2372.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.3% |
| Non-Agency Residential Mortgage Backed Securities | 99.7% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i709a42521963aebb2f75023b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.3% |
| Money Market Funds | 0.3% |
| CMO | 15.1% |
| ABS | 84.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Carrington Mortgage Loan Trust Series 2006-FRE1, 1.349%, 07/25/36 | 13.4% |
| CIT Mortgage Loan Trust 2007-1, 5.283%, 10/25/37 | 9.0% |
| Option One Mortgage Loan Trust 2007-CP1, 0.000%, 03/25/37 | 6.0% |
| Seasoned Credit Risk Transfer Trust Series 2018-3, 0.941%, 08/25/57 | 5.0% |
| Citigroup Mortgage Loan Trust 2007-AHL1, 3.100%, 12/25/36 | 4.3% |
| CIT Mortgage Loan Trust 2007-1, 4.817%, 10/25/37 | 4.3% |
| Carrington Mortgage Loan Trust Series 2007-RFC1, 0.110%, 12/25/36 | 4.3% |
| RAAC Series 2007-SP3 Trust, 6.238%, 09/25/47 | 3.4% |
| Nationstar Home Equity Loan Trust 2007-B, 4.401%, 04/25/37 | 3.2% |
| First Franklin Mortgage Loan Trust 2006-FF9, 4.488%, 06/25/36 | 2.8% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by August 1, 2024 at www.AlphaCentricFunds.com or call us at 1-844-ACFUNDS (844-223-8637).

Effective November 18, 2024, Thomas Hamel is a Vice President of the Trust.

![Image](i969964602a528a6d9c09c17a.jpg)

#### AlphaCentric Income Opportunities Fund

#### Annual Shareholder Report - March 31, 2025

# 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](i4f6ac93578a36bf2a66fb6df.jpg)

TSR-AR 033125-IOFCX

#### AlphaCentric Income Opportunities Fund

#### Class I Shares (IOFIX)

#### Annual Shareholder Report - March 31, 2025
![Image](ief85c999649c83a3ed1fe27e.jpg)

# Fund Overview
This annual shareholder report contains important information about AlphaCentric Income Opportunities Fund for the period of April 1, 2024 to March 31, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

# 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 | $240 | 2.39% |

---

# How did the Fund perform during the reporting period?
Performance in 2024 began with a broader interest rate rally, as participants anticipated the beginning of long-awaited Fed Funds rate cuts. The Fund's long-duration subprime mezzanine securities rallied with the market, although nuance and complexity presented a drag versus more straightforward fixed-coupon, fixed-maturity bond instruments.

Although Fed Funds rate cuts were finally realized in Q3 & Q4 2024, narratives surrounding inflation re-igniting as well as uncertainty injected by assumptions about re-elected President Donald Trump's agenda contributed to higher yields in US Treasuries, which continued into 2025. The Fund's sector arguably experienced more negative impact than other fixed income categories, again due to the complexity of analysis regarding the Fund's bonds.

We have conducted swaps out of some of the Fund's more generic subprime holdings into rated Non-Agency RMBS bonds as a placeholder and to maintain "dry powder" for opportunities which arise. The Fund's higher-upside holdings, such as subprime mezzanine securities with larger potential writeback and optionality which will manifest with more Fed Funds rate cuts, remain its largest focus and we feel that the yield environment as well as the Fed's current profile of actions should meaningfully benefit these bonds.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i2fabffd7551aa37abebebeb8.jpg)

---

| | | |
|:---|:---|:---|
| | **AlphaCentric Income Opportunities Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **May-2015** | $10000 | $10000 |
| **Mar-2016** | $11100 | $10274 |
| **Mar-2017** | $12495 | $10319 |
| **Mar-2018** | $14014 | $10443 |
| **Mar-2019** | $14806 | $10911 |
| **Mar-2020** | $10334 | $11886 |
| **Mar-2021** | $15269 | $11970 |
| **Mar-2022** | $15870 | $11473 |
| **Mar-2023** | $12711 | $10925 |
| **Mar-2024** | $12268 | $11110 |
| **Mar-2025** | $12419 | $11652 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (May 28, 2015)** |
| AlphaCentric Income Opportunities Fund | 1.23% | 3.75% | 2.23% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.57% |

---

***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.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $242620204 |
| Number of Portfolio Holdings | 83 |
| Advisory Fee (net of waivers) | $3425943 |
| Portfolio Turnover | 6% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9f8b68270dd3cf24ff791bd4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.3% |
| Non-Agency Residential Mortgage Backed Securities | 99.7% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i762878ba05cc484bdb74d9b0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.3% |
| Money Market Funds | 0.3% |
| CMO | 15.1% |
| ABS | 84.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Carrington Mortgage Loan Trust Series 2006-FRE1, 1.349%, 07/25/36 | 13.4% |
| CIT Mortgage Loan Trust 2007-1, 5.283%, 10/25/37 | 9.0% |
| Option One Mortgage Loan Trust 2007-CP1, 0.000%, 03/25/37 | 6.0% |
| Seasoned Credit Risk Transfer Trust Series 2018-3, 0.941%, 08/25/57 | 5.0% |
| Citigroup Mortgage Loan Trust 2007-AHL1, 3.100%, 12/25/36 | 4.3% |
| CIT Mortgage Loan Trust 2007-1, 4.817%, 10/25/37 | 4.3% |
| Carrington Mortgage Loan Trust Series 2007-RFC1, 0.110%, 12/25/36 | 4.3% |
| RAAC Series 2007-SP3 Trust, 6.238%, 09/25/47 | 3.4% |
| Nationstar Home Equity Loan Trust 2007-B, 4.401%, 04/25/37 | 3.2% |
| First Franklin Mortgage Loan Trust 2006-FF9, 4.488%, 06/25/36 | 2.8% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by August 1, 2024 at www.AlphaCentricFunds.com or call us at 1-844-ACFUNDS (844-223-8637).

Effective November 18, 2024, Thomas Hamel is a Vice President of the Trust.

![Image](ief85c999649c83a3ed1fe27e.jpg)

#### AlphaCentric Income Opportunities Fund

#### Annual Shareholder Report - March 31, 2025

# 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](i8045df5b435ce02e08add4f4.jpg)

TSR-AR 033125-IOFIX

#### AlphaCentric Life Sciences and Healthcare Fund

#### Class A Shares (LYFAX)

#### Annual Shareholder Report - March 31, 2025
![Image](ic24febe4cd89da31c70a4a8f.jpg)

# Fund Overview
This annual shareholder report contains important information about AlphaCentric Life Sciences and Healthcare Fund for the period of April 1, 2024 to March 31, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

# 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 | $173 | 1.70% |

---

# How did the Fund perform during the reporting period?
Fund performance was influenced by industry exposure and stock performance. The Fund's largest industry weights were in pharmaceuticals, health care equipment, and biotechnology. The best-performing industry in the period under management was health care services. The worst-performing industry in the same period was life science tools & services.

The greatest contributor to performance in the period was Verona Pharma Plc (VRNA), who is successfully launching its newly approved drug, Ohtuvayre, for COPD patients. The greatest detractor in the period was Novo Nordisk (NVO). This stock declined after the company released data for a new weight loss drug, CagriSema.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i7f256899a51854051f794830.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 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (November 29, 2019)** |
| AlphaCentric Life Sciences and Healthcare Fund |  |  |  |
| Without Load | 3.30% | 11.34% | 9.64% |
| With Load | -2.66% | 10.04% | 8.43% |
| S&P 500<sup>®</sup> Index | 8.25% | 18.59% | 13.25% |
| S&P Biotechnology Select Industry Index | -14.43% | 1.11% | -2.44% |
| S&P Health Care Select Sector Index | 0.40% | 12.37% | 9.47% |

---

***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.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $44176573 |
| Number of Portfolio Holdings | 64 |
| Advisory Fee (net of waivers) | $599447 |
| Portfolio Turnover | 164% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia9c221735bd718b064e379b3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.1% |
| Money Market Funds | 1.9% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i28083d4b4985c5f83dda0f3a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Money Market Funds | 1.9% |
| Health Care | 98.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Eli Lilly & Company | 9.2% |
| UnitedHealth Group, Inc. | 8.4% |
| Johnson & Johnson | 5.0% |
| AbbVie, Inc. | 5.0% |
| AstraZeneca plc | 4.2% |
| Merck & Company, Inc. | 3.7% |
| Boston Scientific Corporation | 3.5% |
| Novartis A.G. | 3.2% |
| Thermo Fisher Scientific, Inc. | 3.0% |
| Vertex Pharmaceuticals, Inc. | 2.7% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by August 1, 2024 at www.AlphaCentricFunds.com or call us at 1-844-ACFUNDS (844-223-8637).

Effective November 1, 2024, the Fund's name changed from "AlphaCentric LifeSci Healthcare Fund" to "AlphaCentric LifeSciences and Healthcare Fund." Kennedy Capital Management LLC replaced LifeSci Fund Management LLC as the Fund's sub-advisor, and Ryan Dunnegan, CPA replaced Mark G. Charest as portfolio manager of the Fund. Effective November 18, 2024, Thomas Hamel is a Vice President of the Trust.

![Image](ic24febe4cd89da31c70a4a8f.jpg)

#### AlphaCentric Life Sciences and Healthcare Fund

#### Annual Shareholder Report - March 31, 2025

# 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](i59d8522f523741d3dde81599.jpg)

TSR-AR 033125-LYFAX

#### AlphaCentric Life Sciences and Healthcare Fund

#### Class C Shares (LYFCX)

#### Annual Shareholder Report - March 31, 2025
![Image](ied5c76427af449f28933ec97.jpg)

# Fund Overview
This annual shareholder report contains important information about AlphaCentric Life Sciences and Healthcare Fund for the period of April 1, 2024 to March 31, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

# 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 | $249 | 2.45% |

---

# How did the Fund perform during the reporting period?
Fund performance was influenced by industry exposure and stock performance. The Fund's largest industry weights were in pharmaceuticals, health care equipment, and biotechnology. The best-performing industry in the period under management was health care services. The worst-performing industry in the same period was life science tools & services.

The greatest contributor to performance in the period was Verona Pharma Plc (VRNA), who is successfully launching its newly approved drug, Ohtuvayre, for COPD patients. The greatest detractor in the period was Novo Nordisk (NVO). This stock declined after the company released data for a new weight loss drug, CagriSema.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i4ba49eb1099376bc8de0749d.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 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (November 29, 2019)** |
| AlphaCentric Life Sciences and Healthcare Fund | 2.51% | 10.63% | 8.98% |
| S&P 500<sup>®</sup> Index | 8.25% | 18.59% | 13.25% |
| S&P Biotechnology Select Industry Index | -14.43% | 1.11% | -2.44% |
| S&P Health Care Select Sector Index | 0.40% | 12.37% | 9.47% |

---

***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.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $44176573 |
| Number of Portfolio Holdings | 64 |
| Advisory Fee (net of waivers) | $599447 |
| Portfolio Turnover | 164% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](id03bc52fe3727c7b0edb4a08.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.1% |
| Money Market Funds | 1.9% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i4ed71085d8f944a4016627fe.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Money Market Funds | 1.9% |
| Health Care | 98.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Eli Lilly & Company | 9.2% |
| UnitedHealth Group, Inc. | 8.4% |
| Johnson & Johnson | 5.0% |
| AbbVie, Inc. | 5.0% |
| AstraZeneca plc | 4.2% |
| Merck & Company, Inc. | 3.7% |
| Boston Scientific Corporation | 3.5% |
| Novartis A.G. | 3.2% |
| Thermo Fisher Scientific, Inc. | 3.0% |
| Vertex Pharmaceuticals, Inc. | 2.7% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by August 1, 2024 at www.AlphaCentricFunds.com or call us at 1-844-ACFUNDS (844-223-8637).

Effective November 1, 2024, the Fund's name changed from "AlphaCentric LifeSci Healthcare Fund" to "AlphaCentric LifeSciences and Healthcare Fund." Kennedy Capital Management LLC replaced LifeSci Fund Management LLC as the Fund's sub-advisor, and Ryan Dunnegan, CPA replaced Mark G. Charest as portfolio manager of the Fund. Effective November 18, 2024, Thomas Hamel is a Vice President of the Trust.

![Image](ied5c76427af449f28933ec97.jpg)

#### AlphaCentric Life Sciences and Healthcare Fund

#### Annual Shareholder Report - March 31, 2025

# 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](i3bd49122d758e8ca66551000.jpg)

TSR-AR 033125-LYFCX

#### AlphaCentric Life Sciences and Healthcare Fund

#### Class I Shares (LYFIX)

#### Annual Shareholder Report - March 31, 2025
![Image](icb4b8a771d2ee8884404a8c6.jpg)

# Fund Overview
This annual shareholder report contains important information about AlphaCentric Life Sciences and Healthcare Fund for the period of April 1, 2024 to March 31, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

# 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 | $148 | 1.45% |

---

# How did the Fund perform during the reporting period?
Fund performance was influenced by industry exposure and stock performance. The Fund's largest industry weights were in pharmaceuticals, health care equipment, and biotechnology. The best-performing industry in the period under management was health care services. The worst-performing industry in the same period was life science tools & services.

The greatest contributor to performance in the period was Verona Pharma Plc (VRNA), who is successfully launching its newly approved drug, Ohtuvayre, for COPD patients. The greatest detractor in the period was Novo Nordisk (NVO). This stock declined after the company released data for a new weight loss drug, CagriSema.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i211dfac3ad9c46e4c535b406.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 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (November 29, 2019)** |
| AlphaCentric Life Sciences and Healthcare Fund | 3.54% | 11.60% | 9.88% |
| S&P 500<sup>®</sup> Index | 8.25% | 18.59% | 13.25% |
| S&P Biotechnology Select Industry Index | -14.43% | 1.11% | -2.44% |
| S&P Health Care Select Sector Index | 0.40% | 12.37% | 9.47% |

---

***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.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $44176573 |
| Number of Portfolio Holdings | 64 |
| Advisory Fee (net of waivers) | $599447 |
| Portfolio Turnover | 164% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iefe944aa1968d95e834844be.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.1% |
| Money Market Funds | 1.9% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](if25f2617149da03be2be89be.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Money Market Funds | 1.9% |
| Health Care | 98.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Eli Lilly & Company | 9.2% |
| UnitedHealth Group, Inc. | 8.4% |
| Johnson & Johnson | 5.0% |
| AbbVie, Inc. | 5.0% |
| AstraZeneca plc | 4.2% |
| Merck & Company, Inc. | 3.7% |
| Boston Scientific Corporation | 3.5% |
| Novartis A.G. | 3.2% |
| Thermo Fisher Scientific, Inc. | 3.0% |
| Vertex Pharmaceuticals, Inc. | 2.7% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by August 1, 2024 at www.AlphaCentricFunds.com or call us at 1-844-ACFUNDS (844-223-8637).

Effective November 1, 2024, the Fund's name changed from "AlphaCentric LifeSci Healthcare Fund" to "AlphaCentric LifeSciences and Healthcare Fund." Kennedy Capital Management LLC replaced LifeSci Fund Management LLC as the Fund's sub-advisor, and Ryan Dunnegan, CPA replaced Mark G. Charest as portfolio manager of the Fund. Effective November 18, 2024, Thomas Hamel is a Vice President of the Trust.

![Image](icb4b8a771d2ee8884404a8c6.jpg)

#### AlphaCentric Life Sciences and Healthcare Fund

#### Annual Shareholder Report - March 31, 2025

# 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](ie50218b68c23d6804bcad1e4.jpg)

TSR-AR 033125-LYFIX

#### AlphaCentric Premium Opportunity Fund

#### Class A Shares (HMXAX)

#### Annual Shareholder Report - March 31, 2025
![Image](i0de9e7d1caf3bb59c74477bb.jpg)

# Fund Overview
This annual shareholder report contains important information about AlphaCentric Premium Opportunity Fund for the period of April 1, 2024 to March 31, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

# 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 | $223 | 2.24% |

---

# How did the Fund perform during the reporting period?
The past year proved challenging for systematic strategies such as those utilized by the Fund, characterized by a series of quick market reversals that tested both risk management systems and strategy timing. The S&P 500 experienced three relatively quick down drafts (around -5%, -8%, and -10%), each followed by equally rapid recoveries, creating a particularly difficult environment for systematic positioning. These V-shaped moves presented a classic hedging dilemma – where acting quickly to reduce exposure or adding defense often occurred just as markets bottomed, while if you chose a longer signal, it meant absorbing the initial impact of each decline. The Fund's performance reflected these challenges, though its multi-layered approach helped mitigate the worst effects of these whipsaws.

In response to this environment, we have adapted the Fund's positioning to emphasize longer-dated defensive strategies, particularly through out-of-the-money put options. This approach provides more durable downside risk management while allowing for continued market participation, reducing the need for precise timing of defensive moves. The strategy seeks to maintain sufficient flexibility to adjust to changing conditions while providing a more stable defensive foundation.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](iab198fc1b0e633f09a992924.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** | $15795 | $27706 |
| **Mar-2025** | $15593 | $29993 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (September 30, 2016)** |
| AlphaCentric Premium Opportunity Fund |  |  |  |
| Without Load | -1.28% | 4.61% | 6.10% |
| With Load | -6.96% | 3.38% | 5.37% |
| S&P 500<sup>®</sup> Index | 8.25% | 18.59% | 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.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $55337994 |
| Number of Portfolio Holdings | 63 |
| Advisory Fee (net of waivers) | $981026 |
| Portfolio Turnover | 0% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic336f46f412beebf568032dc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 89.8% |
| Purchased Options | 16.8% |
| U.S. Government & Agencies | 7.9% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i36608768ca197e8763da3dda.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 43.5% |
| Purchased Options | -0.1% |
| Future Option | 1.4% |
| U.S. Treasury Obligations | 4.5% |
| Money Market | 50.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| First American Treasury Obligations Fund, Class X | 42.8% |
| Fidelity Investments Money Market Government Portfolio, Class I | 7.9% |
| United States Treasury Note, 2.875% | 4.5% |
| S&P500 Emini Option, 06/20/25 5650.0 Call | 2.8% |
| S&P 500 Index, 01/16/26 6300.0 Put | 1.1% |
| S&P 500 Index, 11/21/25 6200.0 Put | 1.0% |
| S&P 500 Index, 09/19/25 6100.0 Put | 0.9% |
| S&P500 Emini Option, 06/20/25 6150.0 Put | 0.7% |
| S&P500 Emini Option, 05/30/25 5300.0 Put | 0.6% |
| S&P Emini 3rd Week, 05/16/25 5300.0 Put | 0.5% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by August 1, 2024 at www.AlphaCentricFunds.com or call us at 1-844-ACFUNDS (844-223-8637).

Effective November 18, 2024, Thomas Hamel is a Vice President of the Trust.

![Image](i0de9e7d1caf3bb59c74477bb.jpg)

#### AlphaCentric Premium Opportunity Fund

#### Annual Shareholder Report - March 31, 2025

# 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](i49b2eccb784d639c5c23cdd9.jpg)

TSR-AR 033125-HMXAX

#### AlphaCentric Premium Opportunity Fund

#### Class C Shares (HMXCX)

#### Annual Shareholder Report - March 31, 2025
![Image](i5caa5bae483327fce0c4767d.jpg)

# Fund Overview
This annual shareholder report contains important information about AlphaCentric Premium Opportunity Fund for the period of April 1, 2024 to March 31, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

# 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 | $296 | 2.99% |

---

# How did the Fund perform during the reporting period?
The past year proved challenging for systematic strategies such as those utilized by the Fund, characterized by a series of quick market reversals that tested both risk management systems and strategy timing. The S&P 500 experienced three relatively quick down drafts (around -5%, -8%, and -10%), each followed by equally rapid recoveries, creating a particularly difficult environment for systematic positioning. These V-shaped moves presented a classic hedging dilemma – where acting quickly to reduce exposure or adding defense often occurred just as markets bottomed, while if you chose a longer signal, it meant absorbing the initial impact of each decline. The Fund's performance reflected these challenges, though its multi-layered approach helped mitigate the worst effects of these whipsaws.

In response to this environment, we have adapted the Fund's positioning to emphasize longer-dated defensive strategies, particularly through out-of-the-money put options. This approach provides more durable downside risk management while allowing for continued market participation, reducing the need for precise timing of defensive moves. The strategy seeks to maintain sufficient flexibility to adjust to changing conditions while providing a more stable defensive foundation.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i3ee1bea9f5184f8a7b822700.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** | $15950 | $27706 |
| **Mar-2025** | $15625 | $29993 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (September 30, 2016)** |
| AlphaCentric Premium Opportunity Fund | -2.04% | 3.82% | 5.39% |
| S&P 500<sup>®</sup> Index | 8.25% | 18.59% | 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.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $55337994 |
| Number of Portfolio Holdings | 63 |
| Advisory Fee (net of waivers) | $981026 |
| Portfolio Turnover | 0% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i35fc82907614fee1a2350367.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 89.8% |
| Purchased Options | 16.8% |
| U.S. Government & Agencies | 7.9% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i8ebd3220339c209ad51c4871.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 43.5% |
| Purchased Options | -0.1% |
| Future Option | 1.4% |
| U.S. Treasury Obligations | 4.5% |
| Money Market | 50.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| First American Treasury Obligations Fund, Class X | 42.8% |
| Fidelity Investments Money Market Government Portfolio, Class I | 7.9% |
| United States Treasury Note, 2.875% | 4.5% |
| S&P500 Emini Option, 06/20/25 5650.0 Call | 2.8% |
| S&P 500 Index, 01/16/26 6300.0 Put | 1.1% |
| S&P 500 Index, 11/21/25 6200.0 Put | 1.0% |
| S&P 500 Index, 09/19/25 6100.0 Put | 0.9% |
| S&P500 Emini Option, 06/20/25 6150.0 Put | 0.7% |
| S&P500 Emini Option, 05/30/25 5300.0 Put | 0.6% |
| S&P Emini 3rd Week, 05/16/25 5300.0 Put | 0.5% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by August 1, 2024 at www.AlphaCentricFunds.com or call us at 1-844-ACFUNDS (844-223-8637).

Effective November 18, 2024, Thomas Hamel is a Vice President of the Trust.

![Image](i5caa5bae483327fce0c4767d.jpg)

#### AlphaCentric Premium Opportunity Fund

#### Annual Shareholder Report - March 31, 2025

# 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](i427023f0d33522ff1c346ca8.jpg)

TSR-AR 033125-HMXCX

#### AlphaCentric Premium Opportunity Fund

#### Class I Shares (HMXIX)

#### Annual Shareholder Report - March 31, 2025
![Image](i781f1ecfef9accd5b0ccb0aa.jpg)

# Fund Overview
This annual shareholder report contains important information about AlphaCentric Premium Opportunity Fund for the period of April 1, 2024 to March 31, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

# 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 | $198 | 1.99% |

---

# How did the Fund perform during the reporting period?
The past year proved challenging for systematic strategies such as those utilized by the Fund, characterized by a series of quick market reversals that tested both risk management systems and strategy timing. The S&P 500 experienced three relatively quick down drafts (around -5%, -8%, and -10%), each followed by equally rapid recoveries, creating a particularly difficult environment for systematic positioning. These V-shaped moves presented a classic hedging dilemma – where acting quickly to reduce exposure or adding defense often occurred just as markets bottomed, while if you chose a longer signal, it meant absorbing the initial impact of each decline. The Fund's performance reflected these challenges, though its multi-layered approach helped mitigate the worst effects of these whipsaws.

In response to this environment, we have adapted the Fund's positioning to emphasize longer-dated defensive strategies, particularly through out-of-the-money put options. This approach provides more durable downside risk management while allowing for continued market participation, reducing the need for precise timing of defensive moves. The strategy seeks to maintain sufficient flexibility to adjust to changing conditions while providing a more stable defensive foundation.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i0188a97e2c1333be545dc175.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 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| AlphaCentric Premium Opportunity Fund | -1.04% | 4.86% | 6.39% |
| S&P 500<sup>®</sup> Index | 8.25% | 18.59% | 12.50% |

---

***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.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $55337994 |
| Number of Portfolio Holdings | 63 |
| Advisory Fee (net of waivers) | $981026 |
| Portfolio Turnover | 0% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i2642cdeb34193365bea5e6a8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 89.8% |
| Purchased Options | 16.8% |
| U.S. Government & Agencies | 7.9% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](icbb7cf90395df37528ef718c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 43.5% |
| Purchased Options | -0.1% |
| Future Option | 1.4% |
| U.S. Treasury Obligations | 4.5% |
| Money Market | 50.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| First American Treasury Obligations Fund, Class X | 42.8% |
| Fidelity Investments Money Market Government Portfolio, Class I | 7.9% |
| United States Treasury Note, 2.875% | 4.5% |
| S&P500 Emini Option, 06/20/25 5650.0 Call | 2.8% |
| S&P 500 Index, 01/16/26 6300.0 Put | 1.1% |
| S&P 500 Index, 11/21/25 6200.0 Put | 1.0% |
| S&P 500 Index, 09/19/25 6100.0 Put | 0.9% |
| S&P500 Emini Option, 06/20/25 6150.0 Put | 0.7% |
| S&P500 Emini Option, 05/30/25 5300.0 Put | 0.6% |
| S&P Emini 3rd Week, 05/16/25 5300.0 Put | 0.5% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by August 1, 2024 at www.AlphaCentricFunds.com or call us at 1-844-ACFUNDS (844-223-8637).

Effective November 18, 2024, Thomas Hamel is a Vice President of the Trust.

![Image](i781f1ecfef9accd5b0ccb0aa.jpg)

#### AlphaCentric Premium Opportunity Fund

#### Annual Shareholder Report - March 31, 2025

# 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](i629f79e76a4c2c376723be71.jpg)

TSR-AR 033125-HMXIX

#### AlphaCentric Robotics and Automation Fund

#### Class A Shares (GNXAX)

#### Annual Shareholder Report - March 31, 2025
![Image](id19e878044dd92a558cc82be.jpg)

# Fund Overview
This annual shareholder report contains important information about AlphaCentric Robotics and Automation Fund for the period of April 1, 2024 to March 31, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

# 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 | $174 | 1.76% |

---

# How did the Fund perform during the reporting period?
The AlphaCentric Robotics and Automation Fund's fiscal year ended March 31, 2025, was marked by significant market volatility, largely driven by President Trump's new trade policies. These policies, including tariffs on various imports, created cost pressures and supply chain disruptions, particularly impacting the robotics and automation industries. While the broader S&P 500 benefited from a shift to defensive stocks, the Fund, along with related indices, experienced substantial losses.

Despite the challenging market conditions, the Fund saw positive contributions from specific holdings. SoundHound AI, Kraken Robotics, and Procept BioRobotics delivered notable gains, and strategic timing allowed the Fund to capitalize on fourth-quarter surges before subsequent market declines. These successes highlight the Fund's ability to identify and leverage opportunities within the volatile sector.

Looking ahead, the Fund remains dedicated to its core strategy of investing in innovative robotics and automation companies. While the current trade environment presents challenges, we believe the long-term demand for automation solutions should persist, driven by the imperative for operational efficiency. The Fund will continue to adapt to market changes while seeking to generate value for shareholders.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i8e9afc547269287a7dcadb65.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **AlphaCentric Robotics and Automation Fund** | **S&P 500<sup>®</sup> Index** | **MSCI All 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 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (May 31, 2017)** |
| AlphaCentric Robotics and Automation Fund |  |  |  |
| Without Load | -2.12% | 6.47% | 4.26% |
| With Load | -7.76% | 5.21% | 3.47% |
| MSCI All World Index | 7.63% | 15.71% | 10.07% |
| S&P 500<sup>®</sup> Index | 8.25% | 18.59% | 13.30% |

---

***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.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $12526071 |
| Number of Portfolio Holdings | 29 |
| Advisory Fee (net of waivers) | $26847 |
| Portfolio Turnover | 59% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i500e898b290f331277e4625b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 22.3% |
| Common Stocks | 74.3% |
| Exchange-Traded Funds | 2.2% |
| Money Market Funds | 1.2% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](if287ca16130d55366210d2ec.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -28.5% |
| Communications | 1.2% |
| Specialty | 2.8% |
| Technology | 16.1% |
| Health Care | 27.1% |
| Money Market Funds | 30.1% |
| Industrials | 51.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Mount Vernon Liquid Assets Portfolio | 28.6% |
| Stereotaxis, Inc. | 8.4% |
| Rainbow Robotics | 7.1% |
| Kraken Robotics, Inc. | 6.4% |
| Keyence Corporation | 6.2% |
| FANUC Corporation | 5.4% |
| Rockwell Automation, Inc. | 5.2% |
| Accuray, Inc. | 5.0% |
| Intuitive Surgical, Inc. | 5.0% |
| Doosan Robotics, Inc. | 4.1% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by August 1, 2024 at www.AlphaCentricFunds.com or call us at 1-844-ACFUNDS (844-223-8637).

Effective November 18, 2024, Thomas Hamel is a Vice President of the Trust.

![Image](id19e878044dd92a558cc82be.jpg)

#### AlphaCentric Robotics and Automation Fund

#### Annual Shareholder Report - March 31, 2025

# 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](i9292b56c3dec1ca1fcf83586.jpg)

TSR-AR 033125-GNXAX

#### AlphaCentric Robotics and Automation Fund

#### Class C Shares (GNXCX)

#### Annual Shareholder Report - March 31, 2025
![Image](icd91f99f4e1145baef2c22c9.jpg)

# Fund Overview
This annual shareholder report contains important information about AlphaCentric Robotics and Automation Fund for the period of April 1, 2024 to March 31, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

# 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 | $247 | 2.51% |

---

# How did the Fund perform during the reporting period?
The AlphaCentric Robotics and Automation Fund's fiscal year ended March 31, 2025, was marked by significant market volatility, largely driven by President Trump's new trade policies. These policies, including tariffs on various imports, created cost pressures and supply chain disruptions, particularly impacting the robotics and automation industries. While the broader S&P 500 benefited from a shift to defensive stocks, the Fund, along with related indices, experienced substantial losses.

Despite the challenging market conditions, the Fund saw positive contributions from specific holdings. SoundHound AI, Kraken Robotics, and Procept BioRobotics delivered notable gains, and strategic timing allowed the Fund to capitalize on fourth-quarter surges before subsequent market declines. These successes highlight the Fund's ability to identify and leverage opportunities within the volatile sector.

Looking ahead, the Fund remains dedicated to its core strategy of investing in innovative robotics and automation companies. While the current trade environment presents challenges, we believe the long-term demand for automation solutions should persist, driven by the imperative for operational efficiency. The Fund will continue to adapt to market changes while seeking to generate value for shareholders.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i80685f221d4493f1e3b9fd00.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **AlphaCentric Robotics and Automation Fund** | **S&P 500<sup>®</sup> Index** | **MSCI All 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 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (May 31, 2017)** |
| AlphaCentric Robotics and Automation Fund | -2.84% | 5.67% | 3.48% |
| MSCI All World Index | 7.63% | 15.71% | 10.07% |
| S&P 500<sup>®</sup> Index | 8.25% | 18.59% | 13.30% |

---

***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.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $12526071 |
| Number of Portfolio Holdings | 29 |
| Advisory Fee (net of waivers) | $26847 |
| Portfolio Turnover | 59% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i7fb0a2d29a47e7ffa90d5cf9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 22.3% |
| Common Stocks | 74.3% |
| Exchange-Traded Funds | 2.2% |
| Money Market Funds | 1.2% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i94ac35240bb6ea832af17741.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -28.5% |
| Communications | 1.2% |
| Specialty | 2.8% |
| Technology | 16.1% |
| Health Care | 27.1% |
| Money Market Funds | 30.1% |
| Industrials | 51.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Mount Vernon Liquid Assets Portfolio | 28.6% |
| Stereotaxis, Inc. | 8.4% |
| Rainbow Robotics | 7.1% |
| Kraken Robotics, Inc. | 6.4% |
| Keyence Corporation | 6.2% |
| FANUC Corporation | 5.4% |
| Rockwell Automation, Inc. | 5.2% |
| Accuray, Inc. | 5.0% |
| Intuitive Surgical, Inc. | 5.0% |
| Doosan Robotics, Inc. | 4.1% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by August 1, 2024 at www.AlphaCentricFunds.com or call us at 1-844-ACFUNDS (844-223-8637).

Effective November 18, 2024, Thomas Hamel is a Vice President of the Trust.

![Image](icd91f99f4e1145baef2c22c9.jpg)

#### AlphaCentric Robotics and Automation Fund

#### Annual Shareholder Report - March 31, 2025

# 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](i43244654703b7c189feafad2.jpg)

TSR-AR 033125-GNXCX

#### AlphaCentric Robotics and Automation Fund

#### Class I Shares (GNXIX)

#### Annual Shareholder Report - March 31, 2025
![Image](i497fa34257087eb461974cf1.jpg)

# Fund Overview
This annual shareholder report contains important information about AlphaCentric Robotics and Automation Fund for the period of April 1, 2024 to March 31, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

# 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 | $150 | 1.51% |

---

# How did the Fund perform during the reporting period?
The AlphaCentric Robotics and Automation Fund's fiscal year ended March 31, 2025, was marked by significant market volatility, largely driven by President Trump's new trade policies. These policies, including tariffs on various imports, created cost pressures and supply chain disruptions, particularly impacting the robotics and automation industries. While the broader S&P 500 benefited from a shift to defensive stocks, the Fund, along with related indices, experienced substantial losses.

Despite the challenging market conditions, the Fund saw positive contributions from specific holdings. SoundHound AI, Kraken Robotics, and Procept BioRobotics delivered notable gains, and strategic timing allowed the Fund to capitalize on fourth-quarter surges before subsequent market declines. These successes highlight the Fund's ability to identify and leverage opportunities within the volatile sector.

Looking ahead, the Fund remains dedicated to its core strategy of investing in innovative robotics and automation companies. While the current trade environment presents challenges, we believe the long-term demand for automation solutions should persist, driven by the imperative for operational efficiency. The Fund will continue to adapt to market changes while seeking to generate value for shareholders.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](if0fc18b7bc84066093929eb8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **AlphaCentric Robotics and Automation Fund** | **S&P 500<sup>®</sup> Index** | **MSCI All 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** | $14421 | $24558 | $19706 |
| **03/31/25** | $14156 | $26585 | $21209 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (May 31, 2017)** |
| AlphaCentric Robotics and Automation Fund | -1.84% | 6.74% | 4.54% |
| MSCI All World Index | 7.63% | 15.71% | 10.07% |
| S&P 500<sup>®</sup> Index | 8.25% | 18.59% | 13.30% |

---

***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.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $12526071 |
| Number of Portfolio Holdings | 29 |
| Advisory Fee (net of waivers) | $26847 |
| Portfolio Turnover | 59% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia9ef31312be07143e5c57dce.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 22.3% |
| Common Stocks | 74.3% |
| Exchange-Traded Funds | 2.2% |
| Money Market Funds | 1.2% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ia1882e7dad1d759b53b7fd8f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -28.5% |
| Communications | 1.2% |
| Specialty | 2.8% |
| Technology | 16.1% |
| Health Care | 27.1% |
| Money Market Funds | 30.1% |
| Industrials | 51.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Mount Vernon Liquid Assets Portfolio | 28.6% |
| Stereotaxis, Inc. | 8.4% |
| Rainbow Robotics | 7.1% |
| Kraken Robotics, Inc. | 6.4% |
| Keyence Corporation | 6.2% |
| FANUC Corporation | 5.4% |
| Rockwell Automation, Inc. | 5.2% |
| Accuray, Inc. | 5.0% |
| Intuitive Surgical, Inc. | 5.0% |
| Doosan Robotics, Inc. | 4.1% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by August 1, 2024 at www.AlphaCentricFunds.com or call us at 1-844-ACFUNDS (844-223-8637).

Effective November 18, 2024, Thomas Hamel is a Vice President of the Trust.

![Image](i497fa34257087eb461974cf1.jpg)

#### AlphaCentric Robotics and Automation Fund

#### Annual Shareholder Report - March 31, 2025

# 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](i55aed0c42f0723423efd0240.jpg)

TSR-AR 033125-GNXIX

#### AlphaCentric Real Income Fund

#### Class A Shares (SIIAX)

#### Annual Shareholder Report - March 31, 2025
![Image](i527be2cfeefe9f08a1fffe16.jpg)

# Fund Overview
This annual shareholder report contains important information about AlphaCentric Real Income Fund for the period of April 1, 2024 to March 31, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

# 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 | $179 | 1.74% |

---

# How did the Fund perform during the reporting period?
For the fiscal year, the Fund's Class A Shares achieved a 5.69% gain, outperforming the Bloomberg U.S. Aggregate Bond Index 4.88%. Notably, CrossingBridge Advisors, LLC took over portfolio management on November 1, 2024.

During CrossingBridge Advisors' tenure as sub-adviser, the Fund's Class A Shares experienced a 0.13% increase, while the S&P USA REIT USD Total Return Index fell by -1.44% and the Bloomberg U.S. Aggregate Bond Index rose by 2.63%.

The Fund generated positive interest income and had realized losses alongside unrealized gains during the fiscal year, distributing all income for a 6.40% dividend yield. Although the NAV decreased slightly from $16.38 to $16.26, the $1.04 in income distributed resulted in a positive total return for the year. As of March 31, 2025, the Fund's net assets were allocated across various asset types, including Asset Backed Securities (24.5)%, Corporate Bonds (22.3)%, and Common Stocks (15.6)%.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](idbe43bf7ba8b988d90c14260.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 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (May 28, 2021)** |
| AlphaCentric Real Income Fund |  |  |
| Without Load | 5.69% | 2.83% |
| With Load | 0.65% | 1.54% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.99% |
| S&P 500<sup>®</sup> Index | 8.25% | 9.45% |
| S&P US REIT Index | 9.86% | 3.39% |

---

***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.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $49030606 |
| Number of Portfolio Holdings | 86 |
| Advisory Fee (net of waivers) | $455804 |
| Portfolio Turnover | 144% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i89faa94a486515f2b0b44aa3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 25.6% |
| Collateralized Mortgage Obligations | 0.4% |
| Common Stocks | 27.9% |
| Convertible Bonds | 4.0% |
| Corporate Bonds | 23.3% |
| Money Market Funds | 3.8% |
| Preferred Stocks | 7.0% |
| Term Loans | 7.0% |
| U.S. Government & Agencies | 1.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](iaae305a1bff7fef8cad8c715.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 3.2% |
| CLO | 0.2% |
| CMO | 0.7% |
| Mbs Passthrough | 1.0% |
| Utilities | 1.1% |
| Technology | 2.0% |
| ABS | 3.4% |
| Money Market Funds | 3.7% |
| Consumer Discretionary | 5.2% |
| Financials | 5.6% |
| Materials | 5.9% |
| Industrials | 6.1% |
| Communications | 6.5% |
| Energy | 7.3% |
| CMBS | 20.8% |
| Real Estate | 27.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Gladstone Land Corporation | 5.1% |
| Alpine Income Property Trust, Inc. | 3.8% |
| First American Treasury Obligations Fund, Class X | 3.7% |
| Builders FirstSource, Inc. | 3.7% |
| CBL & Associates HoldCompany I, LLC | 3.6% |
| BX Commercial Mortgage Trust 2021-SOAR, B | 2.9% |
| Hawaiian Airlines 2013-1 Class A Pass Through | 2.9% |
| Genworth Holdings, Inc. | 2.8% |
| Graphic Packaging Holding Company | 2.6% |
| Phillips 66 | 2.5% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by August 1, 2024 at www.AlphaCentricFunds.com or call us at 1-844-ACFUNDS (844-223-8637).

Effective November 1, 2024, the Fund's name changed from "AlphaCentric Strategic Income Fund" to "AlphaCentric Real Income Fund." CrossingBridge Advisors, LLC replaced Gosen Rock Capital, LLC as the Fund's sub-advisor. David K. Sherman, T. Kirk Whitney and Spencer Rolfe replaced David Gregory and Alex Cigolle as portfolio managers of the Fund. Effective November 18, 2024, Thomas Hamel is a Vice President of the Trust.

![Image](i527be2cfeefe9f08a1fffe16.jpg)

#### AlphaCentric Real Income Fund

#### Annual Shareholder Report - March 31, 2025

# 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](i6558653480b6eb2d8c153662.jpg)

TSR-AR 033125-SIIAX

#### AlphaCentric Real Income Fund

#### Class C Shares (SIICX)

#### Annual Shareholder Report - March 31, 2025
![Image](icb6f23da5a718f99d8425309.jpg)

# Fund Overview
This annual shareholder report contains important information about AlphaCentric Real Income Fund for the period of April 1, 2024 to March 31, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

# 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 | $255 | 2.49% |

---

# How did the Fund perform during the reporting period?
For the fiscal year, the Fund's Class C Shares achieved a 4.93% gain, outperforming the Bloomberg U.S. Aggregate Bond Index 4.88%. Notably, CrossingBridge Advisors, LLC took over portfolio management on November 1, 2024.

During CrossingBridge Advisors' tenure as sub-adviser, the Fund's Class C Shares experienced a -0.19% decline, while the S&P USA REIT USD Total Return Index fell by -1.44% and the Bloomberg U.S. Aggregate Bond Index rose by 2.63%.

The Fund generated positive interest income and had realized losses alongside unrealized gains during the fiscal year, distributing all income for a 5.67% dividend yield. Although the NAV decreased slightly from $16.34 to $16.22, the $0.92 in income distributed resulted in a positive total return for the year. As of March 31, 2025, the Fund's net assets were allocated across various asset types, including Asset Backed Securities (24.5)%, Corporate Bonds (22.3)%, and Common Stocks (15.6)%.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ieaef780e8f5b83018b44dea4.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 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (May 28, 2021)** |
| AlphaCentric Real Income Fund | 4.93% | 2.07% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.99% |
| S&P 500<sup>®</sup> Index | 8.25% | 9.45% |
| S&P US REIT Index | 9.86% | 3.39% |

---

***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.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $49030606 |
| Number of Portfolio Holdings | 86 |
| Advisory Fee (net of waivers) | $455804 |
| Portfolio Turnover | 144% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i3c61c302ed0f989239e2b2aa.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 25.6% |
| Collateralized Mortgage Obligations | 0.4% |
| Common Stocks | 27.9% |
| Convertible Bonds | 4.0% |
| Corporate Bonds | 23.3% |
| Money Market Funds | 3.8% |
| Preferred Stocks | 7.0% |
| Term Loans | 7.0% |
| U.S. Government & Agencies | 1.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i7e3f4348c6b20a3d875241bd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 3.2% |
| CLO | 0.2% |
| CMO | 0.7% |
| Mbs Passthrough | 1.0% |
| Utilities | 1.1% |
| Technology | 2.0% |
| ABS | 3.4% |
| Money Market Funds | 3.7% |
| Consumer Discretionary | 5.2% |
| Financials | 5.6% |
| Materials | 5.9% |
| Industrials | 6.1% |
| Communications | 6.5% |
| Energy | 7.3% |
| CMBS | 20.8% |
| Real Estate | 27.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Gladstone Land Corporation | 5.1% |
| Alpine Income Property Trust, Inc. | 3.8% |
| First American Treasury Obligations Fund, Class X | 3.7% |
| Builders FirstSource, Inc. | 3.7% |
| CBL & Associates HoldCompany I, LLC | 3.6% |
| BX Commercial Mortgage Trust 2021-SOAR, B | 2.9% |
| Hawaiian Airlines 2013-1 Class A Pass Through | 2.9% |
| Genworth Holdings, Inc. | 2.8% |
| Graphic Packaging Holding Company | 2.6% |
| Phillips 66 | 2.5% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by August 1, 2024 at www.AlphaCentricFunds.com or call us at 1-844-ACFUNDS (844-223-8637).

Effective November 1, 2024, the Fund's name changed from "AlphaCentric Strategic Income Fund" to "AlphaCentric Real Income Fund." CrossingBridge Advisors, LLC replaced Gosen Rock Capital, LLC as the Fund's sub-advisor. David K. Sherman, T. Kirk Whitney and Spencer Rolfe replaced David Gregory and Alex Cigolle as portfolio managers of the Fund. Effective November 18, 2024, Thomas Hamel is a Vice President of the Trust.

![Image](icb6f23da5a718f99d8425309.jpg)

#### AlphaCentric Real Income Fund

#### Annual Shareholder Report - March 31, 2025

# 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](i6aae81dc7f0dd0d23170241a.jpg)

TSR-AR 033125-SIICX

#### AlphaCentric Real Income Fund

#### Class I Shares (SIIIX)

#### Annual Shareholder Report - March 31, 2025
![Image](iafae48e83b529dd7c992b0e5.jpg)

# Fund Overview
This annual shareholder report contains important information about AlphaCentric Real Income Fund for the period of April 1, 2024 to March 31, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

# 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 | $153 | 1.49% |

---

# How did the Fund perform during the reporting period?
For the fiscal year, the Fund's Institutional Class I achieved a 5.99% gain, outperforming the Bloomberg U.S. Aggregate Bond Index 4.88%. Notably, CrossingBridge Advisors, LLC took over portfolio management on November 1, 2024.

During CrossingBridge Advisors' tenure as sub-adviser, the Fund's Institutional Class I experienced a 0.23% increase, while the S&P USA REIT USD Total Return Index fell by -1.44% and the Bloomberg U.S. Aggregate Bond Index rose by 2.63%.

The Fund generated positive interest income and had realized losses alongside unrealized gains during the fiscal year, distributing all income for a 6.63% dividend yield. Although the NAV decreased slightly from $16.41 to $16.30, the $1.08 in income distributed resulted in a positive total return for the year. As of March 31, 2025, the Fund's net assets were allocated across various asset types, including Asset Backed Securities (24.5)%, Corporate Bonds (22.3)%, and Common Stocks (15.6)%.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i6644d44b0e79a958d83f4d2a.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **AlphaCentric Real Income Fund** | **Bloomberg U.S. Aggregate Bond Index** | **S&P US REIT Index** | **S&P 500<sup>®</sup> Index** |
| **08/01/11** | $10000 | $10000 | $10000 | $10000 |
| **03/31/12** | $10300 | $10338 | $10888 | $11114 |
| **03/31/13** | $13020 | $10729 | $12540 | $12666 |
| **03/31/14** | $14500 | $10718 | $13060 | $15434 |
| **03/31/15** | $15740 | $11331 | $16208 | $17399 |
| **03/31/16** | $15300 | $11553 | $16870 | $17710 |
| **03/31/17** | $17400 | $11604 | $17314 | $20751 |
| **03/31/18** | $20400 | $11744 | $16496 | $23654 |
| **03/31/19** | $20900 | $12270 | $20004 | $25901 |
| **03/31/20** | $19860 | $13366 | $15720 | $24093 |
| **03/31/21** | $36140 | $13461 | $21620 | $37670 |
| **03/31/22** | $37046 | $12902 | $27313 | $43564 |
| **03/31/23** | $33233 | $12285 | $22102 | $40197 |
| **03/31/24** | $39216 | $12494 | $24391 | $52209 |
| **03/31/25** | $41567 | $13103 | $26796 | $56517 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| AlphaCentric Real Income Fund | 5.99% | 15.92% | 10.20% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| S&P 500<sup>®</sup> Index | 8.25% | 18.59% | 12.50% |
| S&P US REIT Index | 9.86% | 11.26% | 5.16% |

---

***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.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $49030606 |
| Number of Portfolio Holdings | 86 |
| Advisory Fee (net of waivers) | $455804 |
| Portfolio Turnover | 144% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](idca334440e54ad7884b84bdb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 25.6% |
| Collateralized Mortgage Obligations | 0.4% |
| Common Stocks | 27.9% |
| Convertible Bonds | 4.0% |
| Corporate Bonds | 23.3% |
| Money Market Funds | 3.8% |
| Preferred Stocks | 7.0% |
| Term Loans | 7.0% |
| U.S. Government & Agencies | 1.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i1cb2ed2831fa7fac789c5881.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 3.2% |
| CLO | 0.2% |
| CMO | 0.7% |
| Mbs Passthrough | 1.0% |
| Utilities | 1.1% |
| Technology | 2.0% |
| ABS | 3.4% |
| Money Market Funds | 3.7% |
| Consumer Discretionary | 5.2% |
| Financials | 5.6% |
| Materials | 5.9% |
| Industrials | 6.1% |
| Communications | 6.5% |
| Energy | 7.3% |
| CMBS | 20.8% |
| Real Estate | 27.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Gladstone Land Corporation | 5.1% |
| Alpine Income Property Trust, Inc. | 3.8% |
| First American Treasury Obligations Fund, Class X | 3.7% |
| Builders FirstSource, Inc. | 3.7% |
| CBL & Associates HoldCompany I, LLC | 3.6% |
| BX Commercial Mortgage Trust 2021-SOAR, B | 2.9% |
| Hawaiian Airlines 2013-1 Class A Pass Through | 2.9% |
| Genworth Holdings, Inc. | 2.8% |
| Graphic Packaging Holding Company | 2.6% |
| Phillips 66 | 2.5% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by August 1, 2024 at www.AlphaCentricFunds.com or call us at 1-844-ACFUNDS (844-223-8637).

Effective November 1, 2024, the Fund's name changed from "AlphaCentric Strategic Income Fund" to "AlphaCentric Real Income Fund." CrossingBridge Advisors, LLC replaced Gosen Rock Capital, LLC as the Fund's sub-advisor. David K. Sherman, T. Kirk Whitney and Spencer Rolfe replaced David Gregory and Alex Cigolle as portfolio managers of the Fund. Effective November 18, 2024, Thomas Hamel is a Vice President of the Trust.

![Image](iafae48e83b529dd7c992b0e5.jpg)

#### AlphaCentric Real Income Fund

#### Annual Shareholder Report - March 31, 2025

# 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](id4947fb916679c4fcaa26420.jpg)

TSR-AR 033125-SIIIX

#### AlphaCentric Symmetry Strategy Fund

#### Class A Shares (SYMAX)

#### Annual Shareholder Report - March 31, 2025
![Image](i4a64440319b7749c5e2a8f7e.jpg)

# Fund Overview
This annual shareholder report contains important information about AlphaCentric Symmetry Strategy Fund for the period of April 1, 2024 to March 31, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

# 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 | $183 | 1.85% |

---

# How did the Fund perform during the reporting period?
For the fiscal year ended March 31, 2025, Class A's -1.80% total return marked significantly different performance between its long-only traditional equity/credit and systematic alternative (primarily managed futures) components. Maintaining a target 50% portfolio risk allocation to each through regular rebalancing, this risk-balanced design aims to diversify returns and provide resilience across various market conditions. The traditional long-only portfolio positively contributed to the Fund's performance, benefiting from sustained strength in global, particularly developed, equity markets. Equity exposure utilized factor-based strategies targeting value, growth, and low-volatility momentum to capture broad drivers of stock returns across sectors and regions. Throughout the year, allocations to equities and credit were generally maintained at the higher end of the risk budget, reflecting the favorable risk-reward environment for risk assets. The systematic managed futures allocation negatively impacted overall performance, particularly in the second half of the fiscal year marked by increased volatility and a lack of clear trends. Consequently, trend-following models experienced frequent reversals across rates, commodities, and currencies; initial support from fixed income trends was offset by subsequent market choppiness. Despite these challenges, the Fund adhered to its systematic, rules-based framework for capturing medium-term macro trends across global futures markets. While results were negative this year, this strategy remains a key diversifier with potential in more directional or stressed market conditions.

In summary, the Fund continued to implement its disciplined investment approach throughout the fiscal year, effectively balancing traditional and alternative sources of risk and return. Consequently, the Fund remains strategically positioned to adapt to a wide spectrum of future market conditions.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ia973e575d6593b718d10abb9.jpg)

---

| | | |
|:---|:---|:---|
| | **AlphaCentric Symmetry Strategy Fund** | **60% - MSCI World Index / 40% - Bloomberg US Agg** |
| **Aug-2019** | $9424 | $10000 |
| **Mar-2020** | $8327 | $9337 |
| **Mar-2021** | $9918 | $12075 |
| **Mar-2022** | $11065 | $12493 |
| **Mar-2023** | $10749 | $11644 |
| **Mar-2024** | $11747 | $13301 |
| **Mar-2025** | $11535 | $14015 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (August 8, 2019)** |
| AlphaCentric Symmetry Strategy Fund |  |  |  |
| Without Load | -1.80% | 6.73% | 3.64% |
| With Load | -7.42% | 5.49% | 2.56% |
| S&P 500<sup>®</sup> Index | 8.25% | 18.59% | 13.95% |

---

***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.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $40671386 |
| Number of Portfolio Holdings | 221 |
| Advisory Fee (net of waivers) | $397424 |
| Portfolio Turnover | 299% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i8798a3959c5a386a5ad74c13.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 31.6% |
| Exchange-Traded Funds | 38.4% |
| Money Market Funds | 13.6% |
| Reit | 0.7% |
| U.S. Government & Agencies | 15.7% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i3cfb6001ac65975c1a9f94ef.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | 6.7% |
| Real Estate | 0.6% |
| Materials | 1.1% |
| Consumer Staples | 1.4% |
| Health Care | 2.0% |
| Communications | 2.2% |
| Energy | 2.3% |
| Technology | 2.4% |
| Consumer Discretionary | 2.7% |
| Industrials | 4.1% |
| Financials | 11.3% |
| Money Market Funds | 12.7% |
| U.S. Treasury Obligations | 14.7% |
| Fixed Income | 16.0% |
| Equity | 19.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| First American Treasury Obligations Fund, Class X | 12.7% |
| United States Treasury Bill, 4.220%, 05/15/25 | 4.9% |
| Invesco Nasdaq 100 ETF | 4.8% |
| Invesco QQQ Trust Series 1 ETF | 4.8% |
| United States Treasury Bill, 4.160%, 04/29/25 | 3.7% |
| United States Treasury Bill, 4.250%, 05/29/25 | 3.7% |
| iShares 3-7 Year Treasury Bond ETF | 2.5% |
| iShares 1-3 Year Treasury Bond ETF | 2.5% |
| iShares 7-10 Year Treasury Bond ETF | 2.5% |
| United States Treasury Bill, 4.190%, 05/06/25 | 2.4% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by August 1, 2024 at www.AlphaCentricFunds.com or call us at 1-844-ACFUNDS (844-223-8637).

Effective November 18, 2024, Thomas Hamel is a Vice President of the Trust.

![Image](i4a64440319b7749c5e2a8f7e.jpg)

#### AlphaCentric Symmetry Strategy Fund

#### Annual Shareholder Report - March 31, 2025

# 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](i5fc9ddd9583bcfe6e446d4ef.jpg)

TSR-AR 033125-SYMAX

#### AlphaCentric Symmetry Strategy Fund

#### Class C Shares (SYMCX)

#### Annual Shareholder Report - March 31, 2025
![Image](ibe1d38b9544039921beedd44.jpg)

# Fund Overview
This annual shareholder report contains important information about AlphaCentric Symmetry Strategy Fund for the period of April 1, 2024 to March 31, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

# 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 | $257 | 2.60% |

---

# How did the Fund perform during the reporting period?
For the fiscal year ended March 31, 2025, Class C's -2.51% total return marked significantly different performance between its long-only traditional equity/credit and systematic alternative (primarily managed futures) components. Maintaining a target 50% portfolio risk allocation to each through regular rebalancing, this risk-balanced design aims to diversify returns and provide resilience across various market conditions. The traditional long-only portfolio positively contributed to the Fund's performance, benefiting from sustained strength in global, particularly developed, equity markets. Equity exposure utilized factor-based strategies targeting value, growth, and low-volatility momentum to capture broad drivers of stock returns across sectors and regions. Throughout the year, allocations to equities and credit were generally maintained at the higher end of the risk budget, reflecting the favorable risk-reward environment for risk assets. The systematic managed futures allocation negatively impacted overall performance, particularly in the second half of the fiscal year marked by increased volatility and a lack of clear trends. Consequently, trend-following models experienced frequent reversals across rates, commodities, and currencies; initial support from fixed income trends was offset by subsequent market choppiness. Despite these challenges, the Fund adhered to its systematic, rules-based framework for capturing medium-term macro trends across global futures markets. While results were negative this year, this strategy remains a key diversifier with potential in more directional or stressed market conditions.

In summary, the Fund continued to implement its disciplined investment approach throughout the fiscal year, effectively balancing traditional and alternative sources of risk and return. Consequently, the Fund remains strategically positioned to adapt to a wide spectrum of future market conditions.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ic8d87d78e80b6770352bc575.jpg)

---

| | | |
|:---|:---|:---|
| | **AlphaCentric Symmetry Strategy Fund** | **60% - MSCI World Index / 40% - Bloomberg US Agg** |
| **Aug-2019** | $10000 | $10000 |
| **Mar-2020** | $8803 | $9337 |
| **Mar-2021** | $10396 | $12075 |
| **Mar-2022** | $11498 | $12493 |
| **Mar-2023** | $11092 | $11644 |
| **Mar-2024** | $12030 | $13301 |
| **Mar-2025** | $11728 | $14015 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (August 8, 2019)** |
| AlphaCentric Symmetry Strategy Fund | -2.51% | 5.90% | 2.86% |
| S&P 500<sup>®</sup> Index | 8.25% | 18.59% | 13.95% |
| 60% - MSCI World Index / 40% - Bloomberg US Agg | 5.36% | 8.46% | 6.32% |

---

***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.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $40671386 |
| Number of Portfolio Holdings | 221 |
| Advisory Fee (net of waivers) | $397424 |
| Portfolio Turnover | 299% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iad50669a3d6a88719f4eabdd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 31.6% |
| Exchange-Traded Funds | 38.4% |
| Money Market Funds | 13.6% |
| Reit | 0.7% |
| U.S. Government & Agencies | 15.7% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ieff5f34eba355014c0626376.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | 6.7% |
| Real Estate | 0.6% |
| Materials | 1.1% |
| Consumer Staples | 1.4% |
| Health Care | 2.0% |
| Communications | 2.2% |
| Energy | 2.3% |
| Technology | 2.4% |
| Consumer Discretionary | 2.7% |
| Industrials | 4.1% |
| Financials | 11.3% |
| Money Market Funds | 12.7% |
| U.S. Treasury Obligations | 14.7% |
| Fixed Income | 16.0% |
| Equity | 19.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| First American Treasury Obligations Fund, Class X | 12.7% |
| United States Treasury Bill, 4.220%, 05/15/25 | 4.9% |
| Invesco Nasdaq 100 ETF | 4.8% |
| Invesco QQQ Trust Series 1 ETF | 4.8% |
| United States Treasury Bill, 4.160%, 04/29/25 | 3.7% |
| United States Treasury Bill, 4.250%, 05/29/25 | 3.7% |
| iShares 3-7 Year Treasury Bond ETF | 2.5% |
| iShares 1-3 Year Treasury Bond ETF | 2.5% |
| iShares 7-10 Year Treasury Bond ETF | 2.5% |
| United States Treasury Bill, 4.190%, 05/06/25 | 2.4% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by August 1, 2024 at www.AlphaCentricFunds.com or call us at 1-844-ACFUNDS (844-223-8637).

Effective November 18, 2024, Thomas Hamel is a Vice President of the Trust.

![Image](ibe1d38b9544039921beedd44.jpg)

#### AlphaCentric Symmetry Strategy Fund

#### Annual Shareholder Report - March 31, 2025

# 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](iba9eeb2e5e5008c04a7a41e6.jpg)

TSR-AR 033125-SYMCX

#### AlphaCentric Symmetry Strategy Fund

#### Class I Shares (SYMIX)

#### Annual Shareholder Report - March 31, 2025
![Image](i24345be9d8534e76492c78be.jpg)

# Fund Overview
This annual shareholder report contains important information about AlphaCentric Symmetry Strategy Fund for the period of April 1, 2024 to March 31, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.**

# 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 | $159 | 1.60% |

---

# How did the Fund perform during the reporting period?
For the fiscal year ended March 31, 2025, Class I's -1.48% total return marked significantly different performance between its long-only traditional equity/credit and systematic alternative (primarily managed futures) components. Maintaining a target 50% portfolio risk allocation to each through regular rebalancing, this risk-balanced design aims to diversify returns and provide resilience across various market conditions. The traditional long-only portfolio positively contributed to the Fund's performance, benefiting from sustained strength in global, particularly developed, equity markets. Equity exposure utilized factor-based strategies targeting value, growth, and low-volatility momentum to capture broad drivers of stock returns across sectors and regions. Throughout the year, allocations to equities and credit were generally maintained at the higher end of the risk budget, reflecting the favorable risk-reward environment for risk assets. The systematic managed futures allocation negatively impacted overall performance, particularly in the second half of the fiscal year marked by increased volatility and a lack of clear trends. Consequently, trend-following models experienced frequent reversals across rates, commodities, and currencies; initial support from fixed income trends was offset by subsequent market choppiness. Despite these challenges, the Fund adhered to its systematic, rules-based framework for capturing medium-term macro trends across global futures markets. While results were negative this year, this strategy remains a key diversifier with potential in more directional or stressed market conditions.

In summary, the Fund continued to implement its disciplined investment approach throughout the fiscal year, effectively balancing traditional and alternative sources of risk and return. Consequently, the Fund remains strategically positioned to adapt to a wide spectrum of future market conditions.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i0e78b12fc63275d1142cb9fd.jpg)

---

| | | |
|:---|:---|:---|
| | **AlphaCentric Symmetry Strategy Fund** | **60% - MSCI World Index / 40% - Bloomberg US Agg** |
| **Mar-2015** | $10000 | $10000 |
| **Mar-2016** | $9892 | $9779 |
| **Mar-2017** | $9216 | $10519 |
| **Mar-2018** | $9925 | $11293 |
| **Mar-2019** | $9583 | $11658 |
| **Mar-2020** | $8329 | $11228 |
| **Mar-2021** | $9942 | $14522 |
| **Mar-2022** | $11109 | $15024 |
| **Mar-2023** | $10815 | $14003 |
| **Mar-2024** | $11850 | $15996 |
| **Mar-2025** | $11674 | $16854 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| AlphaCentric Symmetry Strategy Fund | -1.48% | 6.99% | 1.56% |
| S&P 500<sup>®</sup> Index | 8.25% | 18.59% | 12.50% |
| 60% - MSCI World Index / 40% - Bloomberg US Agg | 5.36% | 8.46% | 5.36% |

---

***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.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $40671386 |
| Number of Portfolio Holdings | 221 |
| Advisory Fee (net of waivers) | $397424 |
| Portfolio Turnover | 299% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i2ae842d2ae67f7f06ca85be2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 31.6% |
| Exchange-Traded Funds | 38.4% |
| Money Market Funds | 13.6% |
| Reit | 0.7% |
| U.S. Government & Agencies | 15.7% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i921b6142eba71724d88fdfbd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | 6.7% |
| Real Estate | 0.6% |
| Materials | 1.1% |
| Consumer Staples | 1.4% |
| Health Care | 2.0% |
| Communications | 2.2% |
| Energy | 2.3% |
| Technology | 2.4% |
| Consumer Discretionary | 2.7% |
| Industrials | 4.1% |
| Financials | 11.3% |
| Money Market Funds | 12.7% |
| U.S. Treasury Obligations | 14.7% |
| Fixed Income | 16.0% |
| Equity | 19.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| First American Treasury Obligations Fund, Class X | 12.7% |
| United States Treasury Bill, 4.220%, 05/15/25 | 4.9% |
| Invesco Nasdaq 100 ETF | 4.8% |
| Invesco QQQ Trust Series 1 ETF | 4.8% |
| United States Treasury Bill, 4.160%, 04/29/25 | 3.7% |
| United States Treasury Bill, 4.250%, 05/29/25 | 3.7% |
| iShares 3-7 Year Treasury Bond ETF | 2.5% |
| iShares 1-3 Year Treasury Bond ETF | 2.5% |
| iShares 7-10 Year Treasury Bond ETF | 2.5% |
| United States Treasury Bill, 4.190%, 05/06/25 | 2.4% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by August 1, 2024 at www.AlphaCentricFunds.com or call us at 1-844-ACFUNDS (844-223-8637).

Effective November 18, 2024, Thomas Hamel is a Vice President of the Trust.

![Image](i24345be9d8534e76492c78be.jpg)

#### AlphaCentric Symmetry Strategy Fund

#### Annual Shareholder Report - March 31, 2025

# 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](ib3fe721a9ca862867e3cea0c.jpg)

TSR-AR 033125-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:

2025 - $123,200

2024 - $102,000

(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:

2025 – $22,500

2024 – $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, 2024, and 2025 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, 2024, and 2025 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;

---

| |
|:---|
| ![()](al001_v1.jpg) |
| **Annual Financial Statements** |
| **and Additional Information** |
| **AlphaCentric Income Opportunities Fund** |
| Class A: IOFAX Class C: IOFCX Class I: IOFIX |
| **AlphaCentric Premium Opportunity Fund** |
| Class A: HMXAX Class C: HMXCX Class I: HMXIX |
| **AlphaCentric Robotics and Automation Fund** |
| Class A: GNXAX Class C: GNXCX Class I: GNXIX |
| **AlphaCentric Symmetry Strategy Fund** |
| Class A: SYMAX Class C: SYMCX Class I: SYMIX |
| **AlphaCentric Life Sciences and Healthcare Fund** |
| (formerly known as AlphaCentric LifeSci Healthcare Fund) |
| Class A: LYFAX Class C: LYFCX Class I: LYFIX |
| **AlphaCentric Real Income Fund** |
| (formerly known as AlphaCentric Strategic Income Fund) |
| Class A: SIIAX Class C: SIICX Class I: SIIIX |
| **March 31, 2025** |
| AlphaCentric Advisors LLC |
| 53 Palmeras Street, Suite 601 |
| San Juan, PR 00901 |
| 1-844-223-8637 |

---

---

| |
|:---|
| **ALPHACENTRIC INCOME OPPORTUNITIES FUND (IOFAX, IOFCX, IOFIX)** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon**<br>**Rate (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 100.0%** |  |  |  |  |
| 1251966 | ABFS Mortgage Loan Trust 2003-2 Series 2003-2 B<sup>(a),(b)</sup> |  | 6.1720 | 04/25/34 | $791665 |
| 39511 | ACE Securities Corp Home Equity Loan Trust Series 2004-FM2 M3<sup>(c)</sup> | TSFR1M + 2.139% | 3.5280 | 06/25/34 | 33460 |
| 297212 | ACE Securities Corp Home Equity Loan Trust Series 2004-RM2 M4<sup>(c)</sup> | TSFR1M + 1.434% | 0.0001 | 01/25/35 | 300460 |
| 4555548 | ACE Securities Corp Home Equity Loan Trust Series 2005-HE2 M7<sup>(c)</sup> | TSFR1M + 1.959% | 0.8920 | 04/25/35 | 3218455 |
| 5005526 | ACE Securities Corp Home Equity Loan Trust Series 2006-ASP4 M1<sup>(c)</sup> | TSFR1M + 0.549% | 0.0001 | 08/25/36 | 4619565 |
| 40656 | Adjustable Rate Mortgage Trust 2005-3 Series 2005-3 1A2<sup>(b)</sup> |  | 4.6350 | 07/25/35 | 38614 |
| 1224398 | Alternative Loan Trust 2006-OA22 Series 2006-OA22 A3<sup>(c)</sup> | TSFR1M + 0.594% | 4.5010 | 02/25/47 | 1029230 |
| 4135271 | American Home Mortgage Investment Trust 2006-1 Series 2006-1 1A2<sup>(c)</sup> | TSFR1M + 0.494% | 4.4930 | 03/25/46 | 3491705 |
| 1037239 | Ameriquest Mort Sec Inc Asset-Backed Pass-Through Certs Series 2002-2 M4<sup>(c)</sup> | TSFR1M + 3.414% | 4.6580 | 08/25/32 | 939204 |
| 1305319 | Ameriquest Mortgage Securities Asset-Backed Series 2005-R10 M7<sup>(c)</sup> | TSFR1M + 2.289% | 0.0001 | 01/25/36 | 1928500 |
| 2788 | Amresco Residential Securities Corp Mort Loan Series 1999-1 M2<sup>(c)</sup> | TSFR1M + 1.464% | 0.0001 | 11/25/29 | 2431 |
| 2333511 | Bank of America Mortgage 2004-K Trust Series 2004-K B1<sup>(b)</sup> |  | 0.0001 | 12/25/34 | 1960049 |
| 9409 | Bear Stearns ARM Trust 2003-8 Series 2003-8 1A2<sup>(b)</sup> |  | 6.5000 | 01/25/34 | 8928 |
| 160708 | Bear Stearns ARM Trust 2004-7 Series 2004-7 1A1<sup>(b)</sup> |  | 0.0001 | 10/25/34 | 122174 |
| 45368500 | Carrington Mortgage Loan Trust Series 2006-FRE1 Series 2006-FRE1 M1<sup>(c)</sup> | TSFR1M + 0.414% | 1.3490 | 07/25/36 | 32616455 |
| 8905360 | Carrington Mortgage Loan Trust Series 2006-NC4 Series 2006-NC4 M1<sup>(c)</sup> | TSFR1M + 0.414% | 0.0001 | 10/25/36 | 5463586 |
| 14439119 | Carrington Mortgage Loan Trust Series 2007-RFC1 Series 2007-RFC1 M1<sup>(c)</sup> | TSFR1M + 0.374% | 0.1100 | 12/25/36 | 10491387 |
| 58269 | Centex Home Equity Loan Trust 2004-B Series 2004-B M7<sup>(c)</sup> | TSFR1M + 2.439% | 5.6540 | 03/25/34 | 2758 |
| 14454834 | CIT Mortgage Loan Trust 2007-1 Series 2007-1 2M3<sup>(a), (c)</sup> | TSFR1M + 1.864% | 4.8170 | 10/25/37 | 10532922 |
| 29275672 | CIT Mortgage Loan Trust 2007-1 Series 2007-1 1M3<sup>(a),(c)</sup> | TSFR1M + 1.864% | 5.2830 | 10/25/37 | 21913903 |
| 4703847 | Citigroup Mortgage Loan Trust 2006-WMC1 Series 2006-WMC1 M2<sup>(c)</sup> | TSFR1M + 0.729% | 2.8190 | 12/25/35 | 3392295 |
| 10941124 | Citigroup Mortgage Loan Trust 2007-AHL1 Series 2007-AHL1 M2<sup>(c)</sup> | TSFR1M + 0.519% | 3.1000 | 12/25/36 | 10540057 |
| 530293 | Citigroup Mortgage Loan Trust, Inc. Series 2005-OPT1 M8<sup>(c)</sup> | TSFR1M + 2.049% | 3.8430 | 02/25/35 | 441921 |
| 3696466 | Countrywide Asset-Backed Certificates Series 2007-BC2 M1<sup>(c)</sup> | TSFR1M + 0.454% | 4.4100 | 06/25/37 | 1790161 |
| 2653610 | Countrywide Asset-Backed Certificates Series 2007-2 M1<sup>(c)</sup> | TSFR1M + 0.334% | 0.0001 | 08/25/37 | 2327029 |
| 1297538 | Credit Suisse First Boston Mortgage Securities Series 2001-HE22 M1<sup>(c)</sup> | TSFR1M + 1.614% | 4.1810 | 02/25/32 | 2066706 |
| 3646962 | Credit-Based Asset Servicing and Securitization, Series 2007-SP2 M7<sup>(a),(d)</sup> |  | 0.0001 | 03/25/46 | 1221344 |
| 1378663 | Delta Funding Home Equity Loan Trust 1997-3 Series 1997-3 B1F |  | 0.0001 | 10/25/28 | 1319224 |
| 1188267 | Delta Funding Home Equity Loan Trust 1998-1 Series 1998-1 M1F<sup>(c)</sup> | TSFR1M + 0.939% | 1.1760 | 05/25/30 | 1069453 |
| 810096 | Delta Funding Home Equity Loan Trust 1999-1 Series 1999-1 B<sup>(b)</sup> |  | 4.1260 | 03/15/28 | 719875 |
| 1724000 | Delta Funding Home Equity Loan Trust 1999-2 Series 1999-2 M1 |  | 2.7500 | 08/15/30 | 1421234 |
| 5666067 | EMC Mortgage Loan Trust 2005-B Series 2005-B M2<sup>(a), (c)</sup> | TSFR1M + 2.364% | 5.6250 | 04/25/42 | 5517060 |
| 1688883 | First Franklin Mortgage Loan Trust 2006-FF7 Series 2006-FF7 M1<sup>(c)</sup> | TSFR1M + 0.489% | 0.0001 | 05/25/36 | 1337270 |
| 8676638 | First Franklin Mortgage Loan Trust 2006-FF9 Series 2006-FF9 M1<sup>(c)</sup> | TSFR1M + 0.489% | 4.4880 | 06/25/36 | 6697953 |
| 1975222 | Fremont Home Loan Trust 2004-3 Series 2004-3 M5<sup>(c)</sup> | TSFR1M + 1.989% | 0.0001 | 11/25/34 | 1302822 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC INCOME OPPORTUNITIES FUND (IOFAX, IOFCX, IOFIX)** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon**<br>**Rate (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 100.0% (Continued)** |  |  |  |  |
| 6988 | GSR Mortgage Loan Trust 2005-7F Series 2005-7F 3A1<sup>(c)</sup> | TSFR1M + 0.614% | 4.9340 | 09/25/35 | $6961 |
| 878875 | GSRPM Mortgage Loan Trust Series 2004-1 Series 2004-1 B2<sup>(a),(c)</sup> | TSFR1M + 5.364% | 3.0370 | 09/25/42 | 821723 |
| 1131509 | HarborView Mortgage Loan Trust 2006-12 Series 2006-12 2A2B<sup>(c)</sup> | TSFR1M + 0.614% | 3.3450 | 01/19/38 | 1708207 |
| 18244 | IndyMac INDX Mortgage Loan Trust 2004-AR6 Series 2004-AR6 6A2<sup>(b)</sup> |  | 5.6380 | 10/25/34 | 17043 |
| 1014140 | IXIS Real Estate Capital Trust 2005-HE2 Series 2005-HE2 M6<sup>(c)</sup> | TSFR1M + 1.149% | 5.1040 | 09/25/35 | 1292785 |
| 263655 | MAFI II Remic Trust 1998-A Series 1998-AX B2 |  | 6.0000 | 02/20/27 | 238392 |
| 260913 | MASTR Alternative Loan Trust 2002-2 Series 2002-2 B3<sup>(b)</sup> |  | 0.0001 | 10/25/32 | 3 |
| 1497751 | Mastr Asset Backed Securities Trust 2004-HE1 Series 2004-HE1 M10<sup>(c)</sup> | TSFR1M + 5.364% | 3.5990 | 09/25/34 | 1246956 |
| 4835651 | Mastr Asset Backed Securities Trust 2007-HE1 Series 2007-HE1 M1<sup>(c)</sup> | TSFR1M + 0.414% | 0.0001 | 05/25/37 | 3971693 |
| 1462000 | Mastr Specialized Loan Trust Series 2005-3 M2<sup>(a),(c)</sup> | TSFR1M + 1.989% | 3.6610 | 11/25/35 | 930070 |
| 12797 | Merrill Lynch Mortgage Investors Trust MLMI Series 2003-A1 2A<sup>(c)</sup> | TSFR12M + 2.340% | 6.4990 | 12/25/32 | 12803 |
| 40184 | Merrill Lynch Mortgage Investors Trust MLMI Series 2003-A2 2A2<sup>(c)</sup> | TSFR6M + 1.928% | 6.1660 | 02/25/33 | 38623 |
| 87219 | Merrill Lynch Mortgage Investors Trust Series MLCC Series 2005-A B2<sup>(c)</sup> | TSFR1M + 1.119% | 0.0001 | 03/25/30 | 50679 |
| 2842396 | Merrill Lynch Mortgage Investors Trust Series MLCC Series 2006-1 M1<sup>(b)</sup> |  | 5.5100 | 02/25/36 | 2129094 |
| 3131326 | Mill City Mortgage Loan Trust 2018-3 Series 3 B6<sup>(a),(b)</sup> |  | 0.0001 | 08/25/58 | 1590652 |
| 3522491 | Mill City Mortgage Loan Trust 2018-3 Series 3 B5<sup>(a),(b)</sup> |  | 1.7560 | 08/25/58 | 2007392 |
| 4989363 | Mill City Mortgage Loan Trust 2018-3 Series 3 B2<sup>(a),(b)</sup> |  | 3.2500 | 08/25/58 | 3768311 |
| 7464280 | Mill City Mortgage Loan Trust 2018-4 Series 4 B5<sup>(a),(b)</sup> |  | 3.0760 | 04/25/66 | 4053967 |
| 320444 | Morgan Stanley A.B.S Capital I Inc Trust 2004-WMC3 Series 2004-WMC3 M6<sup>(c)</sup> | TSFR1M + 1.764% | 0.0001 | 01/25/35 | 407492 |
| 4818115 | Morgan Stanley A.B.S Capital I Inc Trust 2007-HE6 Series 2007-HE6 M1<sup>(c)</sup> | TSFR1M + 0.374% | 0.0001 | 05/25/37 | 5531435 |
| 29726 | Morgan Stanley Mortgage Loan Trust 2004-7AR Series 2004-7AR 2A7<sup>(b)</sup> |  | 5.7900 | 09/25/34 | 29393 |
| 6953139 | Nationstar Home Equity Loan Trust 2007-B Series 2007-B M2<sup>(c)</sup> | TSFR1M + 0.584% | 4.4010 | 04/25/37 | 7713291 |
| 3712376 | New Century Home Equity Loan Trust 2006-2 Series 2006-2 M1<sup>(c)</sup> | TSFR1M + 0.579% | 0.0001 | 08/25/36 | 3049311 |
| 16175 | Nomura Asset Acceptance Corp Alternative Loan Series 2003-A1 A5 |  | 7.0000 | 04/25/33 | 16199 |
| 3766 | Nomura Asset Acceptance Corp Alternative Loan Series 2003-A1 A2 |  | 6.0000 | 05/25/33 | 3784 |
| 3126335 | NovaStar Mortgage Funding Trust Series 2003-1 Series 2003-1 M2<sup>(c)</sup> | TSFR1M + 3.114% | 0.3360 | 05/25/33 | 2713564 |
| 15383301 | Option One Mortgage Loan Trust 2007-CP1 Series 2007-CP1 M1<sup>(c)</sup> | TSFR1M + 0.414% | 0.0001 | 03/25/37 | 14512721 |
| 3695149 | Park Place Securities Inc Asset-Backed Series 2004-WHQ2 M7<sup>(c)</sup> | TSFR1M + 2.739% | 3.8710 | 02/25/35 | 2420518 |
| 3771769 | RAAC Series 2006-RP2 Trust Series 2006-RP2 M2<sup>(a),(c)</sup> | TSFR1M + 1.364% | 5.6850 | 02/25/37 | 3347662 |
| 12269211 | RAAC Series 2007-SP3 Trust Series 2007-SP3 M1<sup>(c)</sup> | TSFR1M + 2.364% | 6.2380 | 09/25/47 | 8288827 |
| 2375389 | RASC Series 2006-EMX1 Trust Series 2006-EMX1 M3<sup>(c)</sup> | TSFR1M + 0.584% | 5.1400 | 01/25/36 | 1663959 |
| 302275 | Renaissance Home Equity Loan Trust 2003-2 Series 2003-2 M2F<sup>(d)</sup> |  | 3.7350 | 08/25/33 | 244328 |
| 5922916 | Renaissance Home Equity Loan Trust 2005-1 Series 2005-1 M2<sup>(d)</sup> |  | 0.0001 | 05/25/35 | 556025 |
| 5414879 | Renaissance Home Equity Loan Trust 2005-2 Series 2005-2 M2<sup>(d)</sup> |  | 5.6010 | 08/25/35 | 1146808 |
| 93271 | SASCO Mortgage Loan Trust 2003-GEL1 Series 2003-GEL1 M3<sup>(c)</sup> | TSFR1M + 4.614% | 2.4260 | 10/25/33 | 87718 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC INCOME OPPORTUNITIES FUND (IOFAX, IOFCX, IOFIX)** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon**<br>**Rate (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 100.0% (Continued)** |  |  |  |  |
| 4793155 | Saxon Asset Securities Trust 2007-3 Series 2007-3 1M2<sup>(c)</sup> | TSFR1M + 1.014% | 0.0001 | 09/25/47 | $5064021 |
| 34930726 | Seasoned Credit Risk Transfer Trust Series 2018-3 Series 3 BX <sup>(b)</sup> |  | 0.9410 | 08/25/57 | 12112236 |
| 6453219 | Sequoia Mortgage Trust 2004-10 Series 2004-10 XA<sup>(b)</sup> |  | 0.0001 | 11/20/34 | 65 |
| 305283 | Soundview Home Loan Trust 2005-A Series 2005-A M6<sup>(c)</sup> | TSFR1M + 1.464% | 5.1610 | 04/25/35 | 309592 |
| 5321456 | Soundview Home Loan Trust 2005-OPT1 Series 2005-OPT1 M5<sup>(c)</sup> | TSFR1M + 1.164% | 0.0001 | 06/25/35 | 4004655 |
| 2280750 | Structured Asset Investment Loan Trust 2005-HE3 Series 2005-HE3 M3<sup>(c)</sup> | TSFR1M + 0.909% | 4.4360 | 09/25/35 | 1691491 |
| 90197 | Structured Asset Mortgage Investments II Trust Series 2004-AR5 1A2<sup>(b)</sup> |  | 4.3770 | 10/19/34 | 78689 |
| 608103 | Structured Asset Mortgage Investments Trust Series 2002-AR4 A2<sup>(c)</sup> | TSFR1M + 0.939% | 4.0150 | 02/19/33 | 509453 |
| 2323000 | Towd Point Mortgage Trust 2018-5 Series 5 B4<sup>(a),(b)</sup> |  | 3.4940 | 07/25/58 | 1446799 |
| 757000 | Truman Capital Mortgage Loan Trust Series 2005-1 M3<sup>(a),(c)</sup> | TSFR1M + 5.364% | 3.5390 | 03/25/37 | 691552 |
| 335145 | WaMu Mortgage Pass-Through Certificates Series 2003-AR10 B2<sup>(b)</sup> |  | 0.0001 | 10/25/33 | 249404 |
| 92531 | WaMu Mortgage Pass-Through Certificates Series 2002-AR17 2B1<sup>(c)</sup> | COF 11 + 1.250% | 0.0001 | 11/25/42 | 85524 |
|  | **TOTAL NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $186,727,345)** |  |  |  | 242531725 |
| **Shares** |  |  |  |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 0.3%** |  |  |  |  |
|  | **MONEY MARKET FUND - 0.3%** |  |  |  |  |
| 821269 | First American Treasury Obligations Fund, Class X, 4.26% **(Cost $821,269)**<sup>(e)</sup> | First American Treasury Obligations Fund, Class X, 4.26% **(Cost $821,269)**<sup>(e)</sup> | First American Treasury Obligations Fund, Class X, 4.26% **(Cost $821,269)**<sup>(e)</sup> | First American Treasury Obligations Fund, Class X, 4.26% **(Cost $821,269)**<sup>(e)</sup> | 821269 |
|  | **TOTAL INVESTMENTS - 100.3% (Cost $187,548,614)** | **TOTAL INVESTMENTS - 100.3% (Cost $187,548,614)** | **TOTAL INVESTMENTS - 100.3% (Cost $187,548,614)** | **TOTAL INVESTMENTS - 100.3% (Cost $187,548,614)** | $243352994 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | (732790) |
|  | **NET ASSETS - 100.0%** |  |  |  | $242620204 |

---

---

| | |
|:---|:---|
| REMIC | - Real Estate Mortgage Investment Conduit |
| COF 11 | Cost of Funds for the 11th District of San Francisco |
| 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> 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, 2025 the total market value of 144A securities is $58,635,022 or 24.2% of net assets.

<sup>(b)</sup> Variable rate security; the rate shown represents the rate on March 31, 2025.

<sup>(c)</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>(d)</sup> Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at March 31, 2025.

<sup>(e)</sup> Rate disclosed is the seven day effective yield as of March 31, 2025.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC PREMIUM OPPORTUNITY FUND (HMXAX, HMXCX, HMXIX)** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 4.5%** |  |  |  |
|  | **U.S. TREASURY NOTES — 4.5%** |  |  |  |
| 2500000 | United States Treasury Note **(Cost $2,491,594)** | 2.8750 | 06/15/25 | $2492531 |
| **Shares** |  |  |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 50.7%** |  |  |  |
|  | **MONEY MARKET FUNDS - 50.7%** |  |  |  |
| 4384621 | Fidelity Investments Money Market Government Portfolio, Class I, 4.23% <sup>(a)(f)</sup> |  |  | 4384621 |
| 23696949 | First American Treasury Obligations Fund, Class X, 4.26%<sup>(a)</sup> |  |  | 23696949 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $28,081,570)** |  |  | 28081570 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(b)</sup>** |  | **Broker/<br> Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Fair Value** |
|  | **INDEX OPTIONS PURCHASED - 3.4%** |  |  |  |  |  |
|  | **CALL OPTIONS PURCHASED - 0.2%** |  |  |  |  |  |
| 100 | Chicago Board Options Exchange VIX<sup>(e)</sup> | IB | 04/16/2025 | $25 | $222800 | $10350 |
| 5 | S&P 500 Index | IB | 08/15/2025 | 5675 | 2805925 | 119600 |
|  | **TOTAL CALL OPTIONS PURCHASED (Cost - $168,774)** | **TOTAL CALL OPTIONS PURCHASED (Cost - $168,774)** | **TOTAL CALL OPTIONS PURCHASED (Cost - $168,774)** | **TOTAL CALL OPTIONS PURCHASED (Cost - $168,774)** |  | 129950 |
|  | **PUT OPTIONS PURCHASED - 3.2%** |  |  |  |  |  |
| 10 | S&P 500 Index | IB | 01/16/2026 | $6300 | $5611850 | $622600 |
| 5 | S&P 500 Index | IB | 08/15/2025 | 5500 | 2805925 | 89250 |
| 10 | S&P 500 Index | IB | 09/19/2025 | 6100 | 5611850 | 477400 |
| 10 | S&P 500 Index | IB | 11/21/2025 | 6200 | 5611850 | 554550 |
|  | **TOTAL PUT OPTIONS PURCHASED (Cost - $1,477,807)** | **TOTAL PUT OPTIONS PURCHASED (Cost - $1,477,807)** | **TOTAL PUT OPTIONS PURCHASED (Cost - $1,477,807)** | **TOTAL PUT OPTIONS PURCHASED (Cost - $1,477,807)** |  | 1743800 |
|  | **TOTAL INDEX OPTIONS PURCHASED (Cost - $1,646,581)** | **TOTAL INDEX OPTIONS PURCHASED (Cost - $1,646,581)** | **TOTAL INDEX OPTIONS PURCHASED (Cost - $1,646,581)** | **TOTAL INDEX OPTIONS PURCHASED (Cost - $1,646,581)** |  | 1873750 |
| **Contracts<sup>(c)</sup>** |  | **Broker/<br> Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Fair Value** |
|  | **FUTURE OPTIONS PURCHASED - 6.1%** |  |  |  |  |  |
|  | **CALL OPTIONS PURCHASED - 3.1%** |  |  |  |  |  |
| 100 | S&P Emini 3rd Week | SXM | 05/16/2025 | $6100 | $28059250 | $32000 |
| 100 | S&P Emini Thurs Week | SXM | 04/17/2025 | 6250 | 28059250 | 1000 |
| 150 | S&P500 Emini Option | SXM | 04/30/2025 | 6000 | 42088875 | 47625 |
| 100 | S&P500 Emini Option | SXM | 04/30/2025 | 6400 | 28059250 | 1000 |
| 100 | S&P500 Emini Option | SXM | 05/30/2025 | 6100 | 28059250 | 55000 |
| 166 | S&P500 Emini Option | SXM | 06/20/2025 | 5650 | 46578355 | 1552100 |
|  | **TOTAL CALL OPTIONS PURCHASED (Cost - $2,104,288)** | **TOTAL CALL OPTIONS PURCHASED (Cost - $2,104,288)** | **TOTAL CALL OPTIONS PURCHASED (Cost - $2,104,288)** | **TOTAL CALL OPTIONS PURCHASED (Cost - $2,104,288)** |  | 1688725 |
|  | **PUT OPTIONS PURCHASED - 3.0%** |  |  |  |  |  |
| 101 | S&P Emini 3rd Week | SXM | 05/16/2025 | 5300 | 28339843 | 270175 |
| 20 | S&P Emini 3rd Week | SXM | 05/16/2025 | 5400 | 5611850 | 71250 |
| 25 | S&P Emini Tues Week | SXM | 04/01/2025 | 5240 | 7014813 | 313 |
| 25 | S&P Emini Tues Week | SXM | 04/01/2025 | 5245 | 7014813 | 313 |
| 100 | S&P500 Emini Option | SXM | 04/30/2025 | 5400 | 28059250 | 241250 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC PREMIUM OPPORTUNITY FUND (HMXAX, HMXCX, HMXIX)** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(c)</sup>** |  | **Broker/<br> Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Fair Value** |
|  | **FUTURE OPTIONS PURCHASED - 6.1% (Continued)** |  |  |  |  |  |
|  | **PUT OPTIONS PURCHASED - 3.0% (Continued)** |  |  |  |  |  |
| 10 | S&P500 Emini Option | SXM | 04/30/2025 | $5550 | $2805925 | $41750 |
| 101 | S&P500 Emini Option | SXM | 05/30/2025 | 5300 | 28339843 | 338350 |
| 10 | S&P500 Emini Option | SXM | 06/20/2025 | 5900 | 2805925 | 155375 |
| 15 | S&P500 Emini Option | SXM | 06/20/2025 | 6150 | 4208888 | 380625 |
| 20 | S&P500 Emini Option | SXM | 03/20/2026 | 4950 | 5611850 | 151250 |
| 5 | S&P500 Emini Option | SXM | 09/18/2026 | 4600 | 1402963 | 34687 |
|  | **TOTAL PUT OPTIONS PURCHASED (Cost - $1,283,615)** | **TOTAL PUT OPTIONS PURCHASED (Cost - $1,283,615)** | **TOTAL PUT OPTIONS PURCHASED (Cost - $1,283,615)** | **TOTAL PUT OPTIONS PURCHASED (Cost - $1,283,615)** |  | 1685338 |
|  | **TOTAL FUTURE OPTIONS PURCHASED (Cost - $3,387,903)** | **TOTAL FUTURE OPTIONS PURCHASED (Cost - $3,387,903)** | **TOTAL FUTURE OPTIONS PURCHASED (Cost - $3,387,903)** | **TOTAL FUTURE OPTIONS PURCHASED (Cost - $3,387,903)** |  | 3374063 |
|  | **TOTAL INVESTMENTS - 64.7% (Cost $35,607,648)** | **TOTAL INVESTMENTS - 64.7% (Cost $35,607,648)** |  |  |  | $35821914 |
|  | **CALL OPTIONS WRITTEN - (1.6)% (Proceeds received - $1,496,584)** | **CALL OPTIONS WRITTEN - (1.6)% (Proceeds received - $1,496,584)** | **CALL OPTIONS WRITTEN - (1.6)% (Proceeds received - $1,496,584)** | **CALL OPTIONS WRITTEN - (1.6)% (Proceeds received - $1,496,584)** |  | (871825) |
|  | **PUT OPTIONS WRITTEN - (6.6)% (Proceeds received - $3,161,238)** | **PUT OPTIONS WRITTEN - (6.6)% (Proceeds received - $3,161,238)** | **PUT OPTIONS WRITTEN - (6.6)% (Proceeds received - $3,161,238)** | **PUT OPTIONS WRITTEN - (6.6)% (Proceeds received - $3,161,238)** |  | (3674163) |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 43.5%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 43.5%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 43.5%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 43.5%** |  | 24062068 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  | $55337994 |
| **Contracts<sup>(b)</sup>** |  | **Broker/<br> Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Fair Value** |
|  | **WRITTEN INDEX OPTIONS - (3.5)%** |  |  |  |  |  |
|  | **CALL OPTIONS WRITTEN - (0.3)%** |  |  |  |  |  |
| 5 | S&P 500 Index | IB | 08/15/2025 | $5600 | $2805925 | $142775 |
|  | **TOTAL CALL OPTIONS WRITTEN (Proceeds - $188,559)** | **TOTAL CALL OPTIONS WRITTEN (Proceeds - $188,559)** | **TOTAL CALL OPTIONS WRITTEN (Proceeds - $188,559)** | **TOTAL CALL OPTIONS WRITTEN (Proceeds - $188,559)** | **TOTAL CALL OPTIONS WRITTEN (Proceeds - $188,559)** |  |
|  | **PUT OPTIONS WRITTEN - (3.2)%** |  |  |  |  |  |
| 10 | S&P 500 Index | IB | 06/20/2025 | 6100 | 5611850 | 469200 |
| 10 | S&P 500 Index | IB | 07/18/2025 | 6200 | 5611850 | 550700 |
| 5 | S&P 500 Index | IB | 08/15/2025 | 5600 | 2805925 | 105175 |
| 10 | S&P 500 Index | IB | 08/15/2025 | 6300 | 5611850 | 632150 |
|  | **TOTAL PUT OPTIONS WRITTEN (Proceeds - $1,433,825)** | **TOTAL PUT OPTIONS WRITTEN (Proceeds - $1,433,825)** | **TOTAL PUT OPTIONS WRITTEN (Proceeds - $1,433,825)** | **TOTAL PUT OPTIONS WRITTEN (Proceeds - $1,433,825)** |  | 1757225 |
|  | **TOTAL INDEX OPTIONS WRITTEN (Proceeds - $1,622,384)** | **TOTAL INDEX OPTIONS WRITTEN (Proceeds - $1,622,384)** | **TOTAL INDEX OPTIONS WRITTEN (Proceeds - $1,622,384)** | **TOTAL INDEX OPTIONS WRITTEN (Proceeds - $1,622,384)** |  | 1900000 |
| **Contracts<sup>(c)</sup>** |  | **Broker/<br> Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Fair Value** |
|  | **WRITTEN FUTURE OPTIONS - (4.7)%** |  |  |  |  |  |
|  | **CALL OPTIONS WRITTEN - (1.3)%** |  |  |  |  |  |
| 150 | Emini SP M Week Option | SXM | 04/07/2025 | 5950 | 42088875 | 3750 |
| 100 | Emini SP W Week Option | SXM | 04/02/2025 | 6000 | 28059250 | 500 |
| 100 | S&P Emini 1st Week | SXM | 04/04/2025 | 5940 | 28059250 | 1750 |
| 200 | S&P Emini 3rd Week | SXM | 05/16/2025 | 6225 | 56118500 | 21500 |
| 50 | S&P Emini Thurs Week | SXM | 04/03/2025 | 6005 | 14029625 | 250 |
| 50 | S&P Emini Thurs Week | SXM | 04/17/2025 | 6350 | 14029625 | 375 |
| 300 | S&P Emini Thurs Week | SXM | 04/17/2025 | 6475 | 84177750 | 1500 |
| 50 | S&P Emini Tues Week | SXM | 04/01/2025 | 6020 | 14029625 | 125 |
| 300 | S&P500 Emini Option | SXM | 04/30/2025 | 6100 | 84177750 | 28500 |
| 50 | S&P500 Emini Option | SXM | 04/30/2025 | 6300 | 14029625 | 875 |
| 200 | S&P500 Emini Option | SXM | 05/30/2025 | 6200 | 56118500 | 49500 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC PREMIUM OPPORTUNITY FUND (HMXAX, HMXCX, HMXIX)** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(c)</sup>** |  | **Broker/<br> Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Fair Value** |
|  | **WRITTEN FUTURE OPTIONS - (4.7)% (Continued)** |  |  |  |  |  |
|  | **CALL OPTIONS WRITTEN - (1.3)% (Continued)** |  |  |  |  |  |
| 166 | S&P500 Emini Option | SXM | 06/20/2025 | $5875 | $46578355 | $620425 |
|  | **TOTAL CALL OPTIONS WRITTEN (Proceeds - $1,308,025)** | **TOTAL CALL OPTIONS WRITTEN (Proceeds - $1,308,025)** | **TOTAL CALL OPTIONS WRITTEN (Proceeds - $1,308,025)** | **TOTAL CALL OPTIONS WRITTEN (Proceeds - $1,308,025)** |  | 729050 |
|  | **PUT OPTIONS WRITTEN - (3.4)%** |  |  |  |  |  |
| 250 | Emini SP M Week Option | SXM | 04/07/2025 | 4450 | 70148125 | 5625 |
| 50 | Emini SP W Week Option | SXM | 04/02/2025 | 5090 | 14029625 | 1625 |
| 100 | Emini SP W Week Option | SXM | 04/02/2025 | 5095 | 28059250 | 3500 |
| 250 | S&P Emini 1st Week | SXM | 04/04/2025 | 4725 | 70148125 | 7500 |
| 202 | S&P Emini 3rd Week | SXM | 05/16/2025 | 4925 | 56679685 | 191900 |
| 50 | S&P Emini Thurs Week | SXM | 04/03/2025 | 5110 | 14029625 | 3500 |
| 50 | S&P Emini Tues Week | SXM | 04/01/2025 | 5200 | 14029625 | 500 |
| 75 | S&P Emini Tues Week | SXM | 04/01/2025 | 5225 | 21044438 | 938 |
| 75 | S&P Emini Tues Week | SXM | 04/01/2025 | 5230 | 21044438 | 938 |
| 100 | S&P500 Emini Option | SXM | 04/30/2025 | 4700 | 28059250 | 31500 |
| 150 | S&P500 Emini Option | SXM | 04/30/2025 | 5100 | 42088875 | 123750 |
| 15 | S&P500 Emini Option | SXM | 04/30/2025 | 5300 | 4208888 | 24937 |
| 202 | S&P500 Emini Option | SXM | 05/30/2025 | 4950 | 56679685 | 285325 |
| 166 | S&P500 Emini Option | SXM | 06/20/2025 | 5325 | 46578355 | 761525 |
| 20 | S&P500 Emini Option | SXM | 06/20/2025 | 5500 | 5611850 | 133750 |
| 30 | S&P500 Emini Option | SXM | 06/20/2025 | 5750 | 8417775 | 340125 |
|  | **TOTAL PUT OPTIONS WRITTEN (Proceeds - $1,727,413)** | **TOTAL PUT OPTIONS WRITTEN (Proceeds - $1,727,413)** | **TOTAL PUT OPTIONS WRITTEN (Proceeds - $1,727,413)** | **TOTAL PUT OPTIONS WRITTEN (Proceeds - $1,727,413)** |  | 1916938 |
|  | **TOTAL FUTURE OPTIONS WRITTEN (Proceeds - $3,035,438)** | **TOTAL FUTURE OPTIONS WRITTEN (Proceeds - $3,035,438)** | **TOTAL FUTURE OPTIONS WRITTEN (Proceeds - $3,035,438)** | **TOTAL FUTURE OPTIONS WRITTEN (Proceeds - $3,035,438)** |  | 2645988 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of**<br>**Contracts** | <br>**Open Long Futures Contracts** | <br>**Expiration** |<br>**Notional Amount<sup>(d)</sup>** | **Value and Unrealized**<br>**Appreciation (Depreciation)** |
| 2 | CBOE Volatility Index Future | 04/17/2025 | $41687 | $3437 |
| 1 | CBOE Volatility Index Future | 05/22/2025 | 20487 | 937 |
| 4 | CME E-Mini NASDAQ 100 Index Future | 06/23/2025 | 1555160 | (20946) |
| 20 | CME E-mini Russell 2000 Index Futures | 06/23/2025 | 2027100 | (40800) |
|  | **TOTAL OPEN LONG FUTURES CONTRACTS** |  |  | $(57372) |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $(57372) |

---

IB - Interactive Brokers <br>SXM - StoneX Financial Inc.

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of March 31, 2025.

<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> Illiquid security. Total illiquid securities represents 0.0% of net assets as of March 31, 2025.

<sup>(f)</sup> All or a portion of this investment is segregated as collateral for option contracts and future contracts.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC ROBOTICS AND AUTOMATION FUND (GNXAX, GNXCX, GNXIX)** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.6%** |  |
|  | **AEROSPACE & DEFENSE - 9.7%** |  |
| 2500 | AeroVironment, Inc.<sup>(a),(b)</sup> | $297975 |
| 25000 | Intuitive Machines, Inc.<sup>(a),(b)</sup> | 186250 |
| 12500 | Kratos Defense & Security Solutions, Inc.<sup>(a),(b)</sup> | 371125 |
| 20000 | Rocket Lab USA, Inc.<sup>(a),(b)</sup> | 357600 |
|  |  | 1212950 |
|  | **ELECTRICAL EQUIPMENT - 5.2%** |  |
| 2500 | Rockwell Automation, Inc. | 645950 |
|  | **INTERNET MEDIA & SERVICES - 1.1%** |  |
| 25000 | Serve Robotics, Inc.<sup>(a),(b)</sup> | 143750 |
|  | **MACHINERY - 36.4%** |  |
| 15000 | Doosan Robotics, Inc.<sup>(a)</sup> | 511094 |
| 25000 | FANUC Corporation | 676865 |
| 2000 | Keyence Corporation | 779962 |
| 475000 | Kraken Robotics, Inc.<sup>(a)</sup> | 802198 |
| 25000 | Palladyne AI Corporation<sup>(a),(b)</sup> | 147000 |
| 5000 | Rainbow Robotics<sup>(a)</sup> | 895941 |
| 350000 | Scott Technology Ltd. | 333939 |
| 20000 | Symbotic, Inc.<sup>(a),(b)</sup> | 404200 |
|  |  | 4551199 |
|  | **MEDICAL EQUIPMENT & DEVICES - 27.1%** |  |
| 350000 | Accuray, Inc.<sup>(a)</sup> | 626500 |
| 5000 | Globus Medical, Inc., Class A<sup>(a)</sup> | 366000 |
| 1250 | Intuitive Surgical, Inc.<sup>(a)</sup> | 619088 |
| 55000 | Myomo, Inc.<sup>(a)</sup> | 264550 |
| 8000 | PROCEPT BioRobotics Corporation<sup>(a),(b)</sup> | 466080 |
| 600000 | Stereotaxis, Inc.<sup>(a)</sup> | 1056000 |
|  |  | 3398218 |
|  | **SEMICONDUCTORS - 2.6%** |  |
| 3000 | NVIDIA Corporation | 325140 |
|  | **SOFTWARE - 12.2%** |  |
| 15000 | C3.ai, Inc., Class A<sup>(a),(b)</sup> | 315750 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC ROBOTICS AND AUTOMATION FUND (GNXAX, GNXCX, GNXIX)** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.6% (Continued)** |  |
|  | **SOFTWARE - 12.2% (Continued)** |  |
| 1500 | Cadence Design Systems, Inc.<sup>(a)</sup> | $381495 |
| 50000 | SoundHound AI, Inc., Class A<sup>(a),(b)</sup> | 406000 |
| 1000 | Synopsys, Inc.<sup>(a),(b)</sup> | 428850 |
|  |  | 1532095 |
|  | **TECHNOLOGY SERVICES - 1.3%** |  |
| 200000 | FiscalNote Holdings, Inc.<sup>(a)</sup> | 161620 |
|  | **TOTAL COMMON STOCKS (Cost $13,210,881)** | 11970922 |
|  | **EXCHANGE-TRADED FUND — 2.8%** |  |
|  | **SPECIALTY - 2.8%** |  |
| 15000 | ProShares Ultra VIX Short-Term Futures ETF<sup>(a)</sup> **(Cost $349,581)** | 351450 |
|  | **SHORT-TERM INVESTMENTS — 30.1%** |  |
|  | **INVESTMENT PURCHASED AS SECURITIES LENDING COLLATERAL – 28.6%** |  |
| 3587052 | Mount Vernon Liquid Assets Portfolio, 4.42% **(Cost $3,587,052)** <sup>(c)(d)</sup> | 3587052 |
|  | **MONEY MARKET FUND - 1.5%** |  |
| 189235 | First American Treasury Obligations Fund, Class X, 4.26% **(Cost $189,235)** <sup>(d)</sup> | 189235 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $3,776,287)** | 3776287 |
|  | **TOTAL INVESTMENTS - 128.5% (Cost $17,336,749)** | $16098659 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (28.5)%** | (3572588) |
|  | **NET ASSETS - 100.0%** | $12526071 |

---

ETF - Exchange-Traded Fund <br>LTD - 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, 2025 was $3,375,892.

<sup>(c)</sup> Security was purchased with cash received as collateral for securities on loan at March 31, 2024. Total collateral had a value of $3,587,052 at March 31, 2024.

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of March 31, 2025.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC SYMMETRY STRATEGY FUND (SYMAX, SYMCX, SYMIX)** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** |
| **March 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 30.1%** |  |
|  | **AEROSPACE & DEFENSE - 0.2%** |  |
| 402 | Howmet Aerospace, Inc. | $52151 |
| 185 | Woodward, Inc. | 33761 |
|  |  | 85912 |
|  | **ASSET MANAGEMENT - 0.5%** |  |
| 456 | Ares Management Corporation, Class A | 66854 |
| 607 | KKR & Company, Inc. | 70175 |
| 2007 | Robinhood Markets, Inc., Class A<sup>(a)</sup> | 83532 |
|  |  | 220561 |
|  | **AUTOMOTIVE - 0.5%** |  |
| 3996 | General Motors Company | 187932 |
|  | **BANKING - 0.7%** |  |
| 854 | JPMorgan Chase & Company | 209486 |
| 679 | Royal Bank of Canada | 76537 |
|  |  | 286023 |
|  | **COMMERCIAL SUPPORT SERVICES - 1.0%** |  |
| 994 | Cintas Corporation | 204297 |
| 909 | Republic Services, Inc. | 220123 |
|  |  | 424420 |
|  | **CONTAINERS & PACKAGING - 0.4%** |  |
| 925 | Packaging Corporation of America | 183169 |
|  | **ELECTRICAL EQUIPMENT - 0.4%** |  |
| 2598 | Amphenol Corporation, Class A | 170403 |
|  | **ENGINEERING & CONSTRUCTION - 0.8%** |  |
| 401 | Comfort Systems USA, Inc. | 129254 |
| 351 | EMCOR Group, Inc. | 129740 |
| 254 | Quanta Services, Inc. | 64562 |
|  |  | 323556 |
|  | **ENTERTAINMENT CONTENT - 1.6%** |  |
| 985 | AppLovin Corporation, Class A<sup>(a)</sup> | 260995 |
| 6382 | Fox Corporation, Class A | 361222 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC SYMMETRY STRATEGY FUND (SYMAX, SYMCX, SYMIX)** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 30.1% (Continued)** |  |
|  | **ENTERTAINMENT CONTENT - 1.6% (Continued)** |  |
| 664 | ROBLOX Corporation, Class A<sup>(a)</sup> | $38705 |
|  |  | 660922 |
|  | **FOOD - 0.2%** |  |
| 1795 | Pilgrim's Pride Corporation<sup>(a)</sup> | 97845 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.8%** |  |
| 1153 | DaVita, Inc.<sup>(a)</sup> | 176374 |
| 287 | McKesson Corporation | 193148 |
| 1123 | Tenet Healthcare Corporation<sup>(a)</sup> | 151044 |
| 1066 | Universal Health Services, Inc., Class B | 200301 |
|  |  | 720867 |
|  | **HEALTH CARE REIT - 0.6%** |  |
| 1668 | Welltower, Inc. | 255555 |
|  | **HOME CONSTRUCTION - 0.4%** |  |
| 581 | Lennar Corporation, Class A | 66687 |
| 800 | PulteGroup, Inc. | 82240 |
|  |  | 148927 |
|  | **HOTEL OWNERS & DEVELOPERS - 0.0%<sup>(b)</sup>** |  |
| 291 | Millrose Properties, Inc.<sup>(a)</sup> | 7714 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.0%** |  |
| 2730 | Bank of New York Mellon Corporation (The) | 228964 |
| 478 | Houlihan Lokey, Inc. | 77197 |
| 1024 | Northern Trust Corp. | 101018 |
|  |  | 407179 |
|  | **INSURANCE - 8.1%** |  |
| 1407 | Allstate Corporation (The) | 291347 |
| 1187 | American International Group, Inc. | 103198 |
| 2790 | Arch Capital Group Ltd. | 268342 |
| 519 | Assurant, Inc. | 108860 |
| 1875 | Brown & Brown, Inc. | 233250 |
| 724 | Chubb Ltd. | 218641 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC SYMMETRY STRATEGY FUND (SYMAX, SYMCX, SYMIX)** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 30.1% (Continued)** |  |
|  | **INSURANCE - 8.1% (Continued)** |  |
| 744 | Cincinnati Financial Corporation | $109904 |
| 234 | Everest Re Group Ltd. | 85019 |
| 4235 | Hartford Financial Services Group, Inc. (The) | 523996 |
| 2438 | Loews Corporation | 224077 |
| 2589 | MetLife, Inc. | 207871 |
| 1093 | Progressive Corporation (The) | 309329 |
| 1502 | Prudential Financial, Inc. | 167743 |
| 335 | Reinsurance Group of America, Inc. | 65962 |
| 437 | Travelers Companies, Inc. (The) | 115569 |
| 3523 | W R Berkley Corporation | 250697 |
|  |  | 3283805 |
|  | **LEISURE FACILITIES & SERVICES - 1.1%** |  |
| 8420 | Carnival Corporation<sup>(a)</sup> | 164443 |
| 1744 | DraftKings, Inc., Class A<sup>(a)</sup> | 57918 |
| 4163 | Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 78930 |
| 799 | Royal Caribbean Cruises Ltd. | 164147 |
|  |  | 465438 |
|  | **LEISURE PRODUCTS - 0.1%** |  |
| 72 | Axon Enterprise, Inc.<sup>(a)</sup> | 37868 |
|  | **MEDICAL EQUIPMENT & DEVICES - 0.3%** |  |
| 1463 | Globus Medical, Inc., Class A<sup>(a)</sup> | 107092 |
|  | **METALS & MINING - 0.7%** |  |
| 1007 | Agnico Eagle Mines Ltd. | 109169 |
| 13419 | Kinross Gold Corporation | 169213 |
|  |  | 278382 |
|  | **OIL & GAS PRODUCERS - 1.9%** |  |
| 474 | Diamondback Energy, Inc. | 75783 |
| 7469 | Kinder Morgan, Inc. | 213091 |
| 6518 | Permian Resources Corporation | 90274 |
| 763 | Targa Resources Corporation | 152959 |
| 3692 | Williams Companies, Inc. (The) | 220634 |
|  |  | 752741 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC SYMMETRY STRATEGY FUND (SYMAX, SYMCX, SYMIX)** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 30.1% (Continued)** |  |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.4%** |  |
| 5244 | TechnipFMC plc | $166182 |
|  | **RETAIL - CONSUMER STAPLES - 1.2%** |  |
| 200 | Costco Wholesale Corporation | 189156 |
| 586 | Sprouts Farmers Market, Inc.<sup>(a)</sup> | 89447 |
| 2302 | Walmart, Inc. | 202093 |
|  |  | 480696 |
|  | **RETAIL - DISCRETIONARY - 0.6%** |  |
| 291 | Burlington Stores, Inc.<sup>(a)</sup> | 69354 |
| 1585 | TJX Companies, Inc. (The) | 193053 |
|  |  | 262407 |
|  | **SEMICONDUCTORS - 0.2%** |  |
| 229 | Broadcom, Inc. | 38341 |
| 567 | NVIDIA Corporation | 61452 |
|  |  | 99793 |
|  | **SOFTWARE - 0.7%** |  |
| 358 | Cloudflare, Inc., Class A<sup>(a)</sup> | 40343 |
| 87 | Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 30674 |
| 299 | Duolingo, Inc.<sup>(a)</sup> | 92852 |
| 299 | Elastic N.V.<sup>(a)</sup> | 26641 |
| 581 | Palantir Technologies, Inc., Class A<sup>(a)</sup> | 49037 |
| 39 | ServiceNow, Inc.<sup>(a)</sup> | 31049 |
|  |  | 270596 |
|  | **SPECIALTY FINANCE - 0.9%** |  |
| 18498 | Federal Home Loan Mortgage Corporation<sup>(a)</sup> | 98964 |
| 5242 | Synchrony Financial | 277512 |
|  |  | 376476 |
|  | **TECHNOLOGY HARDWARE - 0.8%** |  |
| 353 | Arista Networks, Inc.<sup>(a)</sup> | 27350 |
| 4850 | Hewlett Packard Enterprise Company | 74836 |
| 452 | Motorola Solutions, Inc. | 197890 |
| 436 | Super Micro Computer, Inc.<sup>(a)</sup> | 14929 |
|  |  | 315005 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC SYMMETRY STRATEGY FUND (SYMAX, SYMCX, SYMIX)** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 30.1% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 0.7%** |  |
| 716 | Automatic Data Processing, Inc. | $218759 |
| 308 | Coinbase Global, Inc., Class A<sup>(a)</sup> | 53047 |
|  |  | 271806 |
|  | **TELECOMMUNICATIONS - 0.6%** |  |
| 947 | T-Mobile US, Inc. | 252574 |
|  | **TRANSPORTATION & LOGISTICS - 1.0%** |  |
| 4938 | Delta Air Lines, Inc. | 215297 |
| 2479 | United Airlines Holdings, Inc.<sup>(a)</sup> | 171175 |
|  |  | 386472 |
|  | **TRANSPORTATION EQUIPMENT - 0.7%** |  |
| 855 | PACCAR, Inc. | 83251 |
| 1098 | Westinghouse Air Brake Technologies Corporation | 199123 |
|  |  | 282374 |
|  | **TOTAL COMMON STOCKS (Cost $11,151,674)** | 12270692 |
|  | **EXCHANGE-TRADED FUNDS — 35.8%** |  |
|  | **EQUITY - 19.8%** |  |
| 3119 | Global X MSCI Greece ETF | 146499 |
| 10171 | Invesco Nasdaq 100 ETF | 1963205 |
| 4182 | Invesco QQQ Trust Series 1 | 1961022 |
| 16271 | Invesco S&P 500 BuyWrite ETF | 360728 |
| 3770 | iShares China Large-Cap ETF | 135117 |
| 16147 | iShares Mortgage Real Estate ETF | 362339 |
| 4938 | iShares MSCI Austria ETF | 124043 |
| 4641 | iShares MSCI Chile ETF | 138395 |
| 2986 | iShares MSCI France ETF | 118843 |
| 3273 | iShares MSCI Germany ETF | 121363 |
| 2894 | iShares MSCI Italy ETF | 122474 |
| 358 | iShares MSCI Netherlands ETF | 16729 |
| 3244 | iShares MSCI Peru and Global Exposure ETF | 142379 |
| 5254 | iShares MSCI Poland ETF | 147165 |
| 2991 | iShares MSCI South Africa ETF | 143957 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC SYMMETRY STRATEGY FUND (SYMAX, SYMCX, SYMIX)** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 35.8% (Continued)** |  |
|  | **EQUITY - 19.8% (Continued)** |  |
| 3272 | iShares MSCI Spain ETF | $124532 |
| 2737 | iShares MSCI Sweden ETF | 115173 |
| 2282 | iShares MSCI Switzerland ETF | 118185 |
| 3187 | iShares MSCI United Kingdom ETF | 119417 |
| 9491 | JPMorgan BetaBuilders Japan ETF | 532730 |
| 10388 | SPDR S&P International Dividend ETF | 398484 |
| 2033 | Vanguard Global ex-U.S. Real Estate ETF | 82255 |
| 2854 | Vanguard High Dividend Yield ETF | 368052 |
| 2037 | Vanguard Real Estate ETF | 184430 |
|  |  | 8047516 |
|  | **FIXED INCOME - 16.0%** |  |
| 6223 | FlexShares High Yield Value-Scored Bond Index Fund | 251285 |
| 18250 | Invesco Senior Loan ETF | 377775 |
| 5928 | iShares 0-5 Year High Yield Corporate Bond ETF | 252059 |
| 12173 | iShares 1-3 Year Treasury Bond ETF | 1007072 |
| 2037 | iShares 1-5 Year Investment Grade Corporate Bond | 106678 |
| 8538 | iShares 3-7 Year Treasury Bond ETF | 1008636 |
| 10551 | iShares 7-10 Year Treasury Bond ETF | 1006249 |
| 9444 | iShares Fallen Angels USD Bond ETF | 253005 |
| 972 | iShares iBoxx $ Investment Grade Corporate Bond ETF | 105647 |
| 9882 | iShares J.P. Morgan EM High Yield Bond ETF | 377789 |
| 4175 | iShares J.P. Morgan USD Emerging Markets Bond ETF | 378213 |
| 613 | iShares National Muni Bond ETF | 64635 |
| 5214 | iShares Preferred and Income Securities ETF | 160226 |
| 5708 | iShares US & Intl High Yield Corp Bond ETF | 254348 |
| 3980 | Schwab US TIPS ETF | 107022 |
| 4842 | SPDR Bloomberg Convertible Securities ETF | 370994 |
| 2640 | SPDR Bloomberg High Yield Bond ETF | 251592 |
| 3459 | SPDR Bloomberg Investment Grade Floating Rate ETF | 106606 |
| 1500 | SPDR FTSE International Government | 56252 |
|  |  | 6496083 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $14,341,892)** | 14543599 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC SYMMETRY STRATEGY FUND (SYMAX, SYMCX, SYMIX)** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 14.7%** |  |  |  |
|  | **U.S. TREASURY BILLS — 14.7%** |  |  |  |
| 1500000 | United States Treasury Bill<sup>(c)</sup> | 4.1600 | 04/29/25 | $1495059 |
| 1000000 | United States Treasury Bill<sup>(c)</sup> | 4.1900 | 05/06/25 | 995888 |
| 2000000 | United States Treasury Bill | 4.2200 | 05/15/25 | 1989654 |
| 1500000 | United States Treasury Bill<sup>(c)</sup> | 4.2500 | 05/29/25 | 1489771 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $5,970,723)** |  |  | 5970372 |
| **Shares** |  |  |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 12.7%** |  |  |  |
|  | **MONEY MARKET FUND - 12.7%** |  |  |  |
| 5180359 | First American Treasury Obligations Fund, Class X, 4.26% **(Cost $5,180,359)** <sup>(d)(f)</sup> |  |  | 5180359 |
|  | **TOTAL INVESTMENTS - 93.3% (Cost $36,644,648)** |  |  | $37965022 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 6.7%** |  |  | 2706364 |
|  | **NET ASSETS - 100.0%** |  |  | $40671386 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of**<br>**Contracts** | <br>**Open Long Futures Contracts** | <br>**Expiration** |<br>**Notional Amount<sup>(e)</sup>** | **Value and Unrealized**<br>**Appreciation (Depreciation)** |
| 26 | 3 Month Euro Euribor Future | 06/16/2025 | $6880451 | $21080 |
| 25 | 3 Month Euro Euribor Future | 09/15/2025 | 6624946 | 38931 |
| 25 | 3 Month Euro Euribor Future | 12/15/2025 | 6629003 | 15452 |
| 25 | 3 Month Euro Euribor Future | 03/16/2026 | 6629679 | 14664 |
| 25 | 3 Month Euro Euribor Future | 06/15/2026 | 6627989 | 31412 |
| 25 | 3 Month Euro Euribor Future | 09/14/2026 | 6624270 | (1096) |
| 37 | 3-Month CORRA Futures | 09/17/2025 | 6268626 | 28689 |
| 38 | 3-Month CORRA Futures | 12/17/2025 | 6450923 | 81570 |
| 37 | 3-Month CORRA Futures | 03/18/2026 | 6285983 | 58359 |
| 37 | 3-Month CORRA Futures | 06/17/2026 | 6285983 | 52836 |
| 37 | 3-Month CORRA Futures | 09/16/2026 | 6284698 | 61201 |
| 37 | 3-Month CORRA Futures | 12/16/2026 | 6282126 | 8577 |
| 38 | 3-Month CORRA Futures | 03/17/2027 | 6449272 | 24068 |
| 12 | CBOT 2 Year US Treasury Note Future | 07/01/2025 | 2486063 | 2688 |
| 19 | CME British Pound Currency Future | 06/17/2025 | 1533181 | (2825) |
| 1 | CME E Mini Financial Select Sector Futures | 06/23/2025 | 154865 | 2685 |
| 2 | CME E Mini Utilities Select Sector Futures | 06/23/2025 | 160460 | 1180 |
| 4 | CME Feeder Cattle Future<sup>(f)</sup> | 05/23/2025 | 569000 | 21062 |
| 10 | CME Lean Hogs Future<sup>(f)</sup> | 06/16/2025 | 381100 | (2000) |
| 7 | CME Live Cattle Future<sup>(f)</sup> | 07/01/2025 | 570220 | 30800 |
| 7 | CME Live Cattle Future<sup>(f)</sup> | 09/02/2025 | 560070 | 30240 |
| 5 | CME Norwegian Krone Currency Future | 06/17/2025 | 951250 | (450) |
| 42 | CME South African Rand Currency Future | 06/17/2025 | 1139250 | 3150 |
| 8 | CME Swedish Krona Currency Future | 06/17/2025 | 1600800 | 800 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC SYMMETRY STRATEGY FUND (SYMAX, SYMCX, SYMIX)** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** |
| **Number of**<br>**Contracts** | <br>**Open Long Futures Contracts** | <br>**Expiration** |<br>**Notional Amount<sup>(e)</sup>** | **Value and Unrealized**<br>**Appreciation (Depreciation)** |
| 7 | COMEX Copper Future<sup>(f)</sup> | 07/30/2025 | $889175 | $71937 |
| 3 | COMEX Gold 100 Troy Ounces Future<sup>(f)</sup> | 06/27/2025 | 945090 | 105290 |
| 5 | COMEX Silver Future<sup>(f)</sup> | 05/29/2025 | 865275 | 35850 |
| 1 | E-mini S&P Communication Services Select Sector | 06/23/2025 | 127188 | 838 |
| 1 | E-mini S&P Real Estate Select Sector Stock Index | 06/23/2025 | 51575 | 37 |
| 40 | EUX Short term Euro-BTP Futures | 06/09/2025 | 4651736 | (2928) |
| 18 | KFE 10 Year Treasury Bond Future | 06/18/2025 | 1457534 | 5547 |
| 55 | KFE 3 Year Treasury Bond Future | 06/18/2025 | 3993287 | 3097 |
| 26 | Montreal Exchange 10 Year Canadian Bond Future | 06/20/2025 | 2243373 | (160) |
| 124 | Montreal Exchange 2 Year Canadian Bond Future | 06/20/2025 | 9124238 | 21999 |
| 3 | NYBOT CSC C Coffee Future<sup>(f)</sup> | 05/20/2025 | 427219 | 13050 |
| 4 | NYBOT CSC Cocoa Future<sup>(f)</sup> | 05/15/2025 | 316080 | (120430) |
| 6 | NYBOT CSC Number 11 World Sugar Future<sup>(f)</sup> | 05/01/2025 | 126739 | (2643) |
| 27 | NYBOT CSC Number 11 World Sugar Future<sup>(f)</sup> | 07/01/2025 | 563976 | (16195) |
| 17 | NYMEX Henry Hub Natural Gas Futures<sup>(f)</sup> | 05/29/2025 | 723690 | (24060) |
| 9 | NYMEX Light Sweet Crude Oil Future<sup>(f)</sup> | 08/21/2025 | 620910 | 20620 |
| 7 | NYMEX Reformulated Gasoline Blendstock for Oxygen<sup>(f)</sup> | 09/02/2025 | 642596 | 27582 |
| 22 | Three Month SONIA Index Futures | 09/16/2025 | 6807233 | 14297 |
| 22 | Three Month SONIA Index Futures | 12/16/2025 | 6818246 | 16655 |
| 28 | Three-Month SOFR Futures | 09/15/2026 | 6758850 | 8350 |
| 28 | Three-Month SOFR Futures | 03/17/2027 | 6759550 | 10850 |
|  | **TOTAL OPEN LONG FUTURES CONTRACTS** |  |  | $712656 |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of** |  |  |  | **Value and Unrealized** |
| **Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional Amount<sup>(e)</sup>** | **Appreciation (Depreciation)** |
| 3 | Carbon Emissions Future<sup>(f)</sup> | 12/16/2025 | $220643 | $3944 |
| 1 | CBOT 5 Year US Treasury Note | 07/01/2025 | 108156 | (680) |
| 7 | CBOT Corn Future<sup>(f)</sup> | 05/15/2025 | 160038 | (963) |
| 25 | CBOT Corn Future<sup>(f)</sup> | 07/15/2025 | 579062 | 40537 |
| 13 | CBOT Soybean Future<sup>(f)</sup> | 05/15/2025 | 659587 | 24700 |
| 11 | CBOT Soybean Future<sup>(f)</sup> | 07/15/2025 | 565538 | 15437 |
| 22 | CBOT Soybean Meal Future<sup>(f)</sup> | 05/15/2025 | 643940 | 24860 |
| 23 | CBOT Soybean Oil Future<sup>(f)</sup> | 05/15/2025 | 619482 | (27648) |
| 21 | CBOT Wheat Future<sup>(f)</sup> | 07/15/2025 | 578025 | 42063 |
| 24 | CBOT Wheat Future<sup>(f)</sup> | 05/15/2025 | 644400 | 91888 |
| 30 | CME Australian Dollar Currency Future | 06/17/2025 | 1876050 | 19826 |
| 43 | CME Brazilian Real Currency Future | 05/01/2025 | 748630 | (3240) |
| 26 | CME Canadian Dollar Currency Future | 06/18/2025 | 1815580 | (4710) |
| 2 | CME Euro Foreign Exchange Currency Future | 06/17/2025 | 271550 | 1975 |
| 7 | CME Japanese Yen Currency Future | 06/17/2025 | 587913 | 8312 |
| 58 | CME Mexican Peso Currency Future | 06/17/2025 | 1404470 | 12405 |
| 33 | CME New Zealand Dollar Currency Future | 06/17/2025 | 1876709 | 17305 |
| 13 | CME Swiss Franc Currency Future | 06/17/2025 | 1853638 | 8594 |
| 5 | Eurex 10 Year Euro BUND Future | 06/09/2025 | 696906 | 13561 |
| 14 | Eurex 2 Year Euro SCHATZ Future | 06/09/2025 | 1620004 | (3075) |
| 10 | Eurex 5 Year Euro BOBL Future | 06/09/2025 | 1274370 | 1090 |
| 6 | Euro-BTP Italian Bond Futures | 06/09/2025 | 762869 | (1601) |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC SYMMETRY STRATEGY FUND (SYMAX, SYMCX, SYMIX)** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** |
| **Number of**<br>**Contracts** | <br>**Open Short Futures Contracts** | <br>**Expiration** |<br>**Notional Amount<sup>(e)</sup>** | **Value and Unrealized**<br>**Appreciation (Depreciation)** |
| 56 | Euronext Milling Wheat Future<sup>(f)</sup> | 05/13/2025 | $667208 | $51056 |
| 17 | French Government Bond Futures | 06/09/2025 | 2256551 | 39811 |
| 10 | ICE Brent Crude Oil Future<sup>(f)</sup> | 05/01/2025 | 747700 | (29850) |
| 11 | ICE Gas Oil Future<sup>(f)</sup> | 06/13/2025 | 744426 | (47250) |
| 15 | ICE Natural Gas Future<sup>(f)</sup> | 05/30/2025 | 572564 | 12706 |
| 19 | Long Gilt Future | 06/27/2025 | 2250585 | 37881 |
| 12 | NYBOT CTN Number 2 Cotton Future<sup>(f)</sup> | 05/08/2025 | 400980 | 1680 |
| 13 | NYMEX Henry Hub Natural Gas Futures<sup>(f)</sup> | 08/28/2025 | 585520 | (20360) |
| 10 | NYMEX Light Sweet Crude Oil Future<sup>(f)</sup> | 05/21/2025 | 709500 | (35200) |
| 7 | NYMEX NY Harbor ULSD Futures<sup>(f)</sup> | 06/02/2025 | 664175 | (28174) |
| 9 | NYMEX Platinum Future<sup>(f)</sup> | 07/30/2025 | 462375 | (1660) |
| 7 | NYMEX Reformulated Gasoline Blendstock for Oxygen<sup>(f)</sup> | 06/02/2025 | 670467 | (36191) |
| 21 | SFE 10 Year Australian Bond Future | 06/17/2025 | 1478473 | (3799) |
| 56 | SFE 3 Year Australian Bond Future | 06/17/2025 | 3727161 | (6902) |
| 3 | TSE Japanese 10 Year Bond Futures | 06/16/2025 | 2768812 | (2816) |
| 9 | Ultra 10-Year US Treasury Note Futures | 06/19/2025 | 1027125 | (4117) |
|  | **TOTAL OPEN SHORT FUTURES CONTRACTS** |  |  | $211395 |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $924051 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| **Counterparty** | **Index** | **Buy/Sell<br> Protection** | **Fixed<br> Rate<br> Received** | **Implied<br> Credit<br> Spread** | **Frequency<br> of<br> Payments** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Upfront<br> Premiums<br> Paid/<br> (Received)** | **Unrealized<br> Apreciation/<br> (Depreciation)** |
| SOC | Markit CDX North America High Yield Index | Sell | 5.00% | 376.31% | Quarterly | 6/20/2030 | $531500 | $27203 | $30545 | $(3342) |
| SOC | Markit CDX North America Investment Grade Index | Sell | 1.00% | 61.45% | Quarterly | 6/20/2030 | 531500 | 9556 | 10085 | (529) |
| SOC | Markit iTraxx Europe Index <sup>(g)</sup> | Sell | 1.00% | 63.94% | Quarterly | 6/20/2030 | 512000 | 9761 | 10769 | (1008) |
| SOC | Markit iTraxx Europe Crossover Index <sup>(g)</sup> | Sell | 5.00% | 329.64% | Quarterly | 6/20/2030 | 512000 | 41483 | 44815 | (3332) |
|  | **Net Unrealized Depreciation on Swap Contracts** | **Net Unrealized Depreciation on Swap Contracts** | **Net Unrealized Depreciation on Swap Contracts** | **Net Unrealized Depreciation on Swap Contracts** | **Net Unrealized Depreciation on Swap Contracts** | **Net Unrealized Depreciation on Swap Contracts** | **Net Unrealized Depreciation on Swap Contracts** | **Net Unrealized Depreciation on Swap Contracts** | $**96214** | $**(8211)** |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| LTD | - Limited Company |
| MSCI | - Morgan Stanley Capital International |
| N.V. | - Naamioze Vennootschap |
| 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, 2025.

<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, 2025.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC LIFE SCIENCES AND HEALTHCARE FUND (LYFAX, LYFCX, LYFIX)** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0%** |  |
|  | **BIOTECH & PHARMA - 49.8%** |  |
| 10498 | AbbVie, Inc. | $2199541 |
| 5137 | Agios Pharmaceuticals, Inc.<sup>(a)</sup> | 150514 |
| 37747 | Aldeyra Therapeutics, Inc.<sup>(a)</sup> | 217045 |
| 5566 | Apogee Therapeutics, Inc.<sup>(a)</sup> | 207946 |
| 25462 | AstraZeneca plc - ADR | 1871458 |
| 27026 | Avadel Pharmaceuticals plc<sup>(a)</sup> | 211614 |
| 1687 | BioNTech S.E. - ADR<sup>(a)</sup> | 153618 |
| 15858 | Bristol-Myers Squibb Company | 967179 |
| 12508 | Daiichi Sankyo Company Ltd. - ADR | 298691 |
| 8264 | Edgewise Therapeutics, Inc.<sup>(a)</sup> | 181808 |
| 4914 | Eli Lilly & Company | 4058523 |
| 9604 | Exact Sciences Corporation<sup>(a)</sup> | 415757 |
| 8487 | Gilead Sciences, Inc. | 950968 |
| 3127 | Insmed, Inc.<sup>(a)</sup> | 238559 |
| 6254 | Ionis Pharmaceuticals, Inc.<sup>(a)</sup> | 188683 |
| 13374 | Johnson & Johnson | 2217944 |
| 1563 | Krystal Biotech, Inc.<sup>(a)</sup> | 281809 |
| 18315 | Merck & Company, Inc. | 1643954 |
| 5360 | Neurocrine Biosciences, Inc.<sup>(a)</sup> | 592816 |
| 12731 | Novartis A.G. - ADR | 1419252 |
| 4914 | Oruka Therapeutics, Inc. | 50418 |
| 31269 | Pfizer, Inc. | 792356 |
| 4244 | Protagonist Therapeutics, Inc.<sup>(a)</sup> | 205240 |
| 422 | Regeneron Pharmaceuticals, Inc. | 267645 |
| 5137 | Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | 272107 |
| 2457 | Sandoz Group A.G. - ADR | 102997 |
| 5360 | Verona Pharma plc - ADR<sup>(a)</sup> | 340306 |
| 2457 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 1191203 |
| 2010 | Zoetis, Inc. | 330947 |
|  |  | 22020898 |
|  | **HEALTH CARE FACILITIES & SERVICES - 19.7%** |  |
| 1175 | Addus HomeCare Corporation<sup>(a)</sup> | 116196 |
| 843 | Cencora, Inc. | 234430 |
| 843 | Charles River Laboratories International, Inc.<sup>(a)</sup> | 126888 |
| 843 | Chemed Corporation | 518715 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC LIFE SCIENCES AND HEALTHCARE FUND (LYFAX, LYFCX, LYFIX)** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - 19.7% (Continued)** |  |
| 2904 | Cigna Group (The) | $955416 |
| 14518 | CVS Health Corporation | 983594 |
| 1563 | Elevance Health, Inc. | 679842 |
| 5584 | Encompass Health Corporation | 565548 |
| 1563 | ICON plc<sup>(a)</sup> | 273509 |
| 8934 | Surgery Partners, Inc.<sup>(a)</sup> | 212183 |
| 7090 | UnitedHealth Group, Inc. | 3713387 |
| 4244 | US Physical Therapy, Inc. | 307096 |
|  |  | 8686804 |
|  | **MEDICAL EQUIPMENT & DEVICES - 28.5%** |  |
| 7594 | Abbott Laboratories | 1007344 |
| 39757 | Adaptive Biotechnologies Corporation<sup>(a)</sup> | 295395 |
| 11777 | Artivion, Inc.<sup>(a)</sup> | 289479 |
| 20995 | AtriCure, Inc.<sup>(a)</sup> | 677299 |
| 3127 | Becton Dickinson and Company | 716271 |
| 15188 | Boston Scientific Corporation<sup>(a)</sup> | 1532164 |
| 3350 | Danaher Corporation | 686750 |
| 5137 | DexCom, Inc.<sup>(a)</sup> | 350806 |
| 7594 | Edwards Lifesciences Corporation<sup>(a)</sup> | 550413 |
| 14741 | Globus Medical, Inc., Class A<sup>(a)</sup> | 1079041 |
| 6254 | Hologic, Inc.<sup>(a)</sup> | 386310 |
| 2010 | Intuitive Surgical, Inc.<sup>(a)</sup> | 995493 |
| 2904 | iRhythm Technologies, Inc.<sup>(a)</sup> | 303991 |
| 34396 | Neogen Corporation<sup>(a)</sup> | 298213 |
| 9157 | OrthoPediatrics Corporation<sup>(a)</sup> | 225537 |
| 1340 | Stryker Corporation | 498815 |
| 6477 | Tandem Diabetes Care, Inc.<sup>(a)</sup> | 124099 |
| 21889 | Terumo Corporation - ADR | 411075 |
| 2680 | Thermo Fisher Scientific, Inc. | 1333568 |
| 1340 | West Pharmaceutical Services, Inc. | 299999 |
| 4690 | Zimmer Biomet Holdings, Inc. | 530814 |
|  |  | 12592876 |
|  | **TOTAL COMMON STOCKS (Cost $44,951,265)** | 43300578 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC LIFE SCIENCES AND HEALTHCARE FUND (LYFAX, LYFCX, LYFIX)** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 1.9%** |  |
|  | **MONEY MARKET FUNDS - 1.9%** |  |
| 2 | Fidelity Investments Money Market Government Portfolio, Class I, 4.23%<sup>(b)</sup> | $2 |
| 844762 | First American Treasury Obligations Fund, Class X, 4.26%<sup>(b)</sup> | 844762 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $844,764)** | 844764 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $45,796,029)** | $44145342 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** | 31231 |
|  | **NET ASSETS - 100.0%** | $44176573 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| LTD | - Limited Company |
| PLC | - Public Limited Company |

---

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

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of March 31, 2025.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC REAL INCOME FUND (SIIAX, SIICX, SIIIX)** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 27.0%** |  |
|  | **CONTAINERS & PACKAGING - 2.6%** |  |
| 50000 | Graphic Packaging Holding Company | $1298000 |
|  | **ELECTRICAL EQUIPMENT - 0.9%** |  |
| 375000 | SmartRent, Inc.<sup>(a)</sup> | 453750 |
|  | **INDUSTRIAL REIT - 0.2%** |  |
| 5000 | Plymouth Industrial REIT, Inc. | 81500 |
|  | **INSURANCE - 1.5%** |  |
| 104000 | Genworth Financial, Inc., Class A<sup>(a)</sup> | 737360 |
|  | **METALS & MINING - 3.2%** |  |
| 284800 | Champion Iron Ltd. | 868932 |
| 35000 | Labrador Iron Ore Royalty Corporation | 715636 |
|  |  | 1584568 |
|  | **MORTGAGE FINANCE - 1.3%** |  |
| 50000 | Chimera Investment Corporation | 641500 |
|  | **MULTI ASSET CLASS REIT - 0.1%** |  |
| 5000 | Armada Hoffler Properties, Inc. | 37550 |
|  | **OIL & GAS PRODUCERS - 2.5%** |  |
| 10000 | Phillips 66 | 1234800 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 2.6%** |  |
| 42500 | AMREP Corporation<sup>(a)</sup> | 852125 |
| 6000 | Howard Hughes Holdings, Inc.<sup>(a)</sup> | 444480 |
|  |  | 1296605 |
|  | **RETAIL REIT - 7.9%** |  |
| 112674 | Alpine Income Property Trust, Inc. | 1883910 |
| 40000 | CTO Realty Growth, Inc. | 772400 |
| 16989 | Modiv Industrial, Inc. | 272673 |
| 20000 | Saul Centers, Inc. | 721400 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC REAL INCOME FUND (SIIAX, SIICX, SIIIX)** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  |  |  |  | **Fair Value** |
|  | **COMMON STOCKS — 27.0% (Continued)** |  |  |  |  |
|  | **RETAIL REIT - 7.9% (Continued)** |  |  |  |  |
| 15000 | Whitestone REIT |  |  |  | $218550 |
|  |  |  |  |  | 3868933 |
|  | **SELF-STORAGE REIT - 0.7%** |  |  |  |  |
| 70722 | Global Self Storage, Inc. |  |  |  | 356439 |
|  | **SPECIALTY REITS - 1.2%** |  |  |  |  |
| 5000 | Lamar Advertising Company, Class A |  |  |  | 568900 |
|  | **TRANSPORTATION & LOGISTICS - 2.3%** |  |  |  |  |
| 17600 | FLEX LNG Ltd. |  |  |  | 404624 |
| 30000 | Stolt-Nielsen Ltd. |  |  |  | 700153 |
|  |  |  |  |  | 1104777 |
|  | **TOTAL COMMON STOCKS (Cost $14,482,965)** |  |  |  | 13264682 |
|  | **PREFERRED STOCKS — 6.8%** |  |  |  |  |
|  | **OIL & GAS PRODUCERS — 1.7%** |  |  |  |  |
| 35400 | NGL Energy Partners, L.P. - Series B <sup>(d)</sup> |  |  |  | 849246 |
|  | **SPECIALTY REIT— 5.1%** |  |  |  |  |
| 100156 | Gladstone Land Corporation - Series D |  |  |  | 2483869 |
|  | **TOTAL PREFERRED STOCKS (Cost $3,306,155)** |  |  |  | 3333115 |
| **Principal** |  |  | **Coupon** |  |  |
| **Amount ($)** |  | **Spread** | **Rate (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 24.7%** |  |  |  |  |
|  | **AUTO LOAN — 0.3%** |  |  |  |  |
| 155000 | First Investors Auto Owner Trust 2022-2 Series 2A D<sup>(b)</sup> |  | 8.7100 | 10/16/28 | 162124 |
|  | **CLO — 0.2%** |  |  |  |  |
| 100000 | TRTX 2021-FL4 Issuer Ltd. Series FL4 AS<sup>(b),(c)</sup> | TSFR1M + 1.514% | 5.8340 | 03/15/38 | 99971 |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.5%** |  |  |  |  |
| 37735 | Adjustable Rate Mortgage Trust 2007-1 Series 2007-1 1A1<sup>(d)</sup> |  | 5.5500 | 03/25/37 | 30304 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC REAL INCOME FUND (SIIAX, SIICX, SIIIX)** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon**<br>**Rate (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 24.7% (Continued)** |  |  |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.5% (Continued)** |  |  |  |  |
| 47214 | MFA 2020-NQM2 Trust Series NQM2 A3<sup>(b),(d)</sup> |  | 1.9470 | 04/25/65 | $45385 |
| 193615 | Washington Mutual Mortgage Pass-Through Series 2007-HY1 A2A<sup>(c)</sup> | TSFR1M + 0.434% | 4.7550 | 02/25/37 | 149101 |
|  |  |  |  |  | 224790 |
|  | **HOME EQUITY — 0.3%** |  |  |  |  |
| 176933 | Terwin Mortgage Trust 2004-7HE Series 7HE A3<sup>(b),(c)</sup> | TSFR1M + 1.514% | 5.8350 | 07/25/34 | 171361 |
|  | **NON AGENCY CMBS — 20.6%** |  |  |  |  |
| 906906 | BAMLL Commercial Mortgage Securities Trust Series DKLX C<sup>(b),(c)</sup> | TSFR1M + 2.150% | 6.4700 | 01/15/39 | 898998 |
| 1432590 | BX Commercial Mortgage Trust 2021-SOAR Series SOAR B<sup>(b),(c)</sup> | TSFR1M + 0.984% | 5.3040 | 06/15/38 | 1426882 |
| 210000 | BX Commercial Mortgage Trust 2021-VINO Series VINO B<sup>(b),(c)</sup> | TSFR1M + 0.967% | 5.2860 | 05/15/38 | 209461 |
| 1000000 | BX Commercial Mortgage Trust 2021-VOLT Series VOLT B<sup>(b),(c)</sup> | TSFR1M + 1.064% | 5.3840 | 09/15/36 | 990610 |
| 380000 | CAMB Commercial Mortgage Trust 2019-LIFE Series LIFE B<sup>(b),(c)</sup> | TSFR1M + 1.547% | 5.8670 | 12/15/37 | 379542 |
| 477000 | CFCRE Commercial Mortgage Trust 2016-C6 Series C6 C<sup>(d)</sup> |  | 4.1680 | 11/10/49 | 426904 |
| 115000 | Citigroup Commercial Mortgage Trust 2017-C4 Series C4 AS |  | 3.7640 | 10/12/50 | 109500 |
| 100000 | COMM 2013-CCRE6 Mortgage Trust Series 2013-CR6 F<sup>(b),(d)</sup> |  | 3.8710 | 03/10/46 | 60682 |
| 115000 | COMM 2015-CCRE25 Mortgage Trust Series CR25 D<sup>(d)</sup> |  | 3.7670 | 08/10/48 | 107672 |
| 81000 | COMM 2015-LC19 Mortgage Trust Series 2015-LC19 D<sup>(b)</sup> |  | 2.8670 | 02/10/48 | 74539 |
| 20000 | COMM 2015-LC23 Mortgage Trust Series LC23 C<sup>(d)</sup> |  | 4.5440 | 10/10/48 | 19088 |
| 825000 | COMM 2015-PC1 Mortgage Trust Series PC1 AM<sup>(d)</sup> |  | 4.2900 | 07/10/50 | 812841 |
| 150000 | COMM 2016-CR28 Mortgage Trust Series CR28 B<sup>(d)</sup> |  | 4.5880 | 02/10/49 | 144589 |
| 33371 | CSAIL 2016-C5 Commercial Mortgage Trust Series 2016-C5 C<sup>(d)</sup> |  | 4.6330 | 11/15/48 | 32186 |
| 100000 | CSAIL 2016-C6 Commercial Mortgage Trust Series C6 B<sup>(d)</sup> |  | 3.9240 | 01/15/49 | 95146 |
| 120000 | CSAIL 2016-C6 Commercial Mortgage Trust Series C6 C<sup>(d)</sup> |  | 4.9180 | 01/15/49 | 113526 |
| 185000 | DBJPM 2016-C3 Mortgage Trust Series C3 B |  | 3.2640 | 08/10/49 | 176347 |
| 8878 | GS Mortgage Securities Trust 2014-GC26 Series GC26 XA<sup>(d),(e), (i)</sup> |  | 0.3100 | 11/10/47 | — <sup>(h)</sup> |
| 45000 | JPMBB Commercial Mortgage Securities Trust Series 2015-C30 B<sup>(d)</sup> |  | 4.2390 | 07/15/48 | 41294 |
| 10000 | JPMBB Commercial Mortgage Securities Trust Series 2015-C28 C<sup>(d)</sup> |  | 4.4340 | 10/15/48 | 9805 |
| 150000 | JPMDB Commercial Mortgage Securities Trust 2016-C2 Series C2 AS |  | 3.4840 | 06/15/49 | 139731 |
| 145000 | JPMDB Commercial Mortgage Securities Trust 2017-C7 Series C7 B |  | 3.9850 | 10/15/50 | 133560 |
| 1125000 | MHP 2021-STOR Series STOR A<sup>(b),(c)</sup> | TSFR1M + 0.814% | 5.1340 | 07/15/38 | 1118422 |
| 3982 | Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C12 C<sup>(d)</sup> |  | 4.7490 | 10/15/46 | 3740 |
| 450000 | Morgan Stanley Bank of America Merrill Lynch Trust Series C28 C<sup>(d)</sup> |  | 4.5890 | 01/15/49 | 401963 |
| 1665094 | SG Commercial Mortgage Securities Trust 2016-C5 Series C5 XA<sup>(d),(e)</sup> |  | 1.8200 | 10/10/48 | 24114 |
| 370000 | SG Commercial Mortgage Securities Trust 2016-C5 Series C5 B |  | 3.9330 | 10/10/48 | 350358 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC REAL INCOME FUND (SIIAX, SIICX, SIIIX)** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon**<br>**Rate (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 24.7% (Continued)** |  |  |  |  |
|  | **NON AGENCY CMBS — 20.6% (Continued)** |  |  |  |  |
| 220000 | UBS Commercial Mortgage Trust 2018-C13 Series C13 B<sup>(d)</sup> |  | 4.7860 | 10/15/51 | $207803 |
| 75000 | Wells Fargo Commercial Mortgage Trust 2015-NXS1 Series 2015-NXS1 D<sup>(d)</sup> |  | 4.0070 | 05/15/48 | 72471 |
| 300000 | Wells Fargo Commercial Mortgage Trust 2015-P2 Series P2 E<sup>(b),(d)</sup> |  | 4.6500 | 12/15/48 | 264445 |
| 711150 | Wells Fargo Commercial Mortgage Trust 2016-C33 Series C33 C |  | 3.8960 | 03/15/59 | 682963 |
| 100000 | Wells Fargo Commercial Mortgage Trust 2016-C36 Series C36 B<sup>(d)</sup> |  | 3.6710 | 11/15/59 | 89832 |
| 100000 | Wells Fargo Commercial Mortgage Trust 2016-NXS6 Series 2016-NXS6 B |  | 3.8110 | 11/15/49 | 96011 |
| 270000 | WFRBS Commercial Mortgage Trust 2013-C15 Series 2013-C15 B<sup>(d)</sup> |  | 4.2060 | 08/15/46 | 255870 |
| 160000 | WFRBS Commercial Mortgage Trust 2013-C15 Series 2013-C15 C<sup>(d)</sup> |  | 4.2060 | 08/15/46 | 134245 |
|  |  |  |  |  | 10105140 |
|  | **OTHER ABS — 2.8%** |  |  |  |  |
| 922500 | Coinstar Funding, LLC Series 2017-1 Series 2017-1A A2<sup>(b)</sup> |  | 5.2160 | 04/25/47 | 853628 |
| 508857 | RAM 2024-1, LLC Series 1 A<sup>(b)</sup> |  | 6.6690 | 02/15/39 | 512410 |
|  |  |  |  |  | 1366038 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $11,925,427)** |  |  |  | 12129424 |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.4%** |  |  |  |  |
|  | **CMBS — 0.2%** |  |  |  |  |
| 1000000 | Freddie Mac Multifamily Structured Pass Through Series K126 X3<sup>(d),(e)</sup> |  | 2.6280 | 01/25/49 | 126660 |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.2%** |  |  |  |  |
| 649341 | Government National Mortgage Association Series 2019-110 SE<sup>(c),(e)</sup> | TSFR1M - 5.986% | 1.6660 | 09/20/49 | 82065 |
|  | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $202,902)** |  |  |  | 208725 |
|  | **CONVERTIBLE BONDS — 3.9%** |  |  |  |  |
|  | **INSURANCE — 2.0%** |  |  |  |  |
| 1103000 | Porch Group, Inc.<sup>(b)</sup> |  | 0.7500 | 09/15/26 | 985861 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 1.9%** |  |  |  |  |
| 1000000 | Braemar Hotels & Resorts, Inc. |  | 4.5000 | 06/01/26 | 929500 |
|  | **TOTAL CONVERTIBLE BONDS (Cost $1,742,733)** |  |  |  | 1915361 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC REAL INCOME FUND (SIIAX, SIICX, SIIIX)** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon**<br>**Rate (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 22.5%** |  |  |  |  |
|  | **APPAREL & TEXTILE PRODUCTS — 1.6%** |  |  |  |  |
| 8000000 | Boras V-tyget 1 A.B.<sup>(c)</sup> | STIB3M + 5.750% | 8.1630 | 04/29/27 | $772299 |
|  | **GAS & WATER UTILITIES — 1.1%** |  |  |  |  |
| 588000 | Superior Plus, L.P. / Superior General Partner <sup>(b)</sup> |  | 4.5000 | 03/15/29 | 543165 |
|  | **INSURANCE — 2.8%** |  |  |  |  |
| 1700000 | Genworth Holdings, Inc.<sup>(d)</sup> | TSFR3M + 2.264% | 6.5870 | 11/15/36 | 1389841 |
|  | **OIL & GAS PRODUCERS — 1.3%** |  |  |  |  |
| 613000 | Summit Midstream Holdings, LLC<sup>(b)</sup> |  | 8.6250 | 10/31/29 | 625297 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 1.8%** |  |  |  |  |
| 850000 | Forum Energy Technologies, Inc. |  | 10.5000 | 11/07/29 | 896880 |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 4.1%** |  |  |  |  |
| 1000000 | Five Point Operating Company, L.P. / Five Point<sup>(b),(f)</sup> |  | 10.5000 | 01/15/28 | 1023929 |
| 1000000 | Howard Hughes Corporation (The)<sup>(b)</sup> |  | 5.3750 | 08/01/28 | 968970 |
|  |  |  |  |  | 1992899 |
|  | **RETAIL - DISCRETIONARY — 3.6%** |  |  |  |  |
| 2000000 | Builders FirstSource, Inc.<sup>(b)</sup> |  | 4.2500 | 02/01/32 | 1789840 |
|  | **SPECIALTY REIT — 2.0%** |  |  |  |  |
| 1000000 | Outfront Media Capital, LLC / Outfront Media<sup>(b)</sup> |  | 5.0000 | 08/15/27 | 983350 |
|  | **TELECOMMUNICATIONS — 1.3%** |  |  |  |  |
| 6600000 | ASP Data Center A/S<sup>(b),(c)</sup> | NIBOR3M + 7.000% | 11.4700 | 03/03/28 | 630581 |
|  | **TRANSPORTATION & LOGISTICS — 2.9%** |  |  |  |  |
| 1436186 | Hawaiian Airlines 2013-1 Class A Pass Through Series 2013-1A |  | 3.9000 | 01/15/26 | 1416205 |
|  | **TOTAL CORPORATE BONDS (Cost $10,975,974)** |  |  |  | 11040357 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC REAL INCOME FUND (SIIAX, SIICX, SIIIX)** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon**<br>**Rate (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TERM LOANS — 6.8%** |  |  |  |  |
|  | **INTERNET MEDIA & SERVICES — 1.7%** |  |  |  |  |
| 848000 | Abe Investment Holdings, Inc. | Fixed | 11.2500 | 02/14/30 | $844820 |
|  | **RETAIL REIT — 3.6%** |  |  |  |  |
| 1855641 | CBL & Associates Hold Company I, LLC<sup>(c)</sup> | TSFR1M + 2.777% | 7.1870 | 11/03/25 | 1765948 |
|  | **SPECIALTY REIT — 1.5%** |  |  |  |  |
| 706190 | Lamar Media Corporation<sup>(c)</sup> | TSFR1M + 1.697% | 6.1070 | 02/08/27 | 705307 |
|  | **TOTAL TERM LOANS (Cost $3,333,932)** |  |  |  | 3316075 |
|  | **U.S. GOVERNMENT & AGENCIES — 1.0%** |  |  |  |  |
|  | **AGENCY MBS OTHER — 1.0%** |  |  |  |  |
| 285503 | Ginnie Mae II Pool MA8867 |  | 5.5000 | 05/20/53 | 284918 |
| 183894 | Ginnie Mae II Pool MA9007 |  | 6.5000 | 07/20/53 | 187240 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $472,218)** |  |  |  | 472158 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **ALPHACENTRIC REAL INCOME FUND (SIIAX, SIICX, SIIIX)** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 3.7%** |  |
|  | **MONEY MARKET FUND - 3.7%** |  |
| 1801283 | First American Treasury Obligations Fund, Class X, 4.26% **(Cost $1,801,283)**<sup>(g)</sup> | $1801283 |
|  | **TOTAL INVESTMENTS - 96.8% (Cost $48,243,589)** | $47481180 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 3.2%** | 1549426 |
|  | **NET ASSETS - 100.0%** | $49030606 |

---

---

| | |
|:---|:---|
| A/S | - Anonim Sirketi |
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| 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, 2025 the total market value of 144A securities is $14,819,453 or 30.2% of net assets.

<sup>(c)</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>(d)</sup> Variable rate security; the rate shown represents the rate on March 31, 2025.

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

<sup>(f)</sup> Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at March 31, 2025.

<sup>(g)</sup> Rate disclosed is the seven day effective yield as of March 31, 2025.

<sup>(h)</sup> Less than $1 USD.

<sup>(i)</sup> Illiquid security. Total illiquid securities represents 0.0% of net assets as of March 31, 2025.

As of March 31, 2025, 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>**Depreciation** |
| **To Buy:** | **To Sell:** |  |  |  |  |  |
| United States Dollars | Canadian Dollar | 04/15/2025 | US Bank | 2375000 | $1651830 | $(1356) |
| United States Dollars | Norwegian Krone | 04/15/2025 | US Bank | 14075000 | 1338018 | (16347) |
| United States Dollars | Swedish Krona | 04/15/2025 | US Bank | 8090000 | 805693 | (1706) |
|  |  |  |  |  | $**3795541** | $**(19409)** |
| **Total** |  |  |  |  |  | $**(19409)** |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***AlphaCentric Funds*** |
| **STATEMENTS OF ASSETS AND LIABILITIES** |
| **March 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**AlphaCentric Income**<br>**Opportunities Fund** |<br>**AlphaCentric Premium**<br>**Opportunity Fund** |<br>**AlphaCentric Robotics**<br>**and Automation Fund** | **AlphaCentric**<br>**Symmetry Strategy**<br>**Fund (Consolidated)** |
| **ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at cost | $187548614 | $35607648 | $17336749 | $36644648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value (including collateral for loaned securities $0, $0, $3,587,052, $0) | $243352994 | $35821914 | $16098659 | $37965022 |
| &nbsp;&nbsp;&nbsp;Deposit with brokers for futures and swaps |  | 24386945 |  | 1709026 |
| &nbsp;&nbsp;&nbsp;Foreign currency (Cost $0, $0, $0, $5,937) |  |  |  | 5912 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold |  | 196117 |  | 45039 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 3787 | 16257 | 2579 | 1121 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 308051 | 152948 | 44738 | 34357 |
| &nbsp;&nbsp;&nbsp;Upfront payment on swap |  |  |  | 96214 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on open futures contracts |  | 4374 |  | 1355074 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 17269 | 36200 | 20055 | 20075 |
| &nbsp;&nbsp;&nbsp;Due from insurance | 344739 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 244026840 | 60614755 | 16166031 | 41231840 |
| **LIABILITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Options Written (Proceeds $0, $4,657,822, $0, $0) |  | 4545988 |  |  |
| &nbsp;&nbsp;&nbsp;Payable upon return of securities loaned |  |  | 3587052 |  |
| &nbsp;&nbsp;&nbsp;Due to Broker |  | 290676 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased |  | 192794 |  | 46703 |
| &nbsp;&nbsp;&nbsp;Payable for fund shares repurchased | 57630 | 36066 | 5035 |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on swap contracts |  |  |  | 8211 |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on open futures contracts |  | 61746 |  | 431023 |
| &nbsp;&nbsp;&nbsp;Advisory fees payable | 244456 | 73369 | 8771 | 32948 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 7915 | 854 | 357 | 323 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 12181 | 15371 | 1020 | 722 |
| &nbsp;&nbsp;&nbsp;Administration fees payable | 54229 | 22855 | 9231 | 10915 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 1030225 | 37042 | 28494 | 29609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 1406636 | 5276761 | 3639960 | 560454 |
| **NET ASSETS** | $**242620204** | $**55337994** | $**12526071** | $**40671386** |
| **Composition of Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $526610175 | $58514898 | $14494075 | $41459748 |
| &nbsp;&nbsp;&nbsp;Accumulated loss | (283989971) | (3176904) | (1968004) | (788362) |
| **NET ASSETS** | $**242620204** | $**55337994** | $**12526071** | $**40671386** |
| **Net Asset Value Per Share:** |  |  |  |  |
| Class A Shares (IOFAX, HMXAX, GNXAX, SYMAX): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**34339092** | $**3041469** | $**1499021** | $**103775** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (a) | **4715180** | **114619** | **124879** | **8667** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share | $**7.28** | $**26.54** (d) | $**12.00** (d) | $**11.97** |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share | $**7.64** (c) | $**28.15** (b)(d) | $**12.74** (b)(d) | $**12.70** (b) |
| Class C Shares (IOFCX, HMXCX, GNXCX, SYMCX): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**16378993** | $**1117052** | $**398913** | $**544911** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (a) | **2259398** | **44305** | **35392** | **46806** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) offering price and redemption price per share | $**7.25** | $**25.21** (d) | $**11.27** (d) | $**11.64** |
| Class I Shares (IOFIX, HMXIX, GNXIX, SYMIX): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**191902119** | $**51179473** | $**10628137** | $**40022700** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (a) | **26313592** | **1883415** | **866211** | **3350368** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) offering price and redemption price per share | $**7.29** | $**27.17** (d) | $**12.27** (d) | $**11.95** |

---

(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, 2025 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, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **AlphaCentric Life**<br>**Sciences and**<br>**Healthcare Fund** |<br>**AlphaCentric Real**<br>**Income Fund** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at cost | $45796029 | $48243589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value | $44145342 | $47481180 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold |  | 2006062 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 5252 | 658 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 70965 | 309043 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 31464 | 35498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 44253023 | 49832441 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased |  | 706190 |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts |  | 19409 |
| &nbsp;&nbsp;&nbsp;Payable for fund shares repurchased | 24600 | 17173 |
| &nbsp;&nbsp;&nbsp;Advisory fees payable | 16646 | 21981 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 739 | 571 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 6399 | 564 |
| &nbsp;&nbsp;&nbsp;Administration fees payable | 14971 | 19380 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 13095 | 16567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 76450 | 801835 |
| **NET ASSETS** | $**44176573** | $**49030606** |
| **Composition of Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $51746267 | $50491293 |
| &nbsp;&nbsp;&nbsp;Accumulated loss | (7569694) | (1460687) |
| **NET ASSETS** | $**44176573** | $**49030606** |
| **Net Asset Value Per Share:** |  |  |
| Class A Shares (LYFAX,SIIAX): |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**5142776** | $**2434413** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (a) | **398619** | **149721** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share | $**12.90** | $**16.26** |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share | $**13.69** (b) | $**17.07** (c) |
| Class C Shares (LYFCX,SIICX): |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**1794933** | $**2309441** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (a) | **142006** | **142389** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) offering price and redemption price per share | $**12.64** | $**16.22** |
| Class I Shares (LYFIX,SIIIX): |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**37238864** | $**44286752** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (a) | **2863524** | **2717012** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) offering price and redemption price per share | $**13.00** | $**16.30** |

---

(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, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**AlphaCentric 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 $17,799 and $599, respectively) | $— | $— | $87833 | $692029 |
| &nbsp;&nbsp;&nbsp;Interest | 18130019 | 2343461 | 24557 | 631599 |
| &nbsp;&nbsp;&nbsp;Securities lending income |  |  | 93873 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 18130019 | 2343461 | 206263 | 1323628 |
| **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 3723081 | 1158035 | 195759 | 547587 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 80477 | 8649 | 4893 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 200020 | 13525 | 4707 | 6016 |
| &nbsp;&nbsp;&nbsp;Legal fees | 4945937 \* | 18085 | 17952 | 26139 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees | 229113 | 72157 | 18698 | 14455 |
| &nbsp;&nbsp;&nbsp;Line of credit fees | 217639 |  | 9729 |  |
| &nbsp;&nbsp;&nbsp;Financial administration/fund accounting fees | 210168 | 105804 | 40642 | 81005 |
| &nbsp;&nbsp;&nbsp;Legal administration/management services fees | 143102 | 32985 | 9396 | 20281 |
| &nbsp;&nbsp;&nbsp;Registration fees | 76990 | 49990 | 40831 | 39992 |
| &nbsp;&nbsp;&nbsp;Audit fees | 57746 | 17886 | 18415 | 21497 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 33698 | 3411 | 3392 | 4885 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 21410 | 9145 | 13041 | 13620 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 16117 | 16005 | 13885 | 13352 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 12182 | 4777 | 19531 | 12477 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 11968 | 2302 | 851 | 1202 |
| &nbsp;&nbsp;&nbsp;Interest expense |  | 1597 |  |  |
| &nbsp;&nbsp;&nbsp;Other expenses | 2655 | 2211 | 2655 | 3355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 9982303 | 1516564 | 414377 | 806231 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived by the Adviser | (297138) | (177009) | (168912) | (150163) |
| &nbsp;&nbsp;&nbsp;Less: Expenses reimbursed by insurance | (2537366) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 7147799 | 1339555 | 245465 | 656068 |
| **NET INVESTMENT INCOME (LOSS)** | 10982220 | 1003906 | (39202) | 667560 |
| **REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 3912521 | (3308316) | 5168989 | 2124598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions of capital gains from underlying investment companies |  |  |  | 791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currencies Transactions |  |  | 10929 | (813) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts |  | (2216733) |  | (2732194) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options Written |  | 4585712 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Contracts |  |  |  | 65008 |
|  | 3912521 | (939337) | 5179918 | (542610) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (12805684) | 216903 | (6140593) | (1133805) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currencies Translation |  |  | (871) | (768) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts |  | (627586) |  | 331110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options Written |  | 73484 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Contracts |  |  |  | (8540) |
|  | (12805684) | (337199) | (6141464) | (812003) |
| **NET REALIZED AND UNREALIZED LOSS FROM INVESTMENTS** | (8893163) | (1276536) | (961546) | (1354613) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $**2089057** | $**(272630)** | $**(1000748)** | $**(687053)** |

---

\* 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, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **AlphaCentric Life**<br>**Sciences and**<br>**Healthcare Fund** | <br>**AlphaCentric Real**<br>**Income Fund** |
| **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends (ALHF and ARIF : Net of tax withholding of $43,022 and $1,824, respectively) | $613221 | $1664634 |
| &nbsp;&nbsp;&nbsp;Interest | 243563 | 1826730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 856784 | 3491364 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 913696 | 828332 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 16016 | 5004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 20539 | 23212 |
| &nbsp;&nbsp;&nbsp;Financial administration/fund accounting fees | 108144 | 111821 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees | 92118 | 51561 |
| &nbsp;&nbsp;&nbsp;Registration fees | 64944 | 60947 |
| &nbsp;&nbsp;&nbsp;Legal fees | 64994 | 29261 |
| &nbsp;&nbsp;&nbsp;Legal administration/management services fees | 43858 | 27595 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 18157 | 18352 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 17547 | 25394 |
| &nbsp;&nbsp;&nbsp;Audit fees | 16450 | 18394 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 14361 | 13464 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 9084 | 5458 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 3198 | 1799 |
| &nbsp;&nbsp;&nbsp;Line of credit fees | 2789 |  |
| &nbsp;&nbsp;&nbsp;Other expenses | 2655 | 3234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 1408550 | 1223828 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived by the Adviser | (314249) | (372528) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 1094301 | 851300 |
| **NET INVESTMENT INCOME (LOSS)** | (237517) | 2640064 |
| **REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (2422008) | 129108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currencies Transactions |  | (24205) |
|  | (2422008) | 104903 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 5691686 | 456056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Translation | 336 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  | (19409) |
|  | 5692022 | 437181 |
| **NET REALIZED AND UNREALIZED GAIN FROM INVESTMENTS** | 3270014 | 542084 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**3032497** | $**3182148** |

---

See accompanying notes to consolidated financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**March 31, 2025** | **Year Ended**<br>**March 31, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $10982220 | $16519126 |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments | 3912521 | 27915351 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (12805684) | (62412233) |
| Net increase (decrease) in net assets resulting from operations | 2089057 | (17977756) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From return of capital: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (IOFAX) | (1237689) | (1622530) |
| &nbsp;&nbsp;&nbsp;Class C (IOFCX) | (732147) | (1241809) |
| &nbsp;&nbsp;&nbsp;Class I (IOFIX) | (8328015) | (15731709) |
| &nbsp;&nbsp;&nbsp;From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (IOFAX) | (1259327) | (1165894) |
| &nbsp;&nbsp;&nbsp;Class C (IOFCX) | (649156) | (850032) |
| &nbsp;&nbsp;&nbsp;Class I (IOFIX) | (10054675) | (11348898) |
| Total distributions to shareholders | (22261009) | (31960872) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (IOFAX) | 12407333 | 10527300 |
| &nbsp;&nbsp;&nbsp;Class C (IOFCX) | 252476 | 408041 |
| &nbsp;&nbsp;&nbsp;Class I (IOFIX) | 43823093 | 95824674 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (IOFAX) | 2105091 | 2540582 |
| &nbsp;&nbsp;&nbsp;Class C (IOFCX) | 1298335 | 1945455 |
| &nbsp;&nbsp;&nbsp;Class I (IOFIX) | 15763381 | 22747343 |
| &nbsp;&nbsp;&nbsp;Payments for shares repurchased: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (IOFAX) | (12067309) | (18823941) |
| &nbsp;&nbsp;&nbsp;Class C (IOFCX) | (8091730) | (20283519) |
| &nbsp;&nbsp;&nbsp;Class I (IOFIX) | (135714527) | (321353075) |
| Net decrease in net assets from shares of beneficial interest | (80223857) | (226467140) |
| **TOTAL DECREASE IN NET ASSETS** | (100395809) | (276405768) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 343016013 | 619421781 |
| &nbsp;&nbsp;&nbsp;End of Year | $**242620204** | $**343016013** |
| **SHARE ACTIVITY** |  |  |
| Class A (IOFAX): |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1654681 | 1286639 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 281477 | 312476 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (1607245) | (2345044) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 328913 | (745929) |
| Class C (IOFCX): |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 33436 | 48477 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 174228 | 239237 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (1083214) | (2482686) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (875550) | (2194972) |
| Class I (IOFIX): |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 5755581 | 11875945 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 2102935 | 2786459 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (17999778) | (39042425) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (10141262) | (24380021) |

---

See accompanying notes to consolidated financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**March 31, 2025** | **Year Ended**<br>**March 31, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1003906 | $1377773 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investments, future contracts and options written | (939337) | 10943885 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments, future contracts and options written | (337199) | (1714168) |
| Net increase (decrease) in net assets resulting from operations | (272630) | 10607490 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (HMXAX) | (54487) |  |
| &nbsp;&nbsp;&nbsp;Class C (HMXCX) | (10589) |  |
| &nbsp;&nbsp;&nbsp;Class I (HMXIX) | (1312885) |  |
| Total distributions to shareholders | (1377961) |  |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (HMXAX) | 346957 | 842644 |
| &nbsp;&nbsp;&nbsp;Class C (HMXCX) | 73900 | 291648 |
| &nbsp;&nbsp;&nbsp;Class I (HMXIX) | 13496174 | 16514676 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (HMXAX) | 45902 |  |
| &nbsp;&nbsp;&nbsp;Class C (HMXCX) | 10175 |  |
| &nbsp;&nbsp;&nbsp;Class I (HMXIX) | 999757 |  |
| &nbsp;&nbsp;&nbsp;Payments for shares repurchased: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (HMXAX) | (1572484) | (4816502) |
| &nbsp;&nbsp;&nbsp;Class C (HMXCX) | (587488) | (650689) |
| &nbsp;&nbsp;&nbsp;Class I (HMXIX) | (29991880) | (37834728) |
| Net decrease in net assets from shares of beneficial interest | (17178987) | (25652951) |
| **TOTAL DECREASE IN NET ASSETS** | (18829578) | (15045461) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 74167572 | 89213033 |
| &nbsp;&nbsp;&nbsp;End of Year | $**55337994** | $**74167572** |
| **SHARE ACTIVITY** |  |  |
| Class A (HMXAX): |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 12558 | 33881 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 1607 |  |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (57413) | (186557) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (43248) | (152676) |
| Class C (HMXCX): |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 2811 | 12402 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 374 |  |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (22324) | (26613) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (19139) | (14211) |
| Class I (HMXIX): |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 473046 | 637575 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 34215 |  |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (1056106) | (1461551) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (548845) | (823976) |

---

See accompanying notes to consolidated financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**March 31, 2025** | **Year Ended**<br>**March 31, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(39202) | $(32822) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investments and foreign currencies transactions | 5179918 | (3256010) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and foreign currencies translation | (6141464) | 4599300 |
| Net increase (decrease) in net assets resulting from operations | (1000748) | 1310468 |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (GNXAX) | 128707 | 255659 |
| &nbsp;&nbsp;&nbsp;Class C (GNXCX) | 82536 | 25326 |
| &nbsp;&nbsp;&nbsp;Class I (GNXIX) | 5547398 | 7598050 |
| &nbsp;&nbsp;&nbsp;Payments for shares repurchased: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (GNXAX) | (1570861) | (1145814) |
| &nbsp;&nbsp;&nbsp;Class C (GNXCX) | (196664) | (185585) |
| &nbsp;&nbsp;&nbsp;Class I (GNXIX) | (17080820) | (12954575) |
| Net decrease in net assets from shares of beneficial interest | (13089704) | (6406939) |
| **TOTAL DECREASE IN NET ASSETS** | (14090452) | (5096471) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 26616523 | 31712994 |
| &nbsp;&nbsp;&nbsp;End of Year | $**12526071** | $**26616523** |
| **SHARE ACTIVITY** |  |  |
| Class A (GNXAX): |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 9410 | 22385 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (128207) | (99783) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (118797) | (77398) |
| Class C (GNXCX): |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 5687 | 2463 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (16487) | (17295) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (10800) | (14832) |
| Class I (GNXIX): |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 433307 | 656068 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (1414389) | (1121664) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (981082) | (465596) |

---

See accompanying notes to consolidated financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**March 31, 2025** | **Year Ended**<br>**March 31, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $667560 | $848558 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investments, foreign currencies transactions, futures contracts and swap contracts | (543401) | 452596 |
| &nbsp;&nbsp;&nbsp;Distributions of capital gains from underlying investment companies | 791 | 9036 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments, foreign currencies translation, futures contracts and swap contracts | (812003) | 2591539 |
| Net increase (decrease) in net assets resulting from operations | (687053) | 3901729 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (SYMAX) |  | (2237) |
| &nbsp;&nbsp;&nbsp;Class C (SYMCX) |  | (7088) |
| &nbsp;&nbsp;&nbsp;Class I (SYMIX) |  | (782964) |
| Total distributions to shareholders |  | (792289) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (SYMAX) | 21608 | 15582 |
| &nbsp;&nbsp;&nbsp;Class C (SYMCX) | 21840 | 9460 |
| &nbsp;&nbsp;&nbsp;Class I (SYMIX) | 3341927 | 2331934 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (SYMAX) |  | 2237 |
| &nbsp;&nbsp;&nbsp;Class C (SYMCX) |  | 6778 |
| &nbsp;&nbsp;&nbsp;Class I (SYMIX) |  | 721381 |
| &nbsp;&nbsp;&nbsp;Payments for shares repurchased: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (SYMAX) | (104581) | (718592) |
| &nbsp;&nbsp;&nbsp;Class C (SYMCX) | (198226) | (291177) |
| &nbsp;&nbsp;&nbsp;Class I (SYMIX) | (2436211) | (15248186) |
| Net increase (decrease) in net assets from shares of beneficial interest | 646357 | (13170583) |
| **TOTAL DECREASE IN NET ASSETS** | (40696) | (10061143) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 40712082 | 50773225 |
| &nbsp;&nbsp;&nbsp;End of Year | $**40671386** | $**40712082** |
| **SHARE ACTIVITY** |  |  |
| Class A (SYMAX): |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1753 | 1304 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested |  | 196 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (8571) | (61941) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (6818) | (60441) |
| Class C (SYMCX): |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1823 | 826 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested |  | 604 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (16894) | (25397) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (15071) | (23967) |
| Class I (SYMIX): |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 272810 | 200997 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested |  | 63502 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (202883) | (1315186) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 69927 | (1050687) |

---

See accompanying notes to consolidated financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**March 31, 2025** | **Year Ended**<br>**March 31, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(237517) | $(425154) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investments | (2422008) | 2990059 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and foreign currency translation | 5692022 | (4727571) |
| Net increase (decrease) in net assets resulting from operations | 3032497 | (2162666) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (LYFAX) | (126887) | (176739) |
| &nbsp;&nbsp;&nbsp;Class C (LYFCX) | (22143) | (48424) |
| &nbsp;&nbsp;&nbsp;Class I (LYFIX) | (1005687) | (2467967) |
| Total distributions to shareholders | (1154717) | (2693130) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (LYFAX) | 1998240 | 5892313 |
| &nbsp;&nbsp;&nbsp;Class C (LYFCX) | 278394 | 1589653 |
| &nbsp;&nbsp;&nbsp;Class I (LYFIX) | 8871209 | 64946055 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (LYFAX) | 124994 | 172476 |
| &nbsp;&nbsp;&nbsp;Class C (LYFCX) | 21863 | 47614 |
| &nbsp;&nbsp;&nbsp;Class I (LYFIX) | 773628 | 2069949 |
| &nbsp;&nbsp;&nbsp;Payments for shares repurchased: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (LYFAX) | (3635100) | (2805913) |
| &nbsp;&nbsp;&nbsp;Class C (LYFCX) | (700250) | (158332) |
| &nbsp;&nbsp;&nbsp;Class I (LYFIX) | (68571324) | (43276729) |
| Net increase (decrease) in net assets from shares of beneficial interest | (60838346) | 28477086 |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (58960566) | 23621290 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 103137139 | 79515849 |
| &nbsp;&nbsp;&nbsp;End of Year | $**44176573** | $**103137139** |
| **SHARE ACTIVITY** |  |  |
| Class A (LYFAX): |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 152883 | 439166 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 9739 | 13754 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (284102) | (220086) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | (121480) | 232834 |
| Class C (LYFCX): |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 22483 | 127015 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 1737 | 3868 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (55260) | (12382) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | (31040) | 118501 |
| Class I (LYFIX): |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 683592 | 4881707 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 59848 | 163891 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (5232284) | (3356199) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | (4488844) | 1689399 |

---

See accompanying notes to consolidated financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**March 31, 2025** | **Year Ended**<br>**March 31, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $2640064 | $2941790 |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments and foreign currencies transaction | 104903 | 835826 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments, foreign currencies translation and forward foreign currency exchange contracts | 437181 | 5066385 |
| Net increase in net assets resulting from operations | 3182148 | 8844001 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (SIIAX) | (128256) | (59336) |
| &nbsp;&nbsp;&nbsp;Class C (SIICX) | (129594) | (87689) |
| &nbsp;&nbsp;&nbsp;Class I (SIIIX) | (3307359) | (3656492) |
| Total distributions to shareholders | (3565209) | (3803517) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (SIIAX) | 1252284 | 795213 |
| &nbsp;&nbsp;&nbsp;Class C (SIICX) | 741746 | 889609 |
| &nbsp;&nbsp;&nbsp;Class I (SIIIX) | 20759934 | 28850469 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (SIIAX) | 100949 | 56834 |
| &nbsp;&nbsp;&nbsp;Class C (SIICX) | 118258 | 81045 |
| &nbsp;&nbsp;&nbsp;Class I (SIIIX) | 2350085 | 2627713 |
| &nbsp;&nbsp;&nbsp;Payments for shares repurchased: |  |  |
| &nbsp;&nbsp;&nbsp;Class A (SIIAX) | (145033) | (137785) |
| &nbsp;&nbsp;&nbsp;Class C (SIICX) | (387131) | (245794) |
| &nbsp;&nbsp;&nbsp;Class I (SIIIX) | (32192543) | (29103103) |
| Net increase (decrease) in net assets from shares of beneficial interest | (7401451) | 3814201 |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (7784512) | 8854685 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 56815118 | 47960433 |
| &nbsp;&nbsp;&nbsp;End of Year | $**49030606** | $**56815118** |
| **SHARE ACTIVITY** |  |  |
| Class A (SIIAX): |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 75680 | 50383 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 6095 | 3600 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (8835) | (8615) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 72940 | 45368 |
| Class C (SIICX): |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 45422 | 57657 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 7156 | 5149 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (23379) | (15877) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 29199 | 46929 |
| Class I (SIIIX): |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1253795 | 1825740 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 141819 | 166606 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (1950845) | (1844799) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | (555231) | 147547 |

---

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>**2025** | **Year Ended**<br>**March 31,**<br>**2024** | **Year Ended**<br>**March 31,**<br>**2023** | **Year Ended**<br>**March 31,**<br>**2022** | **Year Ended**<br>**March 31,**<br>**2021** |
| Net asset value, beginning of year | $7.79 | $8.68 | $11.48 | $11.50 | $8.15 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.27 | 0.28 | 0.22 | 0.13 | 0.19 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.20) | (0.60) | (2.52) | 0.30 | 3.62 |
| Total from investment operations | 0.07 | (0.32) | (2.30) | 0.43 | 3.81 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.28) | (0.25) | (0.19) | (0.26) | (0.21) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.30) | (0.32) | (0.31) | (0.19) | (0.25) |
| Total distributions | (0.58) | (0.57) | (0.50) | (0.45) | (0.46) |
| Net asset value, end of year | $7.28 | $7.79 | $8.68 | $11.48 | $11.50 |
| Total return (2) | 0.99% (10) | (3.63)% (10) | (20.20)% | 3.68% | 47.64% |
| Net assets, at end of year (000s) | $34339 | $34190 | $44561 | $146192 | $221961 |
| Ratio of gross expenses to average net assets before expense reimbursement (3) | 3.63% (9) | 2.31% (8) | 2.18% (7) | 1.95% (6) | 1.97% (5) |
| Ratio of net expenses to average net assets after expense reimbursement | 2.64% (9) | 1.99% (8) | 1.90% (7) | 1.76% (6) | 1.75% (5) |
| Ratio of net investment income to average net assets (4) | 3.70% (9) | 3.46% (8) | 2.32% (7) | 1.09% (6) | 1.83% (5) |
| Portfolio Turnover Rate | 6% | 15% | 0% | 14% | 3% |

---

------

(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 0.01% for the year ended
 March 31, 2021 attributed to borrowing costs (line of credit fees) and extraordinary expenses which are not subject to waiver by the adviser.

(6) 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.

(7) 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.

(8) 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.

(9) 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.

(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>**2025** | **Year Ended**<br>**March 31,**<br>**2024** | **Year Ended**<br>**March 31,**<br>**2023** | **Year Ended**<br>**March 31,**<br>**2022** | **Year Ended**<br>**March 31,**<br>**2021** |
| Net asset value, beginning of year | $7.76 | $8.65 | $11.43 | $11.45 | $8.12 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.22 | 0.23 | 0.16 | 0.04 | 0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.21) | (0.60) | (2.51) | 0.30 | 3.61 |
| Total from investment operations | 0.01 | (0.37) | (2.35) | 0.34 | 3.72 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.25) | (0.23) | (0.17) | (0.21) | (0.14) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.27) | (0.29) | (0.26) | (0.15) | (0.25) |
| Total distributions | (0.52) | (0.52) | (0.43) | (0.36) | (0.39) |
| Net asset value, end of year | $7.25 | $7.76 | $8.65 | $11.43 | $11.45 |
| Total return (2) | 0.24% (10) | (4.37)% (10) | (20.74)% | 2.92% | 46.47% |
| Net assets, at end of year (000s) | $16379 | $24330 | $46084 | $100794 | $118599 |
| Ratio of gross expenses to average net assets before expense reimbursement (3) | 4.38% (9) | 3.06% (8) | 2.93% (7) | 2.71% (6) | 2.72% (5) |
| Ratio of net expenses to average net assets after expense reimbursement | 3.39% (9) | 2.74% (8) | 2.65% (7) | 2.51% (6) | 2.50% (5) |
| Ratio of net investment income to average net assets (4) | 2.95% (9) | 2.74% (8) | 1.66% (7) | 0.34% (6) | 1.08% (5) |
| Portfolio Turnover Rate | 6% | 15% | 0% | 14% | 3% |

---

------

(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 0.01% for the year ended
 March 31, 2021 attributed to borrowing costs (line of credit fees) and extraordinary expenses which are not subject to waiver by the adviser.

(6) 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.

(7) 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.

(8) 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.

(9) 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.

(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>**2025** | **Year Ended**<br>**March 31,**<br>**2024** | **Year Ended**<br>**March 31,**<br>**2023** | **Year Ended**<br>**March 31,**<br>**2022** | **Year Ended**<br>**March 31,**<br>**2021** |
| Net asset value, beginning of year | $7.80 | $8.69 | $11.49 | $11.51 | $8.16 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.30 | 0.31 | 0.25 | 0.16 | 0.22 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.21) | (0.60) | (2.52) | 0.30 | 3.63 |
| Total from investment operations | 0.09 | (0.29) | (2.27) | 0.46 | 3.85 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.34) | (0.26) | (0.20) | (0.28) | (0.23) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.26) | (0.34) | (0.33) | (0.20) | (0.27) |
| Total distributions | (0.60) | (0.60) | (0.53) | (0.48) | (0.50) |
| Net asset value, end of year | $7.29 | $7.80 | $8.69 | $11.49 | $11.51 |
| Total return (2) | 1.23% (10) | (3.38)% (10) | (19.99)% | 3.93% | 47.94% |
| Net assets, at end of year (000s) | $191902 | $284496 | $528778 | $2189289 | $3315245 |
| Ratio of gross expenses to average net assets before expense reimbursement (3) | 3.38% (9) | 2.06% (8) | 1.93% (7) | 1.70% (6) | 1.72% (5) |
| Ratio of net expenses to average net assets after expense reimbursement | 2.39% (9) | 1.74% (8) | 1.65% (7) | 1.51% (6) | 1.50% (5) |
| Ratio of net investment income to average net assets (4) | 3.95% (9) | 3.74% (8) | 2.56% (7) | 1.34% (6) | 2.07% (5) |
| Portfolio Turnover Rate | 6% | 15% | 0% | 14% | 3% |

---

------

(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 0.01% for the year ended
 March 31, 2021 attributed to borrowing costs (line of credit fees) and extraordinary expenses which are not subject to waiver by the adviser.

(6) 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.

(7) 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.

(8) 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.

(9) 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.

(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>**2025** | **Year Ended**<br>**March 31,**<br>**2024** | **Year Ended**<br>**March 31,**<br>**2023** | **Year Ended**<br>**March 31,**<br>**2022** | **Year Ended**<br>**March 31,**<br>**2021** |
| Net asset value, beginning of year | $27.33 | $24.00 | $25.14 | $25.80 | $23.12 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.36 | 0.37 | (0.07) | (0.58) | (0.53) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.68) | 2.96 | (1.07) | 1.19 | 3.79 |
| Total from investment operations | (0.32) | 3.33 | (1.14) | 0.61 | 3.26 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.47) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (1.27) | (0.58) |
| Total distributions | (0.47) |  |  | (1.27) | (0.58) |
| Net asset value, end of year | $26.54 | $27.33 | $24.00 | $25.14 | $25.80 |
| Total return (2) | (1.28)% (6) | 13.88% (6) | (4.53)% | 2.24% | 14.17% |
| Net assets, at end of year (000s) | $3041 | $4314 | $7452 | $6187 | $6455 |
| Ratio of gross expenses to average net assets before expense reimbursement (3) | 2.51% | 2.43% | 2.37% | 2.25% | 2.31% (5) |
| Ratio of net expenses to average net assets after expense reimbursement | 2.24% | 2.24% | 2.24% | 2.24% | 2.25% (5) |
| Ratio of net investment income (loss) to average net assets | 1.30% | 1.48% | (0.31)% | (2.22)% | (2.11)% (5) |
| Portfolio Turnover Rate (4) | 0% | 0% | 0% | 0% | 9% |

---

------

(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 0.01% for the year ended
 March 31, 2021 attributable to margin expense on short sales, which is not subject to waiver by the adviser.

(6) 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 C (HMXCX)** | **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** | **Year Ended**<br>**March 31,**<br>**2021** |
| Net asset value, beginning of year | $25.95 | $22.96 | $24.24 | $25.10 | $22.68 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.15 | 0.18 | (0.29) | (0.75) | (0.71) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.66) | 2.81 | (0.99) | 1.16 | 3.71 |
| Total from investment operations | (0.51) | 2.99 | (1.28) | 0.41 | 3.00 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.23) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (1.27) | (0.58) |
| Total distributions | (0.23) |  |  | (1.27) | (0.58) |
| Net asset value, end of year | $25.21 | $25.95 | $22.96 | $24.24 | $25.10 |
| Total return (2) | (2.04)% (6) | 13.02% (6) | (5.28)% | 1.50% | 13.29% |
| Net assets, at end of year (000s) | $1117 | $1646 | $1783 | $3652 | $2079 |
| Ratio of gross expenses to average net assets before expense reimbursement (3) | 3.26% | 3.18% | 3.12% | 3.00% | 3.06% (5) |
| Ratio of net expenses to average net assets after expense reimbursement | 2.99% | 2.99% | 2.99% | 2.99% | 3.00% (5) |
| Ratio of net investment income (loss) to average net assets | 0.55% | 0.73% | (1.30)% | (2.97)% | (2.88)% (5) |
| Portfolio Turnover Rate (4) | 0% | 0% | 0% | 0% | 9% |

---

------

(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 0.01% for the year ended
 March 31, 2021 attributable to margin expense on short sales, which is not subject to waiver by the adviser.

(6) 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 I (HMXIX)** | **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** | **Year Ended**<br>**March 31,**<br>**2021** |
| Net asset value, beginning of year | $28.04 | $24.56 | $25.67 | $26.25 | $23.46 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.44 | 0.45 | (0.07) | (0.52) | (0.48) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.69) | 3.03 | (1.04) | 1.21 | 3.85 |
| Total from investment operations | (0.25) | 3.48 | (1.11) | 0.69 | 3.37 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.62) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (1.27) | (0.58) |
| Total distributions | (0.62) |  |  | (1.27) | (0.58) |
| Net asset value, end of year | $27.17 | $28.04 | $24.56 | $25.67 | $26.25 |
| Total return (2) | (1.04)% (6) | 14.17% | (4.32)% | 2.51% | 14.43% |
| Net assets, at end of year (000s) | $51179 | $68207 | $79979 | $167686 | $93490 |
| Ratio of gross expenses to average net assets before expense reimbursement (3) | 2.26% | 2.18% | 2.12% | 2.01% | 2.06% (5) |
| Ratio of net expenses to average net assets after expense reimbursement | 1.99% | 1.99% | 1.99% | 1.99% | 2.00% (5) |
| Ratio of net investment income (loss) to average net assets | 1.55% | 1.73% | (0.30)% | (1.97)% | (1.87)% (5) |
| Portfolio Turnover Rate (4) | 0% | 0% | 0% | 0% | 9% |

---

------

(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 0.01% for the year ended
 March 31, 2021 attributable to margin expense on short sales, which is not subject to waiver by the adviser.

(6) 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 A (GNXAX)** | **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** | **Year Ended**<br>**March 31,**<br>**2021** |
| Net asset value, beginning of year | $12.26 | $11.61 | $13.99 | $17.06 | $9.63 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.06) | (0.04) | (0.02) | (0.14) | (0.14) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.20) | 0.69 | (1.78) | (2.20) | 7.57 |
| Total from investment operations | (0.26) | 0.65 | (1.80) | (2.34) | 7.43 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  | (0.58) | (0.73) |  |
| Total distributions |  |  | (0.58) | (0.73) |  |
| Net asset value, end of year | $12.00 | $12.26 | $11.61 | $13.99 | $17.06 |
| Total return (2) | (2.12)% (6) | 5.60% | (12.70)% | (14.41)% | 77.15% |
| Net assets, at end of year (000s) | $1499 | $2988 | $3729 | $5853 | $7796 |
| Ratio of gross expenses to average net assets before expense reimbursement (3) | 2.84% (5) | 2.34% (4) | 2.31% | 2.02% | 2.10% |
| Ratio of net expenses to average net assets after expense reimbursement | 1.76% (5) | 1.65% (4) | 1.65% | 1.65% | 1.65% |
| Ratio of net investment loss to average net assets | (0.43)% (5) | (0.32)% (4) | (0.20)% | (0.85)% | (0.96)% |
| Portfolio Turnover Rate | 59% | 54% | 38% | 73% | 125% |

---

------

(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 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>**2025** | **Year Ended**<br>**March 31,**<br>**2024** | **Year Ended**<br>**March 31,**<br>**2023** | **Year Ended**<br>**March 31,**<br>**2022** | **Year Ended**<br>**March 31,**<br>**2021** |
| Net asset value, beginning of year | $11.60 | $11.07 | $13.47 | $16.57 | $9.43 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.15) | (0.11) | (0.10) | (0.26) | (0.24) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.18) | 0.64 | (1.72) | (2.11) | 7.38 |
| Total from investment operations | (0.33) | 0.53 | (1.82) | (2.37) | 7.14 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  | (0.58) | (0.73) |  |
| Total distributions |  |  | (0.58) | (0.73) |  |
| Net asset value, end of year | $11.27 | $11.60 | $11.07 | $13.47 | $16.57 |
| Total return (2) | (2.84)% (6) | 4.79% | (13.34)% | (15.03)% | 75.72% |
| Net assets, at end of year (000s) | $399 | $536 | $676 | $1258 | $1258 |
| Ratio of gross expenses to average net assets before expense reimbursement (3) | 3.59% (5) | 3.09% (4) | 3.06% | 2.78% | 2.85% |
| Ratio of net expenses to average net assets after expense reimbursement | 2.51% (5) | 2.40% (4) | 2.40% | 2.40% | 2.40% |
| Ratio of net investment loss to average net assets | (1.18)% (5) | (1.07)% (4) | (0.96)% | (1.61)% | (1.71)% |
| Portfolio Turnover Rate | 59% | 54% | 38% | 73% | 125% |

---

------

(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 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 I (GNXIX)** | **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** | **Year Ended**<br>**March 31,**<br>**2021** |
| Net asset value, beginning of year | $12.50 | $11.81 | $14.17 | $17.23 | $9.71 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | (0.02) | (0.01) | 0.01 | (0.10) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.21) | 0.70 | (1.79 | (2.23) | 7.62 |
| Total from investment operations | (0.23) | 0.69 | (1.78 | (2.33) | 7.52 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  | (0.58 | (0.73) |  |
| Total distributions |  |  | (0.58 | (0.73) |  |
| Net asset value, end of year | $12.27 | $12.50 | $11.81 | $14.17 | $17.23 |
| Total return (2) | (1.84)% (7) | 5.84% (7) | (12.39 | (14.21)% | 77.45% |
| Net assets, at end of year (000s) | $10628 | $23092 | $27309 | $32289 | $34754 |
| Ratio of gross expenses to average net assets before expense reimbursement (3) | 2.59% (6) | 2.09% (5) | 2.06 | 1.78% | 1.85% |
| Ratio of net expenses to average net assets after expense reimbursement | 1.51% (6) | 1.40% (5) | 1.40 | 1.40% | 1.40% |
| Ratio of net investment income (loss) to average net assets | (0.18)% (6) | (0.07)% (5) | 0.03 | (0.60)% | (0.70)% |
| Portfolio Turnover Rate | 59% | 54% | 38 | 73% | 125% |

---

------

(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) Net investment income (loss) per share
 are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not accord with the aggregate
 gains and losses in the Statement of Operations due to share transactions for the period.

(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 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>**2025** | **Year Ended**<br>**March 31,**<br>**2024** | **Year Ended**<br>**March 31,**<br>**2023** | **Year Ended**<br>**March 31,**<br>**2022** | **Year Ended**<br>**March 31,**<br>**2021** |
| Net asset value, beginning of year | $12.19 | $11.30 | $12.76 | $11.46 | $9.75 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.17 | 0.19 | 0.08 | (0.08) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.39) | 0.85 | (0.43) | 1.40 | 1.89 |
| Total from investment operations | (0.22) | 1.04 | (0.35) | 1.32 | 1.85 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.15) | (0.98) | (0.02) | (0.14) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  | (0.13) |  |  |
| Total distributions |  | (0.15) | (1.11) | (0.02) | (0.14 |
| Net asset value, end of year | $11.97 | $12.19 | $11.30 | $12.76 | $11.46 |
| Total return (2) | (1.80)% | 9.28% | (2.86)% | 11.57% | 19.11 |
| Net assets, at end of year (000s) | $104 | $189 | $858 | $211 | $1016 |
| Ratio of gross expenses to average net assets before expense reimbursement (3) | 2.22% | 2.17% (6) | 1.95% | 2.38% (5) | 2.63 |
| Ratio of net expenses to average net assets after expense reimbursement | 1.85% | 1.85% (6) | 1.85% | 2.01% (5) | 2.26 |
| Ratio of net investment income (loss) to average net assets | 1.41% | 1.63% (6) | 0.65% | (0.54)% (5) | (0.45) |
| Portfolio Turnover Rate | 299% | 329% | 362% | 189% | 121 |

---

------

(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, 2021 attributable to margin expense on futures, which is not subject to waiver by the adviser.

(5) 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.

(6) 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.

(7) Actual net assets, not truncated.

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>**2025** | **Year Ended**<br>**March 31,**<br>**2024** | **Year Ended**<br>**March 31,**<br>**2023** | **Year Ended**<br>**March 31,**<br>**2022** | **Year Ended**<br>**March 31,**<br>**2021** |
| Net asset value, beginning of year | $11.94 | $11.11 | $12.63 | $11.42 | $9.75 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.08 | 0.11 | 0.01 | (0.15) | (0.12) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.38) | 0.82 | (0.44) | 1.36 | 1.88 |
| Total from investment operations | (0.30) | 0.93 | (0.43) | 1.21 | 1.76 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.10) | (0.96) |  | (0.09) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  | (0.13) |  |  |
| Total distributions |  | (0.10) | (1.09) |  | (0.09 |
| Net asset value, end of year | $11.64 | $11.94 | $11.11 | $12.63 | $11.42 |
| Total return (2) | (2.51)% | 8.46% | (3.53)% | 10.60% | 18.10 |
| Net assets, at end of year (000s) | $545 | $739 | $954 | $9 | $1013 |
| Ratio of gross expenses to average net assets before expense reimbursement (3) | 2.97% | 2.92% (6) | 2.70% | 3.12% (5) | 3.37 |
| Ratio of net expenses to average net assets after expense reimbursement | 2.60% | 2.60% (6) | 2.60% | 2.76% (5) | 3.01 |
| Ratio of net investment income (loss) to average net assets | 0.66% | 0.98% (6) | 0.06% | (1.29)% (5) | (1.20) |
| Portfolio Turnover Rate | 299% | 329% | 362% | 189% | 121 |

---

------

(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, 2021 attributable to margin expense on futures, which is not subject to waiver by the adviser.

(5) 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.

(6) 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.

(7) Actual net assets, not truncated.

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>**2025** | **Year Ended**<br>**March 31,**<br>**2024** | **Year Ended**<br>**March 31,**<br>**2023** | **Year Ended**<br>**March 31,**<br>**2022** | **Year Ended**<br>**March 31,**<br>**2021** |
| Net asset value, beginning of year | $12.13 | $11.30 | $12.75 | $11.44 | $9.75 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.20 | 0.23 | 0.08 | (0.04) | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.38) | 0.84 | (0.40) | 1.38 | 1.89 |
| Total from investment operations | (0.18) | 1.07 | (0.32) | 1.34 | 1.87 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.24) | (1.00) | (0.03) | (0.18) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  | (0.13) |  |  |
| Total distributions |  | (0.24) | (1.13) | (0.03) | (0.18) |
| Net asset value, end of year | $11.95 | $12.13 | $11.30 | $12.75 | $11.44 |
| Total return (2) | (1.48)% | 9.57% | (2.65)% | 11.74% | 19.37% |
| Net assets, at end of year (000s) | $40023 | $39785 | $48961 | $34898 | $36619 |
| Ratio of gross expenses to average net assets before expense reimbursement (3) | 1.97% | 1.92% (6) | 1.70% | 2.12% (5) | 2.38% (4) |
| Ratio of net expenses to average net assets after expense reimbursement | 1.60% | 1.60% (6) | 1.60% | 1.76% (5) | 2.01% (4) |
| Ratio of net investment income (loss) to average net assets | 1.66% | 1.98% (6) | 0.71% | (0.29)% (5) | (0.21)% (4) |
| Portfolio Turnover Rate | 299% | 329% | 362% | 189% | 121% |

---

------

(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, 2021 attributable to margin expense on futures, which is not subject to waiver by the adviser.

(5) 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.

(6) 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.

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>**2025** | **Year Ended**<br>**March 31,**<br>**2024** | **Year Ended**<br>**March 31,**<br>**2023** | **Year Ended**<br>**March 31,**<br>**2022** | **Year Ended**<br>**March 31,**<br>**2021** |
| Net asset value, beginning of year | $12.73 | $13.18 | $13.38 | $15.56 | $9.55 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.06) | (0.08) | (0.09) | (0.21) | (0.19) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.48 | (0.03) | 0.44 | (0.32) | 6.55 |
| Total from investment operations | 0.42 | (0.11) | 0.35 | (0.53) | 6.36 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.25) |  |  | (0.07) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.34) | (0.55) | (1.58) | (0.35) |
| Total distributions | (0.25) | (0.34) | (0.55) | (1.65) | (0.35) |
| Net asset value, end of year | $12.90 | $12.73 | $13.18 | $13.38 | $15.56 |
| Total return (2) | 3.30% | (0.79)% | 3.00% | (2.74)% | 66.70% |
| Net assets, at end of year (000s) | $5143 | $6622 | $3786 | $1815 | $1300 |
| Ratio of gross expenses to average net assets before expense reimbursement (3) | 2.12% (7) | 1.90% | 2.00% (6) | 2.11% (5) | 2.78% (4) |
| Ratio of net expenses to average net assets after expense reimbursement | 1.70% (7) | 1.65% | 1.65% (6) | 1.66% (5) | 1.66% (4) |
| Ratio of net investment loss to average net assets | (0.54)% (7) | (0.62)% | (0.71)% (6) | (1.46)% (5) | (1.21)% (4) |
| Portfolio Turnover Rate | 164% | 134% | 142% | 167% | 141% |

---

------

(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, 2021 attributable to extraordinary expenses which are not subject to waiver by the adviser.

(5) 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.

(6) 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.

(7) 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.

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>**2025** | **Year Ended**<br>**March 31,**<br>**2024** | **Year Ended**<br>**March 31,**<br>**2023** | **Year Ended**<br>**March 31,**<br>**2022** | **Year Ended**<br>**March 31,**<br>**2021** |
| Net asset value, beginning of year | $12.47 | $13.01 | $13.31 | $15.53 | $9.55 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.15) | (0.16) | (0.18) | (0.32) | (0.32) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.46 | (0.04) | 0.43 | (0.32) | 6.65 |
| Total from investment operations | 0.31 | (0.20) | 0.25 | (0.64) | 6.33 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.14) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.34) | (0.55) | (1.58) | (0.35) |
| Total distributions | (0.14) | (0.34) | (0.55) | (1.58) | (0.35) |
| Net asset value, end of year | $12.64 | $12.47 | $13.01 | $13.31 | $15.53 |
| Total return (2) | 2.51% | (1.50)% | 2.26% | (3.54)% | 66.38% |
| Net assets, at end of year (000s) | $1795 | $2157 | $709 | $302 | $215 |
| Ratio of gross expenses to average net assets before expense reimbursement (3) | 2.87% (7) | 2.65% | 2.75% (6) | 2.86% (5) | 3.53% (4) |
| Ratio of net expenses to average net assets after expense reimbursement | 2.45% (7) | 2.40% | 2.40% (6) | 2.41% (5) | 2.41% (4) |
| Ratio of net investment loss to average net assets | (1.29)% (7) | (1.30)% | (1.49)% (6) | (2.21)% (5) | (1.96)% (4) |
| Portfolio Turnover Rate | 164% | 134% | 142% | 167% | 141% |

---

------

(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, 2021 attributable to extraordinary expenses which are not subject to waiver by the adviser.

(5) 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.

(6) 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.

(7) 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.

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>**2025** | **Year Ended**<br>**March 31,**<br>**2024** | **Year Ended**<br>**March 31,**<br>**2023** | **Year Ended**<br>**March 31,**<br>**2022** | **Year Ended**<br>**March 31,**<br>**2021** |
| Net asset value, beginning of year | $12.83 | $13.25 | $13.42 | $15.59 | $9.55 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.04) | (0.06) | (0.06) | (0.18) | (0.14) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.49 | (0.02) | 0.44 | (0.31) | 6.53 |
| Total from investment operations | 0.45 | (0.08) | 0.38 | (0.49) | 6.39 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.28) |  |  | (0.10) | (0.00) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.34) | (0.55) | (1.58) | (0.35 |
| Total distributions | (0.28) | (0.34) | (0.55) | (1.68) | (0.35 |
| Net asset value, end of year | $13.00 | $12.83 | $13.25 | $13.42 | $15.59 |
| Total return (2) | 3.54% | (0.56)% | 3.22% | (2.47)% | 67.02 |
| Net assets, at end of year (000s) | $37239 | $94358 | $75021 | $29483 | $26404 |
| Ratio of gross expenses to average net assets before expense reimbursement (3) | 1.87% (7) | 1.65% | 1.75% (6) | 1.86% (5) | 2.53 |
| Ratio of net expenses to average net assets after expense reimbursement | 1.45% (7) | 1.40% | 1.40% (6) | 1.41% (5) | 1.41 |
| Ratio of net investment loss to average net assets | (0.29)% (7) | (0.40)% | (0.47)% (6) | (1.21)% (5) | (0.96) |
| Portfolio Turnover Rate | 164% | 134% | 142% | 167% | 141 |

---

------

(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, 2021 attributable to extraordinary expenses which are not subject to waiver by the adviser.

(5) 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.

(6) 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.

(7) 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.

(8) Less than $0.01

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>**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 | $16.38 | $14.86 | $17.67 | $18.48 |
| Activity from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.78 | 0.83 | 0.70 | 0.40 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.14 | 1.73 | (2.54) | (0.38 |
| Total from investment operations | 0.92 | 2.56 | (1.84) | 0.02 |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (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) | (0.97) | (0.83 |
| Net asset value, end of period | $16.26 | $16.38 | $14.86 | $17.67 |
| Total return (3)(10) | 5.69% | 17.77% | (10.58)% | 0.02 |
| Net assets, at end of period (000s) | $2434 | $1257 | $467 | $246 |
| Ratio of gross expenses to average net assets before expense reimbursement (4)(5)(9) | 2.41% | 2.27% (8) | 2.37% | 2.37 |
| Ratio of net expenses to average net assets after expense reimbursement (5)(9) | 1.74% | 1.74% (8) | 1.74% | 1.75 |
| Ratio of net investment income to average net assets (5)(9) | 4.58% | 5.21% (8) | 4.42% | 2.64 |
| Portfolio Turnover Rate (10) | 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) Annualized for periods less than one
 year.

(10) 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>**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 | $16.34 | $14.83 | $17.64 | $18.48 |
| Activity from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.64 | 0.68 | 0.51 | 0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.16 | 1.76 | (2.47) | (0.31 |
| Total from investment operations | 0.80 | 2.44 | (1.96) | (0.10 |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (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) | (0.93) | (0.85) | (0.74 |
| Net asset value, end of period | $16.22 | $16.34 | $14.83 | $17.64 |
| Total return (3)(10) | 4.93% | 16.88% | (11.24)% | (0.61 |
| Net assets, at end of period (000s) | $2309 | $1850 | $983 | $563 |
| Ratio of gross expenses to average net assets before expense reimbursement (4)(5)(9) | 3.16% | 3.02% (8) | 3.12% | 3.12 |
| Ratio of net expenses to average net assets after expense reimbursement (5)(9) | 2.49% | 2.49% (8) | 2.49% | 2.50 |
| Ratio of net investment income to average net assets (5)(9) | 3.83% | 4.35% (8) | 3.26% | 1.41 |
| Portfolio Turnover Rate (10) | 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) Annualized for periods less than one
 year.

(10) 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>**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 | $16.41 | $14.89 | $17.69 | $18.48 |
| Activity from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.80 | 0.83 | 0.62 | 0.35 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.17 | 1.77 | (2.42) | (0.29 |
| Total from investment operations | 0.97 | 2.60 | (1.80) | 0.06 |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (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) | (1.00) | (0.85 |
| Net asset value, end of period | $16.30 | $16.41 | $14.89 | $17.69 |
| Total return (3)(10) | 5.99% | 18.00% | (10.29)% | 0.23 |
| Net assets, at end of period (000s) | $44287 | $53708 | $46511 | $45539 |
| Ratio of gross expenses to average net assets before expense reimbursement (4)(5)(9) | 2.16% | 2.02% (8) | 2.12% | 2.12 |
| Ratio of net expenses to average net assets after expense reimbursement (5)(9) | 1.49% | 1.49% (8) | 1.49% | 1.50 |
| Ratio of net investment income to average net assets (5)(9) | 4.83% | 5.30% (8) | 3.91% | 2.25 |
| Portfolio Turnover Rate (10) | 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) Annualized for periods less than one
 year.

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

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **AlphaCentric Funds** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS*** |
| **March 31, 2025** |

---

**(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. The AlphaCentric Symmetry Strategy Fund is registered as a non-diversified series of the Trust. The AlphaCentric Income Opportunities Fund, AlphaCentric Premium Opportunity Fund, AlphaCentric Robotics and Automation Fund, AlphaCentric Life Sciences and Healthcare Fund and AlphaCentric Real Income Fund are 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 as a series of the Trust 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 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. Effective December 1, 2018, 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***"), formerly known as AlphaCentric LifeSci Healthcare Fund, commenced operations on November 29, 2019. ALSHF's investment objective is long-term capital appreciation. The Fund's sub-advisor was LifeSci Fund Management LLC. Effective November 1, 2024, the Fund's sub-advisor is Kennedy Capital Management LLC.

AlphaCentric Real Income Fund ("***ARIF***"), formerly known as AlphaCentric Strategic Income Fund, commenced operations on May 28, 2021. ARIF's investment objective is total return through current income and capital appreciation. The Fund's sub-advisor was Goshen Rock Capital, LLC. Effective November 1, 2024, 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 Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect each 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. The CODM is comprised of the portfolio managers and Chief Financial Officer of the Funds. 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

---

| |
|:---|
| **AlphaCentric Funds** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **March 31, 2025** |

---

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, 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 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 Board if extraordinary events occur after the close of the relevant world market but prior to the New York Stock Exchange close.

**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.

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.

---

| |
|:---|
| **AlphaCentric Funds** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **March 31, 2025** |

---

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, 2025 for the Funds' assets and liabilities measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>AIOF</u>** | **<u>AIOF</u>** | **<u>AIOF</u>** | **<u>AIOF</u>** | **<u>AIOF</u>** |
| **Assets** | | | | |
|  | | **Level 2** | **Level 3** | |
|  | **Level 1** | **(Other Significant** | **(Unobservable** | |
| **Security Classifications +** | **(Quoted Prices)** | **Observable Inputs)** | **Inputs)** | **Totals** |
| Non-Agency Residential Mortgage Backed Securities | $— | $242531725 | $— | $242531725 |
| Short-Term Investment | 821269 |  |  | 821269 |
| &nbsp;&nbsp;&nbsp;**Total** | $821269 | $242531725 | $— | $243352994 |
| **<u>APOF</u>** | **<u>APOF</u>** | **<u>APOF</u>** | **<u>APOF</u>** | **<u>APOF</u>** |
| **Assets** |  |  |  |  |
|  |  | **Level 2** | **Level 3** |  |
|  | **Level 1** | **(Other Significant** | **(Unobservable** |  |
| **Security Classifications + \*** | **(Quoted Prices)** | **Observable Inputs)** | **Inputs)** | **Totals** |
| U.S. Government & Agencies | $— | $2492531 | $— | $2492531 |
| Short-Term Investments | 28081570 |  |  | 28081570 |
| Call Options Purchased | 1818675 |  |  | 1818675 |
| Put Options Purchased | 2806538 | 622600 |  | 3429138 |
| Unrealized Appreciation on Open Futures Contracts | 4374 |  |  | 4374 |
| &nbsp;&nbsp;&nbsp;**Total** | $32711157 | $3115131 | $— | $35826288 |
| **Liabilities** |  |  |  |  |
|  |  | **Level 2** | **Level 3** |  |
|  | **Level 1** | **(Other Significant** | **(Unobservable** |  |
| **Security Classifications + \*** | **(Quoted Prices)** | **Observable Inputs)** | **Inputs)** | **Totals** |
| Call Options Written | $871825 | $— | $— | $871825 |
| Put Options Written | 3123463 | 550700 |  | 3674163 |
| Unrealized Depreciation on Open Futures Contracts | 61746 |  |  | 61746 |
| &nbsp;&nbsp;&nbsp;**Total** | $4057034 | $550700 | $— | $4607734 |
| **<u>ARAF</u>** | **<u>ARAF</u>** | **<u>ARAF</u>** | **<u>ARAF</u>** | **<u>ARAF</u>** |
| **Assets** |  |  |  |  |
|  |  | **Level 2** | **Level 3** |  |
|  | **Level 1** | **(Other Significant** | **(Unobservable** |  |
| **Security Classifications (a) +** | **(Quoted Prices)** | **Observable Inputs)** | **Inputs)** | **Totals** |
| Common Stocks | $11970922 | $— | $— | $11970922 |
| Exchange-Traded Fund | 351450 |  |  | 351450 |
| Investment Purchased as Securities Lending Collateral (b) |  |  |  | 3587052 |
| Money Market Fund | 189235 |  |  | 189235 |
| &nbsp;&nbsp;&nbsp;**Total** | $12511607 | $— | $— | $16098659 |
| **<u>ASSF</u>** | **<u>ASSF</u>** | **<u>ASSF</u>** | **<u>ASSF</u>** | **<u>ASSF</u>** |
| **Assets** |  |  |  |  |
|  |  | **Level 2** | **Level 3** |  |
|  | **Level 1** | **(Other Significant** | **(Unobservable** |  |
| **Security Classifications (a) + \*** | **(Quoted Prices)** | **Observable Inputs)** | **Inputs)** | **Totals** |
| Common Stocks | $12270692 | $— | $— | $12270692 |
| Exchange-Traded Funds | 14543599 |  |  | 14543599 |
| U.S. Government & Agencies |  | 5970372 |  | 5970372 |
| Short-Term Investment | 5180359 |  |  | 5180359 |
| Unrealized Appreciation on Open Futures Contracts | 1355074 |  |  | 1355074 |
| &nbsp;&nbsp;&nbsp;**Total** | $33349724 | $5970372 | $— | $39320096 |

---

---

| |
|:---|
| **AlphaCentric Funds** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **March 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>ASSF (continued)</u>** | **<u>ASSF (continued)</u>** | **<u>ASSF (continued)</u>** | **<u>ASSF (continued)</u>** | **<u>ASSF (continued)</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 | $431023 | $— | $— | $431023 |
| Unrealized Depreciation on Swap Contracts |  | 8211 |  | 8211 |
| &nbsp;&nbsp;&nbsp;**Total** | $431023 | $8211 | $— | $439234 |
| **<u>ALSHF</u>** | **<u>ALSHF</u>** | **<u>ALSHF</u>** | **<u>ALSHF</u>** | **<u>ALSHF</u>** |
| **Assets** |  |  |  |  |
|  |  | **Level 2** | **Level 3** |  |
|  | **Level 1** | **(Other Significant** | **(Unobservable** |  |
| **Security Classifications +** | **(Quoted Prices)** | **Observable Inputs)** | **Inputs)** | **Totals** |
| Common Stocks | $43300578 | $— | $— | $43300578 |
| Short-Term Investments | 844764 |  |  | 844764 |
| &nbsp;&nbsp;&nbsp;**Total** | $44145342 | $— | $— | $44145342 |
| **<u>ARIF</u>** | **<u>ARIF</u>** | **<u>ARIF</u>** | **<u>ARIF</u>** | **<u>ARIF</u>** |
| **Assets** |  |  |  |  |
|  |  | **Level 2** | **Level 3** |  |
|  | **Level 1** | **(Other Significant** | **(Unobservable** |  |
| **Security Classifications +** | **(Quoted Prices)** | **Observable Inputs)** | **Inputs)** | **Totals** |
| Common Stocks | $13264682 | $— | $— | $13264682 |
| Preferred Stocks | 3333115 |  |  | 3333115 |
| Asset Backed Securities |  | 12129424 |  | 12129424 |
| Collateralized Mortgage Obligations |  | 208725 |  | 208725 |
| Convertible Bonds |  | 1915361 |  | 1915361 |
| Corporate Bonds |  | 11040357 |  | 11040357 |
| Term Loans |  | 3316075 |  | 3316075 |
| U.S. Government & Agencies |  | 472158 |  | 472158 |
| Short-Term Investment | 1801283 |  |  | 1801283 |
| &nbsp;&nbsp;&nbsp;**Total** | $18399080 | $29082100 | $— | $47481180 |
| **Liabilities** |  |  |  |  |
|  |  | **Level 2** | **Level 3** |  |
|  | **Level 1** | **(Other Significant** | **(Unobservable** |  |
| **Security Classifications + \*** | **(Quoted Prices)** | **Observable Inputs)** | **Inputs)** | **Totals** |
| Unrealized Depreciation on Forward Foreign Currency Exchange Contracts | $— | $19409 | $— | $19409 |
| &nbsp;&nbsp;&nbsp;**Total** | $— | $19409 | $— | $19409 |

---

(a) All ETFs held in the Fund are Level
 1 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, 2025.

**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, 2025 only ARIF invested in forward foreign currency contracts.

---

| |
|:---|
| **AlphaCentric Funds** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **March 31, 2025** |

---

**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 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, 2025, 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 Fund 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 Fund 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 that amount is positive. For the year ended March 31, 2025 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

---

| |
|:---|
| **AlphaCentric Funds** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **March 31, 2025** |

---

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, 2025, only APOF invested in options.

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, 2025 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>** | **<u>APOF</u>** |  |  |  |
|  | Future Contracts | Equity | Unrealized appreciation on open futures contracts | $4374 |
|  | Future Contracts | Equity | Unrealized depreciation on open futures contracts | (61746) |
|  |  |  | **Total** | $(57372) |
|  | Options Purchased | Equity | Investments, At Value | 5247813 |
|  |  |  | **Total** | $5247813 |
|  | Options Written | Equity | Options Written | 4545988 |
|  |  |  | **Total** | $4545988 |
|  |  |  | **Location of derivatives on Statement of Assets and Liabilities** | **Fair value of** |
| **Fund** | **Derivative** | **Risk Type** | **(Consolidated)** | **asset/liability derivatives** |
| **<u>ASSF</u>** | **<u>ASSF</u>** |  |  |  |
|  | Credit Default Swap Contracts | Credit | Unrealized depreciation on swap contracts | $(8211) |
|  |  |  | **Total** | $(8211) |
|  | Future Contracts | Commodity | Unrealized appreciation on open futures contracts | $665302 |
|  |  | Currency | Unrealized appreciation on open futures contracts | 72367 |
|  |  | Equity | Unrealized appreciation on open futures contracts | 4740 |
|  |  | Interest | Unrealized appreciation on open futures contracts | 612665 |
|  | Future Contracts | Commodity | Unrealized depreciation on open futures contracts | (392624) |
|  |  | Currency | Unrealized depreciation on open futures contracts | (11225) |
|  |  | Interest | Unrealized depreciation on open futures contracts | (27174) |
|  |  |  | **Total** | $924051 |
|  |  |  |  | **Fair value of** |
| **Fund** | **Derivative** | **Risk Type** | **Location of derivatives on Statement of Assets and Liabilities** | **asset/liability derivatives** |
| **<u>ARIF</u>** | **<u>ARIF</u>** |  |  |  |
|  | Forward Foreign Currency Exchange Contracts | Currency | Unrealized depreciation on forward foreign currency exchange contracts | $(19409) |
|  |  |  | **Total** | $(19409) |

---

**AlphaCentric Funds**

***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)***

**March 31, 2025**

The effect of derivative instruments on the Statements of Operations for the year ended March 31, 2025 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>** | **<u>APOF</u>** | **<u>APOF</u>** |  |  |
|  | Future Contracts | Equity | Net realized gain (loss) from Futures Contracts | $(2216733) |
|  | Future Contracts | Equity | Net change in unrealized appreciation (depreciation) on Futures Contracts | (627586) |
|  |  |  | **Total** | $(2844319) |
|  | Options Purchased | Equity | Net realized gain (loss) from Investments | $(3300326) |
|  | Options Purchased | Equity | Net change in unrealized appreciation (depreciation) on Investments | 191260 |
|  |  |  | **Total** | $(3109066) |
|  | Options Written | Equity | Net realized gain (loss) from Options Written | $4585712 |
|  | Options Written | Equity | Net change in unrealized appreciation (depreciation) on Options Written | 73484 |
|  |  |  | **Total** | $4659196 |
|  |  |  |  | **Realized and unrealized** |
| **Fund** | **Derivative** | **Risk Type** | **Location of gain (loss) on derivatives (Consolidated)** | **gain (loss) on derivatives** |
| **<u>ASSF</u>** | **<u>ASSF</u>** | **<u>ASSF</u>** |  |  |
|  | Credit Default Swap Contracts | Credit | Net realized gain (loss) from Swap Contracts | $65008 |
|  | Credit Default Swap Contracts | Credit | Net change in unrealized appreciation (depreciation) on Swap Contracts | (8540) |
|  |  |  | **Total** | $56468 |
|  | Future Contracts | Commodity | Net realized gain (loss) from Futures Contracts | $(799052) |
|  |  | Currency | Net realized gain (loss) from Futures Contracts | (702925) |
|  |  | Equity | Net realized gain (loss) from Futures Contracts | 20812 |
|  |  | Interest | Net realized gain (loss) from Futures Contracts | (1251029) |
|  |  |  | **Total** | $(2732194) |
|  | Future Contracts | Commodity | Net change in unrealized appreciation (depreciation) on Futures Contracts | $(3072) |
|  |  | Currency | Net change in unrealized appreciation (depreciation) on Futures Contracts | (156562) |
|  |  | Equity | Net change in unrealized appreciation (depreciation) on Futures Contracts | (24313) |
|  |  | Interest | Net change in unrealized appreciation (depreciation) on Futures Contracts | 515057 |
|  |  |  | **Total** | $331110 |
|  |  |  | **Total** | $(2401084) |
|  |  |  |  | **Realized and unrealized** |
| **Fund** | **Derivative** | **Risk Type** | **Location of gain (loss) on derivatives** | **gain (loss) on derivatives** |
| **<u>ARIF</u>** | **<u>ARIF</u>** | **<u>ARIF</u>** |  |  |
|  | Forward Foreign Currency Exchange Contracts | Currency | Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts | $(19409) |
|  |  |  | **Totals** | $(19409) |

---

---

| |
|:---|
| **AlphaCentric Funds** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **March 31, 2025** |

---

During the year ended March 31, 2025, 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, 2025.

**<u>APOF</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 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 |
| Futures Contracts | StoneX Financial Inc. | $4374 | $— | $4374 | $(4374) | $— | $— |
| Total |  | $4374 | $— | $4374 | $(4374) | $— | $—<sup>(2)</sup> |
| **<u>Liabilities:</u>** |  |  |  |  |  |  |  |
| Futures Contracts | StoneX Financial Inc. | $61746 | $— | $61746 | $(4374) | $— | $57372 |
| Total |  | $61746 | $— | $61746 | $(4374) | $— | $57372<sup>(2)</sup> |

---

(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.

During the year ended March 31, 2025, 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, 2025.

**<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<sup>(1)</sup> | Net Amount |
| Futures Contracts | Societe Generale | $1355074 | $— | $1355074 | $(431023) | $— | $924051 |
| Total |  | $1355074 | $— | $1355074 | $(431023) | $— | $924051<sup>(2)</sup> |
| **<u>Liabilities:</u>** |  |  |  |  |  |  |  |
| Futures Contracts | Societe Generale | $431023 | $— | $431023 | $(431023) | $— | $— |
| Swap Contracts | Societe Generale | 8211 |  | 8211 |  |  | 8211 |
| Total |  | $439234 | $— | $439234 | $(431023) | $— | $8211<sup>(2)</sup> |

---

(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, 2025, 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, 2025.

**<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>Liabilities:</u>** | Counterparty | Liabilities | Liabilities | and Liabilities | Instruments | Pledged/Received<sup>(1)</sup> | Net Amount |
| Forward Foreign Currency Exchange Contracts | US Bank | $19409 | $— | $19409 | $— | $— | $19409 |
| Total |  | $19409 | $— | $19409 | $— | $— | $19409<sup>(2)</sup> |

---

(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.

---

| |
|:---|
| **AlphaCentric Funds** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **March 31, 2025** |

---

The value of derivative instruments outstanding as of March 31, 2025 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, 2025, 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, 2025, 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, 2025, 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, 2022 to March 31, 2024, or expected to be taken in the Funds' March 31, 2025 year-end tax returns.

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;&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;&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;&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;&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 such claims to be remote.

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 year ended March 31, 2025, there were $0 CDSC fees paid.

j) &nbsp;&nbsp;&nbsp;&nbsp;&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.

---

| |
|:---|
| **AlphaCentric Funds** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **March 31, 2025** |

---

***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.

A summary of ASSF's investments in ASSF-CFC is as follows:

---

| | | | |
|:---|:---|:---|:---|
| | Inception<br>Date of<br>ASSF-CFC |<br>ASSF-CFC's Net Assets at<br>March 31, 2025 | % of Net Assets at<br>March 31, 2025 |
| ASSF-CFC | 8/8/2019 | $3896826 | 9.58% |

---

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, 2025, aggregate cost of purchases and proceeds from sales of investment securities (excluding short-term investments) for the Funds were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| **AIOF** | $17078515 | $130834433 |
| **APOF** | $1159808 | $1155337 |
| **ARAF** | $9215512 | $22191524 |
| **ASSF** | $79693704 | $80465090 |
| **ALSHF** | $111943869 | $168698447 |
| **ARIF** | $70417892 | $76219756 |

---

**(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 their 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).

**AlphaCentric Funds**

***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)***

**March 31, 2025**

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.

**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, 2025 | $3723081 | $297138 |
| **APOF** | 1.75% | 2.24% | 2.99% | 1.99% | July 31, 2025 | 1158035 | 177009 |
| **ARAF** | 1.25% | 1.65% | 2.40% | 1.40% | July 31, 2025 | 195759 | 168912 |
| **ASSF** | 1.35% | 1.85% | 2.60% | 1.60% | July 31, 2025 | 547587 | 150163 |
| **ALSHF** | 1.25% | 1.65% | 2.40% | 1.40% | July 31, 2025 | 913696 | 314249 |
| **ARIF** | 1.50% | 1.74% | 2.49% | 1.49% | July 31, 2025 | 828332 | 372528 |

---

For the year ended March 31, 2025, 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:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | ***2026*** | ***2027*** | ***2028*** |
| **AIOF** | $3130818 | $686763 | $297138 |
| **APOF** | 164482 | $153036 | 177009 |
| **ARAF** | 211574 | $199793 | 168912 |
| **ASSF** | 48215 | $138723 | 150163 |
| **ALSHF** | 165498 | $245808 | 314249 |
| **ARIF** | 287380 | $296073 | 372528 |

---

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. 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 in 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.

---

| |
|:---|
| **AlphaCentric Funds** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **March 31, 2025** |

---

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.

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, 2025, the Distributor received the following in underwriter commissions from the sale of Class A shares of the Funds:

---

| | |
|:---|:---|
| <br>**Fund** | **Underwriter**<br>**Commissions** |
| **AIOF** | $55789 |
| **APOF** | $1154 |
| **ARAF** | $5663 |
| **ASSF** | $650 |
| **ALSHF** | $18553 |
| **ARIF** | $43186 |

---

**(4)** **CREDIT FACILITY** 

Effective January 24, 2024, the trust amended the Revolving Credit Agreement and entered into a new revolving, uncommitted $100,000,000 line of credit with U.S. Bank National Association (the *"**2024 Revolving Credit Agreement**")* that applies to all of the Funds, that is set to expire on January 22, 2025. Borrowings under the 2024 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 24, 2024 through January 22, 2025, 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 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 is set to expire 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 March 31, 2025, amounts outstanding to Funds under the credit facility at no time were permitted to exceed in the aggregate the lessor 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. APOF, ASSF, and ARIF did not borrow during the year ended March 31, 2025. For the year ended March 31, 2025, amounts outstanding to AIOF, ARAF and ALSHF 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** | 4/1/2024-2/10/2025 | $217639 | $— | $8168307 | 6.90% | $29750000 | 7.50% |
| **ARAF** | 5/3/2024-12/17/2024 | 9729 |  | 1399000 | 7.40% | 2500000 | 7.50% |
| **ALSHF** | 11/15/2024-3/6/2025 | 2789 |  | 1596571 | 6.68% | 2708000 | 6.75% |

---

**(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, 2025, Charles Schwab owned 36.3% of AIOF. National Financial Services LLC owned 28.9% of APOF. National Financial Services LLC owned 54.9% of ARAF. Hartz Capital Investments LLC owned 67.9**%** of ASSF. Charles Schwab owned 30.6% of ALSHF. The Trust has no knowledge as to whether all or any portion of the shares owned of record by Hartz Capital Investments LLC, Charles Schwab & Co. Inc., and National Financial Services LLC are also owned beneficially.

---

| |
|:---|
| **AlphaCentric Funds** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **March 31, 2025** |

---

**(6)** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS TO CAPITAL** 

The tax character of fund distributions paid for the period ended March 31, 2025 (for the tax period-ended November 30, 2024 for the AlphaCentric Income Opportunities Fund) and March 31, 2024 (for the tax period-ended November 30, 2023 for the AlphaCentric Income Opportunities Fund) was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the period ended March 31, 2025:** | **For the period ended March 31, 2025:** | **For the period ended March 31, 2025:** | **For the period ended March 31, 2025:** | **For the period ended March 31, 2025:** | **For the period ended March 31, 2025:** |
|  | **Ordinary** | **Long-Term** | **Return** | **Tax-Exempt** | |
| **Portfolio** | **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 |  |  |  |  |  |
|  Fund | 1154717 |  |  |  | 1154717 |
| AlphaCentric Real Income Fund | 2925414 | 639795 |  |  | 3565209 |
| **For the period ended March 31, 2024:** | **For the period ended March 31, 2024:** | **For the period ended March 31, 2024:** | **For the period ended March 31, 2024:** | **For the period ended March 31, 2024:** | **For the period ended March 31, 2024:** |
|  | **Ordinary** | **Long-Term** | **Return** | **Tax-Exempt** |  |
| **Portfolio** | **Income** | **Capital Gains** | **of Capital** | **Income** | **Total** |
| AlphaCentric Income Opportunities Fund | $19949538 | $— | $18596048 | $— | $38545586 |
| AlphaCentric Premium Opportunity Fund |  |  |  |  |  |
| AlphaCentric Robotics and Automation Fund |  |  |  |  |  |
| AlphaCentric Symmetry Strategy Fund | 792289 |  |  |  | 792289 |
| AlphaCentric Life Sciences and Healthcare Fund | 2693130 |  |  |  | 2693130 |
| AlphaCentric Real Income Fund | 2952718 | 850799 |  |  | 3803517 |

---

As of each Fund's tax year-ended March 31, 2025 (for the tax period-ended November 30, 2024, for the AlphaCentric Income Opportunities Fund), the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Portfolio** | **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 | $— | $— | $— | $— | $(338202427) | $— | $63421662 | $(274780765) |
| AlphaCentric Premium Opportunity Fund |  | 1003698 |  | (2152687) | (2026456) |  | (1459) | (3176904) |
| AlphaCentric Robotics and Automation Fund |  |  |  | (26996) | (658438) |  | (1282570) | (1968004) |
| AlphaCentric Symmetry Strategy Fund |  |  |  |  | (2137307) | 217678 | 1131267 | (788362) |
| AlphaCentric Life Sciences and Healthcare Fund |  | 615362 |  |  | (6042593) |  | (2142463) | (7569694) |
| AlphaCentric Real Income Fund |  |  |  | (643722) |  |  | (816965) | (1460687) |

---

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 1256 futures, options, swaps and passive foreign investment companies, adjustments for partnerships and the ASSF Fund's wholly owned subsidiary.

The unrealized appreciation in the table above includes unrealized foreign currency gains (losses) of $(531), $(1,483) and $534 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>**Portfolio** | **Late Year**<br>**Losses** |
| AlphaCentric Income Opportunities Fund | $— |
| AlphaCentric Premium Opportunity Fund |  |
| AlphaCentric Robotics and Automation Fund | 26996 |
| AlphaCentric Symmetry Strategy Fund |  |
| AlphaCentric Life Sciences and Healthcare Fund |  |
| AlphaCentric Real Income Fund | 97293 |

---

---

| |
|:---|
| **AlphaCentric Funds** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **March 31, 2025** |

---

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>**Portfolio** | **Post October**<br>**Losses** |
| AlphaCentric Income Opportunities Fund | $— |
| AlphaCentric Premium Opportunity Fund | 2152687 |
| AlphaCentric Robotics and Automation Fund |  |
| AlphaCentric Symmetry Strategy Fund |  |
| AlphaCentric Life Sciences and Healthcare Fund |  |
| AlphaCentric Real Income Fund | 546429 |

---

At March 31, 2025, the Funds (for the tax period-ended November 30, 2024, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Short-Term** | **Long-Term** | **Total** | **CLCF Utilized** |
| AlphaCentric Income Opportunities Fund | $338202427 | $— | $338202427 | $2774104 |
| AlphaCentric Premium Opportunity Fund | 796343 | 1230113 | 2026456 | 998122 |
| AlphaCentric Robotics and Automation Fund | 658438 |  | 658438 | 3641368 |
| AlphaCentric Symmetry Strategy Fund | 431900 | 1705407 | 2137307 | 1172955 |
| AlphaCentric Life Sciences and Healthcare Fund |  | 6042593 | 6042593 |  |
| 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, 2025 as follows:

---

| | | |
|:---|:---|:---|
| <br>**Portfolio** | **Paid In**<br>**Capital** | **Accumulated**<br>**Earnings (Losses)** |
| AlphaCentric Income Opportunities Fund | $— | $— |
| AlphaCentric Premium Opportunity Fund |  |  |
| AlphaCentric Robotics and Automation Fund | (1406) | 1406 |
| AlphaCentric Symmetry Strategy Fund | (727574) | 727574 |
| AlphaCentric Life Sciences and Healthcare Fund |  |  |
| AlphaCentric Real Income Fund | (166744) | 166744 |

---

**(7)** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS** 

The Funds for the year ended March 31, 2025 (except for the AlphaCentric Income Opportunities Fund in which its tax period-ended November 30, 2024 cost has been adjusted for March 31, 2025 activity)

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Portfolio** |<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 | $187548614 | $67333457 | $(11529077) | $55804380 |
| AlphaCentric Premium Opportunity Fund | 31220013 | 100983 | (102442) | (1459) |
| AlphaCentric Robotics and Automation Fund | 17380698 | 2139279 | (3421318) | (1282039) |
| AlphaCentric Symmetry Strategy Fund | 37844327 | 2326751 | (1194002) | 1132749 |
| AlphaCentric Life Sciences and Healthcare Fund | 46287805 | 1821810 | (3964273) | (2142463) |
| AlphaCentric Real Income Fund | 48298679 | 712080 | (1529579) | (817499) |

---

---

| |
|:---|
| **AlphaCentric Funds** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **March 31, 2025** |

---

**(8)** **UNDERLYING INVESTMENT IN OTHER INVESTMENT COMPANIES** 

APOF currently invests a significant portion of its assets in the First American Government Obligations Fund, Class X ("FXFXX"). The Fund may redeem its investment in FXFXX at any time if the Adviser determines that it is in the best interest of the Fund and its shareholders to do so. The Fund'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 the Fund's financial statements. As of March 31, 2025, the Fund owns 42.8% 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 their 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 principals' 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.

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| |
|:---|
| **AlphaCentric Funds** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **March 31, 2025** |

---

*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. All interest and dividend payments received on securities which are held on loan, provided that there is no

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| |
|:---|
| **AlphaCentric Funds** |
| ***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)*** |
| **March 31, 2025** |

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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 $3,587,052 as of March 31, 2025. The remaining contractual maturity of all securities lending transactions is overnight and continuous. ARAF is not subject to a master netting agreement with respect to securities lending; therefore no additional disclosures are required. The income earned by ARAF on investments of cash collateral received from borrowers for the securities loaned to them are reflected in the 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, 2025:

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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** |
| **<u>Assets:</u>** | **Recognized Assets** | **& Liabilities** | **Assets & Liabilities** | **Instruments Pledged** | **Received \*** | **Assets** |
| **ARAF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Description: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Loaned | $3375892 | $— | $3375892 |  | $3375892 \* | $— |
| &nbsp;&nbsp;&nbsp;Total | $3375892 | $— | $3375892 | $— | $3375892 | $— |

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\* The amount is limited to the asset balance and accordingly does not include excess collateral pledged.

The fair value of the securities loaned for ARAF totaled $3,375,892 as of March 31, 2025. 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 $3,587,052 for ARAF at March 31, 2025. 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 violations of Sections I I, 12(a)(2) and 15 of the Securities Act of 1933. The Florida action was dismissed it 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. The defendants believe the remaining claim is meritless and intend to contest it vigorously. An estimated $344,739 that is subject to insurance reimbursement in connection with this action is listed in the Statement of Assets and Liabilities for AIOF under "Due from insurance".

**(12)** **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. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

![(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, 2025, 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, 2025, 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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| | | | |
|:---|:---|:---|:---|
| Fund Name | Statements of<br> Operations | Statements of Changes<br> in Net Assets | Financial Highlights |
| AlphaCentric Income Opportunities<br> Fund, AlphaCentric Premium<br> Opportunity Fund, AlphaCentric<br> Robotics and, Automation Fund<br> AlphaCentric Symmetry Strategy Fund\*<br> and, AlphaCentric Life Science and<br> Healthcare Fund (*formerly AlphaCentric*<br> *LifeSci Healthcare Fund*)<br>| For the year<br> ended March 31,<br> 2025 | For the years ended<br> March 31, 2025 and<br> 2024 | For the years ended<br> March 31, 2025, 2024,<br> 2023, 2022, and 2021 |
| AlphaCentric Real Income Fund<br> (*formerly AlphaCentric Strategic Income*<br> *Fund*) | For the year<br> ended March 31,<br> 2025 | For the years ended<br> March 31, 2025 and<br> 2024 | For the years ended<br> March 31, 2025, 2024,<br> 2023, and for the<br> period from May 28,<br> 2021 (commencement<br> of operations) through<br> March 31, 2022 |

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\* The financial statements referred to above are Consolidated Financial Statements.

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, 2025, 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.

![(SIGNATURE)](al003_v1.jpg)

COHEN & COMPANY, LTD.

Greenwood Village, Colorado

May 30, 2025

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| |
|:---|
| **COHEN & COMPANY, LTD.** |
| **Registered with the Public Company Accounting Oversight Board** |
| **800.229.1099** **I 866.818.4538 fax I cohenco.com** |

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| |
|:---|
| **AlphaCentric Funds** |
| **ADDITIONAL INFORMATION (Unaudited)** |
| **March 31, 2025** |

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**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 Life Sciences and Healthcare Fund, AlphaCentric Premium Opportunity Fund, AlphaCentric Symmetry Strategy Fund, AlphaCentric Real Income Fund, and AlphaCentric Robotics and Automation Fund

At a meeting held on November 18 and 22, 2024, 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 Symmetry Strategy Fund ("AlphaCentric SS"), AlphaCentric Robotics and Automation Fund, ("AlphaCentric RA"), and AlphaCentric Real Income Fund ("AlphaCentric RI") (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 that it was familiar with the level of service AlphaCentric provided. The Board noted that AlphaCentric provided oversight of the sub-advisers for the AlphaCentric Funds adding that AlphaCentric reviewed and analyzed portfolio risk for the AlphaCentric Fuds and oversaw each sub-adviser's risk management program. The Board acknowledged that AlphaCentric served as Rule 2a-5 valuation designee for the AlphaCentric Funds and continuously monitored liquidity requirements to ensure compliance with Rule 22e-4. The Board discussed AlphaCentric's compliance program and agreed that it was appropriately focused on risk management. The Board determined 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.

AlphaCentric IO: The Board discussed that AlphaCentric IO underperformed its peer group, benchmark index, and both Morningstar categories for the 1-, 3-, and 5-year periods. The Board recognized that the sub-adviser explained that the underperformance was due to increased interest rates and AlphaCentric IO's concentration in subprime non-agency residential mortgage-backed securities. The Board noted that the Fund outperformed the peer group average, benchmark index, and nontraditional bond Morningstar category for the since inception period.

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| |
|:---|
| **AlphaCentric Funds** |
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| **March 31, 2025** |

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AlphaCentric LH: The Board observed that the Fund underperformed all benchmarks for the 1-year period but outperformed the peer group average and Morningstar category for the 3- year and since inception periods. The Board noted that AlphaCentric LH underperformed the S&P 500 total return index and S&P 500 healthcare sector total return index for the 3-year period but greatly outperformed the S&P 500 biotechnology total return index for both the 3-year and since inception periods. The Board noted that the sub-adviser explained that the recent underperformance was due to the Fund's focus on small- and mid-cap securities which had not performed as well as large-cap securities included in most of the peer group funds. The Board acknowledged that AlphaCentric LH had recently changed sub-advisers.

AlphaCentric PO: The Board commented that AlphaCentric PO trailed all benchmarks for the 1-year and 3-year periods but outperformed the peer group average and Options Trading Morningstar category for the 5-year and 10-year periods. The Board recognized the sub-adviser's explanation that AlphaCentric PO's portfolio was only 60% invested in equities and thus was unable to track the S&P 500 total return index performance during extended periods of high returns.

AlphaCentric SS: The Board observed that AlphaCentric SS trailed all benchmarks for the 1-year period but outperformed all benchmarks for the 3-year period and outperformed the peer group average, Morningstar category and BofA Merryl Lynch 3-month T-Bill Index for the 3-year and 5-year periods. The Board noted that the Fund's traditional component contributed positively to returns but the alternative component detracted from performance.

AlphaCentric RI: The Board discussed that AlphaCentric RI outperformed all benchmarks for the 3-, 5-, and 10-year periods and outperformed all benchmarks except the Real Estate category for the 1-year period. The Bord recognized that the sub-adviser attributed this underperformance to the Fund's investments in equities and fixed income, compared to the Real Estate category's focus on equities. The Board noted that the sub-adviser for AlphaCentric RI had recently changed.

AlphaCentric RA: The Board commented that AlphaCentric RA trailed all benchmarks for all time periods. The Board discussed the sub-adviser's explanation that the Fund's portfolio was concentrated in small- and mid-cap robotics securities which underperformed the more technology focused large-cap securities included in the peer group funds and benchmark indices. The Board continued to discuss AlphaCentric RA's performance relative to its benchmarks.

After discussion, the Board concluded that the performance of each AlphaCentric Fund was acceptable.

Fees and Expenses.

AlphaCentric IO: The Board observed that AlphaCentric IO's advisory fee of 1.30% was above the peer group range but was within the range of the Multisector Bond and Nontraditional Bond Morningstar categories. The Board noted that with the expense limitation in place, the net advisory fee received was above the peer group median and average but well with the range. The Board discussed that the net expense ratio for AlphaCentric IO was above the median and average for the peer group and Morningstar categories but well within each range.

AlphaCentric LH: The Board discussed that the advisory fee of 1.25% for AlphaCentric LH was tied for the highest in the peer group and Morningstar category. The Board noted that the net advisory fee received was above the median and average but within the range for both the peer group and Morningstar category. The Board added that the net expense ratio was above the median and average for the peer group and Morningstar category but well below the highs for both.

AlphaCentric PO: The Board noted that AlphaCentric PO's advisory fee of 1.75 was tied for the highest in the range of the peer group and Options Trading Morningstar category but the net advisory fee received was well within the range for both. The Board discussed that the net expense ratio was above the median and average for both the peer group and Morningstar category but within the ranges.

AlphaCentric SS: The Board observed that the advisory fee of 1.35% for AlphaCentric SS was above the median and average for the peer group and Morningstar category but well below the highs for each. The Board noted that the net expense ratio was below the median and average for the peer group and tied with the median and below the average for the Morningstar Multi-strategy category.

AlphaCentric RI: The Board noted that AlphaCentric's advisory fee of 1.50% was above the peer group median and average but within the range. The Board acknowledged that the advisory fee was above the range of the Real Estate category but within the

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| |
|:---|
| **AlphaCentric Funds** |
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| **March 31, 2025** |

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range of the Nontraditional Bond category. The Board added that the net expense ratio was above the peer group median but below the average and was above the median and average for both Morningstar categories but far below the highs for each.

AlphaCentric RA: The Board noted that the advisory fee of 1.25% was tied for the high for both the peer group and Morningstar category but that the net advisory fee received was 0.56% which was far below the median and average fees for both the peer group and Morningstar category. The Board commented that the net expense ratio was above the median for the peer group and above the peer group average but was well within the range and was above the median and average for the Morningstar category but within the range.

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 included the Meeting Materials and discussed AlphaCentric's profitability from its services to each of the AlphaCentric Funds. The Board acknowledged that AlphaCentric operated AlphaCentric RA, AlphaCentric SS, and AlphaCentric RI at a loss. The Board observed that AlphaCentric received minimal profits from advising AlphaCentric IO and AlphaCentric LH and received a moderate profit from advising AlphaCentric PO. After further discussion, the Board determined these profits 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 but noted that AlphaCentric had agreed to lower the advisory fee for certain AlphaCentric Funds within the last few years. The Board acknowledged that there had been a steady decrease in assets for the Funds and thus AlphaCentric likely did not benefits from material economies of scale.

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 respective shareholders.

<u>Approval of renewal of Sub-Advisory Agreement between AlphaCentric Advisors, LLC and Garrison Point Capital Management</u>, <u>LLC with respect to AlphaCentric Income Opportunities Fund</u>

At a meeting held on November 18 and 24, 2024, the Board, including a majority of the Independent Trustee," and collectively the Independent Trustees discussed the renewal of the sub-advisory agreement (the "Sub-Advisory Agreement") between AlphaCentric and Garrison Point Capital Management, LLC ("Garrison Point") with respect to the 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 discussed the services provided to AlphaCentric IO by Garrison Point, noting that Garrison Point provided portfolio monitoring, research services and trade execution services. The Board noted that Garrison Point managed the portfolio in a manner designed to allocate assets that offered the best risk-adjusted values at a given time. The Board discussed that Garrison Point's investment teams held weekly meetings to review portfolio allocations and that Garrison Point documented and tracked all transactions to ensure compliance with Fund and Trust requirements. The Board noted that there were no materials compliance issues since the last renewal. The Board discussed that the adviser had recommended continuing the sub-advisory agreement with Garrison Point. After further discussion, the Bord concluded that the nature, extent and quality of services provided by Garrison Point were satisfactory.

Performance. The Board observed that AlphaCentric IO underperformed its peer group, benchmark index for the 1-, 3-, and 5-year periods. The Board discussed that Garrison Point attributed the underperformance to increased interest rates noting that AlphaCentric IO was concentrated in subprime non-agency residential mortgage-backed securities. The Board noted that the Fund outperformed the peer group average, benchmark index, and Nontraditional Bond Morningstar category for the since inception period. After further discussion, the Board concluded that AlphaCentric IO's performance was acceptable.

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| |
|:---|
| **AlphaCentric Funds** |
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| **March 31, 2025** |

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Fees and Expenses. The Board noted that Garrison Point received 50% of the net advisory fees earned by AlphaCentric, with a maximum annual fee of 0.65% of average net assets. The Board noted 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 AlphaCentric and Garrison Point were not unreasonable.

Profitability. The Board noted that Garrison Point earned a reasonable profit from sub-advising AlphaCentric IO. The Board noted that Garrison Point's profit analysis included the annual base salary and benefits paid to the portfolio managers and managing director for their services to the Fund. The Board considered other benefits Garrison Point received, including soft dollar arrangements. After further discussion, the Board determined that excessive profitability was not an issue.

Economies of Scale. The Board considered whether Garrison Point benefits from economies of scale. The Board discussed AlphaCentric's IO's drop in assets and acknowledged economies of scale was an issue primarily considered by the Board when evaluating the advisory agreement. The Board concluded that Garrion Point did not appear to have materially benefitted 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 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 October 24, 2024, the Board, including a majority of the Independent Trustee discussed the sub-advisory agreement (the "Sub-Advisory Agreement") between AlphaCentric and Kennedy Capital Management LLC ("Kennedy") with respect to the 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 observed that the key personnel from Kennedy had extensive experience in the industry. The Board noted that the Chief Compliance Officer had been at Kennedy for over 20 years and had a strong compliance background. The Board discussed that Kennedy would be responsible for the implementation of the Fund's investment strategy including research and investment decisions. The Board recognized that Kennedy would also be responsible for risk management and the execution of transactions for AlphaCentric LH. The Board remarked that Kennedy utilized a number of proprietary tools to help analyze potential investments and determine potential return on invested capital (ROIC). The Board agreed that Kennedy had the experience and resources necessary to provide quality services to AlphaCentric LH.

Performance. The Board reviewed the performance of a similar strategy advised by Kennedy. The Board noted that the strategy slightly underperformed the benchmark index for the 1-year period but outperformed the benchmark index for the since inception period. The Board concluded that Kennedy had the potential to provide favorable returns to AlphaCentric LH shareholders.

Fees and Expenses. The Board discussed the proposed sub-advisory fee and the allocation of fees between the Adviser and Kennedy relative to their respective duties and agreed that the allocation as appropriate. The Board compared the sub-advisory fee charged by Kennedy for managing other accounts with similar strategies. The Board concluded that the sub-advisory fee to be charged with respect to AlphaCentric LH was not unreasonable.

Profitability. The Board discussed the profitability analysis provided by Kennedy and noted that it anticipated realizing a modest profit in connection with sub-advising AlphaCentric LH during the first and second year of the Sub-Advisory Agreement. The Board concluded that those projected profits were not excessive.

Economies of Scale. The Board considered whether there would be economies of scale with respect to the management of AlphaCentric LH. The Board agreed that this was primarily an adviser-level issue and had been considered with respect to the

---

| |
|:---|
| **AlphaCentric Funds** |
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| **March 31, 2025** |

---

overall advisory agreement, taking into consideration the impact of the sub-advisory expense. The Board noted that it would continue to revisit the issue as time progressed.

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 between AlphaCentric and Kennedy, 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 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 24, 2024, the Board, including a majority of the Independent Trustee discussed the renewal of the sub-advisory agreement (the "Sub-Advisory Agreement") between AlphaCentric and Mount Lucas Management LP ("Mount Lucas") with respect to the 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 reviewed the key investment personnel who were responsible for providing sub-advisory services to AlphaCentric SS, taking into consideration their education and experience. The Board noted that Mount Lucas was responsible for implementing the Fund's investment strategy. The Board acknowledged that the investment strategy for AlphaCentric SS was complex, and that Mount Lucas utilized proprietary software systems to implement the investment strategy. The Board discussed that Mount Lucas conducted extensive research and continuous compliance monitoring and regulatory services to the Fund. The Board agreed that Mount Lucas had the experience and resources necessary to continue providing quality services to AlphaCentric SS.

Performance. The Board reviewed that AlphaCentric SS trailed all benchmarks for the 1-year period but outperformed all benchmarks for the 3-year period and outperformed the peer group average, Morningstar category and BofA Merrill Lynch 3-month T-Bill Index for the 3-year and 5-year periods. The Board noted that Mount Lucas explained that the Fund's traditional component contributed positively to returns but the alternative component detracted from recent performance. The Board concluded that the performance of AlphaCentric SS was acceptable.

Fees and Expenses. The Board discussed the fees paid to Mount Lucas and the allocation of fees between Mount Lucas and AlphaCentric relative to their respective duties and other factors. The Board noted that Mount Lucas received 100% of the net management fees from Fund accounts converted from its predecessor fund and 50% of the net management fee from all other assets in the Fund. The Board noted that the fee charged to the Fund was lower than the average that Mount Lucas charged for other accounts. After further discussion, the Board concluded that the sub-advisory fees received by Mount Lucas from AlphaCentric for AlphaCentric SS were not unreasonable.

Profitability. The Board observed that Mount Lucas advised AlphaCentric SS at a loss and therefore excessive profits was not a concern at this time.

Economies of Scale. The Board discussed whether AlphaCentric SS had reached the size where Mount Lucas benefitted from economies of scale. The Board acknowledged economies of scale were an issue primarily considered by the Board when evaluating the advisory agreement. The Board concluded that it was unlikely that Mount Lucas benefitted from material economies of scale and the Board would review annually.

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 between AlphaCentric and Mount Lucas, 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.

---

| |
|:---|
| **AlphaCentric Funds** |
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| **March 31, 2025** |

---

Approval of the Renewal of the Sub-Advisory Agreement between AlphaCentric Advisors LLC and Contego Capital Group, Inc. with respect to AlphaCentric Robotics and Automation Fund

At a meeting held on November 18 and 24, 2024, the Board, including a majority of Independent Trustee discussed the renewal of the sub-advisory agreement (the "Sub-Advisory Agreement") between AlphaCentric and Contego Capital Group, Inc. ("Contego") with respect to the 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 the key personnel for Contego, noting that there were no changes to the personnel involved in servicing AlphaCentric RA. The Board observed that Contego conducted research and analysis, constructed the portfolio, and executed trades on behalf of AlphaCentric RA. The Board noted that Contego continuously monitored the Fund's investments to ensure compliance with the Fund and Trust requirements, maintained records and furnished reports related to Fund assets. The Board noted that Contego reported no compliance issues and no material litigation since the last renewal. The Board concluded that Contego had provided quality services to the Fund.

Performance. The Board observed that AlphaCentric RA trailed all benchmarks for all time periods. The Board reviewed Contego's explanation that AlphaCentric RA's portfolio was concentrated in small- and mid-cap robotics securities which underperformed the more technology focused, large-cap securities included in the peer group funds and benchmark indices. The Board concluded that the performance of AlphaCentric RA was acceptable given its mandated focus on robotics.

Fees and Expenses. The Board observed that Contego received a maximum sub-advisory fee of 0.625%, or 50% of the net advisory fee paid to AlphaCentric. The Board discussed the fee split between AlphaCentric and Contego in relation to the responsibilities of each party. The Board concluded that the sub-advisory fee received by Contego for AlphaCentric RA was not unreasonable.

Profitability. The Board reviewed the profitability analysist provided by Contego, noting that Contego sub-advised AlphaCentric RA at a reasonable profit. The Board noted that Contego also benefitted from soft dollars. After further discussion regarding the profitability and indirect benefits Contego received, the Board concluded that excessive profitability for AlphaCentric RA was not an issue at this time.

Economies of Scale. The Board considered whether AlphaCentric RA had reached the size where Contego would benefit from economies of scale. The Board acknowledged economies of scale were an issue primarily considered by the Board when evaluating the advisory agreement. They discussed Contego's participation in the Fund's expense limitation arrangement. The Board agreed it was unlikely that Contego benefitted from any meaningful economies of scale at current asset levels.

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 a Sub-Advisory Agreement between AlphaCentric Advisors, LLC and CrossingBridge Advisors, LLC respect to AlphaCentric Real Income Fund

At a meeting held on October 24, 2024, the Board, including a majority of Independent Trustee discussed a new sub-advisory agreement (the "Sub-Advisory Agreement") between AlphaCentric and CrossingBridge Advisors, LLC ("CrossingBridge") with respect to the 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

---

| |
|:---|
| **AlphaCentric Funds** |
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| **March 31, 2025** |

---

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 reviewed the professional and educational credentials of CrossingBridge's key personnel and noted CrossingBridge had $3.2 billion in assets under management. The Board discussed the sub-advisory services to be provided to AlphaCentric RI, noting that CrossingBridge would provide compliance services, conduct research, and make investment decisions regarding the Fund's portfolio. The Board noted that CrossingBridge utilized an order management system that would be coded with the Fund's investment guidelines to ensure compliance with trading policies and fund investment restrictions. The Board commented that CrossingBridge's CCO also conducted monthly testing of the procedures. The Board observed that CrossingBridge reported no material compliance, litigation, or regulatory issues within the past 36 months. The Board agreed that CrossingBridge had the experience and resources necessary to provide quality services to AlphaCentric RI.

Performance. The Board discussed the performance information provided for other fixed income funds advised by CrossingBridge. The Board acknowledged that these funds had different investment strategies from AlphaCentric RI but that the overall performance of the funds was strong. The Board commented that an ultra-short duration fund managed by CrossingBridge outperformed its benchmark indices for all time periods and the strategic income fund it managed outperformed all its benchmark indices for the year 3- and 5-year periods. The Board concluded that CrossingBridge had the potential to provide favorable returns to Fund shareholders.

Fees and Expenses. The Board discussed the proposed sub-advisory fee, noting that the Adviser would compensate CrossingBridge on a tiered fee structure based on the Fund'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 Adviser and CrossingBridge. The Board concluded that the sub-advisory fee was not unreasonable.

Profitability. The Board reviewed the profit analysis provided by CrossingBridge. It noted that CrossingBridge projected earning a modest profit during the initial two-year term if estimated asset levels were achieved. The Board concluded that based on the information provided by CrossingBridge, the estimated profitability was not excessive.

Economies of Scale. The Board considered whether CrossingBridge would realize economies of scale with respect to the sub-advisory services provided by CrossingBridge. The Board recognized that this was primarily an adviser level issue and had been considered with respect to the overall advisory agreement, taking into consideration the impact of the sub-advisory expenses and the estimated growth of the Fund.

Conclusion. Having requested and received such 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 approval 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 |
| 53 Palmeras Street, Suite 601 |
| San Juan, PR 00901 |
| **<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>6/9/25</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>6/9/25</u>

By (Signature and Title)

---

| |
|:---|
| /s/ Erik Naviloff |
| Erik Naviloff, Principal Financial Officer/Treasurer |

---

Date <u>6/9/25</u>

## 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

## 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: | 6/9/25 | /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: | 6/9/25 | /s/ Erik Naviloff |
|  |  | Erik Naviloff |
|  |  | Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**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, 2025 (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: | 6/9/25 | Date: | 6/9/25 |

---

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.