N-CSRS

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 811-21872

Mutual Fund Series Trust

(Exact name of registrant as specified in charter)

225 Pictoria Drive, Suite 450 Cincinatti OH 45246

(Address of principal executive offices) (Zip code)

CT CORPORATION SYSTEM

1300 EAST NINTH STREET, CLEVELAND, OH 44114

(Name and address of agent for service)

Registrant's telephone number, including area code: 866-447-4228

Date of fiscal year end: 3/31

Date of reporting period: 09/30/23

ITEM 1. REPORTS TO SHAREHOLDERS.

Semi-Annual Report

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 LifeSci Healthcare Fund
Class A: LYFAX	Class C: LYFCX	Class I: LYFIX
AlphaCentric SWBC Municipal Opportunities Fund
Class A: MUNAX	Class C: MUNCX	Class I: MUNIX
AlphaCentric Strategic Income Fund
Class A: SIIAX	Class C: SIICX	Class I: SIIIX

September 30, 2023

AlphaCentric Advisors LLC 

53 Palmeras Street, Suite 601 

San Juan, PR 00901 

1-844-223-8637

AlphaCentric Income Opportunities Fund 

PORTFOLIO REVIEW (Unaudited) 

September 30, 2023

The Fund’s performance figures* for the periods ended September 30, 2023, compared to its benchmark:

					Annualized
			Annualized	Annualized	Since Inception + -
	Six Months	One Year	Three Years	Five Years	September 30, 2023
Class A (IOFAX)	(3.91)%	(7.99)%	(4.20)%	(3.70)%	2.18%
Class A (IOFAX) with 4.75% load	(8.44)%	(12.39)%	(5.74)%	(4.64)%	1.59%
Class C (IOFCX)	(4.18)%	(8.62)%	(4.90)%	(4.41)%	1.44%
Class I (IOFIX)	(3.79)%	(7.75)%	(3.95)%	(3.45)%	2.44%
Bloomberg U.S. Aggregate Bond Index **	(4.05)%	0.64%	(5.21)%	0.10%	0.57%

* The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Class A is subject to a maximum applicable sales charge of 4.75% and a maximum deferred sales charge of 1.00% on investments at or above the $1 million breakpoint (where you do not pay a sales charge) on shares redeemed within 18 months of purchase. Total returns are calculated using the net asset value (“NAV”) on September 29, 2023. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods greater than 1 year are annualized. The Fund’s adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, at least until July 31, 2024, to ensure that the net annual fund 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) will not exceed 1.74%, 2.49% and 1.49% for the Fund’s Class A, Class C, and Class I shares, respectively, subject to possible recoupment from the Fund in future years. Fee waivers and expense reimbursements are subject to possible recoupment by the adviser from the Fund in future years on a rolling three-year basis (within three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits and any expense limits in place at the time of recoupment. Without these waivers, the Fund’s total annual operating expenses as shown in the August 1, 2023 prospectus were 2.18%, 2.93% and 1.93% for the Fund’s Class A, Class C, and Class I shares, respectively. After fee waivers, the Fund’s total annual operating expenses as shown in the August 1, 2023 prospectus were 1.90%, 2.65% and 1.65% for the Fund’s Class A, Class C, and Class I shares, respectively. Please review the Fund’s most recent prospectus for more detail on the expense waiver. For more current information on the Fund’s expense ratio, please see the Financial Highlights. For performance information current to the most recent month-end, please call toll-free 1-844-223-8637.

** The Bloomberg U.S. Aggregate Bond Index is commonly used as a benchmark by both passive and active investors to measure portfolio performance relative to the U.S. dollar-denominated investment grade fixed-rate taxable bond market. It is also an informational measure of broad market returns commonly applied to fixed income instruments. Investors cannot invest directly in an index.

+ The AlphaCentric Income Opportunities Fund commenced operations on May 28, 2015.

Holdings by Security Type	% of Net Assets
Non-Agency Residential Mortgage Backed Securities		103.0	%
Liabilities In Excess Of Other Assets		(3.0	)%
		100.0	%

Please refer to the Schedule of Investments in this Semi-Annual Report for a detailed listing of the Fund’s holdings. 

1

AlphaCentric Premium Opportunity Fund 

PORTFOLIO REVIEW (Unaudited) 

September 30, 2023

The Fund’s performance figures* for the periods ended September 30, 2023, compared to its benchmark:

						Annualized	Annualized
			Annualized	Annualized	Annualized	Since Inception + -	Since Inception ++ -
	Six Months	One Year	Three Years	Five Years	Ten Years	September 30, 2023	September 30, 2023
Class A (HMXAX) without load	2.71%	9.31%	2.09%	9.09%	—	6.08%	—
Class A (HMXAX) with 5.75% load	(3.18)%	3.01%	0.09%	7.80%	—	5.19%	—
Class C (HMXCX)	2.31%	8.50%	1.32%	8.38%	—	5.39%	—
Class I (HMXIX) +++	2.85%	9.59%	2.33%	9.35%	7.08%	—	8.87%
S&P 500 Total Return Index **	5.18%	21.62%	10.15%	9.92%	11.91%	12.24%	13.16%

* The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Class A is subject to a maximum applicable sales charge of 5.75% and a maximum deferred sales charge of 1.00% on investments at or above the $1 million breakpoint (where you do not pay a sales charge) on shares redeemed within 18 months of purchase. Total returns are calculated using the net asset value (“NAV”) on September 29, 2023. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods greater than 1 year are annualized. The Fund’s adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, at least until July 31, 2024, to ensure that the net annual fund 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) will not exceed 2.24%, 2.99% and 1.99% for the Fund’s Class A, Class C and Class I shares, respectively, subject to possible recoupment from the Fund in future years. Fee waivers and expense reimbursements are subject to possible recoupment by the adviser from the Fund in future years on a rolling three-year basis (within three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits and any expense limits in place at the time of recoupment. Without these waivers, the Fund’s total annual operating expenses as shown in the August 1, 2023 prospectus were 2.45%, 3.20% and 2.20% for the Fund’s Class A, Class C and Class I shares, respectively. After fee waivers, the Fund’s total annual operating expenses as shown in the August 1, 2023 prospectus were 2.32%, 3.07%, and 2.07% for the Fund’s Class A, Class C and Class I shares, respectively. Please review the Fund’s most recent prospectus for more detail on the expense waiver. For more current information on the Fund’s expense ratio, please see the Financial Highlights. For performance information current to the most recent month-end, please call toll-free 1-844-223-8637.

** The S&P 500 Total Return Index, a registered trademark of McGraw-Hill Co., Inc., is a market capitalization-weighted index of 500 widely held common stocks. Investors cannot invest directly in an index.

+ The AlphaCentric Premium Opportunity Fund Class A and Class C commenced operations on September 30, 2016.

++ The AlphaCentric Premium Opportunity Fund Class I, formerly a private fund, commenced operations on August 31, 2011.

+++ The Fund acquired all of the assets and liabilities of Theta Funds, L.P. (the “Predecessor Fund”) in a tax-free reorganization on September 30, 2016. In connection with this acquisition, shares of the Predecessor Fund were exchanged for Class I shares of the Fund, so the Predecessor Fund became the Class I shares of the Fund. The Fund’s investment objective, policies and guidelines are, in all material respects, equivalent to the Predecessor Fund’s investment objectives, policies and guidelines. The Predecessor Fund commenced operations on August 31, 2011. Updated performance information will be available at no cost by calling 1-844-ACFUNDS (844-223-8637) or visiting the Fund’s website at www.AlphaCentricFunds.com.

Holdings by Security Type **	% of Net Assets
U.S. Government & Agencies		62.1	%
Short-Term Investments		16.9	%
Future Options Purchased		2.9	%
Written Future Options		(3.2	)%
Other Assets in Excess of Liabilities		21.3	%
		100.0	%

** - Does not include derivative investments.

Please refer to the Schedule of Investments in this Semi-Annual Report for a detailed listing of the Fund’s holdings. 

2

AlphaCentric Robotics and Automation Fund

PORTFOLIO REVIEW (Unaudited)

September 30, 2023

The Fund’s performance figures* for the periods ended September 30, 2023, compared to its benchmarks:

					Annualized
			Annualized	Annualized	Since Inception + -
	Six Months	One Year	Three Years	Five Years	September 30, 2023
Class A (GNXAX) without load	(10.68)%	3.99%	(6.30)%	(1.71)%	2.90%
Class A (GNXAX) with 5.75% load	(15.83)%	(1.99)%	(8.12)%	(2.86)%	1.94%
Class C (GNXCX)	(11.02)%	3.24%	(6.98)%	(2.45)%	2.13%
Class I (GNXIX)	(10.51)%	4.23%	(6.04)%	(1.46)%	3.17%
S&P 500 Total Return Index **	5.18%	21.62%	10.15%	9.92%	11.47%
MSCI AC World Index (TR Gross) ***	2.84%	21.41%	7.39%	6.99%	8.09%

* The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Class A is subject to a maximum applicable sales charge of 5.75% and a maximum deferred sales charge of 1.00% on investments at or above the $1 million breakpoint (where you do not pay a sales charge) on shares redeemed within 18 months of purchase. Total returns are calculated using the net asset value (“NAV”) on September 29, 2023. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods greater than 1 year are annualized. The Fund’s adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, at least until July 31, 2024, to ensure that the net annual fund 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) will not exceed 1.65%, 2.40% and 1.40% for the Fund’s Class A, Class C, and Class I shares, respectively, subject to possible recoupment from the Fund in future years. Fee waivers and expense reimbursements are subject to possible recoupment by the adviser from the Fund in future years on a rolling three-year basis (within three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits and any expense limits in place at the time of recoupment. Without these waivers, the Fund’s total annual operating expenses as shown in the August 1, 2023 prospectus for the Fund’s period of operation are 2.31%, 3.06% and 2.06% for the Fund’s Class A, Class C and Class I shares, respectively. After fee waivers, the Fund’s total annual operating expenses shown in the August 1, 2023 prospectus for the Fund’s period of operation are 1.65%, 2.40% and 1.40% for the Fund’s Class A, Class C and Class I shares, respectively. Please review the Fund’s most recent prospectus for more detail on the expense waiver. For more current information on the Fund’s expense ratio, please see the Financial Highlights. For performance information current to the most recent month-end, please call toll-free 1-844-223-8637.

** The S&P 500 Total Return Index, a registered trademark of McGraw-Hill Co., Inc., is a market capitalization-weighted index of 500 widely held common stocks. Investors cannot invest directly in an index.

*** The MSCI AC World Index (TR Gross) represents the Modern Index Strategy and captures all sources of equity returns in 23 developed and 24 emerging markets. Investors cannot invest directly in an index.

+ The AlphaCentric Robotics and Automation Fund Class A, Class C and Class I commenced operations on May 31, 2017.

Holdings by Security Type	% of Net Assets
Common Stocks		96.8	%
Investment Purchased as Securities Lending Collateral		19.4	%
Money Market Fund		3.1	%
Liabilities In Excess Of Other Assets		(19.3	)%
		100.0	%

Please refer to the Schedule of Investments in this Semi-Annual Report for a detailed listing of the Fund’s holdings.

3

AlphaCentric Symmetry Strategy Fund

PORTFOLIO REVIEW (Unaudited)

September 30, 2023

The Fund’s performance figures* for the periods ended September 30, 2023, compared to its benchmarks:

					Annualized	Annualized
			Annualized	Annualized	Since Inception + -	Since Inception ++ -
	Six Months	One Year	Three Years	Five Years	September 30, 2023	September 30, 2023
Class A (SYMAX) without load	5.22%	2.85%	10.82%	—	4.50%	—
Class A (SYMAX) with 5.75% load	(0.83)%	(3.03)%	8.67%	—	3.01%	—
Class C (SYMCX)	4.86%	2.13%	9.96%	—	3.71%	—
Class I (SYMIX) +++	5.40%	3.17%	11.06%	2.03%	—	3.50%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index **	2.51%	4.50%	1.71%	1.72%	1.58%	1.23%
MSCI World/Bloomberg U.S. Aggregate Bond Blended Index ***	(0.27)%	12.04%	1.86%	3.66%	3.67%	3.85%

* The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Class A is subject to a maximum applicable sales charge of 5.75% and a maximum deferred sales charge of 1.00% on investments at or above the $1 million breakpoint (where you do not pay a sales charge) on shares redeemed within 18 months of purchase. Total returns are calculated using the net asset value (“NAV”) on September 29, 2023. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods greater than 1 year are annualized. The Fund’s adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, at least until July 31, 2024, to ensure that the net annual fund 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) will not exceed 1.85%, 2.60% and 1.60% for the Fund’s Class A, Class C, and Class I shares, respectively, subject to possible recoupment from the Fund in future years. Fee waivers and expense reimbursements are subject to possible recoupment by the adviser from the Fund in future years on a rolling three-year basis (within three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits and any expense limits in place at the time of recoupment. Without these waivers, the Fund’s total annual operating expenses as shown in the August 1, 2023 prospectus are 2.03%, 2.78% and 1.78% for the Fund’s Class A, Class C and Class I shares, respectively. After fee waivers, the Fund’s total annual operating expenses shown in the August 1, 2023 prospectus are 1.93%, 2.68% and 1.68% for the Fund’s Class A, Class C and Class I shares, respectively. Please review the Fund’s most recent prospectus for more detail on the expense waiver. For more current information on the Fund’s expense ratio, please see the Financial Highlights. For performance information current to the most recent month-end, please call toll-free 1-844-223-8637.

** BofA Merrill Lynch 3-Month U.S. Treasury Bill Index tracks the performance of the U.S. dollar denominated U.S. Treasury Bills publicly issued in the U.S. domestic market with a remaining term to final maturity of less than 3 months. Investors cannot invest directly in an index.

*** MSCI World/Bloomberg U.S. Aggregate Bond Blended Index reflects an unmanaged portfolio of 60% of the MSCI World Index and 40% of the Bloomberg U.S. Aggregate Bond Index. Investors cannot invest directly in an index.

+ The AlphaCentric Symmetry Strategy Fund Class A, Class C commenced operations on August 8, 2019.

++ The AlphaCentric Symmetry Strategy Fund Class I, formerly a private fund, commenced operations on September 1, 2014.

+++ The Fund acquired all of the assets and liabilities of MLM Symmetry Fund, LP (the “Predecessor Fund”) in a tax-free reorganization on August 9, 2019. In connection with this acquisition, shares of the Predecessor Fund were exchanged for Class I shares of the Fund. The Fund’s investment objectives, policies, restrictions, and guidelines are, in all material respects, equivalent to the Predecessor Fund’s investment objectives, policies, restrictions, and guidelines. The Fund’s sub-advisor was the adviser to the Predecessor Fund. The financial statements for the Predecessor Fund can be found in the Fund’s SAI. The performance information set forth below reflects the historical performance of the Predecessor Fund shares. Updated performance information will be available at no cost by calling 1-844-ACFUNDS (844-223-8637) or visiting the Fund’s website at www.AlphaCentricFunds.com

Holdings by Security Type *	% of Net Assets
Exchange-Traded Funds		32.6	%
Common Stocks		29.2	%
U.S. Government & Agencies		19.7	%
Short-term Investment		10.2	%
Other Assets in Excess of Liabilities		8.3	%
		100.0	%

* Does not include derivative investments.

Please refer to the Schedule of Investments in this Semi-Annual Report for a detailed listing of the Fund’s holdings.

4

AlphaCentric LifeSci Healthcare Fund

PORTFOLIO REVIEW (Unaudited)

September 30, 2023

The Fund’s performance figures* for the periods ended September 30, 2023, compared to its benchmarks:

				Annualized
			Annualized	Since Inception + -
	Six Months	One Year	Three Years	September 30, 2023
Class A (LYFAX) without load	(3.34)%	15.74%	7.90%	11.93%
Class A (LYFAX) with 5.75% load	(8.87)%	9.10%	5.79%	10.22%
Class C (LYFCX)	(3.69)%	14.88%	7.12%	11.32%
Class I (LYFIX)	(3.17)%	16.13%	8.18%	12.19%
S&P 500 Total Return Index **	5.18%	21.62%	10.15%	10.23%
S&P Biotechnology Select Industry Total Return Index ***	(3.39)%	(7.62)%	(12.90)%	(6.03)%
S&P 500 Health Care Sector Total Return Index ****	0.22%	8.18%	8.61%	9.04%

* The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Class A is subject to a maximum applicable sales charge of 5.75% and a maximum deferred sales charge of 1.00% on investments at or above the $1 million breakpoint (where you do not pay a sales charge) on shares redeemed within 18 months of purchase. Total returns are calculated using the net asset value (“NAV”) on September 29, 2023. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods greater than 1 year are annualized. The Fund’s adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, at least until July 31, 2024, to ensure that the net annual fund 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) will not exceed 1.65%, 2.40% and 1.40% for the Fund’s Class A, Class C, and Class I shares, respectively, subject to possible recoupment from the Fund in future years. Fee waivers and expense reimbursements are subject to possible recoupment by the adviser from the Fund in future years on a rolling three-year basis (within three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits and any expense limits in place at the time of recoupment. Without these waivers, the Fund’s total annual operating expenses as shown in the August 1, 2023 prospectus are 2.00%, 2.75% and 1.75% for the Fund’s Class A, Class C and Class I shares, respectively. After fee waivers, the Fund’s total annual operating expenses as shown in the August 1, 2023 prospectus are 1.65%, 2.40% and 1.40% for the Fund’s Class A, Class C and Class I shares, respectively. Please review the Fund’s most recent prospectus for more detail on the expense waiver. For more current information on the Fund’s expense ratio, please see the Financial Highlights. For performance information current to the most recent month-end, please call toll-free 1-844-223-8637.

** The S&P 500 Total Return Index, a registered trademark of McGraw-Hill Co., Inc., is a market capitalization-weighted index of 500 widely held common stocks. Investors cannot invest directly in an index.

*** S&P Biotechnology Select Industry Total Return Index is designed to measure the performance of narrow GICS® sub-industries. The Index comprises stocks in the S&P Total Market Index that are classified in the GICS biotechnology sub-industry. Investors cannot invest directly in an index.

**** S&P 500 Health Care Sector Total Return Index is designed to measure the performance of narrow GICS® health care sub-industries. The Index comprises stocks in the S&P Total Market Index that are classified in the GICS health care sub-industry. Investors cannot invest directly in an index.

+ The AlphaCentric LifeSci Healthcare Fund Class A, Class C and Class I commenced operations on November 29, 2019.

Holdings by Security Type	% of Net Assets
Common Stocks		96.9	%
Short-term Investments		2.9	%
Right		0.0	%*
Other Assets in Excess of Liabilities		0.2	%
		100.0	%

* - Less than 0.05%

Please refer to the Schedule of Investments in this Semi-Annual Report for a detailed listing of the Fund’s holdings.

5

AlphaCentric SWBC Municipal Opportunities Fund

PORTFOLIO REVIEW (Unaudited)

September 30, 2023

The Fund’s performance figures* for the periods ended September 30, 2023, compared to its benchmark:

				Annualized
			Annualized	Since Inception + -
	Six Months	One Year	Three Years	September 30, 2023
Class A (MUNAX) without load	(3.76)%	2.52%	(4.82)%	(3.11)%
Class A (MUNAX) with 4.75% load	(8.32)%	(2.32)%	(6.35)%	(4.36)%
Class C (MUNCX)	(4.10)%	1.81%	(5.39)%	(3.58)%
Class I (MUNIX)	(3.64)%	2.77%	(4.60)%	(2.88)%
Bloomberg Municipal Bond Index Total Return Value Unhedged USD**	(4.05)%	2.66%	(2.30)%	(0.99)%

* The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Class A is subject to a maximum applicable sales charge of 4.75% and a maximum deferred sales charge of 1.00% on investments at or above the $1 million breakpoint (where you do not pay a sales charge) on shares redeemed within 18 months of purchase. Total returns are calculated using the net asset value (“NAV”) on September 29, 2023. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods greater than 1 year are annualized. The Fund’s adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, at least until July 31, 2024, to ensure that the net annual fund 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) will not exceed 1.50%, 2.25% and 1.25% for the Fund’s Class A, Class C, and Class I shares, respectively, subject to possible recoupment from the Fund in future years. Fee waivers and expense reimbursements are subject to possible recoupment by the adviser from the Fund in future years on a rolling three-year basis (within three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits and any expense limits in place at the time of recoupment. Without these waivers, the Fund’s total annual operating expenses as shown in the August 1, 2023 prospectus are 3.35%, 4.10% and 3.10% for the Fund’s Class A, Class C and Class I shares, respectively. After fee waivers, the Fund’s total annual operating expenses shown in the August 1, 2023 prospectus are 1.83%, 2.58% and 1.58% for the Fund’s Class A, Class C and Class I shares, respectively. Please review the Fund’s most recent prospectus for more detail on the expense waiver. For more current information on the Fund’s expense ratio, please see the Financial Highlights. For performance information current to the most recent month-end, please call toll-free 1-844-223-8637.

** The Bloomberg Municipal Bond Index Total Return Value Unhedged USD covers the USD-denominated long-term tax exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds. Investors cannot invest directly in an index.

+ The AlphaCentric SWBC Municipal Opportunities Fund Class A, Class C and Class I commenced operations on December 31, 2019.

Holdings by Security Type *	% of Net Assets
Municipal Bonds		81.4	%
Exchange-Traded Funds		10.2	%
Short-term Investment		1.5	%
Other Assets in Excess of Liabilities		6.9	%
		100.0	%

* Does not include derivative investments.

Please refer to the Schedule of Investments in this Semi-Annual Report for a detailed listing of the Fund’s holdings. 

6

AlphaCentric Strategic Income Fund 

PORTFOLIO REVIEW (Unaudited) 

September 30, 2023

The Fund’s performance figures* for the periods ended September 30, 2023, compared to its benchmarks:

						Annualized	Annualized
			Annualized	Annualized	Annualized	Since Inception + -	Since Inception ++ -
	Six Months	One Year	Three Years	Five Years	Ten Years	September 30, 2023	September 30, 2023
Class A (SIIAX)	7.58%	16.90%	—	—	—	(1.63)%	—
Class A (SIIAX) with 4.75% load	2.48%	11.39%	—	—	—	(3.65)%	—
Class C (SIICX)	7.21%	16.00%	—	—	—	(2.35)%	—
Class I (SIIIX) +++	7.69%	17.14%	9.96%	11.08%	10.08%	—	11.05%
Bloomberg U.S. MBS Total Return Index **	(4.67)%	(0.17)%	(5.09)%	(0.77)%	0.61%	(6.27)%	0.81%
S&P U.S. REIT Index Total Return ***	(4.55)%	3.21%	5.76%	2.77%	5.84%	(4.63)%	6.33%

* The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Class A is subject to a maximum applicable sales charge of 4.75% and a maximum deferred sales charge of 1.00% on investments at or above the $1 million breakpoint (where you do not pay a sales charge) on shares redeemed within 18 months of purchase. Total returns are calculated using the net asset value (“NAV”) on September 29, 2023. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods greater than 1 year are annualized. The Fund’s adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, at least until July 31, 2024, to ensure that the net annual fund 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) will not exceed 1.74%, 2.49% and 1.49% for the Fund’s Class A, Class C, and Class I shares, respectively, subject to possible recoupment from the Fund in future years. Fee waivers and expense reimbursements are subject to possible recoupment by the adviser from the Fund in future years on a rolling three-year basis (within three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits and any expense limits in place at the time of recoupment. Without these waivers, the Fund’s estimated total annual operating expenses as shown in the August 1, 2023 prospectus for the Fund’s inital fiscal period are 2.38%, 3.13% and 2.13% for the Fund’s Class A, Class C and Class I shares, respectively. After fee waivers, the Fund’s total annual operating expenses shown in the August 1, 2023 prospectus for the Fund’s inital fiscal period are 1.75%, 2.50% and 1.50% for the Fund’s Class A, Class C and Class I shares, respectively. Please review the Fund’s most recent prospectus for more detail on the expense waiver. For more current information on the Fund’s expense ratio, please see the Financial Highlights. For performance information current to the most recent month-end, please call toll-free 1-844-223-8637.

** The Bloomberg U.S. MBS Total Return Index tracks fixed-rate agency mortgage backed pass-through securities guaranteed by Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). Investors cannot invest directly in an index.

*** The S&P U.S. REIT Index Total Return defines and measures the investable universe of publicly traded real estate investment trusts domiciled in the United States.. Investors cannot invest directly in an index or benchmark.

+ The AlphaCentric Strategic Income Fund Class A and Class C commenced operations on May 28, 2021. ++ The AlphaCentric Strategic Income Fund Class I commenced operations on April 1, 2011.

+++ The Fund acquired all of the assets and liabilities of Strategos Deep Value Fund LP (the “Predecessor Fund”) in a tax-free reorganization on May 28, 2021. In connection with this acquisition, shares of the Predecessor Fund were exchanged for Class I shares of the Fund. The Fund’s investment objectives, policies, restrictions, and guidelines are, in all material respects, equivalent to the Predecessor Fund’s investment objectives, policies, restrictions, and guidelines. The Fund’s sub-advisor is Goshen Rock Capital, LLC (“GRC”). GRC is an SEC registered investment advisor founded in 2021. The financial statements for the Predecessor Fund can be found in the Fund’s SAI. The performance information set forth below reflects the historical performance of the Predecessor Fund shares. Updated performance information will be available at no cost by calling 1-844-ACFUNDS (844-223-8637) or visiting the Fund’s website at www.AlphaCentricFunds.com

Holdings by Security Type	% of Net Assets
Common Stocks		37.8	%
Short-Term Investment		18.3	%
Convertible Bonds		15.8	%
Preferred Stocks		11.8	%
Asset Backed Securities		6.0	%
Corporate Bonds		4.2	%
U.S. Government & Agencies		2.4	%
Collateralized Mortgage Obligations		1.7	%
Other Assets in Excess of Liabilities		2.0	%
		100.0	%

Please refer to the Schedule of Investments in this Semi-Annual Report for a detailed listing of the Fund’s holdings. 

7

ALPHACENTRIC INCOME OPPORTUNITIES FUND (IOFAX, IOFCX, IOFIX)

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023

Principal				Coupon
Amount ($)			Spread	Rate (%)	Maturity	Fair Value
		NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 103.0%
	1,095,031	ABFC 2004-OPT4 Trust Series 2004-OPT4 M4(a)	TSFR1M + 2.814%	4.3890	07/25/33	$	988,676
	1,413,063	ABFS Mortgage Loan Trust 2003-2 Series 2003-2 B(b),(c)		6.2210	04/25/34		596,879
	678,000	ACE Securities Corp Home Equity Loan Trust Series 2004-SD1 M4(a)	TSFR1M + 4.239%	0.0001	11/25/33		611,203
	90,150	ACE Securities Corp Home Equity Loan Trust Series 2004-FM2 M3(a)	TSFR1M + 2.139%	0.0001	06/25/34		71,598
	1,687,421	ACE Securities Corp Home Equity Loan Trust Series 2004-HE3 M7(a)	TSFR1M + 2.889%	4.5500	11/25/34		1,557,551
	349,016	ACE Securities Corp Home Equity Loan Trust Series 2004-RM2 M4(a)	TSFR1M + 1.434%	3.4290	01/25/35		307,322
	4,394,065	ACE Securities Corp Home Equity Loan Trust Series 2005-HE2 M7(a)	TSFR1M + 1.959%	0.7000	04/25/35		2,785,321
	2,961,617	ACE Securities Corp Home Equity Loan Trust Series 2006-ASP3 M1(a)	TSFR1M + 0.534%	3.0960	06/25/36		2,161,766
	4,793,425	ACE Securities Corp Home Equity Loan Trust Series 2006-ASP4 M1(a)	TSFR1M + 0.549%	3.1900	08/25/36		4,172,994
	2,023,311	Adjustable Rate Mortgage Trust 2005-1 Series 2005-1 5M2(a)	TSFR1M + 1.614%	4.7820	05/25/35		2,081,533
	5,785,345	Adjustable Rate Mortgage Trust 2005-2 Series 2005-2 6M3(a)	TSFR1M + 1.464%	0.0001	06/25/35		4,180,697
	91,541	Adjustable Rate Mortgage Trust 2005-3 Series 2005-3 1A2(c)		3.9970	07/25/35		85,817
	833,937	Aegis Asset Backed Securities Trust Mortgage Series 2004-4 B3(a)	TSFR1M + 5.364%	4.1690	10/25/34		845,463
	1,305,497	Alternative Loan Trust 2006-OA22 Series 2006-OA22 A3(a)	TSFR1M + 0.594%	5.3540	02/25/47		1,094,253
	5,654,007	American Home Mortgage Investment Trust 2006-1 Series 2006-1 1A2(a)	TSFR1M + 0.494%	5.8140	03/25/46		4,770,908
	1,037,239	Ameriquest Mort Sec Inc Ass Bk Pas Thru Certs Ser Series 2002-2 M4(a)	TSFR1M + 3.414%	3.6640	08/25/32		900,298
	3,420,602	Ameriquest Mortgage Securities Asset-Backed Series 2005-R5 M7(a)	TSFR1M + 1.944%	0.0001	07/25/35		3,359,377
	1,287,979	Ameriquest Mortgage Securities Asset-Backed Series 2005-R10 M7(a)	TSFR1M + 2.289%	3.8150	01/25/36		1,280,605
	2,788	Amresco Residential Securities Corp Mort Loan Series 1999-1 M2(a)	TSFR1M + 1.464%	0.0001	11/25/29		2,515
	1,087,233	Banc of America Funding 2004-B Trust Series 2004-B 3A2(c)		3.4180	12/20/34		825,765
	2,503,905	Banc of America Mortgage 2004-K Trust Series 2004-K B1(c)		4.0100	12/25/34		1,909,624
	384,367	Bear Stearns ALT-A Trust Series 2004-7 1A1(c)		2.6250	10/25/34		250,034
	1,288,963	Bear Stearns ALT-A Trust 2004-11 Series 2004-11 1M2(a)	TSFR1M + 1.689%	4.4280	11/25/34		1,180,131
	23,481	Bear Stearns ARM Trust 2003-8 Series 2003-8 1A2(c)		4.3190	01/25/34		21,320
	1,750,942	Bear Stearns Asset Backed Securities I Trust Series 2007-HE7 M2(a)	TSFR1M + 1.864%	4.2680	10/25/37		1,438,424
	45,368,500	Carrington Mortgage Loan Trust Series 2006-FRE1 Series 2006-FRE1 M1(a)	TSFR1M + 0.414%	0.9010	07/25/36		32,511,502
	13,000,000	Carrington Mortgage Loan Trust Series 2006-NC2 Series 2006-NC2 M1(a)	TSFR1M + 0.519%	3.6770	06/25/36		9,215,899
	8,677,560	Carrington Mortgage Loan Trust Series 2006-NC4 Series 2006-NC4 M1(a)	TSFR1M + 0.414%	0.0001	10/25/36		6,539,335
	8,848,563	Carrington Mortgage Loan Trust Series 2006-RFC1 Series 2006-RFC1 M2(a)	TSFR1M + 0.549%	1.5690	05/25/36		7,486,506
	13,759,007	Carrington Mortgage Loan Trust Series 2007-RFC1 Series 2007-RFC1 M1(a)	TSFR1M + 0.374%	0.0001	12/25/36		11,066,018
	58,269	Centex Home Equity Loan Trust 2004-B Series 2004-B M7(a)	TSFR1M + 2.439%	5.5070	03/25/34		1,619
	1,503,227	Centex Home Equity Loan Trust 2004-C Series 2004-C M6(a)	TSFR1M + 2.214%	4.3340	06/25/34		597,786
	171,251	CHL Mortgage Pass-Through Trust 2004-6 Series 2004-6 M(c)		10.7660	05/25/34		172,484
	14,454,834	CIT Mortgage Loan Trust 2007-1 Series 2007-1 2M3(a),(b)	TSFR1M + 1.864%	4.8470	10/25/37		9,132,683
	42,560,754	CIT Mortgage Loan Trust 2007-1 Series 2007-1 1M3(a),(b)	TSFR1M + 1.864%	5.2960	10/25/37		27,944,394

See accompanying notes to consolidated financial statements.

8

ALPHACENTRIC INCOME OPPORTUNITIES FUND (IOFAX, IOFCX, IOFIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2023

Principal				Coupon
Amount ($)			Spread	Rate (%)	Maturity	Fair Value
		NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 103.0% (Continued)
	1,622,515	Citigroup Mortgage Loan Trust 2004-OPT1 Series 2004-OPT1 M8(a)	TSFR1M + 2.739%	0.0001	10/25/34	$	1,181,679
	515,099	Citigroup Mortgage Loan Trust 2005-3 Series 2005-3 2A3(c)		5.0340	08/25/35		401,022
	4,880,726	Citigroup Mortgage Loan Trust 2006-WMC1 Series 2006-WMC1 M2(a)	TSFR1M + 0.729%	0.0001	12/25/35		3,155,845
	10,796,827	Citigroup Mortgage Loan Trust 2007-AHL1 Series 2007-AHL1 M2(a)	TSFR1M + 0.519%	4.5370	12/25/36		10,551,605
	637,229	Citigroup Mortgage Loan Trust, Inc. Series 2005-OPT1 M8(a)	TSFR1M + 2.049%	3.8120	02/25/35		485,499
	148,255	Countrywide Asset-Backed Certificates Series 2003-SD2 B1(a),(b)	TSFR1M + 5.739%	4.9770	10/25/32		167,709
	2,471,312	Countrywide Asset-Backed Certificates Series 2004-11 M6(a)	TSFR1M + 2.739%	4.8980	11/25/34		1,169,975
	5,764,911	Countrywide Asset-Backed Certificates Series 2005-9 M4(a)	TSFR1M + 1.614%	1.5810	01/25/36		4,268,510
	2,611,565	Countrywide Asset-Backed Certificates Series 2006-2 M3(a)	TSFR1M + 0.774%	4.3430	06/25/36		2,464,324
	3,689,833	Countrywide Asset-Backed Certificates Series 2007-BC2 M1(a)	TSFR1M + 0.454%	4.4460	06/25/37		1,918,103
	4,054,611	Countrywide Asset-Backed Certificates Series 2007-2 M1(a)	TSFR1M + 0.334%	0.0001	08/25/37		3,198,602
	10,164,702	Countrywide Asset-Backed Certificates Series 2007-9 M1(a)	TSFR1M + 0.374%	3.8030	06/25/47		9,657,911
	1,373,178	Credit Suisse First Boston Mortgage Securities Series 2001-HE22 M1(a)	TSFR1M + 1.614%	5.7940	02/25/32		2,174,382
	1,238,572	Credit Suisse First Boston Mortgage Securities Series 2004-FRE1 B4(a)	TSFR1M + 3.964%	2.7400	04/25/34		704,606
	1,672,937	Credit-Based Asset Servicing and Securitization, Series 2003-RP1 M2(a),(b)	TSFR1M + 4.614%	1.1420	03/25/33		1,180,947
	10,566	Credit-Based Asset Servicing and Securitization, Series 2004-CB7 B2(a),(b)	TSFR1M + 2.964%	0.0001	10/25/34		8,320
	3,629,344	Credit-Based Asset Servicing and Securitization, Series 2007-SP2 M7(b),(d)		0.7630	03/25/46		1,043,827
	1,415,292	Delta Funding Home Equity Loan Trust 1997-3 Series 1997-3 B1F		0.0001	10/25/28		1,289,858
	1,355,353	Delta Funding Home Equity Loan Trust 1998-1 Series 1998-1 M1F(a)	TSFR1M + 0.939%	0.0001	05/25/30		1,130,090
	958,348	Delta Funding Home Equity Loan Trust 1999-1 Series 1999-1 B(c)		4.4240	03/15/28		810,415
	1,718,608	Delta Funding Home Equity Loan Trust 1999-2 Series 1999-2 M1		2.9540	08/15/30		1,297,732
	709,071	Delta Funding Home Equity Loan Trust 2000-3 Series 2000-3 M2(d)		4.3310	11/15/30		598,304
	5,665,468	EMC Mortgage Loan Trust 2005-B Series 2005-B M2(a),(b)	TSFR1M + 2.364%	2.2540	04/25/42		5,259,874
	1,724,282	Finance America Mortgage Loan Trust 2004-3 Series 2004-3 M5(a)	TSFR1M + 1.764%	3.4200	11/25/34		1,360,477
	2,017,559	First Franklin Mortgage Loan Trust 2003-FF4 Series 2003-FF4 M2(a)	US0001M + 2.475%	7.9090	10/25/33		1,678,298
	3,838,419	First Franklin Mortgage Loan Trust 2005-FF5 Series 2005-FF5 M5(a)	TSFR1M + 1.314%	2.7410	05/25/35		2,977,796
	3,143,903	First Franklin Mortgage Loan Trust 2006-FF7 Series 2006-FF7 M1(a)	TSFR1M + 0.489%	5.4860	05/25/36		2,570,761
	7,411,663	First Franklin Mortgage Loan Trust 2006-FF9 Series 2006-FF9 M1(a)	TSFR1M + 0.489%	0.0001	06/25/36		6,672,214
	1,435,993	First Franklin Mortgage Loan Trust2006-FF3 Series 2006-FF3 M2(a)	TSFR1M + 0.699%	4.1580	02/25/36		1,175,645
	1,975,222	Fremont Home Loan Trust 2004-3 Series 2004-3 M5(a)	TSFR1M + 1.989%	0.0001	11/25/34		1,339,218
	375,966	Fremont Home Loan Trust 2004-4 Series 2004-4 M3(a)	TSFR1M + 1.029%	3.2830	03/25/35		280,356
	6,914,288	Fremont Home Loan Trust 2005-A Series 2005-A M5(a)	TSFR1M + 1.164%	1.6970	01/25/35		5,283,445
	2,044,129	GSAA Home Equity Trust 2005-4 Series 2005-4 B1(a)	TSFR1M + 1.839%	3.0270	03/25/35		1,584,395
	7,609	GSR Mortgage Loan Trust 2005-7F Series 2005-7F 3A1(a)	TSFR1M + 0.614%	5.9290	09/25/35		7,397
	1,009,973	GSRPM Mortgage Loan Trust Series 2004-1 Series 2004-1 B2(a),(b)	TSFR1M + 5.364%	1.6210	09/25/42		921,551

See accompanying notes to consolidated financial statements.

9

ALPHACENTRIC INCOME OPPORTUNITIES FUND (IOFAX, IOFCX, IOFIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2023

Principal				Coupon
Amount ($)			Spread	Rate (%)	Maturity	Fair Value
		NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 103.0% (Continued)
	1,202,061	HarborView Mortgage Loan Trust 2006-12 Series 2006-12 2A2B(a)	TSFR1M + 0.614%	3.4540	01/19/38	$	1,765,483
	2,276,492	Home Equity Asset Trust 2005-6 Series 2005-6 M6(a)	TSFR1M + 1.179%	4.7010	12/25/35		2,875,751
	11,781,027	Home Equity Asset Trust 2005-7 Series 2005-7 M3(a)	TSFR1M + 0.864%	4.7340	01/25/36		10,560,833
	140,416	Impac CMB Trust Series 2004-10 Series 2004-10 3M1(a)	TSFR1M + 0.969%	6.1010	03/25/35		131,350
	19,574	IndyMac INDX Mortgage Loan Trust 2004-AR6 Series 2004-AR6 6A2(c)		4.6990	10/25/34		17,891
	1,007,268	IXIS Real Estate Capital Trust 2005-HE2 Series 2005-HE2 M6(a)	TSFR1M + 1.149%	6.1240	09/25/35		1,092,767
	3,778,370	JP Morgan Mortgage Acquisition Trust 2007-HE1 Series 2007-HE1 MV1(a)	TSFR1M + 0.374%	3.9320	03/25/47		3,717,022
	11,156,515	Long Beach Mortgage Loan Trust 2005-3 Series 2005-3 M1(a)	TSFR1M + 0.819%	3.0760	08/25/45		9,548,512
	342,576	MAFI II Remic Trust 1998-A Series 1998-AX B2		6.0000	02/20/27		297,706
	139,612	MASTR Adjustable Rate Mortgages Trust 2004-5 Series 2004-5 B2(c) (e)		4.3060	07/25/34		1
	373,273	MASTR Alternative Loan Trust 2002-2 Series 2002-2 B3(c)		5.8500	10/25/32		5,258
	1,497,751	Mastr Asset Backed Securities Trust 2004-HE1 Series 2004-HE1 M10(a)	TSFR1M + 5.364%	3.6310	09/25/34		1,184,058
	4,612,016	Mastr Asset Backed Securities Trust 2007-HE1 Series 2007-HE1 M1(a)	TSFR1M + 0.414%	3.1720	05/25/37		4,169,843
	1,462,000	Mastr Specialized Loan Trust Series 2005-3 M2(a),(b)	TSFR1M + 1.989%	3.3480	11/25/35		922,974
	6,363,615	Mastr Specialized Loan Trust Series 2006-1 M2(a),(b)	TSFR1M + 2.514%	3.3660	01/25/36		4,650,686
	1,263,866	Meritage Mortgage Loan Trust 2004-2 Series 2004-2 M4(a)	TSFR1M + 1.839%	3.7160	01/25/35		1,041,182
	18,254	Merrill Lynch Mortgage Investors Trust MLMI Series Series 2003-A1 2A(a)	TSFR12M + 2.340%	4.5500	12/25/32		17,302
	62,407	Merrill Lynch Mortgage Investors Trust MLMI Series Series 2003-A2 2A2(a)	TSFR6M + 1.928%	4.9630	02/25/33		58,311
	440,649	Merrill Lynch Mortgage Investors Trust Series Series 2003-OPT1 M2(a)	TSFR1M + 2.289%	7.6090	07/25/34		360,077
	212,031	Merrill Lynch Mortgage Investors Trust Series MLCC Series 2005-A B2(a)	TSFR1M + 1.119%	6.4340	03/25/30		154,222
	3,168,462	Merrill Lynch Mortgage Investors Trust Series MLCC Series 2006-1 M1(c)		4.4840	02/25/36		2,274,156
	4,931,417	MFA 2021-AEINV1 Trust Series AEI1 B2(b),(c)		3.1270	08/25/51		3,740,392
	300,221	Morgan Stanley A.B.S Capital I Inc Trust 2004-WMC3 Series 2004-WMC3 M6(a)	TSFR1M + 1.764%	3.6390	01/25/35		334,973
	297,466	Morgan Stanley A.B.S Capital I Inc Trust 2004-WMC3 Series 2004-WMC3 M4(a)	TSFR1M + 1.464%	3.6390	01/25/35		245,345
	6,073,221	Morgan Stanley A.B.S Capital I Inc Trust 2005-WMC5 Series 2005-WMC5 B1(a)	TSFR1M + 1.914%	1.3530	06/25/35		4,686,567
	10,642,024	Morgan Stanley A.B.S Capital I Inc Trust 2006-NC1 Series 2006-NC1 M3(a)	TSFR1M + 0.744%	2.2210	12/25/35		9,841,794
	4,110,849	Morgan Stanley A.B.S Capital I Inc Trust 2007-HE6 Series 2007-HE6 M1(a)	TSFR1M + 0.374%	0.0001	05/25/37		6,022,778
	52,222	Morgan Stanley Mortgage Loan Trust 2004-7AR Series 2004-7AR 2A7(c)		5.5210	09/25/34		50,813
	6,610,055	Nationstar Home Equity Loan Trust 2007-B Series 2007-B M2(a)	TSFR1M + 0.584%	4.5730	04/25/37		7,539,764
	657,803	New Century Home Equity Loan Trust Series 2004-A M2(c)		3.6960	08/25/34		633,178
	3,710,443	New Century Home Equity Loan Trust 2006-2 Series 2006-2 M1(a)	TSFR1M + 0.579%	2.0950	08/25/36		2,670,419
	194,183	New Century Home Equity Loan Trust Series 2003-5 Series 2003-5 AII(a)	TSFR1M + 0.914%	2.9800	11/25/33		168,912
	11,684,000	New Residential Mortgage Loan Trust 2019-RPL3 Series RPL3 B1(b),(c)		4.0100	07/25/59		9,327,581
	16,475	Nomura Asset Acceptance Corp Alternative Loan Series 2003-A1 A5		7.0000	04/25/33		15,918
	4,632	Nomura Asset Acceptance Corp Alternative Loan Series 2003-A1 A2		6.0000	05/25/33		4,468

See accompanying notes to consolidated financial statements.

10

ALPHACENTRIC INCOME OPPORTUNITIES FUND (IOFAX, IOFCX, IOFIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2023

Principal				Coupon
Amount ($)			Spread	Rate (%)	Maturity	Fair Value
		NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 103.0% (Continued)
	3,126,335	NovaStar Mortgage Funding Trust Series 2003-1 Series 2003-1 M2(a)	TSFR1M + 3.114%	0.0001	05/25/33	$	2,681,534
	5,952,157	Opteum Mortgage Acceptance Corp Asset Backed Series 2005-5 M1(a)	TSFR1M + 0.759%	4.2990	12/25/35		5,530,107
	2,935,433	Option One Mortgage Loan Trust 2005-5 Series 2005-5 M4(a)	TSFR1M + 0.984%	0.0001	12/25/35		2,343,917
	14,569,143	Option One Mortgage Loan Trust 2007-CP1 Series 2007-CP1 M1(a)	TSFR1M + 0.414%	2.8310	03/25/37		12,729,910
	3,591,479	Park Place Securities Inc Asset-Backed Series 2004-WHQ2 M7(a)	TSFR1M + 2.739%	0.0001	02/25/35		2,276,350
	3,689,102	Park Place Securities Inc Asset-Backed Series 2005-WHQ3 M7(a)	TSFR1M + 1.914%	0.0001	06/25/35		3,882,719
	8,516,818	Popular A.B.S Mortgage Pass-Through Trust 2007-A Series 2007-A M1(a)	TSFR1M + 0.424%	0.0001	06/25/47		6,565,537
	5,984,900	Quest Trust Series 2005-X1 M5(a),(b)	TSFR1M + 3.489%	3.5250	03/25/35		4,984,380
	4,507,655	RAAC Series 2006-RP2 Trust Series 2006-RP2 M2(a),(b)	US0001M + 1.250%	6.6840	02/25/37		3,587,269
	13,816,347	RAAC Series 2007-SP3 Trust Series 2007-SP3 M1(a)	TSFR1M + 2.364%	7.6840	09/25/47		10,552,558
	3,736,614	RAMP Series 2006-RS4 Trust Series 2006-RS4 M2(a)	TSFR1M + 0.494%	4.7820	07/25/36		3,406,688
	1,809,320	RASC Series 2005-EMX1 Trust Series 2005-EMX1 B(a),(b)	TSFR1M + 4.614%	5.5040	03/25/35		1,414,879
	6,618,924	RASC Series 2005-KS12 Trust Series 2005-KS12 M5(a)	US0001M + 0.670%	6.4390	01/25/36		5,503,785
	1,408,255	RASC Series 2005-KS2 Trust Series 2005-KS2 M3(a)	TSFR1M + 0.884%	5.0880	03/25/35		1,221,518
	2,977,639	RASC Series 2006-EMX1 Trust Series 2006-EMX1 M3(a)	TSFR1M + 0.584%	5.3430	01/25/36		2,185,871
	1,911,105	Renaissance Home Equity Loan Trust 2002-1 Series 2002-1 M2(a)	TSFR1M + 3.039%	4.9920	06/25/32		1,551,941
	1,229,306	Renaissance Home Equity Loan Trust 2002-2 Series 2002-2 M2(a)	TSFR1M + 2.364%	4.2730	08/25/32		1,002,364
	389,688	Renaissance Home Equity Loan Trust 2003-2 Series 2003-2 M2F(d)		4.0580	08/25/33		307,328
	8,733,169	Renaissance Home Equity Loan Trust 2005-1 Series 2005-1 M2(d)		5.9050	05/25/35		1,235,933
	6,685,847	Renaissance Home Equity Loan Trust 2005-2 Series 2005-2 M2(d)		5.6010	08/25/35		1,541,395
	154,828	SASCO Mortgage Loan Trust 2003-GEL1 Series 2003-GEL1 M3(a)	TSFR1M + 4.614%	0.2470	10/25/33		140,062
	2,309,753	Saxon Asset Securities Trust 2004-2 Series 2004-2 MF5(d)		3.3330	08/25/35		1,512,631
	11,177,438	Saxon Asset Securities Trust 2006-2 Series 2006-2 M3(a)	TSFR1M + 0.594%	0.8630	09/25/36		8,894,113
	4,754,072	Saxon Asset Securities Trust 2007-3 Series 2007-3 1M2(a)	TSFR1M + 1.014%	2.7800	09/25/47		4,330,631
	10,935,000	Saxon Asset Securities Trust 2007-4 Series 2007-4 M1(a),(b)	US0001M + 3.000%	8.4340	12/25/37		7,271,632
	8,477,650	Sequoia Mortgage Trust 2004-10 Series 2004-10 XA(c) (e)		0.0001	11/20/34		85
	944,951	Sequoia Mortgage Trust 2004-10 Series 2004-10 B1(a)	TSFR1M + 0.864%	5.2680	11/20/34		629,954
	607,907	Soundview Home Loan Trust 2005-A Series 2005-A M6(a)	TSFR1M + 1.464%	5.6450	04/25/35		608,918
	5,321,456	Soundview Home Loan Trust 2005-OPT1 Series 2005-OPT1 M5(a)	TSFR1M + 1.164%	3.7490	06/25/35		3,358,157
	5,342,908	Specialty Underwriting & Residential Finance Trust Series 2006-AB1 M1(a)	TSFR1M + 0.699%	4.6660	12/25/36		5,144,838
	2,686,991	Structured Asset Investment Loan Trust 2004-10 Series 2004-10 M7(a)	TSFR1M + 3.864%	4.3780	11/25/34		2,788,410
	3,050,589	Structured Asset Investment Loan Trust 2005-HE2 Series 2005-HE2 M3(a)	TSFR1M + 0.894%	1.5910	07/25/35		2,581,414
	2,116,133	Structured Asset Investment Loan Trust 2005-HE3 Series 2005-HE3 M3(a)	TSFR1M + 0.909%	0.0001	09/25/35		1,641,204
	97,925	Structured Asset Mortgage Investments II Trust Series 2004-AR5 1A2(c)		3.5680	10/19/34		82,699
	1,497,748	Structured Asset Mortgage Investments II Trust Series 2005-AR5 B1(a)	TSFR1M + 0.864%	6.0620	07/19/35		1,302,753

See accompanying notes to consolidated financial statements.

11

ALPHACENTRIC INCOME OPPORTUNITIES FUND (IOFAX, IOFCX, IOFIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2023

Principal				Coupon
Amount ($)			Spread	Rate (%)	Maturity	Fair Value
		NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 103.0% (Continued)
	935,086	Structured Asset Mortgage Investments Trust Series 2002-AR4 A2(a)	TSFR1M + 0.939%	0.0001	02/19/33	$	865,807
	478,047	Structured Asset Securities Corp 2005-WF1 Series 2005-WF1 M7(a)	TSFR1M + 2.019%	7.3390	02/25/35		462,533
	9,415,856	Structured Asset Securities Corp Mortgage Loan Series 2006-W1A M1(a),(b)	TSFR1M + 0.414%	3.2500	08/25/46		8,137,864
	222,568	Thornburg Mortgage Securities Trust 2004-2 Series 2004-2 B2(a)	TSFR1M + 1.114%	4.7470	06/25/44		168,765
	10,011,000	Towd Point Mortgage Trust 2019-2 Series 2 B3(b),(c)		3.7530	12/25/58		7,069,076
	757,000	Truman Capital Mortgage Loan Trust Series 2005-1 M3(a),(b)	TSFR1M + 5.364%	4.4120	03/25/37		652,839
	410,662	WaMu Mortgage Pass-Through Certificates Series 2003-AR10 B2(c)		4.2450	10/25/33		287,317
	104,292	WaMu Mortgage Pass-Through Certificates Series 2002-AR17 2B1(a)	COF 11 + 1.250%	4.5410	11/25/42		91,963
	2,331,185	Washington Mutual Asset-Backed Certificates WMABS Series 2006-HE1 M2(a)	TSFR1M + 0.654%	1.7840	04/25/36		2,146,576
		TOTAL NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $349,256,374)					446,923,503
		TOTAL INVESTMENTS - 103.0% (Cost $349,256,374)				$	446,923,503
		LIABILITIES IN EXCESS OF OTHER ASSETS - (3.0)%					(13,197,374	)
		NET ASSETS - 100.0%				$	433,726,129

REMIC - Real Estate Mortgage Investment Conduit

COF 11 Cost of Funds for the 11th District of San Francisco

SOFR Secured Overnight Financing Rate

TSFR1M Term SOFR 1-Month

TSFR6M Term SOFR 6-Month

TSFR12M Term SOFR 12-Month

US0001M ICE LIBOR USD 1 Month

^(a) Variable or 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.

^(b) 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 September 30, 2023 the total market value of 144A securities is $98,015,756 or 22.6% of net assets.

^(c) Variable rate security; the rate shown represents the rate on September 30, 2023.

^(d) Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at September 30, 2023.

^(e) Illiquid security. Total illiquid securities represents 0.0% of net assets as of September 30, 2023.

See accompanying notes to consolidated financial statements.

12

ALPHACENTRIC PREMIUM OPPORTUNITY FUND (HMXAX, HMXCX, HMXIX)

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023

Principal
Amount ($)			Yield Rate (%)	Maturity	Fair Value
		U.S. GOVERNMENT & AGENCIES — 62.1%
		U.S. TREASURY BILLS — 6.1%
	5,000,000	United States Treasury Bill(a)	5.4200	04/18/24	$	4,854,965
			Coupon Rate
			(%)
		U.S. TREASURY NOTES — 56.0%
	20,611,000	United States Treasury Note	0.3750	10/31/23		20,530,345
	20,000,000	United States Treasury Note	0.2500	03/15/24		19,542,620
	5,000,000	United States Treasury Note	0.3750	04/15/24		4,867,314
						44,940,279
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $49,848,972)				49,795,244
Shares					Fair Value
		SHORT-TERM INVESTMENTS - 16.9%
		MONEY MARKET FUNDS - 16.9%
	4,068,980	Fidelity Investments Money Market Government Portfolio, Class I, 5.23%(b) (e)				4,068,980
	9,473,541	First American Treasury Obligations Fund, Class X, 5.26%(b)				9,473,541
		TOTAL MONEY MARKET FUNDS (Cost $13,542,521)				13,542,521
		TOTAL SHORT-TERM INVESTMENTS (Cost $13,542,521)				13,542,521

Contracts(c)			Broker/Counterparty	Expiration Date	Exercise Price		Notional Value		Fair Value
		FUTURE OPTIONS PURCHASED - 2.9%
		CALL OPTIONS PURCHASED - 0.1%
	125	S&P Emini 2nd Week	SXM	10/13/2023	$	4,650	$	29,062,500	$	625
	150	S&P Emini 3rd Week	SXM	11/17/2023		4,600		34,500,000		60,000
	150	S&P500 Emini Option	SXM	10/31/2023		4,650		34,875,000		8,250
	100	S&P500 Emini Option	SXM	11/30/2023		4,750		23,750,000		12,500
		TOTAL CALL OPTIONS PURCHASED (Cost - $296,350)								81,375

See accompanying notes to consolidated financial statements.

13

ALPHACENTRIC PREMIUM OPPORTUNITY FUND (HMXAX, HMXCX, HMXIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2023

Contracts(c)			Broker/Counterparty	Expiration Date	Exercise Price		Notional Value		Fair Value
		FUTURE OPTIONS PURCHASED - 2.9% (continued)
		PUT OPTIONS PURCHASED - 2.8%
	200	S&P500 Emini Option	SXM	11/30/2023	$	4,525	$	45,250,000	$	2,227,500
		TOTAL PUT OPTIONS PURCHASED (Cost - $2,250,937)								2,308,875
		TOTAL FUTURE OPTIONS PURCHASED (Cost - $2,547,287)
		TOTAL INVESTMENTS - 81.9% (Cost $65,938,780)							$	65,646,640
		CALL OPTIONS WRITTEN – (0.1)% (Proceeds - $140,250)								(45,250	)
		PUT OPTIONS WRITTEN - (3.1)% (Proceeds - $2,579,750)								(2,536,750	)
		OTHER ASSETS IN EXCESS OF LIABILITIES - 21.3%								17,142,285
		NET ASSETS - 100.0%							$	80,206,925
Contracts(c)			Broker/Counterparty	Expiration Date	Exercise Price		Notional Value		Fair Value
		WRITTEN FUTURE OPTIONS - (3.2)%
		CALL OPTIONS WRITTEN – (0.1)%
	150	Emini SP M Week Option	SXM	10/02/2023	$	4,520	$	33,900,000	$	375
	150	Emini SP W Week Option	SXM	10/04/2023		4,480		33,600,000		1,500
	250	S&P Emini 1st Week	SXM	10/06/2023		4,490		56,125,000		6,250
	250	S&P Emini 2nd Week	SXM	10/13/2023		4,750		59,375,000		625
	300	S&P Emini 3rd Week	SXM	11/17/2023		4,700		70,500,000		34,500
	50	S&P EMINI Thurs Week	SXM	10/05/2023		4,500		11,250,000		625
	50	S&P EMINI Tues Week	SXM	10/03/2023		4,480		11,200,000		125
	100	S&P500 Emini Option	SXM	10/31/2023		4,750		23,750,000		1,250
		TOTAL CALL OPTIONS WRITTEN (Proceeds - $140,250)								45,250
		PUT OPTIONS WRITTEN - (3.1)%
	150	Emini SP M Week Option	SXM	10/02/2023	$	3,950	$	29,625,000	$	1,125
	150	Emini SP W Week Option	SXM	10/04/2023		3,830		28,725,000		3,375
	250	S&P Emini 1st Week	SXM	10/06/2023		3,825		47,812,500		10,000
	50	S&P EMINI Thurs Week	SXM	10/05/2023		3,850		9,625,000		1,625
	50	S&P EMINI Tues Week	SXM	10/03/2023		3,760		9,400,000		625
	200	S&P500 Emini Option	SXM	10/31/2023		4,575		45,750,000		2,520,000
		TOTAL PUT OPTIONS WRITTEN (Proceeds - $2,579,750)								2,536,750
		TOTAL FUTURE OPTIONS WRITTEN (Proceeds - $2,720,000)							$	2,582,000

See accompanying notes to consolidated financial statements.

14

ALPHACENTRIC PREMIUM OPPORTUNITY FUND (HMXAX, HMXCX, HMXIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2023

OPEN FUTURES CONTRACTS
Number of Contracts		Open Long Futures Contracts	Expiration	Notional Amount(d)		Value and Unrealized Depreciation
	6	CME E-Mini NASDAQ 100 Index Future	12/15/2023	$	1,783,980	$	(75,996	)
	24	CME E-mini Russell 2000 Index Futures	12/15/2023		2,158,320		(89,400	)
	125	CME E-Mini Standard & Poor’s 500 Index Future	12/15/2023		26,906,277		(982,925	)
		TOTAL OPEN LONG FUTURES CONTRACTS				$	(1,148,321	)
OPEN FUTURES CONTRACTS
Number of Contracts		Open Short Futures Contracts	Expiration	Notional Amount(d)		Value and Unrealized Depreciation
	200	CBOE Volatility Index Future	10/18/2023	$	3,709,790	$	(286,880	)
	1	CBOE Volatility Index Future	11/15/2023		18,246		(396	)
		TOTAL OPEN SHORT FUTURES CONTRACTS				$	(287,276	)
		TOTAL OPEN FUTURES CONTRACTS				$	(1,435,597	)

SXM StoneX Financial Inc.

^(a) Zero coupon bond.

^(b) Rate disclosed is the seven day effective yield as of September 30, 2023.

^(c) Each contract is equivalent to one futures contract.

^(d) 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.

^(e) All or a portion of this investment is segregated as collateral for option contracts and future contracts.

See accompanying notes to consolidated financial statements.

15

ALPHACENTRIC ROBOTICS AND AUTOMATION FUND (GNXAX, GNXCX, GNXIX)

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023

Shares			Fair Value
		COMMON STOCKS — 96.8%
		AEROSPACE & DEFENSE - 3.7%
	9,000	AeroVironment, Inc.(a)	$	1,003,770
		ELECTRICAL EQUIPMENT - 3.4%
	30,000	Allient, Inc.		927,600
		MACHINERY - 37.1%
	25,000	ATS Corporation(a)		1,065,718
	50,000	Daifuku Company Ltd.		946,695
	35,000	FANUC Corporation		911,765
	20,000,000	FBR Ltd.(a)		347,133
	22,000	GEA Group A.G.		813,109
	4,000	Kardex Holding A.G.		876,129
	2,500	Keyence Corporation		928,460
	21,000	KION Group A.G.		807,897
	500,000	Kraken Robotics, Inc.(a)		152,771
	10,000	Krones A.G.		1,031,293
	350,000	Scott Technology Ltd.		677,636
	25,000	Symbotic, Inc., Class A(a),(b)		835,750
	20,000	Yaskawa Electric Corporation		722,024
				10,116,380
		MEDICAL EQUIPMENT & DEVICES - 23.6%
	350,000	Accuray, Inc.(a)		952,000
	500,000	Asensus Surgical, Inc.(a),(b)		135,000
	10,000	Globus Medical, Inc., Class A(a)		496,500
	3,750	Intuitive Surgical, Inc.(a)		1,096,088
	7,000	iRhythm Technologies, Inc.(a),(b)		659,820
	100,000	Microbot Medical, Inc.(a)		139,000
	30,000	PROCEPT BioRobotics Corporation(a),(b)		984,300
	20,000	Siemens Healthineers A.G.		1,014,906
	600,000	Stereotaxis, Inc.(a),(b)		948,000
				6,425,614
		OIL & GAS SERVICES & EQUIPMENT - 2.5%
	60,000	Helix Energy Solutions Group, Inc.(a),(b)		670,200

See accompanying notes to consolidated financial statements.

16

ALPHACENTRIC ROBOTICS AND AUTOMATION FUND (GNXAX, GNXCX, GNXIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2023

Shares			Fair Value
		COMMON STOCKS — 96.8% (Continued)
		SEMICONDUCTORS - 6.4%
	30,000	Infineon Technologies A.G.	$	994,450
	7,500	Teradyne, Inc.(b)		753,450
				1,747,900
		SOFTWARE - 10.5%
	20,000	Mobileye Global, Inc., Class A(a),(b)		831,000
	15,000	Omnicell, Inc.(a)		675,600
	200,000	SoundHound AI, Inc.(a),(b)		402,000
	2,100	Synopsys, Inc.(a)		963,836
				2,872,436
		TECHNOLOGY HARDWARE - 8.1%
	500,000	Draganfly, Inc.(a),(b)		384,500
	200,000	Nano Dimension Ltd. - ADR(a),(b)		544,000
	15,000	Nidec Corporation		695,693
	2,500	Zebra Technologies Corporation, Class A(a)		591,325
				2,215,518
		TECHNOLOGY SERVICES - 1.5%
	200,000	FiscalNote Holdings, Inc.(a),(b)		416,000
		TOTAL COMMON STOCKS (Cost $27,784,864)		26,395,418

See accompanying notes to consolidated financial statements.

17

ALPHACENTRIC ROBOTICS AND AUTOMATION FUND (GNXAX, GNXCX, GNXIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2023

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 22.5%
		INVESTMENT PURCHASED AS SECURITIES LENDING COLLATERAL - 19.4%
	5,281,362	Mount Vernon Liquid Assets Portfolio, 5.50% (Cost $5,281,362)(c)(d)	$	5,281,362
		MONEY MARKET FUND - 3.1%
	843,267	First American Treasury Obligations Fund, Class X, 5.26% (Cost $843,267)(d)		843,267
		TOTAL SHORT-TERM INVESTMENTS (Cost $6,124,629)		6,124,629
		TOTAL INVESTMENTS - 119.3% (Cost $33,909,493)	$	32,520,047
		LIABILITIES IN EXCESS OF OTHER ASSETS - (19.3)%		(5,259,211	)
		NET ASSETS - 100.0%	$	27,260,836

ADR - American Depositary Receipt

LLC - Limited Liability Company

LTD - Limited Company

^(a) - Non-income producing security.

^(b) - All or a portion of the security is on loan. The total value of the securities on loan as of September 30, 2023 was $4,673,310.

^(c) - Security was purchased with cash received as collateral for securities on loan at September 30, 2023. Total collateral had a value of $5,281,362 at September 30, 2023.

^(d) - Rate disclosed is the seven day effective yield as of September 30, 2023.

See accompanying notes to consolidated financial statements.

18

ALPHACENTRIC SYMMETRY STRATEGY FUND (SYMAX, SYMCX, SYMIX)

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023

Shares			Fair Value
		COMMON STOCKS — 29.2%
		ADVERTISING & MARKETING - 0.1%
	583	Trade Desk, Inc. (The), Class A(a)	$	45,561
		APPAREL & TEXTILE PRODUCTS - 0.2%
	2,538	Tapestry, Inc.		72,968
		ASSET MANAGEMENT - 0.2%
	1,207	Apollo Global Management, Inc.		108,340
		AUTOMOTIVE - 0.7%
	2,246	BorgWarner, Inc.		90,671
	9,201	Ford Motor Company		114,276
	3,211	General Motors Company		105,867
	448	Phinia, Inc.		12,002
				322,816
		BEVERAGES - 0.5%
	3,783	Monster Beverage Corporation(a)		200,310
		BIOTECH & PHARMA - 1.5%
	890	Amgen, Inc.		239,196
	3,153	Bristol-Myers Squibb Company		183,000
	1,426	Johnson & Johnson		222,100
	336	Sarepta Therapeutics, Inc.(a)		40,730
				685,026
		CHEMICALS - 0.6%
	165	Albemarle Corporation		28,057
	1,150	CF Industries Holdings, Inc.		98,601
	4,255	Mosaic Company (The)		151,478
				278,136
		E-COMMERCE DISCRETIONARY - 0.4%
	5,413	Coupang, Inc.(a)		92,021
	71	MercadoLibre, Inc.(a)		90,019
				182,040
		FOOD - 1.6%
	834	Hershey Company (The)		166,867

See accompanying notes to consolidated financial statements.

19

ALPHACENTRIC SYMMETRY STRATEGY FUND (SYMAX, SYMCX, SYMIX)

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2023

Shares			Fair Value
		COMMON STOCKS — 29.2% (Continued)
		FOOD - 1.6% (Continued)
	1,476	J M Smucker Company (The)	$	181,415
	1,997	Lamb Weston Holdings, Inc.		184,643
	2,900	Mondelez International, Inc., A		201,259
				734,184
		HEALTH CARE FACILITIES & SERVICES - 3.4%
	4,835	Cardinal Health, Inc.		419,775
	1,519	Cigna Group (The)		434,541
	390	HCA Healthcare, Inc.		95,932
	374	Humana, Inc.		181,958
	913	McKesson Corp.		397,018
				1,529,224
		HOME CONSTRUCTION - 0.7%
	958	Lennar Corporation, Class A		107,516
	2,775	PulteGroup, Inc.		205,489
				313,005
		INDUSTRIAL SUPPORT SERVICES - 0.3%
	310	United Rentals, Inc.		137,817
		INSURANCE - 2.8%
	3,520	Aflac, Inc.		270,161
	1,902	American International Group, Inc.		115,261
	1,206	Arch Capital Group Ltd.(a)		96,130
	287	Everest Re Group Ltd.		106,669
	2,074	Globe Life, Inc.		225,506
	1,496	Hartford Financial Services Group, Inc. (The)		106,081
	1,308	Principal Financial Group, Inc.		94,268
	1,880	Progressive Corporation (The)		261,884
				1,275,960
		INTERNET MEDIA & SERVICES - 0.3%
	3,307	Uber Technologies, Inc.(a)		152,089
		LEISURE FACILITIES & SERVICES - 2.0%
	6,597	Carnival Corporation(a)		90,511
	1,715	DraftKings, Inc., Class A(a)		50,490

See accompanying notes to consolidated financial statements.

20

ALPHACENTRIC SYMMETRY STRATEGY FUND (SYMAX, SYMCX, SYMIX)

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2023

Shares			Fair Value
		COMMON STOCKS — 29.2% (Continued)
		LEISURE FACILITIES & SERVICES - 2.0% (Continued)
	738	Hyatt Hotels Corporation, Class A	$	78,287
	1,475	Las Vegas Sands Corporation		67,614
	769	McDonald’s Corporation		202,586
	4,659	MGM Resorts International		171,265
	5,051	Norwegian Cruise Line Holdings Ltd.(a)		83,240
	944	Royal Caribbean Cruises Ltd.(a)		86,980
	835	Wynn Resorts Ltd.		77,162
				908,135
		MEDICAL EQUIPMENT & DEVICES - 0.6%
	4,193	Boston Scientific Corporation(a)		221,390
	149	Shockwave Medical, Inc.(a)		29,666
				251,056
		OIL & GAS PRODUCERS - 8.4%
	2,737	Antero Resources Corporation(a)		69,465
	4,632	APA Corporation		190,375
	1,586	Canadian Natural Resources Ltd.		102,567
	7,003	Cenovus Energy, Inc.		145,802
	1,195	Chevron Corporation		201,501
	2,162	ConocoPhillips		259,008
	9,731	Coterra Energy, Inc.		263,224
	697	Devon Energy Corporation		33,247
	860	Diamondback Energy, Inc.		133,197
	1,036	EOG Resources, Inc.		131,323
	8,320	EQT Corporation		337,625
	2,390	Exxon Mobil Corporation		281,016
	315	Hess Corporation		48,195
	1,699	HF Sinclair Corporation		96,724
	1,671	Imperial Oil Ltd.		102,917
	8,936	Marathon Oil Corporation		239,038
	1,862	Marathon Petroleum Corporation		281,794
	3,141	Occidental Petroleum Corporation		203,788
	1,708	Ovintiv, Inc.		81,250
	1,999	Phillips 66		240,180
	531	Pioneer Natural Resources Company		121,891

See accompanying notes to consolidated financial statements.

21

ALPHACENTRIC SYMMETRY STRATEGY FUND (SYMAX, SYMCX, SYMIX) 

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2023

Shares			Fair Value
		COMMON STOCKS — 29.2% (Continued)
		OIL & GAS PRODUCERS - 8.4% (Continued)
	1,724	Valero Energy Corporation	$	244,308
				3,808,435
		RENEWABLE ENERGY - 0.0%(b)
	137	Enphase Energy, Inc.(a)		16,461
		RETAIL - DISCRETIONARY - 1.4%
	89	AutoZone, Inc.(a)		226,059
	1,362	Genuine Parts Company		196,646
	235	O’Reilly Automotive, Inc.(a)		213,582
				636,287
		SOFTWARE - 0.3%
	1,249	Confluent, Inc., Class A(a)		36,983
	641	Fortinet, Inc.(a)		37,614
	117	MongoDB, Inc.(a)		40,465
	254	Snowflake, Inc.(a)		38,804
				153,866
		TECHNOLOGY HARDWARE - 0.7%
	276	Arista Networks, Inc.(a)		50,765
	7,249	Hewlett Packard Enterprise Company		125,915
	918	Jabil, Inc.		116,485
				293,165
		TECHNOLOGY SERVICES - 0.5%
	1,344	Jack Henry & Associates, Inc.		203,132
		TRANSPORTATION & LOGISTICS - 1.3%
	13,142	American Airlines Group, Inc.(a)		168,349
	5,212	Delta Air Lines, Inc.		192,844
	5,797	United Airlines Holdings, Inc.(a)		245,213
				606,406
		TRANSPORTATION EQUIPMENT - 0.5%
	2,600	PACCAR, Inc.		221,052

See accompanying notes to consolidated financial statements.

22

ALPHACENTRIC SYMMETRY STRATEGY FUND (SYMAX, SYMCX, SYMIX)

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2023

Shares			Fair Value
		COMMON STOCKS — 29.2% (Continued)
		WHOLESALE - CONSUMER STAPLES - 0.2%
	1,290	Archer-Daniels-Midland Company	$	97,292
		TOTAL COMMON STOCKS (Cost $13,057,183)		13,232,763
		EXCHANGE-TRADED FUNDS — 32.6%
		EQUITY - 18.1%
	3,753	Global X MSCI Greece ETF		124,712
	18,437	Invesco S&P 500 BuyWrite ETF		393,420
	29,285	Invesco S&P 500 Pure Value ETF		2,154,790
	16,846	iShares Mortgage Real Estate ETF		376,340
	5,606	iShares MSCI Austria ETF		110,177
	4,571	iShares MSCI Brazil ETF		140,193
	3,012	iShares MSCI France ETF		107,197
	3,207	iShares MSCI Germany ETF		84,023
	3,207	iShares MSCI India ETF		141,814
	3,905	iShares MSCI Italy ETF		118,790
	2,287	iShares MSCI Mexico ETF		133,172
	4,403	iShares MSCI Peru and Global Exposure ETF		132,883
	7,364	iShares MSCI Poland ETF		125,998
	1,613	iShares MSCI South Korea ETF		95,070
	4,402	iShares MSCI Spain ETF		121,055
	1,941	iShares MSCI Switzerland ETF		84,569
	3,093	iShares MSCI Taiwan ETF		137,793
	3,764	iShares MSCI Turkey ETF		145,140
	3,917	iShares MSCI United Kingdom ETF		123,934
	14,193	iShares Russell 1000 Value ETF		2,154,781
	10,975	JPMorgan BetaBuilders Japan ETF		551,384
	11,824	SPDR S&P International Dividend ETF		389,010
	2,694	Vanguard High Dividend Yield ETF		278,344
				8,224,589
		FIXED INCOME - 14.5%
	4,800	FlexShrs High Yield Value-Scored Bond Index Fund		190,848

See accompanying notes to consolidated financial statements.

23

ALPHACENTRIC SYMMETRY STRATEGY FUND (SYMAX, SYMCX, SYMIX)

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2023

Shares					Fair Value
		EXCHANGE-TRADED FUNDS — 32.6% (Continued)
		FIXED INCOME - 14.5% (Continued)
	19,258	Invesco Senior Loan ETF			$	404,225
	4,674	iShares 0-5 Year High Yield Corporate Bond ETF				191,774
	45,190	iShares 1-3 Year Treasury Bond ETF				3,659,034
	7,637	iShares Fallen Angels USD Bond ETF				189,398
	11,696	iShares J.P. Morgan EM High Yield Bond ETF				398,132
	3,403	iShares JP Morgan USD Emerging Markets Bond ETF				280,816
	345	iShares National Muni Bond ETF				35,376
	9,435	iShares Preferred & Income Securities ETF				284,465
	1,689	iShares Trust iShares 1-5 Year Investment Grade				84,163
	4,570	iShares US & International High Yield Corp Bond				189,723
	2,768	SPDR Blbg Investment Grade Floating Rate ETF				85,033
	5,834	SPDR Bloomberg Convertible Securities ETF				395,545
	2,103	SPDR Bloomberg High Yield Bond ETF				190,111
						6,578,643
		TOTAL EXCHANGE-TRADED FUNDS (Cost $14,813,171)				14,803,232
Principal
Amount ($)			Yield Rate (%)	Maturity	Fair Value
		U.S. GOVERNMENT & AGENCIES — 19.7%
		U.S. TREASURY BILLS — 19.7%
	2,000,000	United States Treasury Bill(c)	4.4600	10/12/23		1,997,074
	2,000,000	United States Treasury Bill(c)	5.1700	10/31/23		1,991,258
	2,500,000	United States Treasury Bill(c)	5.0600	11/02/23		2,488,615
	2,500,000	United States Treasury Bill(c)	5.2600	11/30/23		2,478,203
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $8,954,383)				8,955,150

See accompanying notes to consolidated financial statements.

24

ALPHACENTRIC SYMMETRY STRATEGY FUND (SYMAX, SYMCX, SYMIX)

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2023

Shares			Fair Value
		SHORT-TERM INVESTMENT — 10.2%
		MONEY MARKET FUND - 10.2%
	4,615,934	First American Treasury Obligations Fund, Class X, 5.26%(d) (f)(Cost $4,615,934)	$	4,615,934
		TOTAL INVESTMENTS - 91.7% (Cost $41,440,671)	$	41,607,079
		OTHER ASSETS IN EXCESS OF LIABILITIES - 8.3%		3,752,769
		NET ASSETS - 100.0%	$	45,359,848

OPEN FUTURES CONTRACTS
Number of Contracts		Open Long Futures Contracts	Expiration	Notional Amount(e)		Value and Unrealized Appreciation (Depreciation)
	20	CBOT Soybean Future(f)	11/14/2023	$	1,275,001	$	(83,200	)
	24	CME British Pound Currency Future	12/18/2023		1,831,500		(41,812	)
	1	CME E Mini Consumer Discretionary Select Sector	12/15/2023		164,260		(12,900	)
	2	CME E Mini Energy Select Sector Futures	12/15/2023		191,100		(340	)
	1	CME E Mini Industrial Select Sector Futures	12/15/2023		103,020		(4,270	)
	1	CME E Mini Materials Select Sector Futures	12/15/2023		83,970		(3,730	)
	1	CME E Mini Technology Select Sector Futures	12/15/2023		166,840		(10,120	)
	21	CME Live Cattle Future(f)	12/29/2023		1,578,570		27,720
	11	CME Swiss Franc Currency Future	12/18/2023		1,514,700		(39,944	)
	1	COMEX Gold 100 Troy Ounces Future(f)	12/27/2023		186,610		(7,350	)
	2	E-mini S&P Communication Services Select Sector	12/15/2023		173,300		(6,450	)
	54	NYBOT CSC Number 11 World Sugar Future(f)	02/29/2024		1,601,511		(48,384	)
	22	NYBOT CSC Number 11 World Sugar Future(f)	04/30/2024		622,406		3,203
	19	NYMEX Henry Hub Natural Gas Futures(f)	02/27/2024		611,800		(36,940	)
	19	NYMEX Light Sweet Crude Oil Future(f)	11/20/2023		1,687,200		182,370
	7	NYMEX Light Sweet Crude Oil Future(f)	02/20/2024		587,160		45,460
	12	NYMEX NY Harbor ULSD Futures(f)	11/30/2023		1,591,531		66,910
	5	NYMEX NY Harbor ULSD Futures(f)	02/29/2024		616,392		34,482
	15	NYMEX Reformulated Gasoline Blendstock for Oxygen(f)	11/30/2023		1,480,248		(45,675	)
	23	Three Month SONIA Index Futures	12/16/2025		6,703,633		(4,991	)
	3	TSE Japanese 10 Year Bond Futures	12/13/2023		2,910,045		(26,029	)
		TOTAL OPEN LONG FUTURES CONTRACTS				$	(11,990	)
OPEN FUTURES CONTRACTS
Number of Contracts		Open Short Futures Contracts	Expiration	Notional Amount(e)		Value and Unrealized Appreciation (Depreciation)
	52	CBOT 10 Year US Treasury Note	12/19/2023	$	5,619,250	$	96,572
	25	CBOT Corn Future(f)	03/14/2024		614,688		25,962
	64	CBOT Corn Future(f)	12/14/2023		1,525,600		231,300
	9	CBOT Soybean Future(f)	03/14/2024		589,613		29,475
	20	CBOT Wheat Future(f)	03/14/2024		573,500		125,300
	51	CBOT Wheat Future(f)	12/14/2023		1,380,825		512,913
	56	CME Australian Dollar Currency Future	12/18/2023		3,614,799		(9,092	)

See accompanying notes to consolidated financial statements.

25

ALPHACENTRIC SYMMETRY STRATEGY FUND (SYMAX, SYMCX, SYMIX)

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2023

OPEN FUTURES CONTRACTS (Continued)
Number of Contracts		Open Short Futures Contracts	Expiration	Notional Amount(e)		Value and Unrealized Appreciation (Depreciation)
	40	CME Canadian Dollar Currency Future	12/19/2023	$	2,953,400	$	11,669
	19	CME Euro Foreign Exchange Currency Future	12/18/2023		2,520,469		4,194
	42	CME Japanese Yen Currency Future	12/18/2023		3,558,188		57,437
	8	CME Live Cattle Future(f)	02/29/2024		616,000		(14,240	)
	12	COMEX Copper Future(f)	12/27/2023		1,121,250		15,188
	40	Eurex 10 Year Euro BUND Future	12/07/2023		5,439,899		114,500
	48	Long Gilt Future	12/27/2023		5,514,091		22,497
	65	Montreal Exchange 10 Year Canadian Bond Future	12/18/2023		5,509,667		148,923
	43	NYMEX Henry Hub Natural Gas Futures(f)	11/28/2023		1,424,160		108,350
		TOTAL OPEN SHORT FUTURES CONTRACTS				$	1,480,948
		TOTAL OPEN FUTURES CONTRACTS				$	1,468,958

CREDIT DEFAULT SWAPS
											Upfront
				Implied	Frequency							Premiums
		Buy/Sell	Fixed Rate	Credit	of	Expiration		Notional				Paid/		Unrealized
Counterparty	Index	Protection	Received	Spread	Payments	Date		Amount		Value		(Received)		Depreciation
SOC	Markit CDX North America High Yield Index	Sell	5.00%	479.81%	Quarterly	12/20/2028	$	193,500	$	1,804	$	1,894	$	(90	)
SOC	Markit CDX North America Investment Grade Index	Sell	1.00%	73.72%	Quarterly	12/20/2028		84,500		1,030		1,215		(185	)
SOC	Markit iTraxx Europe Index	Sell	1.00%	80.24%	Quarterly	12/20/2028		78,000		804		976		(172	)
SOC	Markit iTraxx Europe Crossover Index	Sell	5.00%	433.90%	Quarterly	12/20/2028		178,500		5,668		7,159		(1,491	)
	Net Unrealized Depreciation on Swap Contracts										$	11,244	$	(1,938	)

ETF - Exchange-Traded Fund

LTD - Limited Company

MSCI - Morgan Stanley Capital International

SPDR - Standard & Poor’s Depositary Receipt

SOC - Societe Generale

^(a) Non-income producing security.

^(b) Percentage rounds to less than 0.1%.

^(c) Zero coupon bond.

^(d) Rate disclosed is the seven day effective yield as of September 30, 2023.

^(e) 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.

^(f) All or a portion of this investment is a holding of the ACSSF Fund Limited.

See accompanying notes to consolidated financial statements.

26

ALPHACENTRIC LIFESCI HEALTHCARE FUND (LYFAX, LYFCX, LYFIX)

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023

Shares			Fair Value
		COMMON STOCKS — 96.9%
		BIOTECH & PHARMA - 87.8%
	657,500	2seventy bio, Inc.(a)	$	2,577,400
	50,000	ACADIA Pharmaceuticals, Inc.(a)		1,042,000
	1,068,468	ADC Therapeutics S.A.(a)		958,416
	8,000	Akero Therapeutics, Inc.(a)		404,640
	42,500	Alkermes plc(a)		1,190,425
	132,500	Amicus Therapeutics, Inc.(a)		1,611,200
	145,500	Amylyx Pharmaceuticals, Inc.(a)		2,664,105
	165,000	Arcutis Biotherapeutics, Inc.(a)		876,150
	2,750	Argenx S.E. - ADR(a)		1,351,983
	50,000	Aurinia Pharmaceuticals, Inc.(a)		388,500
	58,500	Bicycle Therapeutics plc - ADR(a)		1,175,265
	649,000	BioCryst Pharmaceuticals, Inc.(a)		4,594,919
	16,500	BioMarin Pharmaceutical, Inc.(a)		1,459,920
	15,000	Celldex Therapeutics, Inc.(a)		412,800
	912,500	Coherus Biosciences, Inc.(a)		3,412,750
	49,500	Collegium Pharmaceutical, Inc.(a)		1,106,325
	82,000	Crinetics Pharmaceuticals, Inc.(a)		2,438,680
	15,000	Cymabay Therapeutics, Inc.(a)		223,650
	95,000	Day One Biopharmaceuticals, Inc.(a)		1,165,650
	132,000	Deciphera Pharmaceuticals, Inc.(a)		1,679,040
	110,000	Dynavax Technologies Corporation(a)		1,624,700
	30,000	Exelixis, Inc.(a)		655,500
	105,000	Galapagos N.V. - ADR(a)		3,627,750
	8,500	Gilead Sciences, Inc.		636,990
	50,000	GSK plc - ADR		1,812,500
	122,000	Harmony Biosciences Holdings, Inc.(a)		3,997,940
	25,500	Horizon Therapeutics plc(a)		2,950,095
	62,500	ImmunoGen, Inc.(a)		991,875
	38,000	Immunovant, Inc.(a)		1,458,820
	80,000	Insmed, Inc.(a)		2,020,000
	25,500	Intra-Cellular Therapies, Inc.(a)		1,328,295
	292,500	Ironwood Pharmaceuticals, Inc.(a)		2,816,775
	26,500	Jazz Pharmaceuticals plc(a)		3,430,160
	135,000	KalVista Pharmaceuticals, Inc.(a)		1,300,050

See accompanying notes to consolidated financial statements.

27

ALPHACENTRIC LIFESCI HEALTHCARE FUND (LYFAX, LYFCX, LYFIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2023

Shares			Fair Value
		COMMON STOCKS — 96.9% (Continued)
		BIOTECH & PHARMA - 87.8% (Continued)
	750	Karuna Therapeutics, Inc.(a)	$	126,818
	1,125,000	Karyopharm Therapeutics, Inc.(a)		1,507,500
	110,000	Kiniksa Pharmaceuticals Ltd.(a)		1,910,700
	185,000	MorphoSys A.G. - ADR(a)		1,243,200
	30,000	Neurocrine Biosciences, Inc.(a)		3,375,000
	410,000	Nuvation Bio, Inc.(a)		549,400
	103,000	Pacira BioSciences, Inc.(a)		3,160,040
	160,000	Phathom Pharmaceuticals, Inc.(a)		1,659,200
	67,400	Point Biopharma Global, Inc.(a)		449,558
	43,500	Protagonist Therapeutics, Inc.(a)		725,580
	190,000	Revance Therapeutics, Inc.(a)		2,179,300
	35,000	Roivant Sciences Ltd.(a)		408,800
	125,000	scPharmaceuticals, Inc.(a)		890,000
	30,000	Ultragenyx Pharmaceutical, Inc.(a)		1,069,500
	391,500	uniQure N.V.(a)		2,626,965
	9,000	United Therapeutics Corporation(a)		2,032,830
	165,000	UroGen Pharma Ltd.(a)		2,311,650
	20,590	Valneva S.E. - ADR(a)		242,962
	12,000	Ventyx Biosciences, Inc.(a)		416,760
	150,000	Verastem, Inc.(a)		1,219,500
	56,000	Verona Pharma plc - ADR(a)		912,800
	47,500	Viatris, Inc.		468,350
	60,000	Viking Therapeutics, Inc.(a)		664,200
	80,000	Viridian Therapeutics, Inc.(a)		1,227,200
				90,763,081
		HEALTH CARE FACILITIES & SERVICES - 0.0%(b)
	7,500	DocGo, Inc.(a)		39,975
		MEDICAL EQUIPMENT & DEVICES - 3.3%
	207,000	Embecta Corporation		3,115,350
	4,000	Medtronic PLC		313,440
				3,428,790
		RETAIL - CONSUMER STAPLES - 5.8%
	52,000	PetIQ, Inc.(a)		1,024,400

See accompanying notes to consolidated financial statements.

28

ALPHACENTRIC LIFESCI HEALTHCARE FUND (LYFAX, LYFCX, LYFIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2023

Shares						Fair Value
		COMMON STOCKS — 96.9% (Continued)
		RETAIL - CONSUMER STAPLES - 5.8% (Continued)
	225,000	Walgreens Boots Alliance, Inc.				$	5,004,000
							6,028,400
		TOTAL COMMON STOCKS (Cost $109,595,183)					100,260,246
			Expiration Date	Exercise Price
		RIGHT — 0.0%(b)
		BIOTECH & PHARMA - 0.0% (b)
	300,000	Amryt Pharma, Plc. – CVR (a) (d) (e)	12/31/2024	$	0.50		—
	300,000	Amryt Pharma, Plc. - CVR (a) (d) (e)	12/31/2024	$	0.50		—
		TOTAL RIGHT (Cost $0)					—
		SHORT-TERM INVESTMENTS — 2.9%
		MONEY MARKET FUNDS - 2.9%
	1	Fidelity Investments Money Market Government Portfolio, Class I, 5.23%(c)					1
	2,970,692	First American Treasury Obligations Fund, Class X, 5.26%(c)					2,970,692
		TOTAL SHORT-TERM INVESTMENTS (Cost $2,970,693)					2,970,693
		TOTAL INVESTMENTS - 99.8% (Cost $112,565,876)				$	103,230,939
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%					190,741
		NET ASSETS - 100.0%				$	103,421,680

ADR - American Depositary Receipt

CVR - Contingent Value Right

LTD - Limited Company

NV - Naamioze Vennootschap

PLC - Public Limited Company

S/A - Société Anonyme

^(a) Non-income producing security.

^(b) Percentage rounds to less than 0.1%.

^(c) Rate disclosed is the seven day effective yield as of September 30, 2023.

^(d) Illiquid security. The total fair value of these securities as of September 30, 2023 was $0, representing 0.0% of net assets.

^(e) Fair Valued by the Board of Trustees in good faith using significant unobservable inputs.

See accompanying notes to consolidated financial statements.

29

ALPHACENTRIC SWBC MUNICIPAL OPPORTUNITIES FUND (MUNAX, MUNCX, MUNIX)

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 10.2%
		FIXED INCOME - 10.2%
	6,000	JPMorgan Ultra-Short Municipal Income ETF	$	302,700
	13,000	SPDR Nuveen Bloomberg High Yield Municipal Bond		309,660
	7,000	VanEck High Yield Muni ETF		343,490
		TOTAL EXCHANGE-TRADED FUNDS (Cost $954,639)		955,850

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		MUNICIPAL BONDS — 81.4%
		AIRPORTS — 8.4%
	500,000	City of Houston TX Airport System Revenue	5.2500	07/01/53		504,266
	275,000	City of Salt Lake City UT Airport Revenue	5.5000	07/01/53		284,056
						788,322
		APPROPRIATION — 6.0%
	100,000	Newark Parking Authority (The)	5.5000	02/01/51		101,109
	250,000	Pataskala Public Library	5.2500	12/01/52		252,938
	200,000	Washington Metropolitan Area Transit Authority	5.2500	07/15/53		209,870
						563,917
		CHARTER SCHOOLS — 2.6%
	250,000	Colorado Educational & Cultural Facilities	5.2500	12/01/52		246,423
		CITY — 4.0%
	125,000	City of Chicago IL	5.5000	01/01/43		126,509
	390,000	City of Frisco TX	2.0000	02/15/40		246,609
						373,118
		COMBINED UTILITIES — 1.7%
	150,000	South Carolina Public Service Authority	5.7500	12/01/52		158,664
		CONTINUING CARE RETIREMENT CENTER — 12.9%
	10,000	Illinois Finance Authority	4.0000	05/15/35		7,885
	50,000	Illinois Finance Authority	5.0000	05/15/56		36,336
	200,000	Illinois Finance Authority	6.7500	05/15/58		196,047
	200,000	Iowa Finance Authority	4.0000	05/15/53		119,257
	100,000	Massachusetts Development Finance Agency	5.0000	07/01/56		73,226
	100,000	New Hampshire Business Finance Authority	5.0000	07/01/56		72,255
	250,000	New Hope Cultural Education Facilities Finance	6.8750	10/01/57		215,239

See accompanying notes to consolidated financial statements.

30

ALPHACENTRIC SWBC MUNICIPAL OPPORTUNITIES FUND (MUNAX, MUNCX, MUNIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2023

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		MUNICIPAL BONDS — 81.4% (Continued)
		CONTINUING CARE RETIREMENT CENTER — 12.9% (Continued)
	25,000	Palm Beach County Health Facilities Authority	5.0000	05/15/47	$	18,615
	25,000	South Carolina Jobs-Economic Development Authority	5.0000	11/15/54		20,045
	100,000	Tarrant County Cultural Education Facilities	5.0000	11/15/37		93,580
	50,000	Tempe Industrial Development Authority	6.1250	10/01/47		28,817
	290,000	Washington State Housing Finance Commission	5.0000	07/01/48		276,524
	80,000	Wisconsin Health & Educational Facilities	4.0000	07/01/48		58,113
						1,215,939
		ECONOMY & INDUSTRY DEVELOPMENT — 3.1%
	425,000	New York Liberty Development Corporation	2.8750	11/15/46		286,626
		ELECTRICITY AND PUBLIC POWER — 1.1%
	100,000	Puerto Rico Electric Power Authority	5.2500	07/01/32		98,656
		HIGHER EDUCATION — 5.5%
	200,000	Michigan Finance Authority	4.0000	02/01/42		151,049
	100,000	Michigan Finance Authority	5.0000	05/01/46		78,031
	300,000	Ohio Higher Educational Facility Commission	6.0000	09/01/52		290,906
						519,986
		HOSPITALS — 15.6%
	450,000	Colorado Health Facilities Authority	3.2500	08/01/49		302,509
	680,000	Connecticut State Health & Educational Facilities	3.0000	07/01/39		523,544
	100,000	Health & Educational Facilities Authority of the	5.5000	12/01/48		105,276
	100,000	Maine Health & Higher Educational Facilities	5.1250	07/01/52		98,673
	125,000	Michigan Finance Authority	4.0000	12/01/47		107,649
	150,000	Pennsylvania Economic Development Financing	4.0000	05/15/53		122,888
	250,000	South Broward Hospital District	2.3750	05/01/45		149,600
	25,000	Washington Township Health Care District	5.7500	07/01/48		25,252
	25,000	Washington Township Health Care District	5.7500	07/01/53		25,189
						1,460,580
		MISCELLANEOUS TAX — 3.9%
	250,000	Ernest N Morial New Orleans Exhibition Hall	5.5000	07/15/53		260,217
	100,000	Louisiana Stadium & Exposition District	5.2500	07/01/53		102,257
						362,474

See accompanying notes to consolidated financial statements.

31

ALPHACENTRIC SWBC MUNICIPAL OPPORTUNITIES FUND (MUNAX, MUNCX, MUNIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2023

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		MUNICIPAL BONDS — 81.4% (Continued)
		PRIMARY AND SECONDARY EDUCATION — 1.1%
	100,000	Chicago Board of Education Dedicated Capital	5.7500	04/01/48	$	104,843
		SALES TAX — 1.1%
	110,000	Sales Tax Securitization Corporation	4.0000	01/01/42		99,141
		SCHOOL DISTRICT — 3.9%
	200,000	Arlington Independent School District	4.0000	02/15/48		176,865
	180,000	Pontiac School District	5.2500	05/01/48		185,418
						362,283
		STATE — 1.1%
	1,077	Commonwealth of Puerto Rico	5.6250	07/01/27		1,106
	1,059	Commonwealth of Puerto Rico	5.6250	07/01/29		1,096
	1,029	Commonwealth of Puerto Rico	5.7500	07/01/31		1,077
	1,064	Commonwealth of Puerto Rico	4.0000	07/01/46		824
	100,000	State of Illinois	5.5000	05/01/47		103,811
						107,914
		STUDENT HOUSING — 0.9%
	100,000	Hastings Campus Housing Finance Authority	5.0000	07/01/45		85,342
		TAX BACKED DISTRICT — 3.0%
	250,000	Tarrant County Hospital District	5.2500	08/15/48		258,940
	25,000	Washington Township Health Care District	5.5000	08/01/53		26,874
						285,814
		TOBACCO — 2.7%
	250,000	Buckeye Tobacco Settlement Financing Authority	5.0000	06/01/55		215,668
	55,000	New York Counties Tobacco Trust VI	3.7500	06/01/45		41,358
						257,026
		WATER AND SEWER — 2.8%
	250,000	City of Philadelphia PA Water & Wastewater Revenue	5.5000	09/01/53		264,962
		TOTAL MUNICIPAL BONDS (Cost $8,465,102)				7,642,030

See accompanying notes to consolidated financial statements.

32

ALPHACENTRIC SWBC MUNICIPAL OPPORTUNITIES FUND (MUNAX, MUNCX, MUNIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2023

Shares			Fair Value
		SHORT-TERM INVESTMENT — 1.5%
		MONEY MARKET FUND - 1.5%
	141,017	First American Treasury Obligations Fund, Class X, 5.26% (Cost $141,017)(a)	$	141,017
		TOTAL INVESTMENTS - 93.1% (Cost $9,560,758)	$	8,738,897
		OTHER ASSETS IN EXCESS OF LIABILITIES - 6.9%		649,756
		NET ASSETS - 100.0%	$	9,388,653

OPEN FUTURES CONTRACTS

Number of						Value and Unrealized
Contracts		Open Short Futures Contracts	Expiration	Notional Amount(b)		Appreciation
	26	CBOT 10 Year US Treasury Note	12/19/2023	$	2,809,625	$	48,282
		TOTAL OPEN FUTURES CONTRACTS				$	48,282

CREDIT DEFAULT SWAPS

Upfront

Fixed

Implied

Frequency

Premiums

Buy/Sell

Rate

Credit

of

Expiration

Notional

Paid/

Unrealized

Counterparty

Index

Protection

Received

Spread

Payments

Date

Amount

Value

(Received)

Depreciation

SOC

Markit CDX North America High Yield Index

Sell

5.00%

479.81%

Quarterly

12/20/2028

$

1,441,500

$

13,437

$

14,104

$

(667

)

SOC

Markit CDX North America Investment Grade Index

Sell

1.00%

73.72%

Quarterly

12/20/2028

1,441,500

17,579

20,740

(3,161

)

Net Unrealized Depreciation on Swap Contracts

$

34,844

$

(3,828

)

ETF - Exchange -Traded Fund

SPDR - Standard & Poor’s Depositary Receipt

SOC - Societe Generale

^(a) Rate disclosed is the seven day effective yield as of September 30, 2023.

^(b) 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.

See accompanying notes to consolidated financial statements.

33

ALPHACENTRIC STRATEGIC INCOME FUND (SIIAX, SIICX, SIIIX)

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023

Shares			Fair Value
		COMMON STOCKS — 37.8%
		ASSET MANAGEMENT - 0.2%
	7,744	Star Holdings(a)	$	96,955
		MORTGAGE FINANCE - 3.6%
	181,492	Dynex Capital, Inc. (h)		2,167,014
		MORTGAGE REITS - 23.6%
	208,879	AG Mortgage Investment Trust, Inc. (h)		1,159,278
	84,646	AGNC Investment Corporation (h)		799,058
	239,271	Ellington Financial, Inc. (h)		2,983,710
	202,725	MFA Financial, Inc. (h)		1,948,188
	200,963	New York Mortgage Trust, Inc. (h)		1,706,176
	146,593	Redwood Trust, Inc. (h)		1,045,208
	507,277	Rithm Capital Corporation (h)		4,712,604
				14,354,222
		MULTI ASSET CLASS REIT - 0.3%
	11,972	Safehold, Inc. (h)		213,102
		RESIDENTIAL REIT - 2.1%
	20,611	Equity LifeStyle Properties, Inc. (h)		1,313,126
		SPECIALTY FINANCE - 8.0%
	42,367	Enact Holdings, Inc.		1,153,653
	79,379	MGIC Investment Corporation		1,324,836
	31,290	Mr Cooper Group, Inc.(a)		1,675,892
	28,195	Ocwen Financial Corporation(a)		729,687
				4,884,068
		TOTAL COMMON STOCKS (Cost $25,482,471)		23,028,487

See accompanying notes to consolidated financial statements.

34

ALPHACENTRIC STRATEGIC INCOME FUND (SIIAX, SIICX, SIIIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2023

Shares			Fair Value
		PREFERRED STOCKS — 11.8%
		MORTGAGE REITS — 11.8%
	19,450	AG Mortgage Investment Trust, Inc. - Series C (d) (h)	$	378,886
	59,964	AGNC Investment Corporation - Series F (d) (h)		1,297,022
	10,000	Arbor Realty Trust, Inc. - Series E (h)		172,400
	20,000	Arbor Realty Trust, Inc. - Series D (h)		355,800
	63,126	Arbor Realty Trust, Inc. - Series F (d) (h)		1,164,675
	28,308	Chimera Investment Corporation - Series B (d) (h)		601,545
	7,881	Chimera Investment Corporation - Series C (d) (h)		142,173
	2,252	Chimera Investment Corporation - Series D (d) (h)		46,999
	36,754	Granite Point Mortgage Trust, Inc. - Series A (d) (h)		624,818
	22,753	KKR Real Estate Finance Trust, Inc. - Series A (h)		370,874
	11,272	MFA Financial, Inc. - Series C (d) (h)		214,844
	22,500	New York Mortgage Trust, Inc. - Series F (d) (h)		416,250
	37,930	Rithm Capital Corporation - Series D (d) (h)		776,427
	9,000	Two Harbors Investment Corporation - Series A (d) (h)		190,170
	20,472	Two Harbors Investment Corporation - Series C (d) (h)		430,526
		TOTAL PREFERRED STOCKS (Cost $8,841,557)		7,183,409

Principal				Coupon
Amount ($)			Spread	Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 6.0%
		CLO — 0.7%
	300,000	Arbor Realty Commercial Real Estate Notes 2022-FL2 Series FL2 E(b),(c)	TSFR1M + 5.000%	10.3320	05/15/37		290,112
	28,770	TRTX 2019-FL3 Issuer Ltd. Series FL3 B(b),(c)	TSFR1M + 1.864%	7.1970	10/15/34		28,583
	100,000	TRTX 2021-FL4 Issuer Ltd. Series FL4 AS(b),(c)	TSFR1M + 1.514%	6.8470	03/15/38		97,365
							416,060
		COLLATERALIZED MORTGAGE OBLIGATIONS — 1.9%
	44,102	Adjustable Rate Mortgage Trust 2007-1 Series 2007-1 1A1(d)		4.6110	03/25/37		36,986
	17,799	Alternative Loan Trust 2003-J2 Series 2003-J2 B2		6.0000	10/25/33		—	(i)
	515,557	Alternative Loan Trust 2005-11CB Series 2005-11CB 3A2(c)	US0001M + 0.500%	5.5000	06/25/35		365,058
	235,585	Alternative Loan Trust 2005-J6 Series 2005-J6 1A5(c)	US0001M + 0.500%	5.5000	07/25/35		186,229
	466,240	Impac CMB Trust Series 2005-2 Series 2005-2 1M2(c)	US0001M + 0.735%	6.1690	04/25/35		422,343
	226,780	Washington Mutual Mortgage Pass-Through Series 2007-HY1 A2A(c)	US0001M + 0.160%	5.5940	02/25/37		170,695
							1,181,311
		HOME EQUITY — 0.3%
	201,119	Terwin Mortgage Trust 2004-7HE Series 7HE A3(b),(c)	US0001M + 1.400%	6.8340	07/25/34		187,437

See accompanying notes to consolidated financial statements.

35

ALPHACENTRIC STRATEGIC INCOME FUND (SIIAX, SIICX, SIIIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2023

Principal				Coupon
Amount ($)			Spread	Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 6.0% (Continued)
		NON AGENCY CMBS — 2.6%
	175,000	Citigroup Commercial Mortgage Trust 2016-C3 Series C3 C(d)		4.1990	11/15/49	$	134,342
	100,000	COMM 2013-CCRE6 Mortgage Trust Series 2013-CR6 F(b),(d)		3.9880	03/10/46		42,666
	265,000	COMM 2014-CR14 Mortgage Trust Series CR14 AM(d)		4.5260	02/10/47		254,187
	10,000	COMM 2015-DC1 Mortgage Trust Series 2015-DC1 C(d)		4.4380	02/10/48		8,327
	81,000	COMM 2015-LC19 Mortgage Trust Series 2015-LC19 D(b)		2.8670	02/10/48		65,640
	33,371	CSAIL 2016-C5 Commercial Mortgage Trust Series 2016-C5 C(d)		4.7980	11/15/48		30,039
	100,000	CSAIL 2016-C6 Commercial Mortgage Trust Series C6 B(d)		3.9240	01/15/49		84,154
	2,949,541	GS Mortgage Securities Trust 2014-GC26 Series GC26 XA(d),(e)		1.0600	11/10/47		20,421
	45,000	JPMBB Commercial Mortgage Securities Trust Series 2015-C30 B(d)		4.3700	07/15/48		37,956
	10,000	JPMBB Commercial Mortgage Securities Trust Series 2015-C28 C(d)		4.2730	10/15/48		9,096
	15,000	Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C12 C(d)		5.0740	10/15/46		14,298
	17,233	Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C24 C(d)		4.4680	05/15/48		14,684
	1,901,869	SG Commercial Mortgage Securities Trust 2016-C5 Series C5 XA(d),(e)		2.0210	10/10/48		65,730
	220,000	UBS Commercial Mortgage Trust 2018-C13 Series C13 B(d)		4.7860	10/15/51		185,948
	75,000	Wells Fargo Commercial Mortgage Trust 2014-LC16 Series LC16 B		4.3220	08/15/50		57,923
	25,000	Wells Fargo Commercial Mortgage Trust 2015-C27 Series 2015-C27 B(d)		4.1390	02/15/48		21,697
	75,000	Wells Fargo Commercial Mortgage Trust 2015-NXS1 Series 2015-NXS1 D(d)		4.2780	05/15/48		62,511
	100,000	Wells Fargo Commercial Mortgage Trust 2016-NXS6 Series 2016-NXS6 B		3.8110	11/15/49		87,474
	270,000	WFRBS Commercial Mortgage Trust 2013-C15 Series 2013-C15 B(d)		4.3520	08/15/46		226,392
	160,000	WFRBS Commercial Mortgage Trust 2013-C15 Series 2013-C15 C(d)		4.3520	08/15/46		120,479
	15,000	WFRBS Commercial Mortgage Trust 2014-C24 Series 2014-C24 B(d)		4.2040	11/15/47		12,902
							1,556,866
		RESIDENTIAL MORTGAGE — 0.5%
	146,586	Credit-Based Asset Servicing and Securitization, Series 2003-CB2 M2(f)		6.0450	08/25/32		67,849
	494,886	Ellington Loan Acquisition Trust 2007-2 Series 2007-2 M2B(b),(c)	US0001M + 1.700%	7.1340	05/25/37		268,815
							336,664
		TOTAL ASSET BACKED SECURITIES (Cost $4,069,644)					3,678,338

See accompanying notes to consolidated financial statements.

36

ALPHACENTRIC STRATEGIC INCOME FUND (SIIAX, SIICX, SIIIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2023

Principal			Coupon
Amount ($)			Rate (%)	Maturity	Fair Value
		COLLATERALIZED MORTGAGE OBLIGATIONS — 1.7%
		CMBS — 1.7%
	1,221,366	Fannie Mae-Aces Series 2014-M8 X2(d),(e) (j)	0.3950	06/25/24	$	2,199
	1,000,000	Freddie Mac Multifamily Structured Pass Through Series K126 X3(d),(e)	2.7200	01/25/49		144,676
	310,643	Government National Mortgage Association Series 2015-108 IO(d),(e)	0.3370	10/16/56		5,907
	162,162	Government National Mortgage Association Series 2017-106 IO(d),(e)	0.6900	12/16/56		5,282
	902,517	Government National Mortgage Association Series 2018-17 MI(d),(e)	0.4300	11/01/57		25,667
	1,942,542	Government National Mortgage Association(d),(e)	0.7270	03/16/58		59,997
	4,732,465	Government National Mortgage Association Series 2017-171 IO(d),(e)	0.6530	09/16/59		168,843
	2,458,872	Government National Mortgage Association Series 110 IO(d),(e)	0.6040	01/16/60		107,421
	6,186,041	Government National Mortgage Association Series 161 IB(d),(e)	0.5220	08/16/60		240,442
	1,263,432	Government National Mortgage Association Series 2019-81 IO(d),(e)	0.8830	02/16/61		68,239
	3,696,598	Government National Mortgage Association Series 34 IO(d),(e)	0.7230	03/16/61		181,470
	286,477	Government National Mortgage Association Series 2019-105 IO(d),(e)	0.7220	08/16/61		16,427
		TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $1,404,403)				1,026,570
		CONVERTIBLE BONDS — 15.8%
		ASSET MANAGEMENT — 3.5%
	2,284,000	RWT Holdings, Inc.	5.7500	10/01/25		2,124,943
		MORTGAGE REITS — 2.4%
	315,000	MFA Financial, Inc. (h)	6.2500	06/15/24		315,786
	1,190,000	Redwood Trust, Inc. (h)	5.6250	07/15/24		1,178,104
						1,493,890
		SPECIALTY FINANCE — 9.9%
	200,000	Granite Point Mortgage Trust, Inc.	6.3750	10/01/23		203,005
	1,965,000	PennyMac Corporation	5.5000	11/01/24		1,923,244
	500,000	Redwood Trust, Inc.	7.7500	06/15/27		449,688
	3,205,000	Two Harbors Investment Corporation	6.2500	01/15/26		2,964,624
	500,000	Western Asset Mortgage Capital Corporation	6.7500	09/15/24		481,402
						6,021,963
		TOTAL CONVERTIBLE BONDS (Cost $9,415,192)				9,640,796

See accompanying notes to consolidated financial statements.

37

ALPHACENTRIC STRATEGIC INCOME FUND (SIIAX, SIICX, SIIIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2023

Principal			Coupon
Amount ($)			Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 4.2%
		SPECIALTY FINANCE — 4.2%
	250,000	Nationstar Mortgage Holdings, Inc.(b)	5.5000	08/15/28	$	220,796
	989,000	New Residential Investment Corporation(b)	6.2500	10/15/25		939,530
	1,559,000	PHH Mortgage Corporation(b)	7.8750	03/15/26		1,389,646
		TOTAL CORPORATE BONDS (Cost $2,628,515)				2,549,972
		U.S. GOVERNMENT & AGENCIES — 2.4%
		AGENCY FIXED RATE — 1.0%
	821,239	Fannie Mae Pool BQ4516	2.0000	02/01/51		628,954
		AGENCY MBS OTHER — 1.4%
	398,152	Ginnie Mae II Pool MA8867	5.5000	05/20/53		382,307
	420,000	Ginnie Mae II Pool MA9007	6.5000	07/20/53		420,326
						802,633
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $1,509,754)				1,431,587

See accompanying notes to consolidated financial statements.

38

ALPHACENTRIC STRATEGIC INCOME FUND (SIIAX, SIICX, SIIIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2023

Shares			Fair Value
		SHORT-TERM INVESTMENT — 18.3%
		MONEY MARKET FUND - 18.3%
	11,122,969	First American Treasury Obligations Fund, Class X, 5.26% (Cost $11,122,969)(g)	$	11,122,969
		TOTAL INVESTMENTS - 98.0% (Cost $64,474,505)	$	59,662,128
		OTHER ASSETS IN EXCESS OF LIABILITIES - 2.0%		1,241,394
		NET ASSETS - 100.0%	$	60,903,522

LTD	- Limited Company
REIT	- Real Estate Investment Trust
H15T5Y	- US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
SOFRRATE	- United States SOFR Secured Overnight Financing Rate
TSFR1M	- TSFR1M
US0001M	- ICE LIBOR USD 1 Month
US0003M	- ICE LIBOR USD 3 Month

^(a) Non-income producing security.

^(b) 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 September 30, 2023 the total market value of 144A securities is $3,530,590 or 5.8% of net assets.

^(c) 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.

^(d) Variable rate security; the rate shown represents the rate on September 30, 2023.

^(e) Interest only securities.

^(f) Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at September 30, 2023.

^(g) Rate disclosed is the seven day effective yield as of September 30, 2023.

^(h) REIT – Real Estate Investment Trust.

⁽ⁱ⁾ Less than $1.

^(j) Illiquid security. Total illiquid securities represents 0.0% of net assets as of September 30, 2023.

See accompanying notes to consolidated financial statements.

39

AlphaCentric Funds

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

										AlphaCentric
	AlphaCentric Income			AlphaCentric Premium			AlphaCentric Robotics			Symmetry Strategy
	Opportunities Fund			Opportunity Fund			and Automation Fund			Fund (Consolidated)
ASSETS
Investment securities:
Investments, at cost	$	349,256,374		$	65,938,780		$	33,909,493		$	41,440,671
Investments, at value (including collateral for loaned securities $0, $0, $5,281,362, $0)	$	446,923,503		$	65,646,640		$	32,520,047		$	41,607,079
Cash & Cash Equivalents		171			—			—			—
Deposit with brokers for futures and swaps		—			18,636,605			—			2,200,739
Foreign currency (Cost $0, $0, $0, $4,326)		—			—			—			9,968
Receivable for securities sold		—			—			134,524			384,053
Receivable for Fund shares sold		40,908			51,627			23,184			34,917
Dividends and interest receivable		845,241			87,521			83,413			60,118
Upfront payment on swap		—			—			—			11,244
Unrealized appreciation on open futures contracts		—			—			—			1,864,425
Prepaid expenses and other assets		19,550			34,863			13,991			40,481
TOTAL ASSETS		447,829,373			84,457,256			32,775,159			46,213,024
LIABILITIES
Options Written (Proceeds $2,720,000)		—			2,582,000			—			—
Payable upon return of line of credit		13,077,000			—			—			—
Payable for investments purchased		—			—			194,618			397,164
Unrealized depreciation on swap contracts		—			—			—			1,938
Payable upon return of securities loaned		—			—			5,281,362			—
Unrealized depreciation on open futures contracts		—			1,435,597			—			395,467
Payable for Fund shares repurchased		302,136			62,779			1,017			—
Management fees payable		403,253			106,502			16,900			38,359
Distribution (12b-1) fees payable		14,022			—			—			787
Payable to related parties		23,788			13,490			627			1,746
Administration fees payable		80,828			4,022			3,851			5,359
Accrued expenses and other liabilities		202,217			45,941			15,948			12,356
TOTAL LIABILITIES		14,103,244			4,250,331			5,514,323			853,176
NET ASSETS	$	433,726,129		$	80,206,925		$	27,260,836		$	45,359,848
Composition of Net Assets:
Paid in capital	$	722,202,240		$	89,573,266		$	32,807,723		$	46,411,287
Accumulated loss		(288,476,111	)		(9,366,341	)		(5,546,887	)		(1,051,439	)
NET ASSETS	$	433,726,129		$	80,206,925		$	27,260,836		$	45,359,848
Net Asset Value Per Share:
Class A Shares (IOFAX, HMXAX, GNXAX, SYMAX):
Net Assets	$	42,461,421		$	7,111,855		$	3,125,958		$	264,334
Shares of beneficial interest outstanding (a)		5,260,604			288,531			301,276			22,230
Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share	$	8.07		$	24.65		$	10.38	(d)	$	11.89
Maximum offering price per share	$	8.47	(c)	$	26.15	(b)	$	11.01	(b)	$	12.62	(b)
Class C Shares (IOFCX, HMXCX, GNXCX, SYMCX):
Net Assets	$	33,665,007		$	1,826,191		$	545,724		$	911,725
Shares of beneficial interest outstanding (a)		4,188,828			77,732			55,382			78,272
Net asset value (Net Assets ÷ Shares Outstanding) offering price and redemption price per share	$	8.04		$	23.49		$	9.85		$	11.65
Class I Shares (IOFIX, HMXIX, GNXIX, SYMIX):
Net Assets	$	357,599,701		$	71,268,879		$	23,589,154		$	44,183,789
Shares of beneficial interest outstanding (a)		44,253,158			2,821,221			2,233,217			3,710,106
Net asset value (Net Assets ÷ Shares Outstanding) offering price and redemption price per share	$	8.08		$	25.26		$	10.56		$	11.91

(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 September 29, 2023 due to financial statement rounding and/or financial statement adjustments.

See accompanying notes to consolidated financial statements.

40

AlphaCentric Funds

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)(Continued)

September 30, 2023

				AlphaCentric SWBC
	AlphaCentric LifeSci			Municipal Opportunities			AlphaCentric Strategic
	Healthcare Fund			Fund			Income Fund
ASSETS
Investment securities:
Investments, at cost	$	112,565,876		$	9,560,758		$	64,474,505
Investments, at value	$	103,230,939		$	8,738,897		$	59,662,128
Foreign currency (Cost $35,207, $0, $0)		34,854			—			—
Deposit with brokers for futures and swaps		—			595,555			—
Upfront payment on swap		—			34,844			—
Receivable for securities sold		461,481			913,193			—
Receivable for Fund shares sold		155,462			4,917			540,361
Dividends and interest receivable		60,255			117,400			720,167
Amount due from Manager		—			2,615			—
Unrealized appreciation on open futures contracts		—			48,282			—
Prepaid expenses and other assets		58,544			14,472			40,149
TOTAL ASSETS		104,001,535			10,470,175			60,962,805
LIABILITIES
Payable for investments purchased		369,822			1,058,333			—
Unrealized depreciation on swap contracts		—			3,828			—
Payable for Fund shares repurchased		105,153			—			—
Management fees payable		88,635			—			49,902
Payable to related parties		2,209			43			2,624
Administration fees payable		6,187			2,305			5,485
Accrued expenses and other liabilities		7,849			17,013			1,272
TOTAL LIABILITIES		579,855			1,081,522			59,283
NET ASSETS	$	103,421,680		$	9,388,653		$	60,903,522
Composition of Net Assets:
Paid in capital	$	112,933,151		$	12,247,957		$	65,285,763
Accumulated loss		(9,511,471	)		(2,859,304	)		(4,382,241	)
NET ASSETS	$	103,421,680		$	9,388,653		$	60,903,522
Net Asset Value Per Share:
Class A Shares (LYFAX,MUNAX,SIIAX):
Net Assets	$	7,155,858		$	2,020,728		$	863,975
Shares of beneficial interest outstanding (a)		561,587			254,767			55,883
Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share	$	12.74		$	7.93		$	15.46
Maximum offering price per share	$	13.52	(b)	$	8.33	(c)	$	16.23	(c)
Class C Shares (LYFCX,MUNCX,SIICX):
Net Assets	$	1,196,911		$	413,340		$	1,404,363
Shares of beneficial interest outstanding (a)		95,526			52,079			91,029
Net asset value (Net Assets ÷ Shares Outstanding) offering price and redemption price per share	$	12.53		$	7.94		$	15.43
Class I Shares (LYFIX,MUNIX, SIIIX):
Net Assets	$	95,068,911		$	6,954,585		$	58,635,184
Shares of beneficial interest outstanding (a)		7,412,889			876,824			3,784,935
Net asset value (Net Assets ÷ Shares Outstanding) offering price and redemption price per share	$	12.82	(d)	$	7.93		$	15.49

(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”) shown above differs from the traded NAV on September 29, 2023 due to financial statement rounding and/or financial statement adjustments.

See accompanying notes to consolidated financial statements.

41

AlphaCentric Funds

STATEMENTS OF OPERATIONS (Unaudited)

For the Six Months Ended September 30, 2023

				AlphaCentric						AlphaCentric
				Premium			AlphaCentric			Symmetry Strategy
	AlphaCentric Income			Opportunity			Robotics and			Fund
	Opportunities Fund			Fund			Automation Fund			(Consolidated)
INVESTMENT INCOME
Dividends (ARAF and ASSF: Net of tax witholding of $14,247 and $966, respectively)	$	—		$	—		$	92,160		$	447,843
Interest		16,653,151			1,630,808			21,941			360,238
Securities lending income		—			—			140,714			—
TOTAL INVESTMENT INCOME		16,653,151			1,630,808			254,815			808,081
EXPENSES
Investment advisory fees		3,430,890			764,477			193,768			317,452
Distribution (12b-1) fees:
Class A		54,696			9,454			4,400			693
Class C		202,707			9,392			3,315			4,670
Line of credit fees		562,116			—			93			—
Shareholder servicing fees		261,226			68,804			17,613			7,685
Financial administration/fund accounting fees		241,591			37,202			17,841			29,622
Legal fees		123,664			7,348			10,337			11,468
Legal administration/management services fees		118,301			20,090			6,183			10,549
Printing and postage expenses		99,727			7,535			10,120			1,935
Registration fees		44,878			23,116			22,589			18,463
Custodian fees		17,645			3,302			7,360			10,835
Audit fees		15,757			7,069			8,323			9,181
Insurance expense		12,352			1,612			551			900
Compliance officer fees		12,231			4,757			6,667			5,116
Trustees fees and expenses		7,530			7,517			7,559			7,425
Interest expense		—			298			—			—
Other expenses		1,606			1,270			1,257			1,436
TOTAL EXPENSES		5,206,917			973,243			317,976			437,430
Less: Fees waived by the Adviser		(352,033	)		(85,264	)		(93,327	)		(56,070	)
NET EXPENSES		4,854,884			887,979			224,649			381,360
NET INVESTMENT INCOME		11,798,267			742,829			30,166			426,721
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from:
Investments		4,131,415			1,949,654			(1,509,765	)		385,419
Foreign Currencies Translation		—			(20	)		(28,470	)		6,024
Futures Contracts		—			7,050,910			—			438,085
Options Written		—			(3,066,079	)		—			—
Swap Contracts		—			—			—			19,753
		4,131,415			5,934,465			(1,538,235	)		849,281
Net change in unrealized appreciation (depreciation) on:
Investments		(33,355,168	)		(563,272	)		(1,692,470	)		(212,144	)
Foreign Currencies Translation		—			—			(1,054	)		2,562
Futures Contracts		—			(3,469,715	)		—			1,392,319
Options Written		—			123,155			—			—
Swap Contracts		—			—			—			(5,524	)
		(33,355,168	)		(3,909,832	)		(1,693,524	)		1,177,213
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS		(29,223,753	)		2,024,633			(3,231,759	)		2,026,494
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(17,425,486	)	$	2,767,462		$	(3,201,593	)	$	2,453,215

See accompanying notes to consolidated financial statements.

42

AlphaCentric Funds

STATEMENTS OF OPERATIONS (Unaudited)(Continued)

For the Six Months Ended September 30, 2023

				AlphaCentric
	AlphaCentric			SWBC Municipal			AlphaCentric
	LifeSci Healthcare			Opportunities			Strategic Income
	Fund			Fund			Fund
INVESTMENT INCOME
Dividends (ALHF : Net of tax withholding of $4,210)	$	160,917		$	44,351		$	1,454,662
Interest		175,270			206,644			770,215
TOTAL INVESTMENT INCOME		336,187			250,995			2,224,877
EXPENSES
Investment advisory fees		613,008			48,363			414,867
Distribution (12b-1) fees:
Class A		7,004			2,618			885
Class C		4,593			2,153			6,313
Financial administration/fund accounting fees		41,233			16,610			34,579
Shareholder servicing fees		27,656			4,686			15,526
Registration fees		22,589			8,532			21,121
Legal administration/management services fees		22,187			1,513			11,063
Legal fees		8,071			9,046			9,160
Audit fees		7,568			8,494			6,771
Trustees fees and expenses		7,423			7,567			7,451
Compliance officer fees		7,222			7,503			5,386
Custodian fees		5,893			2,104			2,164
Printing and postage expenses		3,191			358			7,580
Insurance expense		1,049			150			799
Line of Credit fees		—			34			120
Other expenses		1,259			1,257			1,257
TOTAL EXPENSES		779,946			120,988			545,042
Less: Fees waived/reimbursed by the Adviser		(80,829	)		(55,741	)		(125,103	)
NET EXPENSES		699,117			65,247			419,939
NET INVESTMENT INCOME (LOSS)		(362,930	)		185,748			1,804,938
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from:
Investments		2,284,807			(387,125	)		555,213
Futures Contracts		—			42,145			—
Swap Contracts		—			62,051			—
		2,284,807			(282,929	)		555,213
Net change in unrealized appreciation (depreciation) on:
Investments		(6,720,237	)		(372,959	)		1,472,473
Foreign Currency Translation		85			—			—
Futures Contracts		—			122,816			—
Swap Contracts		—			(13,462	)		—
		(6,720,152	)		(263,605	)		1,472,473
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS		(4,435,345	)		(546,534	)		2,027,686
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(4,798,275	)	$	(360,786	)	$	3,832,624

See accompanying notes to consolidated financial statements.

43

AlphaCentric Income Opportunities Fund

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	September 30, 2023			Year Ended
	(Unaudited)			March 31, 2023
FROM OPERATIONS
Net investment income	$	11,798,267		$	27,891,169
Net realized gain from investments		4,131,415			157,063,493
Net change in unrealized depreciation on investments		(33,355,168	)		(530,834,259	)
Net decrease in net assets resulting from operations		(17,425,486	)		(345,879,597	)
DISTRIBUTIONS TO SHAREHOLDERS
From return of capital:
Class A (IOFAX)		—			(2,390,279	)
Class C (IOFCX)		—			(1,841,953	)
Class I (IOFIX)		—			(34,902,633	)
Total distributions paid:
Class A (IOFAX)		(1,481,414	)		(1,022,781	)
Class C (IOFCX)		(1,198,685	)		(936,282	)
Class I (IOFIX)		(15,153,392	)		(13,874,753	)
Total distributions to shareholders		(17,833,491	)		(54,968,681	)
FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold:
Class A (IOFAX)		4,998,587			12,270,446
Class C (IOFCX)		335,343			1,725,448
Class I (IOFIX)		27,141,461			239,909,400
Net asset value of shares issued in reinvestment of distributions:
Class A (IOFAX)		1,356,436			3,104,924
Class C (IOFCX)		1,112,831			2,612,328
Class I (IOFIX)		12,597,777			39,393,370
Payments for shares repurchased:
Class A (IOFAX)		(5,283,661	)		(91,588,892	)
Class C (IOFCX)		(11,152,231	)		(38,281,062	)
Class I (IOFIX)		(181,543,218	)		(1,585,150,298	)
Net decrease in net assets from shares of beneficial interest		(150,436,675	)		(1,416,004,336	)
TOTAL DECREASE IN NET ASSETS		(185,695,652	)		(1,816,852,614	)
NET ASSETS
Beginning of Period		619,421,781			2,436,274,395
End of Period	$	433,726,129		$	619,421,781
SHARE ACTIVITY
Class A (IOFAX):
Shares Sold		587,226			1,280,165
Shares Reinvested		160,529			325,343
Shares Repurchased		(619,347	)		(9,208,368	)
Net increase (decrease) in shares of beneficial interest outstanding		128,408			(7,602,860	)
Class C (IOFCX):
Shares Sold		39,211			179,313
Shares Reinvested		131,934			277,465
Shares Repurchased		(1,312,237	)		(3,944,135	)
Net decrease in shares of beneficial interest outstanding		(1,141,092	)		(3,487,357	)
Class I (IOFIX):
Shares Sold		3,150,868			24,341,874
Shares Reinvested		1,485,770			4,115,225
Shares Repurchased		(21,218,355	)		(158,104,387	)
Net decrease in shares of beneficial interest outstanding		(16,581,717	)		(129,647,288	)

See accompanying notes to consolidated financial statements.

44

AlphaCentric Premium Opportunity Fund

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	September 30, 2023			Year Ended
	(Unaudited)			March 31, 2023
FROM OPERATIONS
Net investment income/(loss)	$	742,829		$	(409,250	)
Net realized gain (loss) from investments, future contracts and options written		5,934,465			(8,399,119	)
Net change in unrealized depreciation on investments, future contracts and options written		(3,909,832	)		(619,745	)
Net increase (decrease) in net assets resulting from operations		2,767,462			(9,428,114	)
FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold:
Class A (HMXAX)		509,321			3,030,670
Class C (HMXCX)		225,240			325,945
Class I (HMXIX)		9,462,651			33,030,617
Payments for shares repurchased:
Class A (HMXAX)		(1,075,177	)		(1,490,953	)
Class C (HMXCX)		(226,213	)		(1,979,796	)
Class I (HMXIX)		(20,669,392	)		(111,799,837	)
Net decrease in net assets from shares of beneficial interest		(11,773,570	)		(78,883,354	)
TOTAL DECREASE IN NET ASSETS		(9,006,108	)		(88,311,468	)
NET ASSETS
Beginning of Period		89,213,033			177,524,501
End of Period	$	80,206,925		$	89,213,033
SHARE ACTIVITY
Class A (HMXAX):
Shares Sold		20,583			128,113
Shares Repurchased		(42,595	)		(63,622	)
Net increase (decrease) in shares of beneficial interest outstanding		(22,012	)		64,491
Class C (HMXCX):
Shares Sold		9,668			14,329
Shares Repurchased		(9,591	)		(87,342	)
Net increase (decrease) in shares of beneficial interest outstanding		77			(73,013	)
Class I (HMXIX):
Shares Sold		374,104			1,356,731
Shares Repurchased		(809,119	)		(4,632,238	)
Net decrease in shares of beneficial interest outstanding		(435,015	)		(3,275,507	)

See accompanying notes to consolidated financial statements.

45

AlphaCentric Robotics and Automation Fund

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	September 30, 2023			Year Ended
	(Unaudited)			March 31, 2023
FROM OPERATIONS
Net investment income (loss)	$	30,166		$	(7,745	)
Net realized loss from investments and foreign currencies translation		(1,538,235	)		(2,542,486	)
Net change in unrealized depreciation on investments and foreign currencies translation		(1,693,524	)		(2,469,105	)
Net decrease in net assets resulting from operations		(3,201,593	)		(5,019,336	)
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions paid:
Class A (GNXAX)		—			(190,967	)
Class C (GNXCX)		—			(39,354	)
Class I (GNXIX)		—			(1,308,689	)
Total distributions to shareholders		—			(1,539,010	)
FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold:
Class A (GNXAX)		194,562			228,324
Class C (GNXCX)		19,260			590,745
Class I (GNXIX)		3,793,417			9,730,408
Net asset value of shares issued in reinvestment of distributions:
Class A (GNXAX)		—			175,548
Class C (GNXCX)		—			37,983
Class I (GNXIX)		—			1,021,076
Payments for shares repurchased:
Class A (GNXAX)		(430,291	)		(1,535,007	)
Class C (GNXCX)		(76,522	)		(986,251	)
Class I (GNXIX)		(4,750,991	)		(10,391,213	)
Net decrease in net assets from shares of beneficial interest		(1,250,565	)		(1,128,387	)
TOTAL DECREASE IN NET ASSETS		(4,452,158	)		(7,686,733	)
NET ASSETS
Beginning of Period		31,712,994			39,399,727
End of Period	$	27,260,836		$	31,712,994
SHARE ACTIVITY
Class A (GNXAX):
Shares Sold		17,083			19,516
Shares Reinvested		—			15,858
Shares Repurchased		(36,881	)		(132,789	)
Net decrease in shares of beneficial interest outstanding		(19,798	)		(97,415	)
Class C (GNXCX):
Shares Sold		1,893			58,395
Shares Reinvested		—			3,593
Shares Repurchased		(7,535	)		(94,397	)
Net decrease in shares of beneficial interest outstanding		(5,642	)		(32,409	)
Class I (GNXIX):
Shares Sold		318,786			818,422
Shares Reinvested		—			90,843
Shares Repurchased		(398,458	)		(874,531	)
Net increase (decrease) in shares of beneficial interest outstanding		(79,672	)		34,734

See accompanying notes to consolidated financial statements.

46

AlphaCentric Symmetry Strategy Fund

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	September 30, 2023			Year Ended
	(Unaudited)			March 31, 2023
FROM OPERATIONS
Net investment income	$	426,721		$	326,189
Net realized gain (loss) from investments, foreign currencies translation, futures contracts and swap contracts		849,281			(547,755	)
Net change in unrealized appreciation (depreciation) on investments, foreign currencies translation, futures contracts and swap contracts		1,177,213			(1,687,778	)
Net increase (decrease) in net assets resulting from operations		2,453,215			(1,909,344	)
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions paid:
Class A (SYMAX)		—			(50,614	)
Class C (SYMCX)		—			(71,984	)
Class I (SYMIX)		—			(4,629,201	)
Total distributions to shareholders		—			(4,751,799	)
FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold:
Class A (SYMAX)		4,752			872,238
Class C (SYMCX)		9,460			1,117,443
Class I (SYMIX)		2,173,221			25,514,484
Net asset value of shares issued in reinvestment of distributions:
Class A (SYMAX)		—			35,927
Class C (SYMCX)		—			71,886
Class I (SYMIX)		—			4,172,379
Payments for shares repurchased:
Class A (SYMAX)		(627,118	)		(191,747	)
Class C (SYMCX)		(96,653	)		(137,756	)
Class I (SYMIX)		(9,330,254	)		(9,138,073	)
Net increase (decrease) in net assets from shares of beneficial interest		(7,866,592	)		22,316,781
TOTAL INCREASE (DECREASE) IN NET ASSETS		(5,413,377	)		15,655,638
NET ASSETS
Beginning of Period		50,773,225			35,117,587
End of Period	$	45,359,848		$	50,773,225
SHARE ACTIVITY
Class A (SYMAX):
Shares Sold		408			71,906
Shares Reinvested		—			3,116
Shares Repurchased		(54,104	)		(15,632	)
Net increase (decrease) in shares of beneficial interest outstanding		(53,696	)		59,390
Class C (SYMCX):
Shares Sold		826			90,532
Shares Reinvested		—			6,328
Shares Repurchased		(8,398	)		(11,738	)
Net increase (decrease) in shares of beneficial interest outstanding		(7,572	)		85,122
Class I (SYMIX):
Shares Sold		187,439			2,018,139
Shares Reinvested		—			361,872
Shares Repurchased		(808,461	)		(785,934	)
Net increase (decrease) in shares of beneficial interest outstanding		(621,022	)		1,594,077

See accompanying notes to consolidated financial statements.

47

AlphaCentric LifeSci Healthcare Fund

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	September 30, 2023			Year Ended
	(Unaudited)			March 31, 2023
FROM OPERATIONS
Net investment loss	$	(362,930	)	$	(230,930	)
Net realized gain from investments		2,284,807			596,506
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation		(6,720,152	)		857,030
Net increase (decrease) in net assets resulting from operations		(4,798,275	)		1,222,606
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions paid:
Class A (LYFAX)		—			(84,977	)
Class C (LYFCX)		—			(15,109	)
Class I (LYFIX)		—			(2,098,747	)
Total distributions to shareholders		—			(2,198,833	)
FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold:
Class A (LYFAX)		4,680,612			3,088,160
Class C (LYFCX)		625,512			496,202
Class I (LYFIX)		43,035,200			57,979,380
Net asset value of shares issued in reinvestment of distributions:
Class A (LYFAX)		—			69,852
Class C (LYFCX)		—			14,303
Class I (LYFIX)		—			1,722,708
Payments for shares repurchased:
Class A (LYFAX)		(926,011	)		(1,071,666	)
Class C (LYFCX)		(81,263	)		(89,040	)
Class I (LYFIX)		(18,629,944	)		(13,317,881	)
Net increase in net assets from shares of beneficial interest		28,704,106			48,892,018
TOTAL INCREASE IN NET ASSETS		23,905,831			47,915,791
NET ASSETS
Beginning of Period		79,515,849			31,600,058
End of Period	$	103,421,680		$	79,515,849
SHARE ACTIVITY
Class A (LYFAX):
Shares Sold		341,733			232,845
Shares Reinvested		—			5,802
Shares Repurchased		(67,411	)		(87,030	)
Net increase in shares of beneficial interest outstanding		274,322			151,617
Class C (LYFCX):
Shares Sold		47,030			37,659
Shares Reinvested		—			1,201
Shares Repurchased		(6,049	)		(6,962	)
Net increase in shares of beneficial interest outstanding		40,981			31,898
Class I (LYFIX):
Shares Sold		3,110,786			4,414,786
Shares Reinvested		—			142,373
Shares Repurchased		(1,360,866	)		(1,091,546	)
Net increase in shares of beneficial interest outstanding		1,749,920			3,465,613

See accompanying notes to consolidated financial statements.

48

AlphaCentric SWBC Municipal Opportunities Fund

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	September 30, 2023			Year Ended
	(Unaudited)			March 31, 2023
FROM OPERATIONS
Net investment income	$	185,748		$	328,695
Net realized loss from investments, futures contracts and swaps contracts		(282,929	)		(937,292	)
Net change in unrealized depreciation on investments, futures contracts and swap contracts		(263,605	)		(45,711	)
Net decrease in net assets resulting from operations		(360,786	)		(654,308	)
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions paid:
Class A (MUNAX)		(47,528	)		(69,968	)
Class C (MUNCX)		(8,181	)		(11,051	)
Class I (MUNIX)		(171,357	)		(243,659	)
Total distributions to shareholders		(227,066	)		(324,678	)
FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold:
Class A (MUNAX)		4,765			86,527
Class I (MUNIX)		641,134			3,121,128
Net asset value of shares issued in reinvestment of distributions:
Class A (MUNAX)		43,667			64,095
Class C (MUNCX)		5,539			7,430
Class I (MUNIX)		145,772			172,181
Payments for shares repurchased:
Class A (MUNAX)		—			(60	)
Class I (MUNIX)		(557,714	)		(1,673,641	)
Net increase in net assets from shares of beneficial interest		283,163			1,777,660
TOTAL INCREASE (DECREASE) IN NET ASSETS		(304,689	)		798,674
NET ASSETS
Beginning of Period		9,693,342			8,894,668
End of Period	$	9,388,653		$	9,693,342
SHARE ACTIVITY
Class A (MUNAX):
Shares Sold		573			9,331
Shares Reinvested		5,295			7,502
Shares Repurchased		—			(7	)
Net increase in shares of beneficial interest outstanding		5,868			16,826
Class C (MUNCX):
Shares Reinvested		672			869
Net increase in shares of beneficial interest outstanding		672			869
Class I (MUNIX):
Shares Sold		77,046			358,688
Shares Reinvested		17,666			20,157
Shares Repurchased		(66,822	)		(198,175	)
Net increase in shares of beneficial interest outstanding		27,890			180,670

See accompanying notes to consolidated financial statements.

49

AlphaCentric Strategic Income Fund

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	September 30, 2023			Year Ended
	(Unaudited)			March 31, 2023
FROM OPERATIONS
Net investment income	$	1,804,938		$	1,765,914
Net realized gain from investments		555,213			409,394
Net change in unrealized appreciation (depreciation) on investments		1,472,473			(7,127,240	)
Net increase (decrease) in net assets resulting from operations		3,832,624			(4,951,932	)
DISTRIBUTIONS TO SHAREHOLDERS
From return of capital:
Class A (SIIAX)		—			(4,931	)
Class C (SIICX)		—			(11,890	)
Class I (SIIIX)		—			(693,518	)
Total distributions paid:
Class A (SIIAX)		(24,652	)		(11,026	)
Class C (SIICX)		(38,538	)		(33,781	)
Class I (SIIIX)		(1,866,821	)		(2,130,505	)
Total distributions to shareholders		(1,930,011	)		(2,885,651	)
FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold:
Class A (SIIAX)		365,157			253,527
Class C (SIICX)		455,115			652,544
Class I (SIIIX)		17,473,441			17,696,460
Net asset value of shares issued in reinvestment of distributions:
Class A (SIIAX)		23,764			15,957
Class C (SIICX)		35,665			43,414
Class I (SIIIX)		1,258,520			1,861,561
Payments for shares repurchased:
Class A (SIIAX)		(9,144	)		(12,039	)
Class C (SIICX)		(110,737	)		(164,451	)
Class I (SIIIX)		(8,451,305	)		(10,896,446	)
Net increase in net assets from shares of beneficial interest		11,040,476			9,450,527
TOTAL INCREASE IN NET ASSETS		12,943,089			1,612,944
NET ASSETS
Beginning of Period		47,960,433			46,347,489
End of Period	$	60,903,522		$	47,960,433
SHARE ACTIVITY
Class A (SIIAX):
Shares Sold		23,544			17,251
Shares Reinvested		1,526			1,027
Shares Repurchased		(600	)		(794	)
Net increase in shares of beneficial interest outstanding		24,470			17,484
Class C (SIICX):
Shares Sold		29,775			42,263
Shares Reinvested		2,296			2,800
Shares Repurchased		(7,303	)		(10,704	)
Net increase in shares of beneficial interest outstanding		24,768			34,359
Class I (SIIIX):
Shares Sold		1,112,283			1,114,416
Shares Reinvested		80,715			119,010
Shares Repurchased		(532,759	)		(683,237	)
Net increase in shares of beneficial interest outstanding		660,239			550,189

See accompanying notes to consolidated financial statements.

50

AlphaCentric Income Opportunities Fund

FINANCIAL HIGHLIGHTS

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

	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	September 30, 2023			March 31,			March 31,			March 31,			March 31,			March 31,
Class A (IOFAX)	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	8.68		$	11.48		$	11.50		$	8.15		$	12.28		$	12.23
Activity from investment operations:
Net investment income (1)		0.18			0.22			0.13			0.19			0.46			0.56
Net realized and unrealized gain (loss) on investments		(0.51	)		(2.52	)		0.30			3.62			(4.02	)		0.08
Total from investment operations		(0.33	)		(2.30	)		0.43			3.81			(3.56	)		0.64
Less distributions from:
Net investment income		(0.28	)		(0.19	)		(0.26	)		(0.21	)		(0.48	)		(0.57	)
Return of capital		—			(0.31	)		(0.19	)		(0.25	)		(0.09	)		(0.02	)
Total distributions		(0.28	)		(0.50	)		(0.45	)		(0.46	)		(0.57	)		(0.59	)
Net asset value, end of period	$	8.07		$	8.68		$	11.48		$	11.50		$	8.15		$	12.28
Total return (2)(5)		(3.80	)%		(20.20	)%		3.68	%		47.64	%		(30.45	)%		5.31	%
Net assets, at end of period (000s)	$	42,461		$	44,561		$	146,192		$	221,961		$	152,646		$	334,481
Ratio of gross expenses to average net assets before expense reimbursement or recapture (3)(4)		2.13	% (12)		2.18	% (11)		1.95	% (10)		1.97	% (9)		1.93	% (8)		1.92	% (7)
Ratio of net expenses to average net assets after expense reimbursement or recapture (4)		2.00	% (12)		1.90	% (11)		1.76	% (10)		1.75	% (9)		1.75	% (8)		1.75	% (7)
Ratio of net investment income to average net assets (4)(6)		4.28	% (12)		2.32	% (11)		1.09	% (10)		1.83	% (9)		3.67	% (8)		4.56	% (7)
Portfolio Turnover Rate (5)		6	%		0	%		14	%		3	%		54	%		33	%

(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) Annualized for periods less than one year.

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

(6) 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.

(7) Includes 0.01% for the year ended March 31, 2019 attributed to line of credit fees which are not subject to waiver by the adviser.

(8) Includes 0.01% for the year ended March 31, 2020 attributed to line of credit fees which are not subject to waiver by the adviser.

(9) 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.

(10) 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.

(11) 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.

(12) Includes 0.26% for the six months ended September 30, 2023 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.

51

AlphaCentric Income Opportunities Fund

FINANCIAL HIGHLIGHTS

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

	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	September 30, 2023			March 31,			March 31,			March 31,			March 31,			March 31,
Class C (IOFCX)	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	8.65		$	11.43		$	11.45		$	8.12		$	12.24		$	12.20
Activity from investment operations:
Net investment income (1)		0.16			0.16			0.04			0.11			0.37			0.47
Net realized and unrealized gain (loss) on investments		(0.51	)		(2.51	)		0.30			3.61			(4.01	)		0.07
Total from investment operations		(0.35	)		(2.35	)		0.34			3.72			(3.64	)		0.54
Less distributions from:
Net investment income		(0.26	)		(0.17	)		(0.21	)		(0.14	)		(0.41	)		(0.48	)
Return of capital		—			(0.26	)		(0.15	)		(0.25	)		(0.07	)		(0.02	)
Total distributions		(0.26	)		(0.43	)		(0.36	)		(0.39	)		(0.48	)		(0.50	)
Net asset value, end of period	$	8.04		$	8.65		$	11.43		$	11.45		$	8.12		$	12.24
Total return (2)(5)		(4.18	)%		(20.74	)%		2.92	%		46.47	%		(30.98	)%		4.50	%
Net assets, at end of period (000s)	$	33,665		$	46,084		$	100,794		$	118,599		$	87,724		$	98,682
Ratio of gross expenses to average net assets before expense reimbursement or recapture (3)(4)		2.88	% (12)		2.93	% (11)		2.71	% (10)		2.72	% (9)		2.68	% (8)		2.68	% (7)
Ratio of net expenses to average net assets after expense reimbursement or recapture (4)		2.74	% (12)		2.65	% (11)		2.51	% (10)		2.50	% (9)		2.50	% (8)		2.50	% (7)
Ratio of net investment income to average net assets (4)(6)		3.56	% (12)		1.66	% (11)		0.34	% (10)		1.08	% (9)		2.95	% (8)		3.80	% (7)
Portfolio Turnover Rate (5)		6	%		0	%		14	%		3	%		54	%		33	%

(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) Annualized for periods less than one year.

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

(6) 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.

(7) Includes 0.01% for the year ended March 31, 2019 attributed to line of credit fees which are not subject to waiver by the adviser.

(8) Includes 0.01% for the year ended March 31, 2020 attributed to line of credit fees which are not subject to waiver by the adviser.

(9) 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.

(10) 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.

(11) 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.

(12) Includes 0.25% for the six months ended September 30, 2023 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.

52

AlphaCentric Income Opportunities Fund

FINANCIAL HIGHLIGHTS

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

	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	September 30, 2023			March 31,			March 31,			March 31,			March 31,			March 31,
Class I (IOFIX)	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	8.69		$	11.49		$	11.51		$	8.16		$	12.30		$	12.25
Activity from investment operations:
Net investment income (1)		0.20			0.25			0.16			0.22			0.50			0.59
Net realized and unrealized gain (loss) on investments		(0.51	)		(2.52	)		0.30			3.63			(4.03	)		0.08
Total from investment operations		(0.31	)		(2.27	)		0.46			3.85			(3.53	)		0.67
Less distributions from:
Net investment income		(0.30	)		(0.20	)		(0.28	)		(0.23	)		(0.52	)		(0.60	)
Return of capital		—			(0.33	)		(0.20	)		(0.27	)		(0.09	)		(0.02	)
Total distributions		(0.30	)		(0.53	)		(0.48	)		(0.50	)		(0.61	)		(0.62	)
Net asset value, end of period	$	8.08		$	8.69		$	11.49		$	11.51		$	8.16		$	12.30
Total return (2)(5)		(3.67	)%		(19.99	)%		3.93	%		47.94	%		(30.29	)%		5.56	%
Net assets, at end of period (000s)	$	357,600		$	528,778		$	2,189,289		$	3,315,245		$	1,515,562		$	2,169,166
Ratio of gross expenses to average net assets before expense reimbursement or recapture (3)(4)		1.88	% (12)		1.93	% (11)		1.70	% (10)		1.72	% (9)		1.68	% (8)		1.68	% (7)
Ratio of net expenses to average net assets after expense reimbursement or recapture (4)		1.74	% (12)		1.65	% (11)		1.51	% (10)		1.50	% (9)		1.50	% (8)		1.50	% (7)
Ratio of net investment income to average net assets (4)(6)		4.58	% (12)		2.56	% (11)		1.34	% (10)		2.07	% (9)		3.91	% (8)		4.80	% (7)
Portfolio Turnover Rate (5)		6	%		0	%		14	%		3	%		54	%		33	%

(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) Annualized for periods less than one year.

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

(6) 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.

(7) Includes 0.01% for the year ended March 31, 2019 attributed to line of credit fees which are not subject to waiver by the adviser.

(8) Includes 0.01% for the year ended March 31, 2020 attributed to line of credit fees which are not subject to waiver by the adviser.

(9) 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.

(10) 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.

(11) 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.

(12) Includes 0.25% for the six months ended September 30, 2023 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.

53

AlphaCentric Premium Opportunity Fund

FINANCIAL HIGHLIGHTS

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

	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	September 30, 2023			March 31,			March 31,			March 31,			March 31,			March 31,
Class A (HMXAX)	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	24.00		$	25.14		$	25.80		$	23.12		$	18.70		$	16.26
Activity from investment operations:
Net investment income (loss) (1)		0.19			(0.07	)		(0.58	)		(0.53	)		(0.06	)		(0.10	)
Net realized and unrealized gain (loss) on investments		0.46			(1.07	)		1.19			3.79			4.48			2.54
Total from investment operations		0.65			(1.14	)		0.61			3.26			4.42			2.44
Less distributions from:
Net realized gains		—			—			(1.27	)		(0.58	)		—			—
Total distributions		—			—			(1.27	)		(0.58	)		—			—
Net asset value, end of period	$	24.65		$	24.00		$	25.14		$	25.80		$	23.12		$	18.70
Total return (2)(5)		2.71	%		(4.53	)%		2.24	%		14.17	%		23.64	%		15.01	%
Net assets, at end of period (000s)	$	7,112		$	7,452		$	6,187		$	6,455		$	1,722		$	1,604
Ratio of gross expenses to average net assets before expense reimbursement or recapture (3)(4)		2.44	%		2.37	%		2.25	%		2.31	% (9)		3.19	% (8)		3.47	% (7)
Ratio of net expenses to average net assets after expense reimbursement or recapture (4)		2.24	%		2.24	%		2.24	%		2.25	% (9)		2.33	% (8)		2.32	% (7)
Ratio of net investment income (loss) to average net assets (4)		1.50	%		(0.31	)%		(2.22	)%		(2.11	)% (9)		(0.31	)% (8)		(0.61	)% (7)
Portfolio Turnover Rate (5)(6)		0	%		0	%		0	%		9	%		0	%		54	%

(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) Annualized for periods less than one year.

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

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

(7) Includes 0.08% for the year ended March 31, 2019 attributable to margin expense on short sales, which is not subject to waiver by the adviser.

(8) Includes 0.09% for the year ended March 31, 2020 attributable to margin expense on short sales, which is not subject to waiver by the adviser.

(9) 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.

See accompanying notes to consolidated financial statements.

54

AlphaCentric Premium Opportunity Fund

FINANCIAL HIGHLIGHTS

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

	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	September 30, 2023			March 31,			March 31,			March 31,			March 31,			March 31,
Class C (HMXCX)	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	22.96		$	24.24		$	25.10		$	22.68		$	18.38		$	16.10
Activity from investment operations:
Net investment income (loss) (1)		0.09			(0.29	)		(0.75	)		(0.71	)		(0.25	)		(0.23	)
Net realized and unrealized gain (loss) on investments		0.44			(0.99	)		1.16			3.71			4.55			2.51
Total from investment operations		0.53			(1.28	)		0.41			3.00			4.30			2.28
Less distributions from:
Net realized gains		—			—			(1.27	)		(0.58	)		—			—
Total distributions		—			—			(1.27	)		(0.58	)		—			—
Net asset value, end of period	$	23.49		$	22.96		$	24.24		$	25.10		$	22.68		$	18.38
Total return (2)(5)		2.31	%		(5.28	)%		1.50	%		13.29	%		23.40	%		14.16	%
Net assets, at end of period (000s)	$	1,826		$	1,783		$	3,652		$	2,079		$	164		$	62
Ratio of gross expenses to average net assets before expense reimbursement or recapture (3)(4)		3.19	%		3.12	%		3.00	%		3.06	% (9)		3.94	% (8)		4.23	% (7)
Ratio of net expenses to average net assets after expense reimbursement or recapture (4)		2.99	%		2.99	%		2.99	%		3.00	% (9)		3.04	% (8)		3.06	% (7)
Ratio of net investment income (loss) to average net assets (4)		0.74	%		(1.30	)%		(2.97	)%		(2.88	)% (9)		(1.23	)% (8)		(1.37	)% (7)
Portfolio Turnover Rate (5)(6)		0	%		0	%		0	%		9	%		0	%		54	%

(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) Annualized for periods less than one year.

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

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

(7) Includes 0.07% for the year ended March 31, 2019 attributable to margin expense on short sales, which is not subject to waiver by the adviser.

(8) Includes 0.05% for the year ended March 31, 2020 attributable to margin expense on short sales, which is not subject to waiver by the adviser.

(9) 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.

See accompanying notes to consolidated financial statements.

55

AlphaCentric Premium Opportunity Fund

FINANCIAL HIGHLIGHTS

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

	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	September 30, 2023			March 31,			March 31,			March 31,			March 31,			March 31,
Class I (HMXIX)	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	24.56		$	25.67		$	26.25		$	23.46		$	18.93		$	16.42
Activity from investment operations:
Net investment income (loss) (1)		0.22			(0.07	)		(0.52	)		(0.48	)		(0.03	)		(0.05	)
Net realized and unrealized gain (loss) on investments		0.48			(1.04	)		1.21			3.85			4.56			2.56
Total from investment operations		0.70			(1.11	)		0.69			3.37			4.53			2.51
Less distributions from:
Net realized gains		—			—			(1.27	)		(0.58	)		—			—
Total distributions		—			—			(1.27	)		(0.58	)		—			—
Net asset value, end of period	$	25.26		$	24.56		$	25.67		$	26.25		$	23.46		$	18.93
Total return (2)(5)		2.85	%		(4.32	)%		2.51	%		14.43	%		23.93	%		15.29	%
Net assets, at end of period (000s)	$	71,269		$	79,979		$	167,686		$	93,490		$	26,792		$	6,867
Ratio of gross expenses to average net assets before expense reimbursement or recapture (3)(4)		2.19	%		2.12	%		2.01	%		2.06	% (9)		2.94	% (8)		3.20	% (7)
Ratio of net expenses to average net assets after expense reimbursement or recapture (4)		1.99	%		1.99	%		1.99	%		2.00	% (9)		2.05	% (8)		2.09	% (7)
Ratio of net investment income (loss) to average net assets (4)		1.74	%		(0.30	)%		(1.97	)%		(1.87	)% (9)		(0.13	)% (8)		(0.32	)% (7)
Portfolio Turnover Rate (5)(6)		0	%		0	%		0	%		9	%		0	%		54	%

(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) Annualized for periods less than one year.

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

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

(7) Includes 0.10% for the year ended March 31, 2019 attributable to margin expense on short sales, which is not subject to waiver by the adviser.

(8) Includes 0.06% for the year ended March 31, 2020 attributable to margin expense on short sales, which is not subject to waiver by the adviser.

(9) 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.

See accompanying notes to consolidated financial statements.

56

AlphaCentric Robotics and Automation Fund

FINANCIAL HIGHLIGHTS

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

	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	September 30, 2023			March 31,			March 31,			March 31,			March 31,			March 31,
Class A (GNXAX)	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	11.61		$	13.99		$	17.06		$	9.63		$	11.46		$	12.50
Activity from investment operations:
Net investment income (loss) (1)		0.00 (8)			(0.02	)		(0.14	)		(0.14	)		(0.08	)		(0.10	)
Net realized and unrealized gain (loss) on investments		(1.23	)		(1.78	)		(2.20	)		7.57			(1.75	)		(0.62	)
Total from investment operations		(1.23	)		(1.80	)		(2.34	)		7.43			(1.83	)		(0.72	)
Less distributions from:
Net realized gains		—			(0.58	)		(0.73	)		—			—			(0.32	)
Total distributions		—			(0.58	)		(0.73	)		—			—			(0.32	)
Net asset value, end of period	$	10.38		$	11.61		$	13.99		$	17.06		$	9.63		$	11.46
Total return (2)(5)		(10.59	)%		(12.70	)%		(14.41	)%		77.15	%		(15.97	)%		(5.29	)%
Net assets, at end of period (000s)	$	3,126		$	3,729		$	5,853		$	7,796		$	4,711		$	4,450
Ratio of gross expenses to average net assets before expense reimbursement or recapture (3)(4)		2.25	% (7)		2.31	%		2.02	%		2.10	%		2.18	%		2.41	% (6)
Ratio of net expenses to average net assets after expense reimbursement or recapture (4)		1.65	% (7)		1.65	%		1.65	%		1.65	%		1.65	%		1.67	% (6)
Ratio of net investment income (loss) to average net assets (4)		0.00	% (7)		(0.20	)%		(0.85	)%		(0.96	)%		(0.69	)%		(0.84	)% (6)
Portfolio Turnover Rate (5)		31	%		38	%		73	%		125	%		315	%		297	%

(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) Annualized for periods less than one year.

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

(6) Includes 0.02% for the year ended March 31, 2019 attributable to interest expense, which is not subject to waiver by the adviser.

(7) Includes 0.00% for the six months ended September 30, 2023 attributed to borrowing costs (line of credit fees) which are not subject to waiver by the adviser.

(8) Less than $0.01

See accompanying notes to consolidated financial statements.

57

AlphaCentric Robotics and Automation Fund

FINANCIAL HIGHLIGHTS

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

	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	September 30, 2023			March 31,			March 31,			March 31,			March 31,			March 31,
Class C (GNXCX)	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	11.07		$	13.47		$	16.57		$	9.43		$	11.30		$	12.43
Activity from investment operations:
Net investment loss (1)		(0.04	) (8)		(0.10	)		(0.26	)		(0.24	)		(0.16	)		(0.17	)
Net realized and unrealized gain (loss) on investments		(1.18	)		(1.72	)		(2.11	)		7.38			(1.71	)		(0.64	)
Total from investment operations		(1.22	)		(1.82	)		(2.37	)		7.14			(1.87	)		(0.81	)
Less distributions from:
Net realized gains		—			(0.58	)		(0.73	)		—			—			(0.32	)
Total distributions		—			(0.58	)		(0.73	)		—			—			(0.32	)
Net asset value, end of period	$	9.85		$	11.07		$	13.47		$	16.57		$	9.43		$	11.30
Total return (2)(5)		(11.02	)%		(13.34	)%		(15.03	)%		75.72	%		(16.55	)%		(6.05	)%
Net assets, at end of period (000s)	$	546		$	676		$	1,258		$	1,258		$	828		$	767
Ratio of gross expenses to average net assets before expense reimbursement or recapture (3)(4)		3.00	% (7)		3.06	%		2.78	%		2.85	%		2.93	%		3.17	% (6)
Ratio of net expenses to average net assets after expense reimbursement or recapture (4)		2.40	% (7)		2.40	%		2.40	%		2.40	%		2.40	%		2.41	% (6)
Ratio of net investment loss to average net assets (4)		(0.76	)% (7)		(0.96	)%		(1.61	)%		(1.71	)%		(1.47	)%		(1.50	)% (6)
Portfolio Turnover Rate (5)		31	%		38	%		73	%		125	%		315	%		297	%

(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) Annualized for periods less than one year.

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

(6) Includes 0.01% for the year ended March 31, 2019 attributable to interest expense, which is not subject to waiver by the adviser.

(7) Includes 0.00% for the six months ended September 30, 2023 attributed to borrowing costs (line of credit fees) which are not subject to waiver by the adviser.

(8) 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.

See accompanying notes to consolidated financial statements.

58

AlphaCentric Robotics and Automation Fund

FINANCIAL HIGHLIGHTS

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

	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	September 30, 2023			March 31,			March 31,			March 31,			March 31,			March 31,
Class I (GNXIX)	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	11.81		$	14.17		$	17.23		$	9.71		$	11.52		$	12.54
Activity from investment operations:
Net investment income (loss) (1)		0.02			0.01	(7)		(0.10	)		(0.10	)		(0.05	)		(0.06	)
Net realized and unrealized gain (loss) on investments		(1.27	)		(1.79	)		(2.23	)		7.62			(1.76	)		(0.64	)
Total from investment operations		(1.25	)		(1.78	)		(2.33	)		7.52			(1.81	)		(0.70	)
Less distributions from:
Net realized gains		—			(0.58	)		(0.73	)		—			—			(0.32	)
Total distributions		—			(0.58	)		(0.73	)		—			—			(0.32	)
Net asset value, end of period	$	10.56		$	11.81		$	14.17		$	17.23		$	9.71		$	11.52
Total return (2)(5)		(10.58	)%		(12.39	)%		(14.21	)%		77.45	%		(15.71	)%		(5.11	)%
Net assets, at end of period (000s)	$	23,589		$	27,309		$	32,289		$	34,754		$	20,392		$	17,968
Ratio of gross expenses to average net assets before expense reimbursement or recapture (3)(4)		2.00	% (8)		2.06	%		1.78	%		1.85	%		1.93	%		2.16	% (6)
Ratio of net expenses to average net assets after expense reimbursement or recapture (4)		1.40	% (8)		1.40	%		1.40	%		1.40	%		1.40	%		1.42	% (6)
Ratio of net investment income (loss) to average net assets (4)		0.24	% (8)		0.03	%		(0.60	)%		(0.70	)%		(0.46	)%		(0.53	)% (6)
Portfolio Turnover Rate (5)		31	%		38	%		73	%		125	%		315	%		297	%

(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) Annualized for periods less than one year.

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

(6) Includes 0.02% for the year ended March 31, 2019 attributable to interest expense, which is not subject to waiver by the adviser.

(7) 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.

(8) Includes 0.00% for the six months ended September 30, 2023 attributed to borrowing costs (line of credit fees) which are not subject to waiver by the adviser.

See accompanying notes to consolidated financial statements.

59

AlphaCentric Symmetry Strategy Fund

CONSOLIDATED FINANCIAL HIGHLIGHTS

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

	Six Months Ended			Year Ended			Year Ended			Year Ended			Period Ended
	September 30, 2023			March 31,			March 31,			March 31,			March 31,
Class A (SYMAX)	(Unaudited)			2023			2022			2021			2020 (1)
Net asset value, beginning of period	$	11.30		$	12.76		$	11.46		$	9.75		$	11.28
Activity from investment operations:
Net investment income (loss) (2)		0.09			0.08			(0.08	)		(0.04	)		0.05
Net realized and unrealized gain (loss) on investments		0.50			(0.43	)		1.40			1.89			(1.33	) (8)
Total from investment operations		0.59			(0.35	)		1.32			1.85			(1.28	)
Less distributions from:
Net investment income		—			(0.98	)		(0.02	)		(0.14	)		(0.25	)
Net realized gains		—			(0.13	)		—			—			—
Total distributions		—			(1.11	)		(0.02	)		(0.14	)		(0.25	)
Net asset value, end of period	$	11.89		$	11.30		$	12.76		$	11.46		$	9.75
Total return (3)(6)		5.22	%		(2.86	)%		11.57	%		19.11	%		(11.64	)%
Net assets, at end of period (000s)	$	264		$	858		$	211		$	1,016	(7)	$	865	(7)
Ratio of gross expenses to average net assets before expense reimbursement or recapture (4)(5)		2.09	%		1.95	%		2.38	% (11)		2.63	% (10)		2.51	% (9)
Ratio of net expenses to average net assets after expense reimbursement or recapture (5)		1.85	%		1.85	%		2.01	% (11)		2.26	% (10)		2.25	% (9)
Ratio of net investment income (loss) to average net assets (5)		1.56	%		0.65	%		(0.54	)% (11)		(0.45	)% (10)		0.38	% (9)
Portfolio Turnover Rate (6)		111	%		362	%		189	%		121	%		133	%

(1) AlphaCentric Symmetry Strategy Fund Class A commenced operations on August 8, 2019.

(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 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) Annualized for periods less than one year.

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

(7) Actual net assets, not truncated.

(8) As required by SEC standard per share calculation methodology, this represents a rebalancing figure derived from other amounts in the financial highlights tables that captures all other changes affecting net asset value per share. This per share gain amount does not correlate to the aggregate of the net realized and unrealized loss in the Statement of Operations for the period ended March 31, 2020, primarily due to the timing of sales and repurchases of the Fund’s shares in relation to fluctuating market values of the Fund’s portfolio.

(9) Includes 0.01% for the period ended March 31, 2020 attributable to margin expense on futures, which is not subject to waiver by the adviser.

(10) 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.

(11) 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.

See accompanying notes to consolidated financial statements.

60

AlphaCentric Symmetry Strategy Fund

CONSOLIDATED FINANCIAL HIGHLIGHTS

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

	Six Months Ended			Year Ended			Year Ended			Year Ended			Period Ended
	September 30, 2023			March 31,			March 31,			March 31,			March 31,
Class C (SYMCX)	(Unaudited)			2023			2022			2021			2020 (1)
Net asset value, beginning of period	$	11.11		$	12.63		$	11.42		$	9.75		$	11.28
Activity from investment operations:
Net investment income (loss) (2)		0.05			0.01			(0.15	)		(0.12	)		(0.00	) (7)
Net realized and unrealized gain (loss) on investments		0.49			(0.44	)		1.36			1.88			(1.33	) (9)
Total from investment operations		0.54			(0.43	)		1.21			1.76			(1.33	)
Less distributions from:
Net investment income		—			(0.96	)		—			(0.09	)		(0.20	)
Net realized gains		—			(0.13	)		—			—			—
Total distributions		—			(1.09	)		—			(0.09	)		(0.20	)
Net asset value, end of period	$	11.65		$	11.11		$	12.63		$	11.42		$	9.75
Total return (3)(6)		4.86	%		(3.53	)%		10.60	%		18.10	%		(11.97	)%
Net assets, at end of period (000s)	$	912		$	954		$	9		$	1,013	(8)	$	864	(8)
Ratio of gross expenses to average net assets before expense reimbursement or recapture (4)(5)		2.84	%		2.70	%		3.12	% (12)		3.37	% (11)		3.26	% (10)
Ratio of net expenses to average net assets after expense reimbursement or recapture (5)		2.60	%		2.60	%		2.76	% (12)		3.01	% (11)		3.00	% (10)
Ratio of net investment income (loss) to average net assets (5)		0.85	%		0.06	%		(1.29	)% (12)		(1.20	)% (11)		(0.16	)% (10)
Portfolio Turnover Rate (6)		111	%		362	%		189	%		121	%		133	%

(1) AlphaCentric Symmetry Strategy Fund Class C commenced operations on August 8, 2019.

(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 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) Annualized for periods less than one year.

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

(7) Less than $0.01

(8) Actual net assets, not truncated.

(9) As required by SEC standard per share calculation methodology, this represents a rebalancing figure derived from other amounts in the financial highlights tables that captures all other changes affecting net asset value per share. This per share gain amount does not correlate to the aggregate of the net realized and unrealized loss in the Statement of Operations for the period ended March 31, 2020, primarily due to the timing of sales and repurchases of the Fund’s shares in relation to fluctuating market values of the Fund’s portfolio.

(10) Includes 0.01% for the period ended March 31, 2020 attributable to margin expense on futures, which is not subject to waiver by the adviser.

(11) 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.

(12) 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.

See accompanying notes to consolidated financial statements.

61

AlphaCentric Symmetry Strategy Fund

CONSOLIDATED FINANCIAL HIGHLIGHTS

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

	Six Months Ended			Year Ended			Year Ended			Year Ended			Period Ended
	September 30, 2023			March 31,			March 31,			March 31,			March 31,
Class I (SYMIX)	(Unaudited)			2023			2022			2021			2020 (1)
Net asset value, beginning of period	$	11.30		$	12.75		$	11.44		$	9.75		$	11.28
Activity from investment operations:
Net investment income (loss) (2)		0.10			0.08			(0.04	)		(0.02	)		0.07
Net realized and unrealized gain (loss) on investments		0.51			(0.40	)		1.38			1.89			(1.33	) (7)
Total from investment operations		0.61			(0.32	)		1.34			1.87			(1.26	)
Less distributions from:
Net investment income		—			(1.00	)		(0.03	)		(0.18	)		(0.27	)
Net realized gains		—			(0.13	)		—			—			—
Total distributions		—			(1.13	)		(0.03	)		(0.18	)		(0.27	)
Net asset value, end of period	$	11.91		$	11.30		$	12.75		$	11.44		$	9.75
Total return (3)(6)		5.40	%		(2.65	)%		11.74	%		19.37	%		(11.47	)%
Net assets, at end of period (000s)	$	44,184		$	48,961		$	34,898		$	36,619		$	30,845
Ratio of gross expenses to average net assets before expense reimbursement or recapture (4)(5)		1.84	%		1.70	%		2.12	% (10)		2.38	% (9)		2.26	% (8)
Ratio of net expenses to average net assets after expense reimbursement or recapture (5)		1.60	%		1.60	%		1.76	% (10)		2.01	% (9)		2.00	% (8)
Ratio of net investment income (loss) to average net assets (5)		1.84	%		0.71	%		(0.29	)% (10)		(0.21	)% (9)		0.96	% (8)
Portfolio Turnover Rate (6)		111	%		362	%		189	%		121	%		133	%

(1) AlphaCentric Symmetry Strategy Fund Class I commenced operations on September 1, 2014 and does not include performance prior to August 8, 2019 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 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) Annualized for periods less than one year.

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

(7) As required by SEC standard per share calculation methodology, this represents a rebalancing figure derived from other amounts in the financial highlights tables that captures all other changes affecting net asset value per share. This per share gain amount does not correlate to the aggregate of the net realized and unrealized loss in the Statement of Operations for the period ended March 31, 2020, primarily due to the timing of sales and repurchases of the Fund’s shares in relation to fluctuating market values of the Fund’s portfolio.

(8) Includes 0.01% for the period ended March 31, 2020 attributable to margin expense on futures, which is not subject to waiver by the adviser.

(9) 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.

(10) 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.

See accompanying notes to consolidated financial statements.

62

AlphaCentric LifeSci Healthcare Fund

FINANCIAL HIGHLIGHTS

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

	Six Months Ended			Year Ended			Year Ended			Year Ended			Period Ended
	September 30, 2023			March 31,			March 31,			March 31,			March 31,
Class A (LYFAX)	(Unaudited)			2023			2022			2021			2020 (1)
Net asset value, beginning of period	$	13.18		$	13.38		$	15.56		$	9.55		$	10.00
Activity from investment operations:
Net investment loss (2)		(0.06	)		(0.09	)		(0.21	)		(0.19	)		(0.04	)
Net realized and unrealized gain (loss) on investments		(0.38	)		0.44			(0.32	)		6.55			(0.41	)
Total from investment operations		(0.44	)		0.35			(0.53	)		6.36			(0.45	)
Less distributions from:
Net investment income		—			—			(0.07	)		—			—
Net realized gains		—			(0.55	)		(1.58	)		(0.35	)		—
Total distributions		—			(0.55	)		(1.65	)		(0.35	)		—
Net asset value, end of period	$	12.74		$	13.18		$	13.38		$	15.56		$	9.55
Total return (3)(6)		(3.34	)%		3.00	%		(2.74	)%		66.70	%		(4.50	)%
Net assets, at end of period (000s)	$	7,156		$	3,786		$	1,815		$	1,300		$	10	(7)
Ratio of gross expenses to average net assets before expense reimbursement or recapture (4)(5)		1.81	%		2.00	% (10)		2.11	% (9)		2.78	% (8)		24.39	%
Ratio of net expenses to average net assets after expense reimbursement or recapture (5)		1.65	%		1.65	% (10)		1.66	% (9)		1.66	% (8)		1.65	%
Ratio of net investment loss to average net assets (5)		(0.94	)%		(0.71	)% (10)		(1.46	)% (9)		(1.21	)% (8)		(0.48	)%
Portfolio Turnover Rate (6)		52	%		142	%		167	%		141	%		215	%

(1) The AlphaCentric LifeSci Healthcare Fund Class A commenced operations on November 29, 2019.

(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) Annualized for periods less than one year.

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

(7) Actual net assets, not truncated.

(8) Includes 0.01% for the year ended March 31, 2021 attributable to extraordinary expenses which are not subject to waiver by the adviser.

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

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

See accompanying notes to consolidated financial statements.

63

AlphaCentric LifeSci Healthcare Fund

FINANCIAL HIGHLIGHTS

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

	Six Months Ended			Year Ended			Year Ended			Year Ended			Period Ended
	September 30, 2023			March 31,			March 31,			March 31,			March 31,
Class C (LYFCX)	(Unaudited)			2023			2022			2021			2020 (1)
Net asset value, beginning of period	$	13.01		$	13.31		$	15.53		$	9.55		$	10.00
Activity from investment operations:
Net investment loss (2)		(0.11	)		(0.18	)		(0.32	)		(0.32	)		(0.06	)
Net realized and unrealized gain (loss) on investments		(0.37	)		0.43			(0.32	)		6.65			(0.39	)
Total from investment operations		(0.48	)		0.25			(0.64	)		6.33			(0.45	)
Less distributions from:
Net realized gains		—			(0.55	)		(1.58	)		(0.35	)		—
Total distributions		—			(0.55	)		(1.58	)		(0.35	)		—
Net asset value, end of period	$	12.53		$	13.01		$	13.31		$	15.53		$	9.55
Total return (3)(6)		(3.69	)%		2.26	%		(3.54	)%		66.38	%		(4.50	)%
Net assets, at end of period (000s)	$	1,197		$	709		$	302		$	215		$	10	(7)
Ratio of gross expenses to average net assets before expense reimbursement or recapture (4)(5)		2.56	%		2.75	% (10)		2.86	% (9)		3.53	% (8)		25.14	%
Ratio of net expenses to average net assets after expense reimbursement or recapture (5)		2.40	%		2.40	% (10)		2.41	% (9)		2.41	% (8)		2.40	%
Ratio of net investment loss to average net assets (5)		(1.71	)%		(1.49	)% (10)		(2.21	)% (9)		(1.96	)% (8)		(1.23	)%
Portfolio Turnover Rate (6)		52	%		142	%		167	%		141	%		215	%

(1) The AlphaCentric LifeSci Healthcare Fund Class C commenced operations on November 29, 2019.

(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) Annualized for periods less than one year.

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

(7) Actual net assets, not truncated.

(8) Includes 0.01% for the year ended March 31, 2021 attributable to extraordinary expenses which are not subject to waiver by the adviser.

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

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

See accompanying notes to consolidated financial statements.

64

AlphaCentric LifeSci Healthcare Fund

FINANCIAL HIGHLIGHTS

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

	Six Months Ended			Year Ended			Year Ended			Year Ended			Period Ended
	September 30, 2023			March 31,			March 31,			March 31,			March 31,
Class I (LYFIX)	(Unaudited)			2023			2022			2021			2020 (1)
Net asset value, beginning of period	$	13.25		$	13.42		$	15.59		$	9.55		$	10.00
Activity from investment operations:
Net investment loss (2)		(0.05	)		(0.06	)		(0.18	)		(0.14	)		(0.01	)
Net realized and unrealized gain (loss) on investments		(0.38	)		0.44			(0.31	)		6.53			(0.44	)
Total from investment operations		(0.43	)		0.38			(0.49	)		6.39			(0.45	)
Less distributions from:
Net investment income		—			—			(0.10	)		(0.00	) (7)		—
Net realized gains		—			(0.55	)		(1.58	)		(0.35	)		—
Total distributions		—			(0.55	)		(1.68	)		(0.35	)		—
Net asset value, end of period	$	12.82		$	13.25		$	13.42		$	15.59		$	9.55
Total return (3)(6)		(3.25	)%		3.22	%		(2.47	)%		67.02	%		(4.50	)%
Net assets, at end of period (000s)	$	95,069		$	75,021		$	29,483		$	26,404		$	1,601
Ratio of gross expenses to average net assets before expense reimbursement or recapture (4)(5)		1.56	%		1.75	% (10)		1.86	% (9)		2.53	% (8)		24.14	%
Ratio of net expenses to average net assets after expense reimbursement or recapture (5)		1.40	%		1.40	% (10)		1.41	% (9)		1.41	% (8)		1.40	%
Ratio of net investment loss to average net assets (5)		(0.72	)%		(0.47	)% (10)		(1.21	)% (9)		(0.96	)% (8)		(0.23	)%
Portfolio Turnover Rate (6)		52	%		142	%		167	%		141	%		215	%

(1) The AlphaCentric LifeSci Healthcare Fund Class I commenced operations on November 29, 2019.

(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) Annualized for periods less than one year.

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

(7) Less than $0.01

(8) Includes 0.01% for the year ended March 31, 2021 attributable to extraordinary expenses which are not subject to waiver by the adviser.

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

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

See accompanying notes to consolidated financial statements.

65

AlphaCentric SWBC Municipal Opportunities Fund

FINANCIAL HIGHLIGHTS

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

	Six Months Ended			Year Ended			Year Ended			Year Ended			Period Ended
	September 30, 2023			March 31,			March 31,			March 31,			March 31,
Class A (MUNAX)	(Unaudited)			2023			2022			2021			2020 (1)
Net asset value, beginning of period	$	8.43		$	9.35		$	10.64		$	10.00		$	10.00
Activity from investment operations:
Net investment income (loss) (2)		0.15			0.29			0.29			0.21			(0.02	)
Net realized and unrealized gain (loss) on investments		(0.46	)		(0.92	)		(1.21	)		0.65			0.02	(8)
Total from investment operations		(0.31	)		(0.63	)		(0.92	)		0.86			(0.00	)
Less distributions from:
Net investment income		(0.19	)		(0.29	)		(0.37	)		(0.22	)		—
Total distributions		(0.19	)		(0.29	)		(0.37	)		(0.22	)		—
Net asset value, end of period	$	7.93		$	8.43		$	9.35		$	10.64		$	10.00
Total return (3)(7)		(3.76	)%		(6.76	)%		(8.94	)%		8.70	%		0.00	%
Net assets, at end of period (000s)	$	2,021		$	2,099		$	2,170		$	300		$	12
Ratio of gross expenses to average net assets before expense reimbursement or recapture (4)(5)(6)		2.65	% (11)		3.02	% (10)		3.23	% (9)		18.50	%		6.29	%
Ratio of net expenses to average net assets after expense reimbursement or recapture (5)(6)		1.50	% (11)		1.50	% (10)		1.53	% (9)		1.50	%		1.50	%
Ratio of net investment income (loss) to average net assets (5)(6)		3.69	% (11)		3.40	% (10)		2.70	% (9)		2.30	%		(0.98	)%
Portfolio Turnover Rate (7)		190	%		404	%		639	%		143	%		314	%

(1) The AlphaCentric SWBC Municipal Opportunities Fund Class A commenced operations on December 31, 2019.

(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) Annualized for periods less than one year.

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

(8) As required by SEC standard per share calculation methodology, this represents a rebalancing figure derived from other amounts in the financial highlights tables that captures all other changes affecting net asset value per share. This per share gain amount does not correlate to the aggregate of the net realized and unrealized loss in the Statement of Operations for the period ended March 31, 2020, primarily due to the timing of sales and repurchases of the Fund’s shares in relation to fluctuating market values of the Fund’s portfolio.

(9) Includes 0.03% for the year ended March 31, 2022 attributed to line of credit fees and deemed extraordinary expenses which are not subject to waiver by the adviser.

(10) Includes 0.00% for the year ended March 31, 2023 attributed to line of credit fees and deemed extraordinary expenses which are not subject to waiver by the adviser.

(11) Includes 0.00% for the six months ended September 30, 2023 attributed to borrowing costs (line of credit fees) which are not subject to waiver by the adviser.

See accompanying notes to consolidated financial statements.

66

AlphaCentric SWBC Municipal Opportunities Fund

FINANCIAL HIGHLIGHTS

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

	Six Months Ended			Year Ended			Year Ended			Year Ended			Period Ended
	September 30, 2023			March 31,			March 31,			March 31,			March 31,
Class C (MUNCX)	(Unaudited)			2023			2022			2021			2020 (1)
Net asset value, beginning of period	$	8.44		$	9.35		$	10.65		$	10.03		$	10.00
Activity from investment operations:
Net investment income (loss) (2)		0.13			0.23			0.23			0.22			(0.02	)
Net realized and unrealized gain (loss) on investments		(0.47	)		(0.92	)		(1.23	)		0.62			0.05	(9)
Total from investment operations		(0.34	)		(0.69	)		(1.00	)		0.84			0.03
Less distributions from:
Net investment income		(0.16	)		(0.22	)		(0.30	)		(0.22	)		—
Total distributions		(0.16	)		(0.22	)		(0.30	)		(0.22	)		—
Net asset value, end of period	$	7.94		$	8.44		$	9.35		$	10.65		$	10.03
Total return (3)(7)		(4.10	)%		(7.42	)%		(9.69	)%		8.47	%		0.30	%
Net assets, at end of period	$	413		$	434		$	473		$	221		$	10	(8)
Ratio of gross expenses to average net assets before expense reimbursement or recapture (4)(5)(6)		3.41	% (12)		3.77	% (11)		3.98	% (10)		19.25	%		7.04	%
Ratio of net expenses to average net assets after expense reimbursement or recapture (5)(6)		2.25	% (12)		2.25	% (11)		2.28	% (10)		2.25	%		2.25	%
Ratio of net investment income (loss) to average net assets (5)(6)		2.94	% (12)		2.65	% (11)		1.99	% (10)		1.55	%		(0.81	)%
Portfolio Turnover Rate (7)		190	%		404	%		639	%		143	%		314	%

(1) The AlphaCentric SWBC Municipal Opportunities Fund Class C commenced operations on December 31, 2019.

(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) Annualized for periods less than one year.

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

(8) Actual net assets, not truncated.

(9) As required by SEC standard per share calculation methodology, this represents a rebalancing figure derived from other amounts in the financial highlights tables that captures all other changes affecting net asset value per share. This per share gain amount does not correlate to the aggregate of the net realized and unrealized loss in the Statement of Operations for the period ended March 31, 2020, primarily due to the timing of sales and repurchases of the Fund’s shares in relation to fluctuating market values of the Fund’s portfolio.

(10) Includes 0.03% for the year ended March 31, 2022 attributed to line of credit fees and deemed extraordinary expenses which are not subject to waiver by the adviser.

(11) Includes 0.00% for the year ended March 31, 2023 attributed to line of credit fees and deemed extraordinary expenses which are not subject to waiver by the adviser.

(12) Includes 0.00% for the six months ended September 30, 2023 attributed to borrowing costs (line of credit fees) which are not subject to waiver by the adviser.

See accompanying notes to consolidated financial statements.

67

AlphaCentric SWBC Municipal Opportunities Fund

FINANCIAL HIGHLIGHTS

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

	Six Months Ended			Year Ended			Year Ended			Year Ended			Period Ended
	September 30, 2023			March 31,			March 31,			March 31,			March 31,
Class I (MUNIX)	(Unaudited)			2023			2022			2021			2020 (1)
Net asset value, beginning of period	$	8.43		$	9.36		$	10.65		$	10.03		$	10.00
Activity from investment operations:
Net investment income (2)		0.17			0.32			0.31			0.27			0.04
Net realized and unrealized gain (loss) on investments		(0.47	)		(0.94	)		(1.20	)		0.60			(0.01	) (8)
Total from investment operations		(0.30	)		(0.62	)		(0.89	)		0.87			0.03
Less distributions from:
Net investment income		(0.20	)		(0.31	)		(0.40	)		(0.25	)		—
Total distributions		(0.20	)		(0.31	)		(0.40	)		(0.25	)		—
Net asset value, end of period	$	7.93		$	8.43		$	9.36		$	10.65		$	10.03
Total return (3)(7)		(3.64	)%		(6.63	)%		(8.71	)%		8.77	%		0.30	%
Net assets, at end of period (000s)	$	6,955		$	7,160		$	6,252		$	1,098		$	383
Ratio of gross expenses to average net assets before expense reimbursement or recapture (4)(5)(6)		2.40	% (11)		2.77	% (10)		2.98	% (9)		18.25	%		6.04	%
Ratio of net expenses to average net assets after expense reimbursement or recapture (5)(6)		1.25	% (11)		1.25	% (10)		1.28	% (9)		1.25	%		1.25	%
Ratio of net investment income to average net assets (5)(6)		3.94	% (11)		3.64	% (10)		2.93	% (9)		2.55	%		1.64	%
Portfolio Turnover Rate (7)		190	%		404	%		639	%		143	%		314	%

(1) The AlphaCentric SWBC Municipal Opportunities Fund Class I commenced operations on December 31, 2019.

(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) Annualized for periods less than one year.

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

(8) As required by SEC standard per share calculation methodology, this represents a rebalancing figure derived from other amounts in the financial highlights tables that captures all other changes affecting net asset value per share. This per share gain amount does not correlate to the aggregate of the net realized and unrealized loss in the Statement of Operations for the period ended March 31, 2020, primarily due to the timing of sales and repurchases of the Fund’s shares in relation to fluctuating market values of the Fund’s portfolio.

(9) Includes 0.03% for the year ended March 31, 2022 attributed to line of credit fees and deemed extraordinary expenses which are not subject to waiver by the adviser.

(10) Includes 0.00% for the year ended March 31, 2023 attributed to line of credit fees and deemed extraordinary expenses which are not subject to waiver by the adviser.

(11) Includes 0.00% for the six months ended September 30, 2023 attributed to borrowing costs (line of credit fees) which are not subject to waiver by the adviser.

See accompanying notes to consolidated financial statements.

68

AlphaCentric Strategic Income Fund

FINANCIAL HIGHLIGHTS

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

	Six Months Ended			Year Ended			Period Ended
	September 30, 2023			March 31,			March 31,
Class A (SIIAX)	(Unaudited)			2023			2022 (1)
Net asset value, beginning of period	$	14.86		$	17.67		$	18.48
Activity from investment operations:
Net investment income (2)		0.50			0.70			0.40
Net realized and unrealized gain (loss) on investments		0.62			(2.54	)		(0.38	) (9)
Total from investment operations		1.12			(1.84	)		0.02
Less distributions from:
Net investment income		(0.52	)		(0.75	)		(0.55	)
Net realized gains		—			—			(0.18	)
Return of capital		—			(0.22	)		(0.10	)
Total distributions		(0.52	)		(0.97	)		(0.83	)
Net asset value, end of period	$	15.46		$	14.86		$	17.67
Total return (3)(7)		7.58	%		(10.58	)%		0.02	%
Net assets, at end of period (000s)	$	864		$	467		$	246
Ratio of gross expenses to average net assets before expense reimbursement or recapture (4)(5)(6)		2.19	% (10)		2.37	%		2.37	% (8)
Ratio of net expenses to average net assets after expense reimbursement or recapture (5)(6)		1.74	% (10)		1.74	%		1.75	% (8)
Ratio of net investment income to average net assets (5)(6)		6.40	% (10)		4.42	%		2.64	% (8)
Portfolio Turnover Rate (7)		25	%		22	%		20	%

(1) The AlphaCentric Strategic 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) Annualized for periods less than one year.

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

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

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

(10) Includes 0.00% for the six months ended September 30, 2023 attributed to borrowing costs (line of credit fees) which are not subject to waiver by the adviser.

See accompanying notes to consolidated financial statements.

69

AlphaCentric Strategic Income Fund

FINANCIAL HIGHLIGHTS

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

	Six Months Ended			Year Ended			Period Ended
	September 30, 2023			March 31,			March 31,
Class C (SIICX)	(Unaudited)			2023			2022 (1)
Net asset value, beginning of period	$	14.83		$	17.64		$	18.48
Activity from investment operations:
Net investment income (2)		0.43			0.51			0.21
Net realized and unrealized gain (loss) on investments		0.64			(2.47	)		(0.31	) (9)
Total from investment operations		1.07			(1.96	)		(0.10	)
Less distributions from:
Net investment income		(0.47	)		(0.65	)		(0.47	)
Net realized gains		—			—			(0.18	)
Return of capital		—			(0.20	)		(0.09	)
Total distributions		(0.47	)		(0.85	)		(0.74	)
Net asset value, end of period	$	15.43		$	14.83		$	17.64
Total return (3)(7)		7.21	%		(11.24	)%		(0.61	)%
Net assets, at end of period (000s)	$	1,404		$	983		$	563
Ratio of gross expenses to average net assets before expense reimbursement or recapture (4)(5)(6)		2.94	% (10)		3.12	%		3.12	% (8)
Ratio of net expenses to average net assets after expense reimbursement or recapture (5)(6)		2.49	% (10)		2.49	%		2.50	% (8)
Ratio of net investment income to average net assets (5)(6)		5.56	% (10)		3.26	%		1.41	% (8)
Portfolio Turnover Rate (7)		25	%		22	%		20	%

(1) The AlphaCentric Strategic 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) Annualized for periods less than one year.

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

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

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

(10) Includes 0.00% for the six months ended September 30, 2023 attributed to borrowing costs (line of credit fees) which are not subject to waiver by the adviser.

See accompanying notes to consolidated financial statements.

70

AlphaCentric Strategic Income Fund

FINANCIAL HIGHLIGHTS

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

	Six Months Ended			Year Ended			Period Ended
	September 30, 2023			March 31,			March 31,
Class I (SIIIX)	(Unaudited)			2023			2022 (1)
Net asset value, beginning of period	$	14.89		$	17.69		$	18.48
Activity from investment operations:
Net investment income (2)		0.51			0.62			0.35
Net realized and unrealized gain (loss) on investments		0.63			(2.42	)		(0.29	) (9)
Total from investment operations		1.14			(1.80	)		0.06
Less distributions from:
Net investment income		(0.54	)		(0.77	)		(0.56	)
Net realized gains		—			—			(0.18	)
Return of capital		—			(0.23	)		(0.11	)
Total distributions		(0.54	)		(1.00	)		(0.85	)
Net asset value, end of period	$	15.49		$	14.89		$	17.69
Total return (3)(7)		7.69	%		(10.29	)%		0.23	%
Net assets, at end of period (000s)	$	58,635		$	46,511		$	45,539
Ratio of gross expenses to average net assets before expense reimbursement or recapture (4)(5)(6)		1.94	% (10)		2.12	%		2.12	% (8)
Ratio of net expenses to average net assets after expense reimbursement or recapture (5)(6)		1.49	% (10)		1.49	%		1.50	% (8)
Ratio of net investment income to average net assets (5)(6)		6.54	% (10)		3.91	%		2.25	% (8)
Portfolio Turnover Rate (7)		25	%		22	%		20	%

(1) The AlphaCentric Strategic Income Fund Class I commenced operations on August 1, 2011 and 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) Annualized for periods less than one year.

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

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

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

(10) Includes 0.00% for the six months ended September 30, 2023 attributed to borrowing costs (line of credit fees) which are not subject to waiver by the adviser.

See accompanying notes to consolidated financial statements.

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CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited)

September 30, 2023

(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-six 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 LifeSci Healthcare Fund, AlphaCentric SWBC Municipal Opportunities Fund and AlphaCentric Strategic 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 LifeSci Healthcare Fund, AlphaCentric SWBC Municipal Opportunities Fund and AlphaCentric Strategic 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 LifeSci Healthcare Fund (“ALHF”), commenced operations on November 29, 2019. ALHF’s investment objective is long-term capital appreciation. The Fund’s sub-advisor is LifeSci Fund Management LLC.

AlphaCentric SWBC Municipal Opportunities Fund (“AMOF”), commenced operations on December 31, 2019. AMOF’s investment objective is to provide income exempt from federal income tax with capital appreciation as a secondary objective. The Fund’s sub-advisors are SWBC Investment Company LLC and Mount Lucas Management LP. Effective December 1, 2021, the Fund’s name changed from AlphaCentric Municipal Opportunities Fund to “AlphaCentric SWBC Municipal Opportunities Fund”.

AlphaCentric Strategic Income Fund (“ASIF”), commenced operations on May 28, 2021. ASIF’s investment objective is total return through current income and capital appreciation. The Fund’s sub-advisor is Goshen Rock Capital, LLC.

ASIF acquired all of the assets and liabilities of Strategos Deep Value Fund LP (the “Predecessor Fund”) in a tax-free reorganization on May 28, 2021. In connection with this acquisition, net assets of the Predecessor Fund were exchange for Class I shares of ASIF, so the Predecessor Fund became the Class I shares of ASIF. The net asset value of ASIF’s shares resulting from these tax-free transactions at the close of business on May 28, 2021, after the reorganization, was $18.48 for Class I shares and ASIF received in-kind capital contributions of securities valued at $9,944,195, cash valued at $2,160,007 and other net assets/liabilities valued at $17,036 in exchange for 655,911 Class I shares. Class A and Class C shares commenced operations on May 28, 2021. The Fund’s investment objective, policies, restrictions and guidelines are, in all material respects, equivalent to the Predecessor Fund’s investment objectives, policies, restrictions, and guidelines. For financial reporting purposes, assets received and shares issued were recorded at fair value; however, the cost basis of the investment received was carried forward to align ongoing reporting of ASIF’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

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 accounting principles generally accepted 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.

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September 30, 2023

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

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September 30, 2023

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 September 30, 2023 for the Funds’ assets and liabilities measured at fair value:

AIOF
Assets
			Level 2		Level 3
	Level 1		(Other Significant		(Unobservable
Security Classifications +	(Quoted Prices)		Observable Inputs)		Inputs)		Totals
Non-Agency Residential Mortgage Backed Securities	$	—	$	446,923,503	$	—	$	446,923,503
Total	$	—	$	446,923,503	$	—	$	446,923,503
APOF
Assets
			Level 2		Level 3
	Level 1		(Other Significant		(Unobservable
Security Classifications + *	(Quoted Prices)		Observable Inputs)		Inputs)		Totals
Call Options Purchased	$	81,375	$	—	$	—	$	81,375
Put Options Purchased		2,227,500		—		—		2,227,500
Short-Term Investments		13,542,521		—		—		13,542,521
U.S. Government & Agencies		—		49,795,244		—		49,795,244
Total	$	15,851,396	$	49,795,244	$	—	$	65,646,640
Liabilities
			Level 2		Level 3
	Level 1		(Other Significant		(Unobservable
Security Classifications + *	(Quoted Prices)		Observable Inputs)		Inputs)		Totals
Call Options Written	$	45,250	$	—	$	—	$	45,250
Put Options Written		2,536,750		—		—		2,536,750
Unrealized Depreciation on Open Futures Contracts		1,435,597		—		—		1,435,597
Total	$	4,017,597	$	—	$	—	$	4,017,597
ARAF
Assets
			Level 2		Level 3
	Level 1		(Other Significant		(Unobservable
Security Classifications +	(Quoted Prices)		Observable Inputs)		Inputs)		Totals
Common Stocks	$	26,395,418	$	—	$	—	$	26,395,418
Investment Purchased as Securities Lending Collateral (b)		—		—		—		5,281,362
Money Market Fund		843,267		—		—		843,267
Total	$	27,238,685	$	—	$	—	$	32,520,047

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September 30, 2023

ASSF
Assets
			Level 2		Level 3
	Level 1		(Other Significant		(Unobservable
Security Classifications (a) + *	(Quoted Prices)		Observable Inputs)		Inputs)			Totals
Common Stocks	$	13,232,763	$	—	$	—		$	13,232,763
Exchange-Traded Funds		14,803,232		—		—			14,803,232
Short-Term Investment		4,615,934		—		—			4,615,934
Unrealized Appreciation on Open Futures Contracts		1,864,425		—		—			1,864,425
U.S. Government & Agencies		—		8,955,150		—			8,955,150
Total	$	34,516,354	$	8,955,150	$	—		$	43,471,504
Liabilities
			Level 2		Level 3
	Level 1		(Other Significant		(Unobservable
Security Classifications + *	(Quoted Prices)		Observable Inputs)		Inputs)			Totals
Unrealized Depreciation on Open Futures Contracts	$	395,467	$	—	$	—		$	395,467
Unrealized Depreciation on Swap Contracts		—		1,938		—			1,938
Total	$	395,467	$	1,938	$	—		$	397,405
ALHF
Assets
			Level 2		Level 3
	Level 1		(Other Significant		(Unobservable
Security Classifications +	(Quoted Prices)		Observable Inputs)		Inputs)			Totals
Common Stocks	$	100,260,246	$	—	$	—		$	100,260,246
Right		—		—		—	^		—
Short-Term Investments		2,970,693		—		—			2,970,693
Total	$	103,230,939	$	—	$	—		$	103,230,939
^       Includes securities values at $0.
ALHF held a Level 3 security at the end of the period. The security classified as Level 3 is deemed immaterial.
AMOF
Assets
			Level 2		Level 3
	Level 1		(Other Significant		(Unobservable
Security Classifications (a) + *	(Quoted Prices)		Observable Inputs)		Inputs)			Totals
Exchange-Traded Funds	$	955,850	$	—	$	—		$	955,850
Municipal Bonds		—		7,642,030		—			7,642,030
Short-Term Investment		141,017		—		—			141,017
Unrealized Appreciation on Open Short Futures Contracts		48,282		—		—			48,282
Total	$	1,145,149	$	7,642,030	$	—		$	8,787,179
Liabilities
			Level 2		Level 3
	Level 1		(Other Significant		(Unobservable
Security Classifications + *	(Quoted Prices)		Observable Inputs)		Inputs)			Totals
Unrealized Depreciation on Swap Contracts	$	—	$	3,828	$	—		$	3,828
Total	$	—	$	3,828	$	—		$	3,828

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September 30, 2023

ASIF
Assets
			Level 2		Level 3
	Level 1		(Other Significant		(Unobservable
Security Classifications +	(Quoted Prices)		Observable Inputs)		Inputs)		Totals
Asset Backed Securities	$	—	$	3,678,338	$	—	$	3,678,338
Collateralized Mortgage Obligations		—		1,026,570		—		1,026,570
Common Stocks		23,028,487		—		—		23,028,487
Convertible Bonds		—		9,640,796		—		9,640,796
Corporate Bonds		—		2,549,972		—		2,549,972
Preferred Stocks		7,183,409		—		—		7,183,409
Short-Term Investment		11,122,969		—		—		11,122,969
U.S. Government & Agencies		—		1,431,587		—		1,431,587
Total	$	41,334,865	$	18,327,263	$	—	$	59,662,128

(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 futures contracts open as of September 30, 2023.

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.

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 six months ended September 30, 2023, APOF, ASSF and AMOF 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 its 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 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

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September 30, 2023

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 six months ended September 30, 2023 only ASSF and AMOF invested in 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 Funds 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 the Funds upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to the Funds. In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to the Funds, the benefits realized by the Funds 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 six months ended September 30, 2023, 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 September 30, 2023 was as follows:

			Location of derivatives on	Fair value of asset/liability
Fund	Derivative	Risk Type	Statement of Assets and Liabilities	derivatives
APOF
	Future Contracts	Equity	Unrealized depreciation on open futures contracts	$	(1,435,597	)
			Total	$	(1,435,597	)
	Options Purchased	Equity	Investments, At Value		2,308,875
			Total	$	2,308,875
	Options Written	Equity	Options Written		2,582,000
			Total	$	2,582,000

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September 30, 2023

			Location of derivatives on Statement of Assets and Liabilities	Fair value of asset/liability
Fund	Derivative	Risk Type	(Consolidated)	derivatives
ASSF
	Credit Default Swap Contracts	Equity	Unrealized depreciation on swap contracts	$	(1,938	)
			Total	$	(1,938	)
	Future Contracts	Commodity	Unrealized appreciation on open futures contracts	$	1,408,633
		Currency	Unrealized appreciation on open futures contracts		73,300
		Interest	Unrealized appreciation on open futures contracts		382,492
	Future Contracts	Commodity	Unrealized depreciation on open futures contracts		(235,789	)
		Currency	Unrealized depreciation on open futures contracts		(90,848	)
		Equity	Unrealized depreciation on open futures contracts		(37,810	)
		Interest	Unrealized depreciation on open futures contracts		(31,020	)
			Total	$	1,468,958
			Location of derivatives on	Fair value of asset/liability
Fund	Derivative	Risk Type	Statement of Assets and Liabilities	derivatives
AMOF
	Credit Default Swap Contracts	Equity	Unrealized depreciation on swap contracts	$	(3,828	)
				$	(3,828	)
	Future Contracts	Interest	Unrealized appreciation on open futures contracts	$	48,282
			Total	$	48,282

The effect of derivative instruments on the Statements of Operations for the six months ended September 30, 2023 were as follows:

				Realized and unrealized
				gain (loss)
Fund	Derivative	Risk Type	Location of gain (loss) on derivatives	on derivatives
APOF
	Future Contracts	Equity	Net realized gain (loss) from Futures Contracts	$	7,050,910
	Future Contracts	Equity	Net change in unrealized appreciation (depreciation) on Futures Contracts		(3,469,715	)
			Total	$	3,581,195
	Options Purchased	Equity	Net realized gain (loss) from Investments	$	1,949,654
	Options Purchased	Equity	Net change in unrealized appreciation (depreciation) on Investments		(382,311	)
			Total	$	1,567,343
	Options Written	Equity	Net realized gain (loss) from Options Written	$	(3,066,079	)
	Options Written	Equity	Net change in unrealized appreciation (depreciation) on Options Written		123,155
			Total	$	(2,942,924	)

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September 30, 2023

				Realized and unrealized
Fund	Derivative	Risk Type	Location of gain (loss) on derivatives (Consolidated)	gain (loss) on derivatives
ASSF
	Credit Default Swap Contracts	Equity	Net realized gain (loss) from Swap Contracts	$	19,753
	Credit Default Swap Contracts	Equity	Net change in unrealized appreciation (depreciation) on
			Swap Contracts		(5,524	)
			Total	$	14,229
	Future Contracts	Commodity	Net realized gain (loss) from Futures Contracts	$	533,458
		Currency	Net realized gain (loss) from Futures Contracts		(9,672	)
		Equity	Net realized gain (loss) from Futures Contracts		11,045
		Interest	Net realized gain (loss) from Futures Contracts		(96,746	)
			Total	$	438,085
	Future Contracts	Commodity	Net change in unrealized appreciation (depreciation) on Futures Contracts	$	457,646
		Currency	Net change in unrealized appreciation (depreciation) on Futures Contracts		26,419
		Equity	Net change in unrealized appreciation (depreciation) on Futures Contracts		(58,320	)
		Interest	Net change in unrealized appreciation (depreciation) on Futures Contracts		966,574
			Total	$	1,392,319
			Total	$	1,830,404
				Realized and unrealized
Fund	Derivative	Risk Type	Location of gain (loss) on derivatives	gain (loss) on derivatives
AMOF
	Credit Default Swap Contracts	Equity	Net realized gain (loss) from Swap Contracts	$	62,051
	Credit Default Swap Contracts	Equity	Net change in unrealized appreciation (depreciation) on Swap Contracts		(13,462	)
			Total	$	48,589
	Future Contracts	Interest	Net realized gain (loss) from Futures Contracts	$	42,145
	Future Contracts	Interest	Net change in unrealized appreciation (depreciation) on Futures Contracts		122,816
			Total	$	164,961

During the six months ended September 30, 2023, 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 September 30, 2023.

								Gross Amounts of Assets and liabilities Presented in
								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
Liabilities:	Counterparty	Liabilities		Liabilities		and Liabilities		Instruments		Pledged/Received(1)		Net Amount
Futures Contracts	StoneX Financial Inc.	$	1,435,597	$	—	$	1,435,597	$	—	$	—	$	1,435,597
Total		$	1,435,597	$	—	$	1,435,597	$	—	$	—	$	1,435,597

(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.

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CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

September 30, 2023

During the six months ended September 30, 2023, ASSF was subject to a master netting arrangement for the futures. The following table shows additional information regarding the offsetting of assets and liabilities at September 30, 2023.

								Gross Amounts of Assets and liabilities in 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
Assets:	Counterparty	Liabilities		Liabilities		and Liabilities		Instruments			Pledged/Received(1)		Net Amount
Futures Contracts	Societe Generale	$	1,864,425	$	—	$	1,864,425	$	(395,467	)	$	—	$	1,468,958
Total		$	1,864,425	$	—	$	1,864,425	$	(395,467	)	$	—	$	1,468,958	(2)
Liabilities:
Futures Contracts	Societe Generale	$	395,467	$	—	$	395,467	$	(395,467	)	$	—	$	—
Swap Contracts	Societe Generale		1,938		—		1,938		—			—		1,938
Total		$	397,405	$	—	$	397,405	$	(395,467	)	$	—	$	1,938	(2)

(1) Collateral pledged is limited to the net outstanding amount due to/from one individual counterparty. The actual collateral amounts pledged may exceed these amounts and fluctuate in value.

(2) Total reflects net amount offset with Societe Generale.

During the six months ended September 30, 2023, AMOF 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 September 30, 2023.

								Gross Amounts of Assets and liabilities Presented in
								the Statement of Assets and Liabilities
		Gross Amounts		Gross Amounts
		Recognized in		Offset in the		Net Amounts
		the Statements		Statements of		Presented in the
		of Assets and		Assets and		Statements of Assets		Financial		Cash Collateral
Assets:	Counterparty	Liabilities		Liabilities		and Liabilities		Instruments		Pledged/Received(1)		Net Amount
Future Contracts	Societe Generale	$	48,282	$	—	$	48,282	$	—	$	—	$	48,282
Total		$	48,282	$	—	$	48,282	$	—	$	—	$	48,282
Liabilities:
Swap Contracts	Societe Generale	$	3,828	$	—	$	3,828	$	—	$	—	$	3,828
Total		$	3,828	$	—	$	3,828	$	—	$	—	$	3,828

(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.

The value of derivative instruments outstanding as of September 30, 2023 as disclosed in the Schedules of Investments and the amounts realized and changes in unrealized gains and losses on derivative instruments during the six months ended September 30, 2023, as disclosed above and within the Statements of Operations serve as indicators of the volume of derivative activity for the APOF, ASSF and AMOF.

b)        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 six months ended September 30, 2023, 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 September 30, 2023, the Funds did not incur any interest or penalties. The Trust’s officers have analyzed the Fund’s tax positions and has 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, 2020 to March 31, 2022, or expected to be taken in the Funds’ March 31, 2023 year-end tax returns.

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September 30, 2023

c)        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 ALHF. AIOF, AMOF and ASIF make monthly dividend distributions from net investment income. Distributable net realized gains, if any, are declared and distributed annually.

d)        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.

e)        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.

f)         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.

g)       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.

h)        Sales charges (loads) – A maximum sales charge of 5.75% is imposed on Class A shares of the APOF, ARAF, ASSF, and ALHF. A maximum sales charge of 4.75% is imposed on Class A shares of AIOF, AMOF ASIF. 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 six months ended September 30, 2023, there were $0 CDSC fees paid.

i)         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.

j)        Cash and Cash Equivalents – The Funds consider their investment in a Federal Deposit Insurance Corporation (“FDIC”) insured interest bearing savings account to be cash. The Funds maintain cash balances, which, at times, may exceed federally insured limits. The Funds maintain these balances with a high quality financial institution.

Consolidation of Subsidiaries – ACSSF Fund Limited (“ASSF-CFC”) - The Consolidated Financial Statements of ASSF include the accounts of ASSF-CFC, which is a wholly-owned and controlled foreign subsidiary. ASSF consolidates the results of subsidiaries in which ASSF holds a controlling economic interest. Controlling economic interest is generally deemed to exist with investment interests comprising greater than 50% of the net asset value of the subsidiary. However, ASSF may also consider qualitative aspects of control in determining if a controlling economic interest exists. These qualitative control considerations include the nature and organizational structure of the investment, as well as ASSF’s ability to control the circumstances leading to majority ownership. All inter-company accounts and transactions have been eliminated in consolidation.

ASSF may invest up to 25% of its total assets in a controlled foreign corporation (“CFC”), which acts as an investment vehicle in order to effect certain investments consistent with ASSF’s investment objectives and policies.

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September 30, 2023

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

	Inception
	Date of	ASSF-CFC’s Net Assets at		% of Net Assets at
	ASSF-CFC	September 30, 2023		September 30, 2023
ASSF-CFC	8/8/2019	$	4,620,124	10.19%

The 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 a CFC, ASSF obtains exposure to the commodities markets within the federal tax requirements that apply to ASSF.

For tax purposes, the CFC is an exempted Cayman investment company. The 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, the 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 six months ended September 30, 2023, 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	$	30,238,511	$	219,321,054
APOF	$	—	$	—
ARAF	$	9,098,732	$	10,376,249
ASSF	$	33,737,210	$	44,391,335
ALHF	$	77,181,288	$	46,923,302
AMOF	$	17,625,671	$	17,588,250
ASIF	$	18,648,974	$	12,146,212

(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 manages the investment operations of the Funds in accordance with the Funds’ investment policies and restrictions. The investment sub-advisers are responsible for the day-to-day management of 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).

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) do not exceed the expense limitation shown in the table below, and is based on each Fund’s average daily net assets.

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September 30, 2023

		Expense Limitation
								Advisory Fees
	Advisory							Waived/ Expenses
Fund	Agreement	Class A	Class C	Class I	Expires	Total Advisory fee		Reimbursed
AIOF	1.30%	1.74%	2.49%	1.49%	July 31, 2024	$	3,430,890	$	352,033
APOF	1.75%	2.24%	2.99%	1.99%	July 31, 2024		764,477		85,264
ARAF	1.25%	1.65%	2.40%	1.40%	July 31, 2024		193,768		93,327
ASSF	1.35%	1.85%	2.60%	1.60%	July 31, 2024		317,452		56,070
ALHF	1.25%	1.65%	2.40%	1.40%	July 31, 2024		613,008		80,829
AMOF	1.00%	1.50%	2.25%	1.25%	July 31, 2024		48,363		55,741
ASIF	1.50%	1.74%	2.49%	1.49%	July 31, 2024		414,867		125,103

For the six months ended September 30, 2023, the Adviser waived management 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	2024		2025		2026
AIOF	$	6,772,123	$	7,341,886	$	3,130,818
APOF	$	40,402	$	30,209	$	164,482
ARAF	$	165,273	$	170,674	$	211,574
ASSF	$	119,849	$	132,579	$	48,215
ALHF	$	97,907	$	148,768	$	165,498
AMOF	$	105,262	$	106,430	$	140,854
ASIF	$	—	$	132,356	$	287,380

Pursuant to the Management Services Agreement between the Trust and 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 as of the last day of each month an annualized asset-based fee based upon net assets. 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 an affiliate of the Adviser, provides chief compliance officer services to the Funds. For these services, the Funds pay MFund as of the last day of each month an annualized base fee plus an annualized asset-based fee based upon net assets. 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 “Compliance officer fees payable” 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 in-person meeting attended. 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.

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September 30, 2023

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 Adviser for distribution related expenses. Brokers may receive a 1.00% commission from NLD for the sale of Class C shares.

For the six months ended September 30, 2023, the Distributor received the following in underwriter commissions from the sale of Class A shares of the Funds:

	Underwriter
Fund	Commissions
AIOF	$	16,647
APOF	$	—
ARAF	$	6,049
ASSF	$	290
ALHF	$	143,962
AMOF	$	235
ASIF	$	6,396

(4) CREDIT FACILITY

Effective January 26, 2022, the trust amended the Revolving Credit Agreement and entered into a new revolving, uncommitted $300,000,000 line of credit with U.S. Bank National Association (the “2022 Revolving Credit Agreement”) that applies to all of the Funds, that expired on January 25, 2023. Borrowings under the 2022 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 26, 2022 through January 25, 2023, amounts outstanding to Funds under the credit facility at no time were permitted to exceed in the aggregate the lessor of (a) $300,000,000; (b) 10% of the gross market value of AMOF and or 15% gross market value of AIOF, APOF, ARAF, ASSF, ALHF and ASIF; or (c) 33.33% of a Fund’s daily market value.

Effective January 25, 2023, the trust amended the Revolving Credit Agreement and entered into a new revolving, uncommitted $125,000,000 line of credit with U.S. Bank National Association (the “2023 Revolving Credit Agreement”) that applies to all of the Funds, that is set to expire on January 24, 2024. Borrowings under the 2023 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 25, 2023 through September 30, 2023, amounts outstanding to Funds under the credit facility at no time were permitted to exceed in the aggregate the lessor of (a) $125,000,000; (b) 10% of the gross market value of AMOF and or 15% gross market value of AIOF, APOF, ARAF, ASSF, ALHF and ASIF; or (c) 33.33% of a Fund’s daily market value. APOF, ASSF, and ALHF did not borrow during the six months ended September 30, 2023, For the six months ended September 30, 2023, amounts outstanding to AIOF, ARAF, AMOF and ASIF were as follows:

	Periods the line of credit	Interest		Outstanding		Average		Average	Maximum	Maximum
Fund	was drawn on:	Expense		Borrowings		Borrowings		Borrowings Rate	Borrowings	Borrowings Rate
AIOF	3/31/2023 - 9/30/2023	$	562,116	$	13,077,000	$	16,898,012	7.30%	$51,646,000	7.50%
ARAF	9/8/2023-9/18/2023		93		—		44,700	7.50%	111,000	7.50%
AMOF	4/6/23-5/1/2023		34		—		24,571	7.00%	52,000	7.00%
ASIF	7/19/23-7/20/23		120		—		600,000	7.25%	600,000	7.25%

84

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September 30, 2023

(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 September 30, 2023, Charles Schwab owned 34.6% of AIOF. Charles Schwab owned 34.9% of ARAF. Hartz Capital Investments LLC owned 59.4% of ASSF. Charles Schwab owned 31.7% of ALHF. National Financial Services LLC and Charles Schwab owned 31.1% and 27.7%, respectfully, of AMOF. 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.

(6) DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS TO CAPITAL

The tax character of fund distributions paid for the period ended March 31, 2023 (for the tax period-ended November 30, 2022 for AIOF and for the tax period-ended April 30, 2022 for AMOF) and March 31, 2022 was as follows:

For the period ended March 31, 2023:
	Ordinary		Long-Term		Return		Tax-Exempt
Portfolio	Income		Capital Gains		of Capital		Income		Total
AlphaCentric Income Opportunities Fund	$	47,153,857	$	—	$	40,594,714	$	—	$	87,748,571
AlphaCentric Premium Opportunity Fund		—		—		—		—		—
AlphaCentric Robotics and Automation Fund		—		1,539,010		—		—		1,539,010
AlphaCentric Symmetry Strategy Fund		4,190,411		561,388		—		—		4,751,799
AlphaCentric LifeSci Healthcare Fund		2,198,833		—		—		—		2,198,833
AlphaCentric SWBC Municipal Opportunities Fund		20,517		—		—		214,438		234,955
AlphaCentric Strategic Income Fund		1,811,372		363,940		710,339		—		2,885,651
For the period ended March 31, 2022:
	Ordinary		Long-Term		Return		Tax-Exempt
Portfolio	Income		Capital Gains		of Capital		Income		Total
AlphaCentric Income Opportunities Fund	$	38,064,419	$	—	$	68,588,979	$	—	$	106,653,398
AlphaCentric Premium Opportunity Fund		2,469,198		7,401,468		—		—		9,870,666
AlphaCentric Robotics and Automation Fund		—		1,998,824		—		—		1,998,824
AlphaCentric Symmetry Strategy Fund		83,300		—		—		—		83,300
AlphaCentric LifeSci Healthcare Fund		3,884,543		146,649		—		—		4,031,192
AlphaCentric SWBC Municipal Opportunities Fund		9,630		—		—		—		9,630
AlphaCentric Strategic Income Fund		848,671		309,589		166,778		—		1,325,038

As of each Fund’s tax year-ended of March 31, 2023 (for the tax period-ended November 30, 2022 for AlOF and for the tax period-ended April 30, 2022 for AMOF), the components of accumulated earnings/(deficit) on a tax basis were as follows:

	Undistributed		Undistributed		Undistributed		Post October Loss			Capital Loss			Other		Unrealized			Total
	Ordinary		Ordinary		Long-Term		and			Carry			Book/Tax		Appreciation/			Accumulated
Portfolio	Tax-Exempt Income		Income		Capital Gains		Late Year Loss			Forwards			Differences		(Depreciation)			Earnings/(Deficits)
AlphaCentric Income Opportunities Fund	$	—	$	—	$	—	$	—		$	(369,089,389	)	$	—	$	138,814,581		$	(230,274,808	)
AlphaCentric Premium Opportunity Fund		—		—		—		—			(12,261,036	)		—		127,233			(12,133,803	)
AlphaCentric Robotics and Automation Fund		—		—		—		(286,603	)		(2,185,464	)		—		126,773			(2,345,294	)
AlphaCentric Symmetry Strategy Fund		—		95,392		—		(3,749,771	)		—			715,198		(565,473	)		(3,504,654	)
AlphaCentric LifeSci Healthcare Fund		—		—		—		(1,663,063	)		—			—		(3,050,133	)		(4,713,196	)
AlphaCentric SWBC Municipal Opportunities Fund		—		8,093		—		—			(759,814	)		—		(920,892	)		(1,672,613	)
AlphaCentric Strategic Income Fund		—		—		—		—			—			—		(6,284,854	)		(6,284,854	)

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 and options, swaps, and passive foreign investment companies, and adjustments for the ASSF Fund’s wholly owned subsidiary.

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CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

September 30, 2023

The unrealized appreciation in the table above includes unrealized foreign currency gains (losses) of $519, $(3,581) and $(438) for ARAF, ASSF and ALHF, 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:

	Late Year
Portfolio	Losses
AlphaCentric Income Opportunities Fund	$	—
AlphaCentric Premium Opportunity Fund		—
AlphaCentric Robotics and Automation Fund		4,353
AlphaCentric Symmetry Strategy Fund		—
AlphaCentric LifeSci Healthcare Fund		402
AlphaCentric SWBC Municipal Opportunities Fund		—
AlphaCentric Strategic Income Fund		—

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:

	Post October
Portfolio	Losses
AlphaCentric Income Opportunities Fund	$	—
AlphaCentric Premium Opportunity Fund		—
AlphaCentric Robotics and Automation Fund		282,250
AlphaCentric Symmetry Strategy Fund		3,749,771
AlphaCentric LifeSci Healthcare Fund		1,662,661
AlphaCentric SWBC Municipal Opportunities Fund		—
AlphaCentric Strategic Income Fund		—

At March 31, 2023, the Funds (for the tax period-ended November 30, 2022 and April 30, 2022, for AlOF and AMOF, respectively) had capital loss carry forwards for federal income tax purposes available to offset future capital gains and capital loss carry forwards utilized as follows:

	Non - Expiring		Non - Expiring
Portfolio	Short-Term		Long-Term		Total		CLCF Utilized
AlphaCentric Income Opportunities Fund	$	369,089,389	$	—	$	369,089,389	$	—
AlphaCentric Premium Opportunity Fund		4,983,434		7,277,602		12,261,036		—
AlphaCentric Robotics and Automation Fund		2,185,464		—		2,185,464		—
AlphaCentric Symmetry Strategy Fund		—		—		—		1,668,560
AlphaCentric LifeSci Healthcare Fund		—		—		—		—
AlphaCentric SWBC Municipal Opportunities Fund		759,814		—		759,814		—
AlphaCentric Strategic Income Fund		—		—		—		—

Permanent book and tax differences, primarily attributable to the book/tax basis treatment of net operating losses, distributions in excess, and ASSF’s wholly owned subsidiary, resulted in reclassifications for the Funds for the year ended March 31, 2023 (except for AlOF in which its tax period-ended November 30, 2022 has been adjusted for March 31, 2023 activity, and for AMOF in which its tax period-ended April 30, 2022 has been adjusted for March 31, 2023 activity) as follows:

	Paid
	In			Accumulated
Portfolio	Capital			Earnings (Losses)
AlphaCentric Income Opportunities Fund	$	(1,459,849	)	$	1,459,849
AlphaCentric Premium Opportunity Fund		(1,406,442	)		1,406,442
AlphaCentric Robotics and Automation Fund		(43,101	)		43,101
AlphaCentric Symmetry Strategy Fund		(160,804	)		160,804
AlphaCentric LifeSci Healthcare Fund		(37,970	)		37,970
AlphaCentric SWBC Municipal Opportunities Fund		—			—
AlphaCentric Strategic Income Fund		—			—

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CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

September 30, 2023

(7) AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS

								Tax Net Unrealized
	Cost for Federal		Unrealized		Unrealized			Appreciation/
Portfolio	Tax purposes		Appreciation		Depreciation			(Depreciation)
AlphaCentric Income Opportunities Fund	$	349,256,374	$	125,478,356	$	(27,811,227	)	$	97,667,129
AlphaCentric Premium Opportunity Fund		61,648,159		—		(19,116	)		(19,116	)
AlphaCentric Robotics and Automation Fund		34,086,263		3,665,423		(5,231,639	)		(1,566,216	)
AlphaCentric Symmetry Strategy Fund		42,907,692		1,030,462		(864,055	)		166,407
AlphaCentric LifeSci Healthcare Fund		113,000,871		9,475,134		(19,245,066	)		(9,769,932	)
AlphaCentric SWBC Municipal Opportunities Fund		9,732,483		54,763		(1,003,895)			(949,132	)
AlphaCentric Strategic Income Fund		64,474,505		1,068,541		(5,880,918	)		(4,812,377	)

(8) 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 be 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 counter party, 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.

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CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

September 30, 2023

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.

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, ASSF and AMOF 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 AMOF 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; 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.

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CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

September 30, 2023

LIBOR Risk: The Funds’ investment, payment obligations and financing may be based on floating rates such as the London Interbank Offered Rate, or “LIBOR” which is the offered rate of short-term Eurodollar deposits between major international banks. The use of LIBOR is being phased out. There remains uncertainty regarding the nature of any replacement rate and the impact of the transition from LIBOR on the Funds’ transactions and financial markets generally. As such, the potential effect of the transition away from LIBOR on the Funds’ investments cannot yet be determined.

Please refer to each Fund’s prospectus for a full listing of risks associated with the investments.

(9) 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 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, the 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 $5,281,362 as of September 30, 2023. 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 September 30, 2023:

									Gross Amounts Not Offset in the
									Statement of Assets & Liabilities
			Gross Amounts
			Assets		Net Amounts of
			Offset in the		Presented in the
	Gross Amounts		Statement of		Statement of		Financial		Non-Cash
	of Recognized		Assets &		Assets &		Instruments		Collateral			Net Amount of
Assets:	Assets		Liabilities		Liabilities		Pledged		Received *			Assets
ARAF
Description:
Securities Loaned	$	4,673,310	$	—	$	4,673,310	$	—	$	4,673,310	*	$	—
Total	$	4,673,310	$	—	$	4,673,310	$	—	$	4,673,310		$	—

* 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 $4,673,310 at September 30, 2023. 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 $5,281,362 for ARAF at September 30, 2023. This amount is offset by a liability recorded as “Collateral on securities loaned.” The contractual maturity of securities lending transactions is on an overnight and continuous basis. The Funds cannot pledge or resell the collateral.

(10) LEGAL PROCEEDINGS

On July 30, 2020, an investor in the AlphaCentric Income Opportunities Fund (the “Fund”) filed a putative class action in Florida state court, naming AlphaCentric Advisors LLC, Mutual Fund Series Trust, and others as defendants. Plaintiff alleges that the Fund misrepresented that it held no more than 15% of its assets in illiquid securities, among other things, and asserts violations of Sections 11, 12(a)(2) and 15 of the Securities Act of 1933. The Florida action was dismissed with prejudice on September 22, 2021.

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September 30, 2023

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.

(11) RECENT REGULATORY UPDATE

On January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will not appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

(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, other than the following:

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AlphaCentric Funds

EXPENSE EXAMPLES (Unaudited)

September 30, 2023

As a shareholder of one or more of the AlphaCentric Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases of Class A shares; (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2023 through September 30, 2023.

Actual Expenses

The “Actual” columns in the table below provide information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The “Hypothetical” columns in the table below provide information about hypothetical account values and hypothetical expenses based on the AlphaCentric Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not either Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or redemption fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

					Hypothetical
			Actual		(5% return before expenses)
	Fund’s	Beginning	Ending	Expenses	Ending	Expenses
	Annualized	Account Value	Account Value	Paid During	Account Value	Paid During
	Expense Ratio	4/1/2023	9/30/2023	Period *	9/30/2023	Period **
AlphaCentric Income Opportunities Fund – Class A	2.00%	$1,000.00	$960.90	$9.80	$1,015.00	$10.08
AlphaCentric Income Opportunities Fund – Class C	2.74%	$1,000.00	$958.20	$13.43	$1,011.28	$13.80
AlphaCentric Income Opportunities Fund – Class I	1.74%	$1,000.00	$962.10	$8.54	$1,016.29	$8.78
AlphaCentric Premium Opportunity Fund – Class A	2.24%	$1,000.00	$1,027.10	$11.36	$1,013.80	$11.28
AlphaCentric Premium Opportunity Fund – Class C	2.99%	$1,000.00	$1,023.10	$15.13	$1,010.05	$15.03
AlphaCentric Premium Opportunity Fund – Class I	1.99%	$1,000.00	$1,028.50	$10.10	$1,015.05	$10.03
AlphaCentric Robotics and Automation Fund – Class A	1.65%	$1,000.00	$893.20	$7.81	$1,016.75	$8.32
AlphaCentric Robotics and Automation Fund – Class C	2.40%	$1,000.00	$889.80	$11.34	$1,013.00	$12.08
AlphaCentric Robotics and Automation Fund – Class I	1.40%	$1,000.00	$894.90	$6.63	$1,018.00	$7.07
AlphaCentric Symmetry Strategy Fund – Class A	1.85%	$1,000.00	$1,052.20	$9.49	$1,015.75	$9.32
AlphaCentric Symmetry Strategy Fund – Class C	2.60%	$1,000.00	$1,048.60	$13.32	$1,012.00	$13.08
AlphaCentric Symmetry Strategy Fund – Class I	1.60%	$1,000.00	$1,054.00	$8.22	$1,017.00	$8.07

91

AlphaCentric Funds

EXPENSE EXAMPLES (Unaudited)(Continued)

September 30, 2023

					Hypothetical
			Actual		(5% return before expenses)
	Fund’s	Beginning	Ending	Expenses	Ending	Expenses
	Annualized	Account Value	Account Value	Paid During	Account Value	Paid During
	Expense Ratio	4/1/2023	9/30/2023	Period *	9/30/2023	Period **
AlphaCentric LifeSci Healthcare Fund – Class A	1.65%	$1,000.00	$966.60	$8.11	$1,016.75	$8.32
AlphaCentric LifeSci Healthcare Fund – Class C	2.40%	$1,000.00	$963.10	$11.80	$1,012.98	$12.10
AlphaCentric LifeSci Healthcare Fund – Class I	1.40%	$1,000.00	$968.30	$6.89	$1,018.00	$7.06
AlphaCentric SWBC Municipal Opportunities Fund – Class A	1.50%	$1,000.00	$962.40	$7.36	$1,017.50	$7.57
AlphaCentric SWBC Municipal Opportunities Fund – Class C	2.25%	$1,000.00	$959.00	$11.03	$1,013.74	$11.33
AlphaCentric SWBC Municipal Opportunities Fund – Class I	1.25%	$1,000.00	$963.60	$6.14	$1,018.75	$6.31
AlphaCentric Strategic Income Fund – Class A	1.74%	$1,000.00	$1,075.80	$9.03	$1,016.30	$8.77
AlphaCentric Strategic Income Fund – Class C	2.49%	$1,000.00	$1,072.10	$12.90	$1,012.55	$12.53
AlphaCentric Strategic Income Fund – Class I	1.49%	$1,000.00	$1,076.90	$7.74	$1,017.55	$7.52

* Expenses are equal to the average account value over the period, multiplied by the Funds’ annualized expense ratio, multiplied by the number of days in the period (183) divided by the number of days in the fiscal year (366).

** Hypothetical” expense information is presented on the basis of the full one-half year period to enable comparison to other funds. It is based on assuming the same net expense ratio and average account value over the period, but is multiplied by 183/366 (to reflect the full half-year period).

92

AlphaCentric Funds

ADDITIONAL INFORMATION (Unaudited)

September 30, 2023

Liquidity Risk Management Program (Unaudited)

The Funds have adopted and implemented a written liquidity risk management program as required by Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act. The program is reasonably designed to assess and manage the Funds’ liquidity risk, taking into consideration, among other factors, the Funds’ investment strategies and the liquidity of their portfolio investments during normal and reasonably foreseeable stressed conditions; their short and long-term cash flow projections; and their cash holdings and access to other funding sources.

During the six months ended September 30, 2023, the Trust’s Liquidity Program Administrator, which is a committee (the “Committee”), and the Board reviewed the Funds’ investments and they determined that, generally, the Funds held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. Accordingly, the Board and Committee concluded that (i) the Funds’ liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Funds’ liquidity risk management program has been effectively implemented.

93

AlphaCentric Funds

Additional Information (Unaudited)

September 30, 2023

Reference is made to the Prospectus and the Statement of Additional Information for more detailed descriptions of the Advisory Agreement, Management Services Agreement and Distribution and/or Service (12b-1) Plan, tax aspects of the Funds and the calculation of the net asset value of shares of the Funds.

The Funds file their complete schedules of portfolio holdings with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Forms N-PORT are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-PORT may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-844-223-8637; and on the Commission’s website at http://www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 1-844-223-8637; and on the Commission’s website at http://www.sec.gov.

94

PRIVACY NOTICE

Mutual Fund Series Trust

Rev. August 2021

FACTS	WHAT DOES MUTUAL FUND SERIES TRUST DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depends on the product or service that you have with us. This information can include: ●    Social Security number and wire transfer instructions ●    account transactions and transaction history ●    investment experience and purchase history When you are no longer our customer, we continue to share your information as described in this notice.
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Mutual Fund Series Trust chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information:	Does Mutual Fund Series Trust share information?	Can you limit this sharing?
For our everyday business purposes - such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus.	YES	NO
For our marketing purposes - to offer our products and services to you.	NO	We don’t share
For joint marketing with other financial companies.	NO	We don’t share
For our affiliates’ everyday business purposes - information about your transactions and records.	NO	We don’t share
For our affiliates’ everyday business purposes - information about your credit worthiness.	NO	We don’t share
For our affiliates to market to you	NO	We don’t share
For non-affiliates to market to you	NO	We don’t share

95

PRIVACY NOTICE

Mutual Fund Series Trust

What we do:
How does Mutual Fund Series Trust protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.
How does Mutual Fund Series Trust collect my personal information?	We collect your personal information, for example, when you: ●    open an account or deposit money ●    direct us to buy securities or direct us to sell your securities ●    seek advice about your investments We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only: ●    sharing for affiliates’ everyday business purposes – information about your creditworthiness. ●    affiliates from using your information to market to you. ●    sharing for non-affiliates to market to you. State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and non-financial companies. ●     Mutual Fund Series Trust does not share with affiliates.
Non-affiliates	Companies not related by common ownership or control. They can be financial and non-financial companies. ●    Mutual Fund Series Trust doesn’t share with non-affiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ●     Mutual Fund Series Trust doesn’t jointly market.

	Alpha Centric	844-223-8637
	Catalyst	866-447-4228
QUESTIONS?	Day Hagan	877-329-4246
CALL	Empiric	888-839-7424
	Eventide	877-771-3836
	JAG	855-552-4596

96

Mutual Fund Series Trust 

4221 North 203^rd Street, Suite 100 

Elkhorn, NE 68022

ADVISER

AlphaCentric Advisors, LLC 

53 Palmeras Street, Suite 601 

San Juan, PR 00901

ADMINISTRATOR

Ultimus Fund Solutions, LLC 

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

TRANSFER AGENT

Ultimus Fund Solutions, LLC 

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Cohen & Company, Ltd. 

1350 Euclid Avenue 

Suite 800 

Cleveland, OH 44115

LEGAL COUNSEL

Thompson Hine LLP 

41 South High Street Suite 1700 

Columbus, OH 43215

CUSTODIAN BANK

U.S. Bank

1555 N. Rivercenter Drive. Suite 302 

Milwaukee, WI 53212

ALPHA-SA23

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

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

Item 6. Schedule of Investments. See Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. Not applicable to open-end investment companies.

Item 8. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. Not applicable to open-end investment companies.

Item 9. Submission of Matters to a Vote of Security Holder. None.

Item 10. CONTROLS AND PROCEDURES.

(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act, are effective, as of a date within 90 days of the filing date of this report, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred 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 11. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. Not applicable to open-end investment companies.

Item 12. EXHIBITS

(1) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.

(2) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.

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.

Mutual Fund Series Trust

By Michael Schoonover	/s/ Michael Schoonover __________
President
Date:  December 08, 2023

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 person on behalf of the registrant and in the capacities and on the date indicated.

By Michael Schoonover	/s/ Michael Schoonover __________
President
Date: December 08, 2023

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 person on behalf of the registrant and in the capacities and on the date indicated.

By Erik Naviloff	/s/ Erik Naviloff_____________
Treasurer
Date: December 08, 2023

EX-99.CERT

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act

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 schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal period  for which the report is filed;

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 Trustees (or persons performing the equivalent functions):

(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

(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: December 08, 2023	/s/ Michael Schoonover
	Michael Schoonover
	President

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act

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 schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal period  for which the report is filed;

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 Trustees (or persons performing the equivalent functions):

(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

(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: December 08, 2023	/s/ Erik Naviloff
	Erik Naviloff
	Treasurer

EX-99.906 CERT

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

I, Michael Schoonover, President of the Mutual Fund Series Trust, (the “Funds"), certify that:

1.

The N-CSR of the Funds for the period ended September 30, 2023 (the  "Report") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934; and

2.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

By:	/s/ Michael Schoonover_________
	Michael Schoonover
	President
Date:	December 8, 2023

A SIGNED ORIGINAL OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, OR OTHER DOCUMENT AUTHENTICATING, ACKNOWLEDGING, OR OTHERWISE ADOPTING THE SIGNATURE THAT APPEARS IN TYPED FORM WITHIN THE ELECTRONIC VERSION OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, HAS BEEN PROVIDED TO GEMINI FUND SERVICES, LLC AND WILL BE RETAINED BY GEMINI FUND SERVICES, LLC AND FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION OR ITS STAFF UPON REQUEST.

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

I, Erik Naviloff, Treasurer of the Mutual Fund Series Trust, (the “Funds"), certify that:

1.

The N-CSR of the Funds for the period ended September 30, 2023 (the  "Report") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934; and

2.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

By:	/s/ Erik Naviloff_______
	Erik Naviloff
	Treasurer
Date:	December 8, 2023

A SIGNED ORIGINAL OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, OR OTHER DOCUMENT AUTHENTICATING, ACKNOWLEDGING, OR OTHERWISE ADOPTING THE SIGNATURE THAT APPEARS IN TYPED FORM WITHIN THE ELECTRONIC VERSION OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, HAS BEEN PROVIDED TO GEMINI FUND SERVICES, LLC AND WILL BE RETAINED BY GEMINI FUND SERVICES, LLC. AND FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION OR ITS STAFF UPON REQUEST.