Mutual Fund Series Trust N-CSRS Certified semi-annual shareholder report (management investment company)

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)

Jennifer Bailey, Gemini Fund Services, LLC.

80 Arkay Dr., Suite 110, Hauppauge, NY 11788

(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: 09/30/21

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 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, 2021

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, 2021

The Fund’s performance figures* for the periods ended September 30, 2021, compared to its benchmark:

					Annualized
			Annualized	Annualized	Since Inception *** -
	Six Months	One Year	Three Years	Five Years	September 30, 2021
Class A (IOFAX)	6.72%	17.93%	3.56%	6.12%	7.76%
Class A (IOFAX) with 4.75% load	1.68%	12.32%	1.89%	5.10%	6.93%
Class C (IOFCX)	6.35%	17.03%	2.78%	5.33%	6.97%
Class I (IOFIX)	6.85%	18.21%	3.82%	6.38%	8.02%
Bloomberg U.S. Aggregate Bond Index **	1.88%	(0.90)%	5.36%	2.94%	3.18%

* 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%. Total returns are calculated using the net asset value (“NAV”) on September 30, 2021. 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 manager has contractually agreed to reduce its fees and/or absorb expenses of the Fund, at least until July 31, 2022, 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 manager 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, 2021 prospectus were 1.96%, 2.71% and 1.71% 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, 2021 prospectus were 1.74%, 2.49% and 1.49% 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.

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

Holdings by Security Type	% of Net Assets
Non-Agency Residential Mortgage Backed Securities		91.4	%
Exchange Traded Funds		5.8	%
Real Estate Investment Trusts		1.5	%
Asset Backed Securities		0.1	%
Other / Cash & Cash Equivalents		1.2	%
		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, 2021

The Fund’s performance figures* for the periods ended September 30, 2021, compared to its benchmarks:

					Annualized
			Annualized	Annualized	Since Inception ++ -
	Six Months	One Year	Three Years	Five Years	September 30, 2021
Class A (HMXAX) without load	2.36%	8.64%	16.41%	9.07%	—
Class A (HMXAX) with 5.75% load	(3.51)%	2.39%	14.12%	7.78%	—
Class C (HMXCX)	1.95%	7.80%	15.73%	8.40%	—
Class I (HMXIX) +++	2.48%	8.87%	16.68%	9.46%	10.90%
S&P 500 Total Return Index **	9.18%	30.00%	15.99%	16.90%	15.65%

* 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%. Total returns are calculated using the net asset value (“NAV”) on September 30, 2021. 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 manager has contractually agreed to reduce its fees and/or absorb expenses of the Fund, at least until July 31, 2022, 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 manager 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, 2021 prospectus were 2.39%, 3.14% and 2.14% 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, 2021 prospectus were 2.33%, 3.08%, and 2.08% 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.

+ 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
Short-term Investments		85.0	%
Future Options Purchased		0.0	% **
Written Future Options		(0.0	)% **
Other / Cash & Cash Equivalents		15.0	%
		100.0	%

*     Does not include derivative investments.

**    - Less than 0.1%

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, 2021

The Fund’s performance figures* for the periods ended September 30, 2021, compared to its benchmarks:

				Annualized
			Annualized	Since Inception + -
	Six Months	One Year	Three Years	September 30, 2021
Class A (GNXAX) without load	(0.06)%	23.12%	11.15%	14.42%
Class A (GNXAX) with 5.75% load	(5.80)%	16.08%	8.98%	12.87%
Class C (GNXCX)	(0.48)%	22.24%	10.30%	13.57%
Class I (GNXIX)	0.06%	23.50%	11.43%	14.73%
S&P 500 Total Return Index **	9.18%	30.00%	15.99%	16.45%
MSCI AC World Index (TR Gross) ***	6.50%	27.98%	13.14%	12.89%

* 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%. Total returns are calculated using the net asset value (“NAV”) on September 30, 2021. 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 manager has contractually agreed to reduce its fees and/or absorb expenses of the Fund, at least until July 31, 2022, 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 manager 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, 2021 prospectus for the Fund’s period of operation are 2.10%, 2.85% and 1.85% 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, 2021 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.

*** 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.

+ 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		95.2	%
Investment Purchased with Securities Lending Collateral		12.6	%
Liabilities In Excess Of Other Assets		(7.8	)%
		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, 2021

The Fund’s performance figures* for the periods ended September 30, 2021, compared to its benchmarks:

					Annualized	Annualized
			Annualized Three	Annualized	Since Inception ++ -	Since Inception + -
	Six Months	One Year	Years	Five Years	September 30, 2021	September 30, 2021
Class A (SYMAX) without load	4.97%	25.29%	—	—	—	4.76%
Class A (SYMAX) with 5.75% load	(1.07)%	18.13%	—	—	—	1.90%
Class C (SYMCX)	4.47%	24.14%	—	—	—	3.92%
Class I (SYMIX) +++	4.98%	25.45%	0.42%	1.42%	3.22%	—
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index **	0.02%	0.07%	1.49%	1.16%	0.86%	0.69%
MSCI World/Bloomberg U.S. Aggregate Bond Blended Index	4.92%	15.30%	9.30%	8.44%	6.26%	11.66%

* 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%. Total returns are calculated using the net asset value (“NAV”) on September 30, 2021. 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 manager has contractually agreed to reduce its fees and/or absorb expenses of the Fund, at least until July 31, 2022, 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 manager 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, 2021 prospectus are 2.70%, 3.44% and 2.45% 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, 2021 prospectus are 1.94%, 2.69% and 1.69% 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.

*** 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.

+ 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
Common Stocks		37.6	%
Exchange Traded Funds		26.3	%
U.S. Government & Agencies		11.9	%
Other Assets Less Liabilities		24.2	%
		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, 2021

The Fund’s performance figures* for the periods ended September 30, 2021, compared to its benchmarks:

			Annualized
			Since Inception + -
	Six Months	One Year	September 30, 2021
Class A (LYFAX) without load	(0.39)%	29.24%	28.51%
Class A (LYFAX) with 5.75% load	(6.12)	21.80%	24.43%
Class C (LYFCX)	(0.84)%	28.30%	28.06%
Class I (LYFIX)	(0.26)%	29.55%	28.73%
S&P 500 Total Return Index **	9.18%	30.00%	20.73%
S&P Biotechnology Select Industry Total Return Index ***	(7.24)%	13.09%	17.64%
S&P 500 Health Care Sector Total Return Index ****	9.96%	22.56%	16.94%

* 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%. Total returns are calculated using the net asset value (“NAV”) on September 30, 2021. 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 manager has contractually agreed to reduce its fees and/or absorb expenses of the Fund, at least until July 31, 2022, 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 manager 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, 2021 prospectus are 2.77%, 3.52% and 2.52% 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, 2021 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.

*** S&P Biotechnology Select Industry Total Return Index are 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.

**** S&P 500 Health Care Sector Total Return Index are 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.

+ 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		96.7	%
Short-term Investment		0.0	%*
Other / Cash & Cash Equivalents		3.3	%
		100.0	%

*   - Less than 0.1%

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

5

AlphaCentric Municipal Opportunities Fund

PORTFOLIO REVIEW (Unaudited)

September 30, 2021

The Fund’s performance figures* for the periods ended September 30, 2021, compared to its benchmarks:

			Annualized
			Since Inception + -
	Six Months	One Year	September 30, 2021
Class A (MUNAX) without load	(0.53)%	4.97%	4.56%
Class A (MUNAX) with 4.75% load	(5.25)%	(0.02)%	1.69%
Class C (MUNCX)	(0.90)%	4.58%	4.34%
Class I (MUNIX)	(0.42)%	5.16%	4.79%
Bloomberg Municipal Bond Index Total Return Value Unhedged USD **	1.15%	2.63%	3.41%

* 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%. Total returns are calculated using the net asset value (“NAV”) on September 30, 2021. 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 manager has contractually agreed to reduce its fees and/or absorb expenses of the Fund, at least until July 31, 2022, 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 manager 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, 2021 prospectus are 19.11%, 19.86% and 18.86% 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, 2021 prospectus are 2.11%, 2.86% and 1.86% 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.

+ The AlphaCentric 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		62.8	%
Closed End Funds		37.0	%
Other / Cash & Cash Equivalents		0.2	%
		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, 2021

The Fund’s performance figures* for the periods ended September 30, 2021, compared to its benchmarks:

						Annualized	Annualized
			Annualized Three	Annualized	Annualized	Since Inception + -	Since Inception ++ -
	Six Months	One Year	Years +	Five Years +	Ten Years +	September 30, 2021	September 30, 2021
Class A (SIIAX)	—	—	—	—	—	—	1.88%
Class A (SIIAX) with 4.75% load	—	—	—	—	—	—	(2.95)%
Class C (SIICX)	—	—	—	—	—	—	1.65%
Class I (SIIIX) +++	4.31%	40.03%	21.23%	18.23%	14.24%	13.95%	—
Bloomberg U.S. MBS Total Return Index **	0.43%	(0.43)%	3.85%	2.17%	2.41%	2.49%	0.06%

* 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%. Total returns are calculated using the net asset value (“NAV”) on September 30, 2021. 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 manager has contractually agreed to reduce its fees and/or absorb expenses of the Fund, at least until July 31, 2022, 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 manager 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 June 7, 2021 prospectus for the Fund’s initial fiscal period are 2.12%, 2.87% and 1.87% 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 June 7, 2021 prospectus for the Fund’s inital fiscal period are 1.74%, 2.49% and 1.49% 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).

+ The AlphaCentric Strategic Income Fund Class I commenced operations on 8/1/2011.

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

+++ 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 under common control with Strategos Capital Management, LLC (“SCM”) an SEC registered investment advisor founded in 2004. 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

Top 10 Holdings by Security Type	% of Net Assets
Common Stocks		31.4	%
Asset Backed Securities		21.3	%
Preferred Stocks		13.6	%
REITS		10.6	%
Convertible Bonds		6.4	%
Short-Term Investment		5.3	%
Collateralized Mortgage Obligations		3.1	%
Corporate Bonds		2.0	%
Other / Cash & Cash Equivalents		6.3	%
		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, 2021

Shares						Fair Value
		EXCHANGE-TRADED FUNDS — 5.8%
		FIXED INCOME - 5.8%
	1,310,000	iShares MBS ETF				$	141,663,400
	1,895,000	Vanguard Mortgage-Backed Securities ETF					100,984,550
		TOTAL EXCHANGE-TRADED FUNDS (Cost $246,544,510)					242,647,950
		REAL ESTATE INVESTMENT TRUSTS - 1.5%
	806,924	American Homes 4 Rent, Class A					30,759,943
	854,144	Invitation Homes, Inc.					32,739,339
		TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $41,702,121)					63,499,282
Principal				Coupon Rate
Amount ($)				(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 0.1%
	4,630,355	Amur Finance VI, LLC(a) ^		8.0000	12/20/24		2,561,203
		TOTAL ASSET BACKED SECURITIES (Cost $4,624,131)					2,561,203
Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 91.4%
	1,095,031	ABFC 2004-OPT4 Trust(b)	US0001M + 2.700%	2.7860	07/25/33		1,133,780
	1,955,532	ABFC 2004-OPT4 Trust(b)	US0001M + 1.770%	1.8560	12/25/33		1,956,744
	5,353,030	ABFC 2005-HE1 Trust(b)	US0001M + 1.050%	1.1360	03/25/35		5,182,020
	4,165,394	ABFC 2005-WMC1 Trust(b)	US0001M + 0.885%	0.9710	06/25/35		3,973,349
	4,788,676	ABFC 2007-NC1 Trust(a),(b)	US0001M + 1.000%	1.0860	05/25/37		4,248,774
	3,144,288	ABFS Mortgage Loan Trust 2002-2(c)		6.7850	07/15/33		2,548,411
	3,810,732	ABFS Mortgage Loan Trust 2002-3(c)		5.9020	09/15/33		2,978,705
	1,593,212	ABFS Mortgage Loan Trust 2003-2(a),(d)		8.0000	04/25/34		682,623

See accompanying notes to consolidated financial statements.

8

ALPHACENTRIC INCOME OPPORTUNITIES FUND (IOFAX, IOFCX, IOFIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 91.4% (Continued)
	678,000	ACE Securities Corp Home Equity Loan Trust Series(b)	US0001M + 4.125%	4.2110	11/25/33	$	699,692
	378,318	ACE Securities Corp Home Equity Loan Trust Series(b)	US0001M + 2.025%	2.1110	06/25/34		379,015
	1,628,734	ACE Securities Corp Home Equity Loan Trust Series(b)	US0001M + 2.775%	2.8610	11/25/34		2,077,288
	5,003,598	ACE Securities Corp Home Equity Loan Trust Series(b)	US0001M + 1.950%	2.0360	12/25/34		4,054,644
	828,871	ACE Securities Corp Home Equity Loan Trust Series(b)	US0001M + 1.320%	1.4060	01/25/35		773,200
	4,200,910	ACE Securities Corp Home Equity Loan Trust Series(b)	US0001M + 1.845%	1.9310	04/25/35		3,445,292
	6,236,091	ACE Securities Corp Home Equity Loan Trust Series(b)	US0001M + 0.585%	0.6710	02/25/36		6,288,180
	22,726,905	ACE Securities Corp Home Equity Loan Trust Series(b)	US0001M + 0.420%	0.5060	04/25/36		20,902,398
	2,759,843	ACE Securities Corp Home Equity Loan Trust Series(b)	US0001M + 0.420%	0.5060	06/25/36		2,981,999
	4,340,984	ACE Securities Corp Home Equity Loan Trust Series(b)	US0001M + 0.435%	0.5210	08/25/36		4,623,964
	2,417,000	ACE Securities Corp Home Equity Loan Trust Series(b)	US0001M + 4.500%	4.5860	08/25/40		1,956,444
	5,696,357	Adjustable Rate Mortgage Trust 2005-2(b)	US0001M + 1.350%	1.4360	06/25/35		4,100,736
	198,367	Adjustable Rate Mortgage Trust 2005-3(d)		2.9120	07/25/35		182,535
	4,546,595	Aegis Asset Backed Securities Trust Mortgage(b)	US0001M + 3.000%	3.0860	06/25/34		4,596,332
	833,937	Aegis Asset Backed Securities Trust Mortgage(b)	US0001M + 5.250%	5.3360	10/25/34		843,121
	21,320,000	Aegis Asset Backed Securities Trust Mortgage(b)	US0001M + 0.750%	0.8360	10/25/35		18,526,671
	3,765,397	Aegis Asset Backed Securities Trust Mortgage(b)	US0001M + 0.675%	0.7610	12/25/35		3,567,152
	1,159,723	Alternative Loan Trust 2004-J9(b)	US0001M + 2.775%	2.8610	10/25/34		1,090,262
	1,153,105	Alternative Loan Trust 2006-OA22(b)	US0001M + 0.240%	0.3260	02/25/47		881,845
	8,316,044	American Home Mortgage Investment Trust 2006-1(b)	US0001M + 0.380%	0.4660	03/25/46		6,403,278
	1,064,988	Ameriquest Mort Sec Inc Ass Bk Pas Thr Certs Ser(b)	US0001M + 3.300%	3.3860	08/25/32		1,065,850
	2,199,964	Ameriquest Mortgage Securities Asset-Backed(b)	US0001M + 2.700%	2.7860	05/25/34		2,250,382
	3,607,916	Ameriquest Mortgage Securities Asset-Backed(b)	US0001M + 4.500%	4.5860	05/25/34		3,329,261
	2,409,578	Ameriquest Mortgage Securities Asset-Backed(b)	US0001M + 1.800%	1.8860	09/25/34		2,341,891
	2,722,790	Ameriquest Mortgage Securities Asset-Backed(b)	US0001M + 1.920%	2.0060	09/25/34		2,650,379
	2,907,002	Ameriquest Mortgage Securities Asset-Backed(b)	US0001M + 2.100%	2.1860	10/25/34		2,382,213
	2,351,672	Ameriquest Mortgage Securities Asset-Backed(b)	US0001M + 2.100%	2.1860	11/25/34		2,380,857
	3,778,100	Ameriquest Mortgage Securities Asset-Backed(b)	US0001M + 1.890%	1.9760	01/25/35		3,730,131
	8,475,187	Ameriquest Mortgage Securities Asset-Backed(b)	US0001M + 1.500%	1.5860	03/25/35		8,530,624
	6,000,000	Ameriquest Mortgage Securities Asset-Backed(b)	US0001M + 1.050%	1.1360	07/25/35		5,702,072
	7,500,000	Ameriquest Mortgage Securities Asset-Backed(b)	US0001M + 1.800%	1.8860	07/25/35		7,090,601
	3,334,138	Ameriquest Mortgage Securities Asset-Backed(b)	US0001M + 1.830%	1.9160	07/25/35		3,216,016
	10,521,762	Ameriquest Mortgage Securities Asset-Backed(b)	US0001M + 1.725%	1.8110	08/25/35		7,461,170
	9,496,577	Ameriquest Mortgage Securities Asset-Backed(b)	US0001M + 1.095%	1.1810	09/25/35		8,305,023

See accompanying notes to consolidated financial statements.

9

ALPHACENTRIC INCOME OPPORTUNITIES FUND (IOFAX, IOFCX, IOFIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 91.4% (Continued)
	26,084,000	Ameriquest Mortgage Securities Asset-Backed(b)	US0001M + 1.035%	1.1210	01/25/36	$	23,730,164
	1,156,936	Ameriquest Mortgage Securities Asset-Backed(b)	US0001M + 2.175%	2.2610	01/25/36		1,114,367
	8,134,420	Ameriquest Mortgage Securities Asset-Backed(b)	US0001M + 0.840%	0.9260	03/25/36		8,887,222
	5,027,019	Ameriquest Mortgage Securities Asset-Backed(b)	US0001M + 0.735%	0.8210	04/25/36		5,079,769
	2,788	Amresco Residential Securities Corp Mort Loan(b)	US0001M + 1.350%	1.9360	11/25/29		2,810
	37,086,857	Argent Securities Inc Asset-Backed Pass-Through(b)	US0001M + 0.795%	0.8810	10/25/35		36,256,712
	21,347,516	Argent Securities Inc Asset-Backed Pass-Through(b)	US0001M + 0.690%	0.7760	01/25/36		23,368,178
	5,298,913	Argent Securities Inc Asset-Backed Pass-Through(b)	US0001M + 0.615%	0.7010	03/25/36		6,954,635
	3,282,819	Asset Backed Securities Corp Home Equity Loan(b)	US0001M + 1.050%	1.1360	06/25/35		1,473,485
	17,765,000	Asset Backed Securities Corp Home Equity Loan(b)	US0001M + 0.960%	1.0460	11/25/35		17,017,296
	17,969,671	Asset Backed Securities Corp Home Equity Loan(b)	US0001M + 0.300%	0.5360	03/25/36		18,163,889
	6,855,395	Asset Backed Securities Corp Home Equity Loan(b)	US0001M + 0.310%	0.7410	05/25/36		6,882,405
	12,500,000	Asset Backed Securities Corp Home Equity Loan(b)	US0001M + 0.280%	0.3660	07/25/36		11,804,753
	27,448,996	Asset Backed Securities Corp Home Equity Loan(b)	US0001M + 0.230%	0.3160	11/25/36		29,087,761
	1,187,012	Banc of America Funding 2004-B Trust(d)		2.6080	12/20/34		1,023,376
	7,300,060	Banc of America Funding 2006-G Trust(b)	US0001M + 0.480%	0.5670	07/20/36		8,401,547
	2,854,637	Banc of America Mortgage 2004-K Trust(d)		2.9090	12/25/34		2,237,034
	5,459,000	Bayview Financial Mortgage Pass-Through Trust(b)	US0001M + 2.475%	2.5600	02/28/41		5,525,914
	1,285,526	Bear Stearns ALT-A Trust 2004-11(b)	US0001M + 1.575%	1.6610	11/25/34		1,265,584
	2,276,165	Bear Stearns ALT-A Trust 2004-6(b)	US0001M + 2.850%	2.9360	07/25/34		2,743,361
	28,646	Bear Stearns ARM Trust 2003-8(d)		2.3750	01/25/34		27,978
	430,711	Bear Stearns ARM Trust 2004-7(d)		2.6250	10/25/34		369,192
	3,976,166	Bear Stearns Asset Backed Securities I Trust(b)	US0001M + 0.945%	1.0310	09/25/34		3,131,027
	2,980,801	Bear Stearns Asset Backed Securities I Trust(b)	US0001M + 2.550%	2.6360	12/25/34		2,470,844
	2,727,568	Bear Stearns Asset Backed Securities I Trust(b)	US0001M + 2.325%	2.4110	01/25/35		2,760,144
	2,513,233	Bear Stearns Asset Backed Securities I Trust(b)	US0001M + 1.875%	1.9610	04/25/35		2,559,227
	9,897,885	Bear Stearns Asset Backed Securities I Trust(b)	US0001M + 1.800%	1.8860	10/25/35		9,716,751
	1,070,714	Bear Stearns Asset Backed Securities I Trust(b)	US0001M + 1.050%	1.1360	11/25/35		1,060,864
	30,796,819	Bear Stearns Asset Backed Securities I Trust(b)	US0001M + 0.290%	0.3760	11/25/36		29,314,398
	1,708,345	Bear Stearns Asset Backed Securities I Trust(b)	US0001M + 0.320%	0.4060	03/25/37		1,679,481
	3,000,000	Bear Stearns Asset Backed Securities I Trust(b)	US0001M + 1.600%	1.6860	08/25/37		2,839,145
	8,398,000	Bear Stearns Asset Backed Securities I Trust(b)	US0001M + 0.400%	0.4860	10/25/37		7,376,256
	1,302,786	Bear Stearns Asset Backed Securities I Trust(b)	US0001M + 1.750%	1.8360	10/25/37		1,176,959
	2,993,431	Bear Stearns Asset Backed Securities Trust 2006-4(b)	US0001M + 0.750%	0.8360	10/25/36		1,083,598

See accompanying notes to consolidated financial statements.

10

ALPHACENTRIC INCOME OPPORTUNITIES FUND (IOFAX, IOFCX, IOFIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 91.4% (Continued)
	16,250,000	BNC Mortgage Loan Trust 2007-2(b)	US0001M + 0.290%	0.3760	05/25/37	$	14,125,532
	14,225,901	Carrington Mortgage Loan Trust Series 2005-NC5(b)	US0001M + 0.780%	0.8660	10/25/35		13,561,251
	3,522,390	Carrington Mortgage Loan Trust Series 2006-FRE1(b)	US0001M + 0.150%	0.2360	04/25/36		3,451,743
	11,328,589	Carrington Mortgage Loan Trust Series 2006-FRE1(b)	US0001M + 0.250%	0.3360	04/25/36		10,370,859
	45,368,500	Carrington Mortgage Loan Trust Series 2006-FRE1(b)	US0001M + 0.300%	0.3860	07/25/36		38,281,233
	3,046,131	Carrington Mortgage Loan Trust Series 2006-FRE2(b)	US0001M + 0.250%	0.3360	10/25/36		2,857,059
	24,526,000	Carrington Mortgage Loan Trust Series 2006-NC1(b)	US0001M + 0.420%	0.7160	01/25/36		23,131,957
	41,424,000	Carrington Mortgage Loan Trust Series 2006-NC2(b)	US0001M + 0.270%	0.3560	06/25/36		37,712,260
	30,000,000	Carrington Mortgage Loan Trust Series 2006-NC3(b)	US0001M + 0.240%	0.3260	08/25/36		26,536,884
	32,364,300	Carrington Mortgage Loan Trust Series 2006-NC4(b)	US0001M + 0.240%	0.3260	10/25/36		30,051,363
	8,255,890	Carrington Mortgage Loan Trust Series 2006-NC4(b)	US0001M + 0.300%	0.3860	10/25/36		8,406,456
	9,823,000	Carrington Mortgage Loan Trust Series 2006-OPT1(b)	US0001M + 0.555%	0.6410	02/25/36		9,026,625
	8,670,526	Carrington Mortgage Loan Trust Series 2006-RFC1(b)	US0001M + 0.435%	0.5210	05/25/36		8,423,980
	3,174,718	Carrington Mortgage Loan Trust Series 2007-FRE1(b)	US0001M + 0.260%	0.3460	02/25/37		3,127,536
	13,423,584	Carrington Mortgage Loan Trust Series 2007-FRE1(b)	US0001M + 0.500%	0.5860	02/25/37		12,544,326
	19,000,000	Carrington Mortgage Loan Trust Series 2007-HE1(b)	US0001M + 0.290%	0.3760	06/25/37		16,785,130
	22,415,000	Carrington Mortgage Loan Trust Series 2007-RFC1(b)	US0001M + 0.220%	0.3060	10/25/36		19,734,910
	13,351,214	Carrington Mortgage Loan Trust Series 2007-RFC1(b)	US0001M + 0.260%	0.3460	12/25/36		11,241,491
	3,774,725	Centex Home Equity Loan Trust 2002-C(b)	US0001M + 1.150%	1.2360	09/25/32		3,866,266
	134,103	Centex Home Equity Loan Trust 2004-B(b)	US0001M + 2.325%	2.4110	03/25/34		1,716
	3,460,504	Centex Home Equity Loan Trust 2004-C(b)	US0001M + 1.725%	1.8110	06/25/34		3,328,807
	1,771,149	Centex Home Equity Loan Trust 2004-C(b)	US0001M + 2.100%	2.1860	06/25/34		547,369
	12,568,353	Centex Home Equity Loan Trust 2005-D(b)	US0001M + 1.800%	1.8860	10/25/35		12,641,951
	17,000,000	Centex Home Equity Loan Trust 2006-A(b)	US0001M + 0.370%	0.6410	06/25/36		15,645,506
	3,300,000	ChaseFlex Trust Series 2007-2(b)	US0001M + 0.440%	0.5260	05/25/37		2,635,141
	343,930	CHL Mortgage Pass-Through Trust 2004-6(d)		3.4670	05/25/34		362,974
	81,751,747	CIT Mortgage Loan Trust 2007-1(a),(b)	US0001M + 1.750%	1.8360	12/25/21		36,316,750
	14,454,834	CIT Mortgage Loan Trust 2007-1(a),(b)	US0001M + 1.750%	1.8360	10/25/37		6,055,179
	1,622,515	Citigroup Mortgage Loan Trust 2004-OPT1(b)	US0001M + 2.625%	2.7110	10/25/34		1,567,417
	803,752	Citigroup Mortgage Loan Trust 2005-3(d)		2.6120	08/25/35		744,554
	6,017,335	Citigroup Mortgage Loan Trust 2006-AMC1(b)	US0001M + 0.435%	0.5210	09/25/36		6,842,159
	2,380,671	Citigroup Mortgage Loan Trust 2006-AMC1(b)	US0001M + 0.520%	0.6060	09/25/36		2,244,445
	3,000,000	Citigroup Mortgage Loan Trust 2006-HE2(b)	US0001M + 0.380%	0.4660	08/25/36		2,647,851
	9,541,303	Citigroup Mortgage Loan Trust 2006-NC1(b)	US0001M + 0.435%	0.5210	08/25/36		9,466,511

See accompanying notes to consolidated financial statements.

11

ALPHACENTRIC INCOME OPPORTUNITIES FUND (IOFAX, IOFCX, IOFIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 91.4% (Continued)
	4,902,343	Citigroup Mortgage Loan Trust 2006-WMC1(b)	US0001M + 0.615%	0.7010	12/25/35	$	4,627,197
	515,186	Citigroup Mortgage Loan Trust 2007-10(d)		2.3080	09/25/37		480,815
	10,398,047	Citigroup Mortgage Loan Trust 2007-AHL1(b)	US0001M + 0.270%	0.3560	12/25/36		11,875,368
	5,645,802	Citigroup Mortgage Loan Trust 2007-AMC4(b)	US0001M + 0.300%	0.3860	05/25/37		6,280,316
	1,543,580	Citigroup Mortgage Loan Trust 2007-WFHE1(b)	US0001M + 0.360%	0.6260	01/25/37		1,458,624
	9,127,883	Citigroup Mortgage Loan Trust 2007-WFHE2(b)	US0001M + 0.650%	1.0610	03/25/37		9,669,732
	2,301,000	Citigroup Mortgage Loan Trust, Inc.(b)	US0001M + 4.500%	4.5860	12/25/33		2,374,929
	874,706	Citigroup Mortgage Loan Trust, Inc.(b)	ICE LIBOR USD 1 Month + 1.935%	2.0210	02/25/35		871,372
	2,473,832	Citigroup Mortgage Loan Trust, Inc.(b)	US0001M + 1.875%	1.9610	05/25/35		2,646,564
	2,000,000	Citigroup Mortgage Loan Trust, Inc.(b)	US0001M + 1.680%	1.7660	07/25/35		2,024,512
	6,302,000	Citigroup Mortgage Loan Trust, Inc.(b)	US0001M + 0.280%	0.3660	06/25/37		5,389,440
	1,437,000	Citigroup Mortgage Loan Trust, Inc.(b)	US0001M + 2.500%	2.5860	07/25/37		1,336,057
	2,217,433	Connecticut Avenue Securities Trust 2018-R07 Series 2018-R07 Class 1M2(a),(b)	US0001M + 2.400%	2.4860	04/25/31		2,229,197
	3,000,000	Connecticut Avenue Securities Trust 2019-R04(a),(b)	US0001M + 5.250%	5.3360	06/25/39		3,113,287
	1,250,000	Connecticut Avenue Securities Trust 2019-R05(a),(b)	US0001M + 4.100%	4.1860	07/25/39		1,271,308
	21,750,000	Connecticut Avenue Securities Trust 2019-R06(a),(b)	US0001M + 3.750%	3.8360	09/25/39		22,141,732
	9,421,419	Connecticut Avenue Securities Trust 2020-R01(a),(b)	US0001M + 2.050%	2.1360	01/25/40		9,481,018
	5,990,000	Connecticut Avenue Securities Trust 2020-R01(a),(b)	US0001M + 3.250%	3.3360	01/25/40		6,031,178
	6,780,131	Connecticut Avenue Securities Trust 2020-R02(a),(b)	US0001M + 2.000%	2.0860	01/25/40		6,817,255
	12,000,000	Connecticut Avenue Securities Trust 2020-R02(a),(b)	US0001M + 3.000%	3.0860	01/25/40		12,017,441
	4,010,409	Conseco Finance Corporation(d)		7.2400	11/15/28		4,051,927
	4,812,883	Conseco Finance Corporation(d)		6.9800	09/01/30		4,651,908
	189,342	Countrywide Asset-Backed Certificates(a),(b)	US0001M + 5.625%	5.7110	10/25/32		204,007
	330,293	Countrywide Asset-Backed Certificates(a),(b)	US0001M + 4.500%	4.5860	11/25/33		369,045
	1,813,521	Countrywide Asset-Backed Certificates(b)	US0001M + 2.625%	2.7110	10/25/34		1,841,426
	2,196,206	Countrywide Asset-Backed Certificates(b)	US0001M + 2.625%	2.7110	11/25/34		1,937,900
	6,080,000	Countrywide Asset-Backed Certificates(a),(c)		5.5000	11/25/35		6,003,164
	3,863,851	Countrywide Asset-Backed Certificates(b)	US0001M + 1.725%	1.8110	12/25/35		3,034,417
	5,248,308	Countrywide Asset-Backed Certificates(b)	US0001M + 1.500%	1.5860	01/25/36		4,738,807
	3,994,783	Countrywide Asset-Backed Certificates(a),(b)	US0001M + 1.095%	1.1810	02/25/36		3,681,603
	3,200,000	Countrywide Asset-Backed Certificates(b)	US0001M + 0.730%	0.8160	04/25/36		2,834,679
	17,000,000	Countrywide Asset-Backed Certificates(b)	US0001M + 0.735%	0.8210	04/25/36		14,105,997
	2,462,404	Countrywide Asset-Backed Certificates(b)	US0001M + 0.660%	0.7460	06/25/36		2,740,868

See accompanying notes to consolidated financial statements.

12

ALPHACENTRIC INCOME OPPORTUNITIES FUND (IOFAX, IOFCX, IOFIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 91.4% (Continued)
	3,464,042	Countrywide Asset-Backed Certificates(b)	US0001M + 0.585%	0.6710	07/25/36	$	2,444,998
	8,946,817	Countrywide Asset-Backed Certificates(b)	US0001M + 0.330%	0.4160	03/25/37		9,649,506
	22,391,390	Countrywide Asset-Backed Certificates(b)	US0001M + 0.250%	0.3360	06/25/37		23,103,320
	3,102,157	Countrywide Asset-Backed Certificates(b)	US0001M + 0.340%	0.4260	06/25/37		2,883,405
	3,838,469	Countrywide Asset-Backed Certificates(b)	US0001M + 0.220%	0.3060	08/25/37		3,807,932
	26,731,708	Countrywide Asset-Backed Certificates(b)	US0001M + 0.270%	0.3560	11/25/37		25,235,321
	11,582,933	Countrywide Asset-Backed Certificates(b)	US0001M + 0.230%	0.3160	05/25/47		9,965,281
	27,725,807	Countrywide Asset-Backed Certificates(b)	US0001M + 0.250%	0.3360	06/25/47		27,050,748
	8,811,159	Countrywide Asset-Backed Certificates(b)	US0001M + 0.260%	0.3460	06/25/47		9,758,481
	18,654,250	Countrywide Asset-Backed Certificates(b)	US0001M + 0.260%	0.3460	06/25/47		16,285,466
	1,758,611	Credit Suisse First Boston Mortgage Securities(b)	US0001M + 1.500%	1.5860	02/25/32		1,921,697
	1,238,572	Credit Suisse First Boston Mortgage Securities(b)	US0001M + 3.850%	3.9360	04/25/34		623,736
	1,681,619	Credit-Based Asset Servicing and Securitization,(a),(b)	US0001M + 4.500%	4.5860	03/25/33		1,070,374
	268,764	Credit-Based Asset Servicing and Securitization,(a),(b)	US0001M + 2.850%	2.9360	10/25/34		273,968
	3,943,000	Credit-Based Asset Servicing and Securitization,(a),(c)		6.5000	09/25/35		3,872,140
	1,668,592	Credit-Based Asset Servicing and Securitization,(b)	US0001M + 0.660%	0.7460	12/25/35		1,075,747
	1,997,993	Credit-Based Asset Servicing and Securitization,(b)	US0001M + 2.625%	2.7110	12/25/35		1,804,305
	3,534,578	Credit-Based Asset Servicing and Securitization,(a),(c)		7.2500	03/25/46		1,397,053
	1,448,683	CSFB Mortgage-Backed Pass-Through Certificates(d)		2.5330	10/25/33		1,244,537
	4,296,774	CWABS Asset-Backed Certificates Trust 2004-7(b)	US0001M + 2.100%	2.1860	10/25/34		2,633,507
	1,270,633	CWABS Asset-Backed Certificates Trust 2004-9(b)	US0001M + 1.650%	1.7360	11/25/34		1,127,811
	2,356,444	CWABS Asset-Backed Certificates Trust 2005-1(b)	US0001M + 2.100%	2.1860	07/25/35		2,171,789
	1,876,637	CWABS Asset-Backed Certificates Trust 2005-11(b)	US0001M + 1.080%	1.1660	02/25/36		1,668,660
	22,823,472	CWABS Asset-Backed Certificates Trust 2005-14(b)	US0001M + 1.170%	1.2560	04/25/36		22,866,939
	6,442,671	CWABS Asset-Backed Certificates Trust 2005-16(b)	US0001M + 0.760%	0.8460	05/25/36		3,317,031
	5,952,017	CWABS Asset-Backed Certificates Trust 2006-7(b)	US0001M + 0.420%	0.5060	04/25/46		6,515,558
	6,800,000	CWABS Asset-Backed Certificates Trust 2007-11(b)	US0001M + 0.300%	0.3860	06/25/47		5,862,363
	26,400,000	CWABS Asset-Backed Certificates Trust 2007-11(b)	US0001M + 0.300%	0.3860	06/25/47		23,830,459
	17,953,000	CWABS Asset-Backed Certificates Trust 2007-12(b)	US0001M + 0.970%	1.0560	08/25/47		15,576,416
	4,000,000	CWABS Asset-Backed Certificates Trust 2007-12(b)	US0001M + 0.970%	1.0560	08/25/47		3,481,118
	9,916,000	CWABS Asset-Backed Certificates Trust 2007-13(b)	US0001M + 1.500%	1.5860	10/25/47		9,271,164
	1,607,834	Delta Funding Home Equity Loan Trust 1997-3		7.6500	10/25/28		1,568,948
	1,355,353	Delta Funding Home Equity Loan Trust 1998-1(b)	US0001M + 0.825%	0.9110	05/25/30		1,163,224
	1,414,130	Delta Funding Home Equity Loan Trust 1999-1(d)		6.8000	03/15/28		1,331,226

See accompanying notes to consolidated financial statements.

13

ALPHACENTRIC INCOME OPPORTUNITIES FUND (IOFAX, IOFCX, IOFIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 91.4% (Continued)
	1,709,094	Delta Funding Home Equity Loan Trust 1999-2		7.3700	08/15/30	$	1,311,596
	879,547	Delta Funding Home Equity Loan Trust 2000-3(c)		8.3900	11/15/30		848,005
	7,324,448	Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AF1 Class A-4(b)	US0001M + 0.300%	0.3860	04/25/36		7,364,402
	655,271	Deutsche Mortgage Securities Inc Mortgage Loan(a),(b)	US0001M + 0.350%	0.4340	04/15/36		592,033
	1,712,037	DSLA Mortgage Loan Trust 2004-AR1(b)	US0001M + 1.125%	1.2120	09/19/44		1,088,905
	11,250,000	Ellington Loan Acquisition Trust 2007-1(a),(b)	US0001M + 2.100%	2.1860	05/25/37		11,559,081
	19,156,000	Ellington Loan Acquisition Trust 2007-2(a),(b)	US0001M + 1.600%	1.6860	05/25/37		19,362,172
	2,536,435	Ellington Loan Acquisition Trust 2007-2(a),(b)	US0001M + 1.700%	1.7860	05/25/37		2,131,282
	4,245,000	EMC Mortgage Loan Trust(a),(b)	US0001M + 3.375%	3.4610	01/25/41		3,713,589
	5,628,729	EMC Mortgage Loan Trust 2005-B(a),(b)	US0001M + 2.250%	2.3360	04/25/42		5,858,673
	12,692,326	Encore Credit Receivables Trust 2005-2(b)	US0001M + 0.975%	1.0610	11/25/35		13,062,209
	10,679,355	Encore Credit Receivables Trust 2005-3(b)	US0001M + 1.755%	1.8410	10/25/35		11,956,219
	6,708,033	Encore Credit Receivables Trust 2005-4(b)	US0001M + 1.050%	1.1360	01/25/36		6,263,717
	2,280,535	EquiFirst Mortgage Loan Trust 2004-2(b)	US0001M + 5.100%	5.1860	10/25/34		2,239,403
	1,782,268	EquiFirst Mortgage Loan Trust 2005-1(b)	US0001M + 1.800%	1.8860	04/25/35		1,802,859
	4,272,268	Equity One Mortgage Pass-Through Trust 2003-3(d)		5.4590	12/25/33		3,950,481
	11,275,206	Fannie Mae Connecticut Avenue Securities(a),(b)	US0001M + 3.000%	3.0860	07/25/24		11,480,065
	4,849,995	Fannie Mae Connecticut Avenue Securities(b)	US0001M + 4.900%	4.9860	11/25/24		4,998,259
	1,370,754	Fannie Mae Connecticut Avenue Securities(a),(b)	US0001M + 3.650%	3.7360	09/25/29		1,418,839
	12,200,000	Fannie Mae Connecticut Avenue Securities(a),(b)	US0001M + 5.500%	5.5860	09/25/29		13,380,388
	4,411,416	Fannie Mae Connecticut Avenue Securities(b)	US0001M + 3.000%	3.0860	10/25/29		4,538,304
	8,411,038	Fannie Mae Connecticut Avenue Securities(b)	US0001M + 2.850%	2.9360	11/25/29		8,644,538
	2,445,000	Fannie Mae Connecticut Avenue Securities(b)	US0001M + 4.450%	4.5360	02/25/30		2,573,715
	2,203,651	Fannie Mae Connecticut Avenue Securities Series 2017-C07 Class 2M2(b)	US0001M + 2.500%	2.5860	05/25/30		2,239,597
	15,000,000	Fannie Mae Connecticut Avenue Securities(b)	US0001M + 4.000%	4.0860	08/25/30		15,604,886
	8,500,000	Fannie Mae Connecticut Avenue Securities(b)	US0001M + 4.500%	4.5860	12/25/30		9,003,812
	8,319,000	Fannie Mae Connecticut Avenue Securities(a),(b)	US0001M + 4.250%	4.3360	01/25/31		8,777,698
	5,250,000	Fannie Mae Connecticut Avenue Securities(b)	US0001M + 3.750%	3.8360	03/25/31		5,395,406
	9,850,000	Fannie Mae Connecticut Avenue Securities(b)	US0001M + 4.100%	4.1860	03/25/31		10,247,312
	1,724,282	Finance America Mortgage Loan Trust 2004-3(b)	US0001M + 1.650%	1.7360	11/25/34		1,768,219
	10,860,627	FINANCE OF AMERICA STRUCTURED 2.00% 03/25/2069(a)		2.0000	03/25/69		11,864,312
	12,136,867	Finance of America Structured Securities Trust JR2(a)		2.0000	11/25/69		12,799,475
	1,909,606	First Franklin Mortgage Loan Trust 2003-FF4(b)	US0001M + 2.475%	2.5610	10/25/33		1,836,231

See accompanying notes to consolidated financial statements.

14

ALPHACENTRIC INCOME OPPORTUNITIES FUND (IOFAX, IOFCX, IOFIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 91.4% (Continued)
	1,581,412	First Franklin Mortgage Loan Trust 2004-FF10(b)	US0001M + 2.325%	2.4110	05/25/34	$	1,502,595
	1,764,933	First Franklin Mortgage Loan Trust 2004-FF2(b)	US0001M + 1.875%	1.9610	03/25/34		1,765,970
	2,112,624	First Franklin Mortgage Loan Trust 2004-FF3(b)	US0001M + 2.400%	2.4860	11/25/34		2,137,365
	843,880	First Franklin Mortgage Loan Trust 2004-FF4(b)	US0001M + 2.250%	2.3360	06/25/34		854,819
	2,053,616	First Franklin Mortgage Loan Trust 2004-FF6(b)	US0001M + 2.175%	2.2610	07/25/34		2,058,653
	2,926,492	First Franklin Mortgage Loan Trust 2004-FF7(c)		5.5000	09/25/34		3,138,316
	4,768,364	First Franklin Mortgage Loan Trust 2004-FFH2(b)	US0001M + 1.575%	1.6610	06/25/34		4,738,001
	7,370,094	First Franklin Mortgage Loan Trust 2005-FF11(b)	US0001M + 0.930%	1.0160	11/25/35		6,799,927
	9,423,831	First Franklin Mortgage Loan Trust 2005-FF2(b)	US0001M + 1.050%	1.1360	03/25/35		9,095,416
	3,716,427	First Franklin Mortgage Loan Trust 2005-FF5(b)	US0001M + 1.200%	1.2860	05/25/35		3,319,392
	19,923,775	First Franklin Mortgage Loan Trust 2005-FF9(b)	US0001M + 0.810%	0.8960	10/25/35		21,898,626
	4,273,291	First Franklin Mortgage Loan Trust 2005-FFH2(a),(b)	US0001M + 1.050%	1.1360	04/25/35		4,116,608
	12,473,000	First Franklin Mortgage Loan Trust 2006-FF1(b)	US0001M + 0.690%	0.7760	01/25/36		12,103,379
	15,000,000	First Franklin Mortgage Loan Trust 2006-FF14(b)	US0001M + 0.310%	0.3960	10/25/36		13,249,001
	11,731,656	First Franklin Mortgage Loan Trust 2006-FF4(b)	US0001M + 0.540%	0.6260	03/25/36		10,761,986
	3,860,000	First Franklin Mortgage Loan Trust 2006-FF5(b)	US0001M + 0.405%	0.4910	04/25/36		3,355,650
	2,445,764	First Franklin Mortgage Loan Trust 2006-FF7(b)	US0001M + 0.375%	0.4610	05/25/36		2,179,244
	5,816,591	First Franklin Mortgage Loan Trust 2006-FF9(b)	US0001M + 0.375%	0.4610	06/25/36		6,842,096
	4,000,000	First Franklin Mortgage Loan Trust 2006-FF9(b)	US0001M + 0.500%	0.5860	06/25/36		3,857,324
	1,417,066	First Franklin Mortgage Loan Trust2006-FF3(b)	US0001M + 0.585%	0.6710	02/25/36		1,147,209
	5,018,824	Freddie Mac Stacr Remic Trust 2019-Hqa4(a),(b)	US0001M + 2.050%	2.1360	11/25/49		5,034,825
	6,947,000	Freddie Mac Stacr Remic Trust 2019-Hqa4(a),(b)	US0001M + 6.600%	6.6860	11/25/49		7,262,101
	3,883,000	Freddie Mac Stacr Remic Trust 2020-DNA1(a),(b)	US0001M + 5.250%	5.3360	01/25/50		3,969,266
	26,300,000	Freddie Mac STACR Remic Trust 2020-DNA2(a),(b)	US0001M + 2.500%	2.5860	02/25/50		26,422,028
	5,750,000	Freddie Mac STACR REMIC Trust 2020-DNA4(a),(b)	US0001M +10.000%	10.0860	08/25/50		7,236,652
	2,507,294	Freddie Mac STACR REMIC Trust 2020-HQA1(a),(b)	US0001M + 1.900%	1.9860	01/25/50		2,516,661
	7,250,000	Freddie Mac STACR REMIC Trust 2020-HQA1(a),(b)	US0001M + 2.350%	2.4360	01/25/50		7,279,753
	1,100,000	Freddie Mac STACR REMIC Trust 2020-HQA1(a),(b)	US0001M + 5.100%	5.1860	01/25/50		1,117,102
	18,884,414	Freddie Mac Stacr Remic Trust 2020-HQA2(a),(b)	US0001M + 3.100%	3.1860	03/25/50		19,179,803
	1,000,000	Freddie Mac Stacr Remic Trust 2020-HQA2(a),(b)	US0001M + 7.600%	7.6860	03/25/50		1,085,692
	1,661,613	Freddie Mac STACR REMIC Trust 2020-HQA4(a),(b)	US0001M + 3.150%	3.2360	09/25/50		1,674,065
	4,500,000	Freddie Mac STACR REMIC Trust 2020-HQA4(a),(b)	US0001M + 5.250%	5.3360	09/25/50		4,739,271
	5,250,000	Freddie Mac STACR REMIC Trust 2020-HQA4(a),(b)	US0001M + 9.400%	9.4860	09/25/50		6,408,015
	22,355,000	Freddie Mac STACR REMIC Trust 2021-DNA5(a),(b)	SOFR30A + 3.050%	3.1000	01/25/34		22,868,408

See accompanying notes to consolidated financial statements.

15

ALPHACENTRIC INCOME OPPORTUNITIES FUND (IOFAX, IOFCX, IOFIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 91.4% (Continued)
	1,773,388	Freddie Mac STACR Trust 2019-DNA1(b)	US0001M + 2.650%	2.7360	01/25/49	$	1,802,327
	2,000,000	Freddie Mac STACR Trust 2019-DNA2(b)	US0001M + 10.500%	10.5860	03/25/49		2,261,562
	6,506,342	Freddie Mac STACR Trust 2019-DNA3(b)	US0001M + 2.050%	2.1360	07/25/49		6,587,462
	1,500,000	Freddie Mac STACR Trust 2019-DNA3(b)	US0001M + 3.250%	3.3360	07/25/49		1,523,557
	7,617,574	Freddie Mac STACR Trust 2019-HQA2(b)	US0001M + 2.050%	2.1360	04/25/49		7,670,553
	8,546,481	Freddie Mac Structured Agency Credit Risk Debt(b)	US0001M + 2.300%	2.3860	09/25/30		8,671,258
	1,525,481	Fremont Home Loan Trust 2004-3(b)	US0001M + 1.875%	1.9610	11/25/34		1,439,090
	375,966	Fremont Home Loan Trust 2004-4(b)	US0001M + 0.915%	1.0010	03/25/35		354,732
	1,524,416	Fremont Home Loan Trust 2004-4(b)	US0001M + 1.425%	1.5110	03/25/35		1,451,681
	3,085,110	Fremont Home Loan Trust 2004-4(b)	US0001M + 1.500%	1.5860	03/25/35		1,804,762
	934,690	Fremont Home Loan Trust 2004-D(b)	US0001M + 0.945%	1.0310	11/25/34		901,045
	5,818,559	Fremont Home Loan Trust 2005-1(a),(b)	US0001M + 1.800%	1.8860	06/25/35		2,545,840
	12,370,598	Fremont Home Loan Trust 2005-2(b)	US0001M + 0.975%	1.0610	06/25/35		10,146,452
	6,281,907	Fremont Home Loan Trust 2005-A(b)	US0001M + 1.050%	1.1360	01/25/35		5,212,324
	4,658,090	Fremont Home Loan Trust 2005-C(b)	US0001M + 0.990%	1.0760	07/25/35		3,338,097
	3,972,000	Fremont Home Loan Trust 2005-E(b)	US0001M + 0.675%	0.7610	01/25/36		3,680,354
	8,892,363	GE-WMC Asset-Backed Pass Through Certificates(b)	US0001M + 0.690%	0.7760	10/25/35		8,893,194
	5,041,253	GreenPoint Mortgage Funding Trust 2005-HY1(b)	US0001M + 0.885%	0.9710	07/25/35		5,093,116
	3,330,498	GreenPoint Mortgage Funding Trust Series 2006-AR4(b)	US0001M + 0.320%	0.4060	09/25/46		3,189,084
	4,031,004	GSAA Home Equity Trust 2004-11(b)	US0001M + 1.425%	1.5110	12/25/34		3,641,934
	4,921,982	GSAA Home Equity Trust 2004-8(b)	US0001M + 1.725%	1.8110	09/25/34		4,791,778
	9,305,000	GSAA Home Equity Trust 2005-4(b)	US0001M + 1.050%	1.1360	03/25/35		9,595,544
	2,327,046	GSAA Home Equity Trust 2005-4(b)	US0001M + 1.725%	1.8110	03/25/35		2,140,741
	1,667,836	GSAA Home Equity Trust 2005-5(b)	US0001M + 2.550%	2.6360	02/25/35		1,326,479
	4,830,733	GSAA Home Equity Trust 2005-8(b)	US0001M + 0.780%	0.8660	06/25/35		4,046,844
	9,491,436	GSAA Trust(b)	US0001M + 1.155%	1.2410	06/25/35		7,119,760
	20,190,989	GSAA Trust(b)	US0001M + 0.570%	0.6560	12/25/35		17,645,281
	4,400,714	GSAMP Trust 2005-AHL2(b)	US0001M + 0.660%	0.7460	12/25/35		3,709,583
	13,226,000	GSAMP Trust 2005-HE4(b)	US0001M + 0.945%	1.0310	07/25/45		11,888,530
	5,459,751	GSAMP Trust 2005-HE5(b)	US0001M + 1.050%	1.1360	11/25/35		3,510,590
	19,890,733	GSAMP Trust 2005-WMC3(b)	US0001M + 0.675%	0.7610	12/25/35		18,818,414
	33,069,025	GSAMP Trust 2006-HE3(b)	US0001M + 0.420%	0.5060	05/25/46		32,332,760
	7,268,444	GSAMP Trust 2006-HE5(b)	US0001M + 0.300%	0.3860	08/25/36		6,882,449
	5,870,879	GSAMP Trust 2006-HE8(b)	US0001M + 0.250%	0.3360	01/25/37		4,907,545

See accompanying notes to consolidated financial statements.

16

ALPHACENTRIC INCOME OPPORTUNITIES FUND (IOFAX, IOFCX, IOFIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 91.4% (Continued)
	5,149,195	GSAMP Trust 2006-NC1(b)	US0001M + 0.570%	0.6560	02/25/36	$	6,271,190
	1,987,769	GSAMP Trust 2006-SD2(a),(b)	US0001M + 0.705%	0.7910	05/25/46		1,614,847
	3,000,000	GSAMP Trust 2007-HSBC1(b)	US0001M + 2.250%	3.4610	02/25/47		3,262,146
	10,507	GSR Mortgage Loan Trust 2005-7F(b)	US0001M + 0.500%	0.5860	09/25/35		10,256
	1,653,415	GSRPM Mortgage Loan Trust 2003-1(b)	US0001M + 6.750%	6.8360	01/25/32		1,601,741
	2,905,339	GSRPM Mortgage Loan Trust 2007-1(a),(b)	US0001M + 0.400%	0.4860	10/25/46		2,772,435
	1,854,822	GSRPM Mortgage Loan Trust Series 2002-1(a),(b)	US0001M + 1.950%	2.0360	11/25/31		1,866,631
	1,044,855	GSRPM Mortgage Loan Trust Series 2004-1(a),(b)	US0001M + 5.250%	5.3360	09/25/42		967,074
	1,662,450	HarborView Mortgage Loan Trust 2005-11(b)	US0001M + 0.760%	0.8470	08/19/45		1,564,964
	1,605,228	HarborView Mortgage Loan Trust 2005-15(b)	US0001M + 0.740%	0.8270	10/20/45		1,200,704
	1,251,062	HarborView Mortgage Loan Trust 2006-12(b)	US0001M + 0.250%	0.3370	01/19/38		1,314,060
	4,938,554	Home Equity Asset Trust(b)	US0001M + 1.245%	1.3310	05/25/35		5,181,659
	3,839,080	Home Equity Asset Trust 2005-3(b)	US0001M + 1.065%	1.1510	08/25/35		4,170,817
	2,271,277	Home Equity Asset Trust 2005-6(b)	US0001M + 1.065%	1.1510	12/25/35		3,713,594
	11,762,571	Home Equity Asset Trust 2005-7(b)	US0001M + 0.750%	0.8360	01/25/36		12,415,248
	9,630,069	Home Equity Asset Trust 2005-8(b)	US0001M + 0.705%	0.7910	02/25/36		10,938,955
	11,413,567	Home Equity Asset Trust 2005-9(b)	US0001M + 0.660%	0.7460	04/25/36		11,450,833
	6,947,804	Home Equity Asset Trust 2006-1(b)	US0001M + 0.930%	1.0160	04/25/36		7,389,421
	30,135,463	Home Equity Asset Trust 2006-4(b)	US0001M + 0.480%	0.5660	08/25/36		33,020,657
	839,316	Home Equity Mortgage Loan Asset-Backed Trust(d)		6.5370	11/25/30		862,781
	4,703,389	Home Equity Mortgage Loan Asset-Backed Trust(b)	US0001M + 2.325%	2.4110	07/25/34		4,480,935
	9,000,000	Home Equity Mortgage Loan Asset-Backed Trust(b)	US0001M + 1.950%	2.0360	03/25/35		9,032,256
	6,475,000	Home Equity Mortgage Loan Asset-Backed Trust(b)	US0001M + 1.800%	1.8860	08/25/35		6,035,941
	11,200,000	Home Equity Mortgage Loan Asset-Backed Trust(b)	US0001M + 0.915%	1.0010	10/25/35		8,697,006
	7,353,745	Home Equity Mortgage Loan Asset-Backed Trust(b)	US0001M + 0.600%	0.6860	03/25/36		5,852,613
	15,915,368	Home Equity Mortgage Loan Asset-Backed Trust(b)	US0001M + 0.705%	0.7910	03/25/36		13,268,549
	16,667,511	Home Equity Mortgage Loan Asset-Backed Trust(b)	US0001M + 0.540%	0.6260	06/25/36		15,857,675
	4,376,808	Home Equity Mortgage Loan Asset-Backed Trust(b)	US0001M + 0.290%	0.3760	08/25/36		4,452,508
	11,600,000	HSI Asset Securitization Corp Trust 2005-OPT1(b)	US0001M + 0.675%	0.7610	11/25/35		10,979,898
	13,243,000	HSI Asset Securitization Corp Trust 2006-OPT1(b)	US0001M + 0.540%	0.6260	12/25/35		11,606,531
	14,675,000	HSI Asset Securitization Corp Trust 2006-OPT2(b)	US0001M + 0.810%	0.8960	01/25/36		13,544,288
	2,106,800	HSI Asset Securitization Corp Trust 2006-OPT4(b)	US0001M + 0.465%	0.5510	03/25/36		1,989,527
	386,976	Impac CMB Trust Series 2004-10(b)	US0001M + 0.855%	0.9410	03/25/35		349,951
	26,973	IndyMac INDX Mortgage Loan Trust 2004-AR6(d)		2.8800	10/25/34		26,687

See accompanying notes to consolidated financial statements.

17

ALPHACENTRIC INCOME OPPORTUNITIES FUND (IOFAX, IOFCX, IOFIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 91.4% (Continued)
	776,737	IXIS Real Estate Capital Trust 2005-HE2(b)	US0001M + 1.035%	1.1210	09/25/35	$	760,622
	10,000,000	JP Morgan Mortgage Acquisition Corp 2005-FLD1(b)	US0001M + 1.800%	1.8860	07/25/35		10,070,198
	11,812,073	JP Morgan Mortgage Acquisition Corp 2005-OPT1(b)	US0001M + 1.065%	1.1510	06/25/35		11,362,503
	16,317,000	JP Morgan Mortgage Acquisition Corp 2006-FRE1(b)	US0001M + 0.645%	0.7310	05/25/35		13,853,159
	12,759,465	JP Morgan Mortgage Acquisition Trust 2006-ACC1(b)	US0001M + 0.320%	0.5660	05/25/36		9,865,658
	5,156,157	JP Morgan Mortgage Acquisition Trust 2006-CH1(b)	US0001M + 1.800%	1.8860	07/25/36		5,193,889
	2,678,266	JP Morgan Mortgage Acquisition Trust 2006-CW1(b)	US0001M + 0.450%	0.5360	05/25/36		3,284,832
	10,415,426	JP Morgan Mortgage Acquisition Trust 2006-NC1(b)	US0001M + 0.510%	0.5960	04/25/36		9,322,247
	5,706,000	JP Morgan Mortgage Acquisition Trust 2007-CH2(b)	US0001M + 0.530%	0.6160	01/25/37		5,552,775
	7,553,000	JP Morgan Mortgage Acquisition Trust 2007-CH2(b)	US0001M + 0.600%	0.6860	01/25/37		7,093,432
	4,466,983	JP Morgan Mortgage Acquisition Trust 2007-CH2(b)	US0001M + 0.750%	0.8360	01/25/37		4,418,191
	20,645,000	JP Morgan Mortgage Acquisition Trust 2007-CH3(b)	US0001M + 0.370%	0.4560	03/25/37		18,843,315
	16,788,000	JP Morgan Mortgage Acquisition Trust 2007-CH4(b)	US0001M + 0.290%	0.3760	05/25/37		14,717,722
	4,500,000	JP Morgan Mortgage Acquisition Trust 2007-CH5(b)	US0001M + 0.280%	0.3660	06/25/37		4,103,045
	3,776,693	JP Morgan Mortgage Acquisition Trust 2007-HE1(b)	US0001M + 0.260%	0.3460	03/25/47		3,903,876
	2,173,176	Long Beach Mortgage Loan Trust 2003-1(b)	US0001M + 6.000%	6.0860	03/25/33		2,975,293
	1,094,272	Long Beach Mortgage Loan Trust 2004-5(b)	US0001M + 1.800%	1.8860	09/25/34		1,154,798
	11,146,166	Long Beach Mortgage Loan Trust 2005-3(b)	US0001M + 0.705%	0.7910	08/25/45		11,582,103
	777,202	MAFI II Remic Trust 1998-A		6.0000	02/20/27		700,032
	680,956	MASTR Adjustable Rate Mortgages Trust 2004-5(d)		2.5140	07/25/34		516,329
	3,715,000	MASTR Adjustable Rate Mortgages Trust 2004-9(b)	US0001M + 2.200%	2.2860	11/25/34		3,775,701
	684,839	MASTR Alternative Loan Trust 2002-2(d)		7.1060	10/25/32		106,252
	1,406,445	Mastr Asset Backed Securities Trust 2003-OPT2(b)	US0001M + 5.775%	5.8610	05/25/33		1,244,658
	1,575,958	Mastr Asset Backed Securities Trust 2004-WMC3(b)	US0001M + 1.800%	1.8860	10/25/34		1,922,472
	316,237	Mastr Asset Backed Securities Trust 2005-NC1(b)	US0001M + 2.295%	2.3810	12/25/34		703,077
	6,620,279	Mastr Asset Backed Securities Trust 2006-AM3(b)	US0001M + 0.260%	0.3460	10/25/36		6,123,996
	4,026,025	Mastr Asset Backed Securities Trust 2007-HE1(b)	US0001M + 0.300%	0.3860	05/25/37		3,877,155
	901,537	Mastr Specialized Loan Trust(a),(b)	US0001M + 2.265%	2.6340	07/25/35		955,374
	1,459,280	Mastr Specialized Loan Trust(a),(b)	US0001M + 1.250%	1.3360	11/25/35		1,020,356
	2,433,026	Mastr Specialized Loan Trust(a),(b)	US0001M + 0.975%	1.0610	01/25/36		2,425,009
	6,442,925	Mastr Specialized Loan Trust(a),(b)	US0001M + 2.400%	2.4860	01/25/36		4,688,703
	5,089,435	Mastr Specialized Loan Trust(b)	US0001M + 0.420%	0.5060	06/25/46		4,889,379
	1,265,803	Meritage Mortgage Loan Trust 2004-2(b)	US0001M + 1.725%	1.8110	01/25/35		1,232,761
	4,382,874	Meritage Mortgage Loan Trust 2005-2(b)	US0001M + 0.795%	0.8810	11/25/35		4,268,619

See accompanying notes to consolidated financial statements.

18

ALPHACENTRIC INCOME OPPORTUNITIES FUND (IOFAX, IOFCX, IOFIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 91.4% (Continued)
	17,471,097	Merrill Lynch First Franklin Mortgage Loan Trust(b)	US0001M + 1.750%	1.8360	10/25/37	$	16,665,269
	3,156,495	Merrill Lynch Mortgage Investors Trust 2002-AFC1(b)	US0001M + 3.450%	3.5360	09/25/32		3,263,229
	21,510	Merrill Lynch Mortgage Investors Trust MLMI Series(b)	US0012M + 1.625%	1.8620	12/25/32		21,666
	95,171	Merrill Lynch Mortgage Investors Trust MLMI Series(b)	US0006M + 1.500%	1.6550	02/25/33		96,863
	505,299	Merrill Lynch Mortgage Investors Trust Series(b)	US0001M + 2.175%	2.2610	07/25/34		498,853
	1,504,514	Merrill Lynch Mortgage Investors Trust Series(b)	US0001M + 2.400%	2.4860	10/25/34		1,574,289
	5,937,647	Merrill Lynch Mortgage Investors Trust Series(b)	US0001M + 0.975%	1.0610	04/25/35		6,256,292
	2,847,836	Merrill Lynch Mortgage Investors Trust Series(b)	US0001M + 2.025%	2.1110	06/25/35		2,857,950
	9,009,600	Merrill Lynch Mortgage Investors Trust Series(b)	US0001M + 1.050%	1.1360	04/25/36		9,570,679
	5,792,111	Merrill Lynch Mortgage Investors Trust Series(b)	US0001M + 1.005%	1.0910	06/25/36		5,581,916
	6,759,000	Merrill Lynch Mortgage Investors Trust Series(b)	US0001M + 0.600%	0.6860	12/25/36		6,576,143
	1,316,033	Merrill Lynch Mortgage Investors Trust Series(b)	US0001M + 0.260%	0.3460	03/25/37		1,241,744
	6,476,674	Merrill Lynch Mortgage Investors Trust Series(b)	US0001M + 0.320%	0.4060	03/25/37		6,137,233
	328,447	Merrill Lynch Mortgage Investors Trust Series MLCC(b)	US0001M + 1.005%	1.0910	03/25/30		261,713
	3,944,358	Merrill Lynch Mortgage Investors Trust Series MLCC(d)		2.0280	02/25/36		2,889,214
	164,454	Morgan Stanley A.B.S Capital I Inc Trust 2004-HE9(b)	US0001M + 1.575%	1.6610	11/25/34		162,525
	4,173,609	Morgan Stanley A.B.S Capital I Inc Trust 2004-HE9(b)	US0001M + 1.875%	1.9610	11/25/34		4,067,735
	1,467,582	Morgan Stanley A.B.S Capital I Inc Trust 2004-WMC2(b)	US0001M + 5.250%	5.3360	07/25/34		2,063,176
	1,365,386	Morgan Stanley A.B.S Capital I Inc Trust 2004-WMC3(b)	US0001M + 1.350%	1.4360	01/25/35		1,366,304
	293,209	Morgan Stanley A.B.S Capital I Inc Trust 2004-WMC3(b)	US0001M + 1.650%	1.7360	01/25/35		44,826
	13,666,738	Morgan Stanley A.B.S Capital I Inc Trust 2005-HE4(b)	US0001M + 0.885%	0.9710	07/25/35		12,928,800
	4,100,187	Morgan Stanley A.B.S Capital I Inc Trust 2005-HE5(b)	US0001M + 0.870%	0.9560	09/25/35		4,179,325
	2,378,505	Morgan Stanley A.B.S Capital I Inc Trust 2005-WMC2(b)	US0001M + 0.975%	1.0610	02/25/35		2,194,531
	4,231,268	Morgan Stanley A.B.S Capital I Inc Trust 2005-WMC3(b)	US0001M + 1.065%	1.1510	03/25/35		3,746,081
	5,640,184	Morgan Stanley A.B.S Capital I Inc Trust 2005-WMC5(b)	US0001M + 1.800%	1.8860	06/25/35		2,263,757
	2,764,816	Morgan Stanley A.B.S Capital I Inc Trust 2005-WMC6(b)	US0001M + 1.065%	1.1510	07/25/35		2,783,336
	10,466,508	Morgan Stanley A.B.S Capital I Inc Trust 2006-NC1(b)	US0001M + 0.630%	0.7160	12/25/35		10,131,267
	3,683,627	Morgan Stanley A.B.S Capital I Inc Trust 2006-WMC1(b)	US0001M + 0.570%	0.6560	12/25/35		3,491,672
	10,170,269	Morgan Stanley A.B.S Capital I Inc Trust 2007-HE6(b)	US0001M + 0.250%	0.3360	05/25/37		9,465,635
	2,274,313	Morgan Stanley A.B.S Capital I Inc Trust 2007-HE6(b)	US0001M + 0.260%	0.3460	05/25/37		7,128,597
	10,150,900	Morgan Stanley Capital I Inc Trust 2006-HE1(b)	US0001M + 0.555%	0.6410	01/25/36		9,103,505
	1,642,789	Morgan Stanley Dean Witter Capital I Inc Trust(b)	US0001M + 5.625%	5.7110	02/25/33		1,713,342
	5,308,259	Morgan Stanley Home Equity Loan Trust 2005-2(b)	US0001M + 1.065%	1.1510	05/25/35		4,687,959
	80,663	Morgan Stanley Mortgage Loan Trust 2004-7AR(d)		2.4510	09/25/34		83,722

See accompanying notes to consolidated financial statements.

19

ALPHACENTRIC INCOME OPPORTUNITIES FUND (IOFAX, IOFCX, IOFIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 91.4% (Continued)
	6,000,000	Multifamily Connecticut Avenue Securities Trust Series 2019-01 M10(a),(b)	US0001M + 3.250%	3.3360	10/15/49	$	6,069,177
	1,500,000	Multifamily Connecticut Avenue Securities Trust Series 2019-01 B10(a),(b)	US0001M + 5.500%	5.5860	10/15/49		1,540,102
	5,483,000	Nationstar Home Equity Loan Trust 2006-B(b)	US0001M + 0.370%	0.4560	09/25/36		5,219,660
	7,415,282	Nationstar Home Equity Loan Trust 2007-A(b)	US0001M + 0.370%	0.4560	03/25/37		8,315,713
	5,941,491	Nationstar Home Equity Loan Trust 2007-B(b)	US0001M + 0.470%	0.5560	04/25/37		6,561,558
	18,463,000	Nationstar Home Equity Loan Trust 2007-C(b)	US0001M + 0.250%	0.3360	06/25/37		16,976,762
	659,534	New Century Home Equity Loan Trust(d)		5.6500	08/25/34		659,667
	6,601,394	New Century Home Equity Loan Trust 2004-4(b)	US0001M + 1.425%	1.5110	02/25/35		5,464,396
	2,019,256	New Century Home Equity Loan Trust 2005-1(b)	US0001M + 1.200%	1.2860	03/25/35		2,033,732
	10,302,117	New Century Home Equity Loan Trust 2005-2(b)	US0001M + 1.020%	1.1060	06/25/35		10,323,673
	3,681,395	New Century Home Equity Loan Trust 2006-2(b)	US0001M + 0.310%	0.3960	08/25/36		4,492,551
	197,411	New Century Home Equity Loan Trust Series 2003-5(b)	US0001M + 0.800%	0.8860	11/25/33		188,776
	38,580,212	New Century Home Equity Loan Trust Series 2005-B(b)	US0001M + 0.735%	0.8210	10/25/35		37,692,929
	16,216,429	New Century Home Equity Loan Trust Series 2005-C(b)	US0001M + 0.675%	0.7610	12/25/35		15,489,051
	10,390,000	New Century Home Equity Loan Trust Series 2005-D(b)	US0001M + 0.705%	0.7910	02/25/36		9,754,183
	2,627,927	Newcastle Mortgage Securities Trust 2006-1(b)	US0001M + 0.855%	0.9410	03/25/36		2,648,499
	19,918,000	Newcastle Mortgage Securities Trust 2007-1(b)	US0001M + 0.500%	0.5860	04/25/37		18,477,964
	16,771	Nomura Asset Acceptance Corp Alternative Loan		7.0000	04/25/33		17,476
	7,231	Nomura Asset Acceptance Corp Alternative Loan		6.0000	05/25/33		7,406
	4,750,000	Nomura Home Equity Loan Inc Home Equity Loan Trust(b)	US0001M + 1.080%	1.1660	09/25/35		4,389,879
	1,293,969	Nomura Home Equity Loan Inc Home Equity Loan Trust(b)	US0001M + 0.555%	0.6410	03/25/36		1,309,240
	21,463,860	Nomura Home Equity Loan Inc Home Equity Loan Trust(b)	US0001M + 0.300%	0.3860	07/25/36		17,923,660
	3,126,335	NovaStar Mortgage Funding Trust Series 2003-1(b)	US0001M + 3.000%	3.0860	05/25/33		2,975,353
	10,000,000	NovaStar Mortgage Funding Trust Series 2004-4(b)	US0001M + 2.550%	2.6360	03/25/35		10,087,340
	15,347,847	NovaStar Mortgage Funding Trust Series 2007-2(b)	US0001M + 0.300%	0.3860	09/25/37		15,232,020
	5,940,905	Opteum Mortgage Acceptance Corp Asset Backed(b)	US0001M + 0.645%	0.7310	12/25/35		6,421,446
	1,495,992	Option One Mortgage Loan Trust 2005-2(b)	US0001M + 1.035%	1.1210	05/25/35		1,345,591
	9,540,000	Option One Mortgage Loan Trust 2005-3(b)	US0001M + 0.930%	1.0160	08/25/35		9,221,915
	2,364,720	Option One Mortgage Loan Trust 2005-3(b)	US0001M + 1.005%	1.0910	08/25/35		1,447,353
	3,534,232	Option One Mortgage Loan Trust 2005-4(b)	US0001M + 0.900%	0.9860	11/25/35		3,658,234
	2,333,041	Option One Mortgage Loan Trust 2005-5(b)	US0001M + 0.870%	0.9560	12/25/35		2,287,494
	54,206,000	Option One Mortgage Loan Trust 2006-1(b)	US0001M + 0.570%	0.6560	01/25/36		49,714,040
	12,792,680	Option One Mortgage Loan Trust 2007-CP1(b)	US0001M + 0.300%	0.3860	03/25/37		9,480,617

See accompanying notes to consolidated financial statements.

20

ALPHACENTRIC INCOME OPPORTUNITIES FUND (IOFAX, IOFCX, IOFIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 91.4% (Continued)
	9,912,914	Ownit Mortgage Loan Trust Series 2005-4(b)	US0001M + 0.825%	0.9110	08/25/36	$	9,970,901
	2,632,416	Park Place Securities Inc Asset-Backed(b)	US0001M + 1.725%	1.8110	10/25/34		2,186,906
	6,346,905	Park Place Securities Inc Asset-Backed(b)	US0001M + 2.175%	2.2610	10/25/34		6,103,134
	1,432,732	Park Place Securities Inc Asset-Backed(b)	US0001M + 2.925%	3.0110	10/25/34		743,291
	3,099,568	Park Place Securities Inc Asset-Backed(b)	US0001M + 2.025%	2.1110	12/25/34		3,150,443
	16,513,820	Park Place Securities Inc Asset-Backed(b)	US0001M + 2.100%	2.1860	12/25/34		17,519,733
	7,333,569	Park Place Securities Inc Asset-Backed(b)	US0001M + 1.950%	2.0360	02/25/35		7,399,910
	3,039,010	Park Place Securities Inc Asset-Backed(b)	US0001M + 2.625%	2.7110	02/25/35		2,709,397
	7,594,381	Park Place Securities Inc Asset-Backed(b)	US0001M + 1.875%	1.9610	03/25/35		7,367,139
	3,277,634	Park Place Securities Inc Asset-Backed(b)	US0001M + 1.800%	1.8860	06/25/35		3,750,837
	2,310,000	Park Place Securities Inc Asset-Backed(b)	US0001M + 0.975%	1.0610	07/25/35		2,255,788
	3,671,327	Park Place Securities Inc Asset-Backed(b)	US0001M + 1.020%	1.1060	07/25/35		4,685,857
	21,491,122	Park Place Securities Inc Asset-Backed(b)	US0001M + 0.960%	1.0460	08/25/35		19,658,168
	16,441,001	Park Place Securities Inc Asset-Backed(b)	US0001M + 0.915%	1.0010	09/25/35		15,856,172
	3,466,211	Park Place Securities Inc Asset-Backed(b)	US0001M + 0.990%	1.0760	09/25/35		3,396,937
	6,819,374	Popular A.B.S Mortgage Pass-Through Trust 2006-B(b)	US0001M + 0.750%	0.8360	05/25/36		5,706,621
	8,316,044	Popular A.B.S Mortgage Pass-Through Trust 2007-A(b)	US0001M + 0.310%	0.3960	06/25/47		7,727,191
	5,780,284	Quest Trust(a),(b)	US0001M + 3.525%	3.6110	09/25/34		5,396,109
	5,984,900	Quest Trust(a),(b)	US0001M + 3.375%	3.4610	03/25/35		6,086,270
	8,674,000	RAAC Series 2006-RP1 Trust(b)	US0001M + 1.850%	1.9360	10/25/45		8,935,519
	4,398,662	RAAC Series 2006-RP2 Trust(a),(b)	US0001M + 1.250%	1.3360	02/25/37		3,678,845
	4,638,000	RAAC Series 2006-RP4 Trust(b)	US0001M + 2.000%	3.0860	01/25/46		4,550,349
	7,202,000	RAAC Series 2006-SP2 Trust(b)	US0001M + 0.705%	0.7910	02/25/36		6,922,073
	1,935,251	RAAC Series 2007-SP1 Trust(b)	US0001M + 1.500%	1.5860	03/25/37		1,751,199
	14,058,781	RAAC Series 2007-SP3 Trust(b)	US0001M + 2.250%	2.3360	09/25/47		12,551,863
	2,252,225	RAMP Series 2005-EFC1 Trust(b)	US0001M + 1.200%	1.8860	05/25/35		1,820,188
	11,363,000	RAMP Series 2005-EFC4 Trust(b)	US0001M + 0.700%	1.1360	09/25/35		10,576,510
	3,445,762	RAMP Series 2005-EFC6 Trust(b)	US0001M + 0.630%	1.0310	11/25/35		2,521,916
	2,362,177	RAMP Series 2005-RS1 Trust(b)	US0001M + 0.800%	1.2860	01/25/35		2,317,277
	3,027,321	RAMP Series 2005-RS8 Trust(b)	US0001M + 0.600%	0.9860	09/25/35		2,811,678
	8,410,442	RAMP Series 2006-EFC1 Trust(b)	US0001M + 0.540%	0.8960	02/25/36		8,796,773
	15,190,702	RAMP Series 2006-NC3 Trust(b)	US0001M + 0.360%	0.6260	03/25/36		14,072,810
	2,369,662	RAMP Series 2006-RS1 Trust(b)	US0001M + 0.410%	0.7010	01/25/36		2,061,945
	3,455,671	RAMP Series 2006-RS4 Trust(b)	US0001M + 0.380%	0.6560	07/25/36		3,407,892

See accompanying notes to consolidated financial statements.

21

ALPHACENTRIC INCOME OPPORTUNITIES FUND (IOFAX, IOFCX, IOFIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 91.4% (Continued)
	7,645,787	RAMP Series 2006-RZ3 Trust(b)	US0001M + 0.380%	0.4660	08/25/36	$	8,049,137
	8,060,000	RAMP Series 2006-RZ4 Trust(b)	US0001M + 0.350%	0.4360	10/25/36		7,936,018
	15,395,640	RAMP Series 2006-RZ4 Trust(b)	US0001M + 0.380%	0.4660	10/25/36		14,079,434
	11,478,331	RAMP Series 2006-RZ5 Trust(b)	US0001M + 0.360%	0.4460	08/25/46		11,079,705
	14,189,420	RASC Series 2005-AHL3 Trust(b)	US0001M + 0.440%	0.7460	11/25/35		12,188,329
	1,762,500	RASC Series 2005-EMX1 Trust(a),(b)	US0001M + 4.500%	4.5860	03/25/35		1,766,890
	2,611,128	RASC Series 2005-EMX3 Trust(b)	US0001M + 0.720%	1.1660	09/25/35		2,150,734
	2,677,856	RASC Series 2005-KS1 Trust(b)	US0001M + 1.250%	1.9610	02/25/35		2,752,153
	6,115,849	RASC Series 2005-KS12 Trust(b)	US0001M + 0.670%	1.0910	01/25/36		6,798,598
	1,367,142	RASC Series 2005-KS2 Trust(b)	US0001M + 0.770%	1.2410	03/25/35		1,496,489
	1,503,037	RASC Series 2005-KS6 Trust(b)	US0001M + 1.700%	2.6360	07/25/35		1,584,113
	2,323,636	RASC Series 2005-KS9 Trust(b)	US0001M + 1.250%	1.9610	10/25/35		1,916,579
	2,753,937	RASC Series 2006-EMX1 Trust(b)	US0001M + 0.470%	0.7910	01/25/36		2,011,706
	7,914,021	RASC Series 2006-EMX2 Trust(b)	US0001M + 0.420%	0.7160	02/25/36		6,073,921
	8,807,532	RASC Series 2006-EMX3 Trust(b)	US0001M + 0.330%	0.5810	04/25/36		7,986,784
	8,990,801	RASC Series 2006-EMX4 Trust(b)	US0001M + 0.280%	0.5060	06/25/36		7,722,622
	7,496,388	RASC Series 2006-KS1 Trust(b)	US0001M + 0.530%	0.8810	02/25/36		7,165,206
	5,042,963	RASC Series 2006-KS2 Trust(b)	US0001M + 0.750%	0.8360	03/25/36		4,456,205
	9,478,408	RASC Series 2006-KS4 Trust(b)	US0001M + 0.300%	0.5360	06/25/36		8,806,937
	17,352,899	RASC Series 2006-KS7 Trust(b)	US0001M + 0.300%	0.3860	09/25/36		16,243,986
	7,332,500	RASC Series 2006-KS8 Trust(b)	US0001M + 0.290%	0.3760	10/25/36		7,509,266
	16,074,000	RASC Series 2007-KS1 Trust(b)	US0001M + 0.240%	0.3260	01/25/37		12,338,402
	31,591,863	RASC Series 2007-KS2 Trust(b)	US0001M + 0.260%	0.3460	02/25/37		31,089,129
	10,842,761	RASC Series 2007-KS3 Trust(b)	US0001M + 0.380%	0.4660	04/25/37		10,146,565
	2,085,079	Renaissance Home Equity Loan Trust 2002-1(b)	US0001M + 2.925%	3.0110	06/25/32		1,860,750
	1,335,987	Renaissance Home Equity Loan Trust 2002-2(b)	US0001M + 2.250%	2.3360	08/25/32		1,346,738
	454,954	Renaissance Home Equity Loan Trust 2003-2(c)		4.3900	08/25/33		449,964
	6,999,243	Renaissance Home Equity Loan Trust 2004-3(c)		5.2840	11/25/34		7,000,759
	12,075,448	Renaissance Home Equity Loan Trust 2005-1(c)		5.4050	05/25/35		2,372,567
	7,687,961	Renaissance Home Equity Loan Trust 2005-2(c)		5.1010	08/25/35		2,311,230
	38,560	RFMSI Series 2005-SA1 Trust(d)		2.2900	03/25/35		24,306
	188,931	SASCO Mortgage Loan Trust 2003-GEL1(b)	US0001M + 4.500%	4.5860	10/25/33		167,832
	2,309,753	Saxon Asset Securities Trust 2004-2(c)		3.4490	08/25/35		2,150,579
	2,149,653	Saxon Asset Securities Trust 2005-2(b)	US0001M + 0.705%	0.7910	10/25/35		2,022,357

See accompanying notes to consolidated financial statements.

22

ALPHACENTRIC INCOME OPPORTUNITIES FUND (IOFAX, IOFCX, IOFIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 91.4% (Continued)
	6,995,360	Saxon Asset Securities Trust 2005-4(b)	US0001M + 0.930%	1.0160	11/25/37	$	6,853,855
	11,065,000	Saxon Asset Securities Trust 2006-2(b)	US0001M + 0.300%	0.3860	09/25/36		10,604,902
	11,145,162	Saxon Asset Securities Trust 2006-2(b)	US0001M + 0.320%	0.4060	09/25/36		11,057,086
	36,690,000	Saxon Asset Securities Trust 2007-3(b)	US0001M + 0.800%	0.8860	09/25/47		35,502,374
	21,892,000	Saxon Asset Securities Trust 2007-3(b)	US0001M + 0.800%	0.8860	09/25/47		20,993,679
	4,360,331	Saxon Asset Securities Trust 2007-3(b)	US0001M + 0.900%	0.9860	09/25/47		3,904,065
	10,935,000	Saxon Asset Securities Trust 2007-4(a),(b)	US0001M + 3.000%	3.0860	12/25/37		7,966,205
	7,000,000	Seasoned Credit Risk Transfer Trust Series 2020-2(d)		4.2500	11/25/59		7,332,789
	1,415,765	Securitized Asset Backed Receivables, LLC Trust(b)	US0001M + 0.975%	1.0610	12/25/34		1,370,114
	111,109	Securitized Asset Backed Receivables, LLC Trust(b)	US0001M + 1.830%	1.9160	01/25/35		118,255
	6,301,000	Securitized Asset Backed Receivables, LLC Trust(b)	US0001M + 0.960%	1.0460	10/25/35		5,668,901
	9,230,769	Securitized Asset Backed Receivables, LLC Trust(b)	US0001M + 1.005%	1.0910	10/25/35		6,629,567
	7,071,852	Securitized Asset Backed Receivables, LLC Trust(b)	US0001M + 0.600%	0.6860	11/25/35		6,490,113
	1,500,000	Security National Mortgage Loan Trust 2005-2(a),(d)		6.8860	02/25/35		1,317,077
	13,096,701	Sequoia Mortgage Trust 2004-10(d)		0.7280	11/20/34		146,271
	1,133,039	Sequoia Mortgage Trust 2004-10(b)	US0001M + 0.750%	0.8370	11/20/34		959,403
	5,879,000	SG Mortgage Securities Trust 2005-OPT1(b)	US0001M + 0.885%	0.9710	10/25/35		5,692,264
	3,542,161	Soundview Home Loan Trust 2005-1(b)	US0001M + 1.950%	2.0360	04/25/35		3,895,493
	2,455,104	Soundview Home Loan Trust 2005-3(b)	US0001M + 0.990%	1.0760	06/25/35		2,556,220
	1,532,119	Soundview Home Loan Trust 2005-A(b)	US0001M + 1.350%	1.4360	04/25/35		1,538,607
	7,698,000	Soundview Home Loan Trust 2005-DO1(b)	US0001M + 1.725%	1.8110	05/25/35		7,652,178
	4,542,879	Soundview Home Loan Trust 2005-OPT1(b)	US0001M + 0.825%	0.9110	06/25/35		4,425,537
	5,321,456	Soundview Home Loan Trust 2005-OPT1(b)	US0001M + 1.050%	1.1360	06/25/35		3,379,854
	8,802,000	Soundview Home Loan Trust 2005-OPT2(b)	US0001M + 0.975%	1.0610	08/25/35		7,978,270
	5,708,590	Soundview Home Loan Trust 2005-OPT2(b)	US0001M + 1.125%	1.2110	08/25/35		3,366,976
	1,787,500	Soundview Home Loan Trust 2005-OPT3(b)	US0001M + 1.020%	1.1060	11/25/35		1,626,062
	6,612,375	Soundview Home Loan Trust 2005-OPT4(b)	US0001M + 0.825%	0.9110	12/25/35		5,887,399
	10,936,061	Soundview Home Loan Trust 2006-1(b)	US0001M + 0.615%	0.7010	02/25/36		12,196,658
	32,378,928	Soundview Home Loan Trust 2006-EQ1(b)	US0001M + 0.250%	0.3360	10/25/36		35,904,203
	57,247,883	Soundview Home Loan Trust 2006-OPT2(b)	US0001M + 0.450%	0.5360	05/25/36		56,698,228
	9,996,591	Soundview Home Loan Trust 2006-OPT3(b)	US0001M + 0.310%	0.3960	06/25/36		10,057,161
	18,511,618	Soundview Home Loan Trust 2006-OPT4(b)	US0001M + 0.420%	0.5060	06/25/36		18,887,715
	16,000,000	Soundview Home Loan Trust 2006-OPT5(b)	US0001M + 0.240%	0.3260	07/25/36		15,273,850
	51,847,864	Soundview Home Loan Trust 2006-OPT5(b)	US0001M + 0.250%	0.3360	07/25/36		53,846,489

See accompanying notes to consolidated financial statements.

23

ALPHACENTRIC INCOME OPPORTUNITIES FUND (IOFAX, IOFCX, IOFIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 91.4% (Continued)
	4,210,678	Specialty Underwriting & Residential Finance Trust(b)	US0001M + 0.975%	1.0610	06/25/36	$	3,702,209
	5,062,637	Specialty Underwriting & Residential Finance Trust(b)	US0001M + 0.585%	0.6710	12/25/36		5,598,653
	8,500,000	STACR Trust 2018-HRP1(a),(b)	US0001M + 3.750%	3.8360	04/25/43		8,762,513
	10,000,000	STACR Trust 2018-HRP2(b)	US0001M + 2.400%	2.4860	02/25/47		10,193,464
	4,000,000	STACR Trust 2018-HRP2(b)	US0001M + 4.200%	4.2860	02/25/47		4,253,011
	2,400,000	STACR Trust 2018-HRP2(b)	US0001M +10.500%	10.5860	02/25/47		2,797,097
	2,309,517	Structured Asset Investment Loan Trust 2004-10(b)	US0001M + 3.750%	3.8360	11/25/34		3,222,326
	1,734,865	Structured Asset Investment Loan Trust 2004-8(b)	US0001M + 3.750%	3.8360	09/25/34		1,924,956
	3,130,600	Structured Asset Investment Loan Trust 2004-BNC2(b)	US0001M + 1.725%	1.8110	12/25/34		3,078,488
	25,570,000	Structured Asset Investment Loan Trust 2005-4(b)	US0001M + 0.975%	1.0610	05/25/35		25,226,656
	12,642,628	Structured Asset Investment Loan Trust 2005-5(b)	US0001M + 0.975%	1.0610	06/25/35		13,250,412
	21,136,423	Structured Asset Investment Loan Trust 2005-6(b)	US0001M + 0.975%	1.0610	07/25/35		20,990,872
	9,303,592	Structured Asset Investment Loan Trust 2005-8(b)	US0001M + 0.750%	0.8360	10/25/35		9,744,569
	3,042,743	Structured Asset Investment Loan Trust 2005-HE2(b)	US0001M + 0.780%	0.8660	07/25/35		2,922,834
	9,093,000	Structured Asset Investment Loan Trust 2005-HE3(b)	US0001M + 0.735%	0.8210	09/25/35		8,763,955
	2,023,769	Structured Asset Investment Loan Trust 2005-HE3(b)	US0001M + 0.795%	0.8810	09/25/35		2,798,412
	161,458	Structured Asset Mortgage Investments II Trust(d)		1.9940	10/19/34		157,424
	2,253,556	Structured Asset Mortgage Investments II Trust(b)	US0001M + 0.750%	0.8370	07/19/35		2,141,885
	1,358,083	Structured Asset Mortgage Investments Trust(b)	US0001M + 0.825%	0.9120	02/19/33		1,106,387
	2,467,626	Structured Asset Securities Corp 2005-NC1(b)	US0001M + 1.950%	2.0360	02/25/35		2,544,635
	1,982,950	Structured Asset Securities Corp 2005-RMS1(b)	US0001M + 0.750%	0.8360	02/25/35		1,907,110
	478,047	Structured Asset Securities Corp 2005-WF1(b)	US0001M + 1.905%	1.9910	02/25/35		481,324
	3,392,722	Structured Asset Securities Corp Mortgage Loan(b)	US0001M + 1.050%	1.1360	05/25/35		3,268,317
	1,876,560	Structured Asset Securities Corp Mortgage Loan(a),(b)	US0001M + 3.750%	3.8360	07/25/35		1,897,054
	8,193,744	Structured Asset Securities Corp Mortgage Loan(a),(b)	US0001M + 3.375%	3.4610	11/25/35		8,435,884
	6,876,000	Structured Asset Securities Corp Mortgage Loan(b)	US0001M + 1.425%	1.5110	02/25/36		5,604,994
	10,454,742	Structured Asset Securities Corp Mortgage Loan(a),(b)	US0001M + 0.290%	0.3760	07/25/36		11,131,768
	5,218,890	Structured Asset Securities Corp Mortgage Loan(a),(b)	US0001M + 0.645%	0.7310	10/25/36		5,828,208
	6,073,416	Structured Asset Securities Corp Mortgage Loan(b)	US0001M + 0.230%	0.3160	02/25/37		6,907,777
	9,415,856	Structured Asset Securities Corp Mortgage Loan(a),(b)	US0001M + 0.300%	0.3860	08/25/46		9,829,576
	7,000,000	Structured Asset Securities Corp Mortgage Loan(b)	US0001M + 0.300%	0.3860	05/25/47		6,394,518
	9,369,375	Structured Asset Securities Corp Trust 2005-AR1(b)	US0001M + 0.750%	0.8360	09/25/35		9,610,672
	7,793,006	Terwin Mortgage Trust 2006-1(a),(b)	US0001M + 0.735%	0.8210	01/25/37		7,019,615
	10,891,173	Terwin Mortgage Trust 2006-5(a),(b)	US0001M + 0.540%	0.6260	07/25/37		10,600,185

See accompanying notes to consolidated financial statements.

24

ALPHACENTRIC INCOME OPPORTUNITIES FUND (IOFAX, IOFCX, IOFIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 91.4% (Continued)
	7,425,000	Terwin Mortgage Trust 2006-7(a),(b)	US0001M + 0.540%	0.6260	07/25/37	$	6,302,273
	5,740,000	Terwin Mortgage Trust 2007-QHL1(a),(b)	US0001M + 1.500%	1.5860	10/25/38		5,793,248
	2,997,346	Terwin Mortgage Trust Series TMTS 2005-6HE(b)	US0001M + 1.200%	1.2860	04/25/36		3,066,002
	393,874	Thornburg Mortgage Securities Trust 2004-2(b)	US0001M + 1.000%	1.0860	06/25/44		227,531
	757,000	Truman Capital Mortgage Loan Trust(a),(b)	US0001M + 5.250%	5.3360	03/25/37		819,921
	755,514	WaMu Mortgage Pass-Through Certificates Series(d)		2.5590	10/25/33		671,866
	131,110	WaMu Mortgage Pass-Through Certificates Series(b)	COF 11 + 1.250%	1.5130	11/25/42		135,017
	2,331,185	Washington Mutural Asset-Backed Certificates WMABS(b)	US0001M + 0.540%	0.6260	04/25/36		2,101,298
	7,189,606	Wells Fargo Home Equity Asset-Backed Securities(b)	US0001M + 0.675%	0.7610	05/25/36		6,311,848
	10,797,635	Wells Fargo Home Equity Asset-Backed Securities(b)	US0001M + 0.350%	0.4360	07/25/36		10,185,014
	12,293,206	Wells Fargo Home Equity Asset-Backed Securities(b)	US0001M + 0.405%	0.4910	01/25/37		13,852,197
							3,818,533,122
		TOTAL NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $2,936,090,832)					3,818,533,122
		TOTAL INVESTMENTS - 98.8% (Cost $3,228,961,594)				$	4,127,241,557
		OTHER ASSETS IN EXCESS OF LIABILITIES - 1.2%					51,968,367
		NET ASSETS - 100.0%				$	4,179,209,924

ETF	- Exchange-Traded Fund
LLC	- Limited Liability Company
REMIC	- Real Estate Mortgage Investment Conduit
COF 11	Cost of Funds for the 11th District of San Francisco
SOFR30A	United States 30 Day Average SOFR Secured Overnight Financing Rate
US0001M	ICE LIBOR USD 1 Month
US0006M	ICE LIBOR USD 6 Month
US0012M	ICE LIBOR USD 12 Month

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

^(a) 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, 2021 the total market value of 144A securities is 482,783,345 or 11.6% of net assets.

^(b) 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.

^(c) Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at September 30, 2021.

^(d) Variable rate security; the rate shown represents the rate on September 30, 2021.

See accompanying notes to consolidated financial statements.

25

ALPHACENTRIC PREMIUM OPPORTUNITY FUND (HMXAX, HMXCX, HMXIX)

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

Shares									Fair Value
		SHORT-TERM INVESTMENTS — 85.0%
		MONEY MARKET FUNDS - 85.0%
	2,485,115	Fidelity Government Portfolio, Institutional Class, 0.01%(a)							$	2,485,115
	148,339,926	First American Government Obligations Fund, Class U, 0.03%(a)								148,339,926
		TOTAL SHORT-TERM INVESTMENTS (Cost $150,825,041)								150,825,041
Contracts(b)			Broker/Counterparty	Expiration Date	Exercise Price		Notional Value		Fair Value
		FUTURE OPTIONS PURCHASED - 0.0% (c)
		CALL OPTIONS PURCHASED - 0.0%(c)
	70	S&P Emini 3rd Wk	GAIN	11/19/2021	$	4,620	$	16,170,000	$	16,100
	70	S&P Emini 3rd Wk	GAIN	11/19/2021		4,650		16,275,000		10,325
	20	S&P Emini 3rd Wk	GAIN	11/19/2021		4,700		4,700,000		1,500
	60	S&P Emini 3rd Wk	GAIN	10/15/2021		4,500		13,500,000		7,050
	60	S&P Emini 3rd Wk	GAIN	10/15/2021		4,550		13,650,000		2,850
	55	S&P500 EMINI OPTN	GAIN	12/17/2021		4,730		13,007,500		14,438
	50	S&P500 EMINI OPTN	GAIN	11/30/2021		4,700		11,750,000		6,750
	70	S&P500 EMINI OPTN	GAIN	11/30/2021		4,750		16,625,000		5,075
	100	S&P500 EMINI OPTN	GAIN	10/29/2021		4,550		22,750,000		16,000
		TOTAL FUTURE OPTIONS PURCHASED (Cost - $1,053,570)								80,088
		TOTAL INVESTMENTS - 85.0% (Cost $151,878,611)							$	150,905,129
		CALL OPTIONS WRITTEN - 0.0% (Proceeds - $913,850)								(46,200	)
		PUT OPTIONS WRITTEN - 0.0% (Proceeds - $5,475)								(3,850	)
		OTHER ASSETS IN EXCESS OF LIABILITIES - 15.0%								26,581,769
		NET ASSETS - 100.0%							$	177,436,848
Contracts(b)			Counterparty	Expiration Date	Exercise Price		Notional Value		Fair Value
		WRITTEN FUTURE OPTIONS - 0.0% (d)
		CALL OPTIONS WRITTEN - 0.0%(d)
	60	Emini SP M Week O	GAIN	10/04/2021		4,545		13,635,000		450
	20	Emini SP W Week O	GAIN	10/06/2021		4,510		4,510,000		400
	70	S&P Emini 1st Week	GAIN	10/01/2021		4,565		15,977,500		175
	140	S&P Emini 3rd Wk	GAIN	11/19/2021		4,720		33,040,000		8,050
	140	S&P Emini 3rd Wk	GAIN	11/19/2021		4,750		33,250,000		5,600
	40	S&P Emini 3rd Wk	GAIN	11/19/2021		4,800		9,600,000		1,000
	130	S&P Emini 3rd Wk	GAIN	10/15/2021		4,600		29,900,000		3,250

See accompanying notes to consolidated financial statements.

26

ALPHACENTRIC PREMIUM OPPORTUNITY FUND (HMXAX, HMXCX, HMXIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2021

Contracts(b)
(continued)			Counterparty	Expiration Date	Exercise Price		Notional Value		Fair Value
		WRITTEN FUTURE OPTIONS - 0.0% (d)
		CALL OPTIONS WRITTEN- 0.0%(d)(Continued)
	130	S&P Emini 3rd Wk	GAIN	10/15/2021	$	4,650	$	30,225,000	$	1,625
	110	S&P500 EMINI OPTN	GAIN	12/17/2021		4,830		26,565,000		10,450
	100	S&P500 EMINI OPTN	GAIN	11/30/2021		4,800		24,000,000		4,500
	140	S&P500 EMINI OPTN	GAIN	11/30/2021		4,850		33,950,000		4,200
	200	S&P500 EMINI OPTN	GAIN	10/29/2021		4,650		46,500,000		6,500
		TOTAL CALL OPTIONS WRITTEN (Proceeds - $913,850)								46,200
		PUT OPTIONS WRITTEN - 0.0%(d)
	60	Emini SP M Week O	GAIN	10/04/2021		3,925		11,775,000		2,250
	20	Emini SP W Week O	GAIN	10/06/2021		3,775		3,775,000		1,100
	50	S&P Emini 1st Week	GAIN	10/01/2021		3,900		9,750,000		500
		TOTAL PUT OPTIONS WRITTEN (Proceeds - $5,475)								3,850
		TOTAL FUTURE OPTIONS WRITTEN (Proceeds - $919,325)								50,050
OPEN FUTURES CONTRACTS
Number of Contracts		Open Long Futures Contracts		Expiration			Notional Amount(e)		Unrealized Depreciation
	80	CBOE Volatility Index Future		10/20/2021				1,829,424		(36,076	)
	10	CME E-Mini NASDAQ 100 Index Future		12/17/2021				2,936,500		(129,800	)
	30	CME E-mini Russell 2000 Index Futures		12/17/2021				3,301,200		(33,750	)
	230	CME E-Mini Standard & Poor’s 500 Index Future		12/17/2021				49,424,125		(1,531,000	)
		TOTAL FUTURES CONTRACTS								(1,730,626	)

GAIN Gain Capital Group, LLC

^(a) Rate disclosed is the seven day effective yield as of September 30, 2021.

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

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

^(d) Percentage rounds to greater than (0.1)%.

^(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.

See accompanying notes to consolidated financial statements.

27

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

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

Shares			Fair Value
		COMMON STOCKS — 95.2%
		AEROSPACE & DEFENSE - 4.0%
	15,000	AeroVironment, Inc.(a)(b)	$	1,294,800
	100,000	AEye, Inc.(a)		547,000
				1,841,800
		BIOTECH & PHARMA - 2.3%
	35,000	Bioxcel Therapeutics, Inc.(a)(b)		1,062,250
		DIVERSIFIED INDUSTRIALS - 3.3%
	15,000	Omron Corporation		1,492,270
		ELECTRICAL EQUIPMENT - 13.5%
	32,500	ABB Ltd.		1,093,611
	37,500	Allied Motion Technologies, Inc.		1,173,000
	10,000	AMETEK, Inc.		1,240,100
	25,000	CyberOptics Corporation(a)		889,500
	7,500	Novanta, Inc.(a)		1,158,750
	10,000	Renishaw plc		640,197
				6,195,158
		MACHINERY - 29.8%
	50,000	ATS Automation Tooling Systems, Inc.(a)		1,585,823
	50,000	Balyo S.A.(a)		78,693
	13,000	Daifuku Company Ltd.		1,225,723
	6,000	FANUC Corporation		1,320,995
	1,250,000	FBR Ltd.(a)		32,506
	35,000	GEA Group A.G.		1,605,900
	5,000	Kardex Holding A.G.		1,417,698
	2,900	Keyence Corporation		1,741,429
	500,000	Kraken Robotics, Inc.(a)		165,765
	13,000	Krones A.G.		1,273,861
	5,000	KUKA A.G.		409,110
	55,000	Sandvik A.B.		1,264,895
	55,000	Scott Technology Ltd.		108,134
	30,000	Yaskawa Electric Corporation		1,451,938
				13,682,470

See accompanying notes to consolidated financial statements.

28

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

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2021

Shares			Fair Value
		COMMON STOCKS — 95.2% (Continued)
		MEDICAL EQUIPMENT & DEVICES - 22.4%
	250,000	Accuray, Inc.(a)(b)	$	987,500
	57,500	ClearPoint Neuro, Inc.(a)(b)		1,020,625
	40,000	iCAD, Inc.(a)		430,000
	1,750	Intuitive Surgical, Inc.(a)		1,739,763
	100,000	Microbot Medical, Inc.(a)		703,000
	20,000	PROCEPT BioRobotics Corporation(a)		763,000
	20,000	Siemens Healthineers A.G.		1,302,197
	350,000	Stereotaxis, Inc.(a)		1,883,000
	2,500	Tecan Group A.G.		1,424,398
				10,253,483
		SEMICONDUCTORS - 6.9%
	15,000	Brooks Automation, Inc.		1,535,250
	40,000	Infineon Technologies A.G.		1,646,869
				3,182,119
		SOFTWARE - 6.5%
	10,000	Omnicell, Inc.(a)(b)		1,484,300
	5,000	Synopsys, Inc.(a)		1,497,050
				2,981,350
		TECHNOLOGY HARDWARE - 6.5%
	100,000	Nano Dimension Ltd. - ADR(a)(b)		564,000
	12,500	Nidec Corporation		1,391,441
	100,000	Vuzix Corporation(a)(b)		1,046,000
				3,001,441
		TOTAL COMMON STOCKS (Cost $31,909,975)		43,692,341
		SHORT-TERM INVESTMENT — 12.6%
		INVESTMENT PURCHASED AS SECURITIES LENDING COLLATERAL - 12.6%
	5,785,301	Mount Vernon Liquid Assets Portfolio, 0.30% (Cost $5,785,301) (c),(d)		5,785,301
		TOTAL INVESTMENTS - 107.8% (Cost $37,695,276)	$	49,477,642
		LIABILITIES IN EXCESS OF OTHER ASSETS - (7.8)%		(3,580,049	)
		NET ASSETS - 100.0%	$	45,897,593

ADR	- American Depositary Receipt
LTD	- Limited Company
PLC	- Public Limited Company
S/A	- Société Anonyme

^(a) Non-income producing security.

^(b) All or a portion of the security is on loan. The total fair value of the securities on loan as of September 30, 2021 was $5,637,002.

^(c) Security was purchased with cash received as collateral for securities on loan at September 30, 2021. Total collateral had a value of $5,785,301 at September 30, 2021.

^(d) Rate disclosed is the seven day effective yield as of September 30, 2021.

See accompanying notes to consolidated financial statements.

29

ALPHACENTRIC SYMMETRY STRATEGY FUND (SYMAX, SYMCX, SYMIX)

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

Shares			Fair Value
		COMMON STOCKS — 37.6%
		ASSET MANAGEMENT - 0.4%
	980	Industrivarden A.B.	$	31,500
	712	Kinnevik A.B.(a)		25,160
	5,332	UBS Group A.G.		85,737
				142,397
		AUTOMOTIVE - 2.0%
	2,300	Aisin Seiki Company Ltd.		83,899
	2,980	BorgWarner, Inc.		128,765
	2,622	General Motors Company		138,205
	2,900	Honda Motor Company Ltd.		89,801
	7,000	Sumitomo Rubber Industries Ltd.		89,339
	3,600	Toyoda Gosei Company Ltd.		72,500
	4,700	Toyota Boshoku Corporation		83,869
	500	Toyota Industries Corporation		41,228
	4,900	TS Tech Company Ltd.		63,460
				791,066
		BANKING - 0.6%
	34,100	Mebuki Financial Group, Inc.		75,184
	6,887	Skandinaviska Enskilda Banken A.B.		97,536
	3,866	Swedbank A.B., A Shares		78,349
				251,069
		BEVERAGES - 0.2%
	778	Monster Beverage Corporation (a)		69,110
		BIOTECH & PHARMA - 0.5%
	662	Dechra Pharmaceuticals plc		43,292
	3,908	GlaxoSmithKline plc		73,960
	1,400	Kyowa Kirin Company Ltd.		50,504
	1,200	Ono Pharmaceutical Company Ltd.		27,458
				195,214
		CABLE & SATELLITE - 0.4%
	3,551	DISH Network Corporation, Class A(a)		154,327
		CHEMICALS - 1.7%
	962	Celanese Corporation		144,916

See accompanying notes to consolidated financial statements.

30

ALPHACENTRIC SYMMETRY STRATEGY FUND (SYMAX, SYMCX, SYMIX)

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2021

Shares			Fair Value
		COMMON STOCKS — 37.6% (Continued)
		CHEMICALS - 1.7% (Continued)
	1,100	Denka Company Ltd.	$	38,745
	1,900	Mitsubishi Gas Chemical Company, Inc.		37,719
	4,462	Mosaic Company (The)		159,383
	1,400	Nitto Denko Corporation		100,130
	800	NOF Corporation		45,315
	498	Novozymes A/S, Class B		34,152
	227	Symrise A.G.		29,899
	3,800	Tokuyama Corporation		73,156
				663,415
		COMMERCIAL SUPPORT SERVICES - 0.5%
	4,100	Asahi Holdings, Inc.		74,596
	1,544	Rollins, Inc.		54,550
	876	Sodexo S.A.		76,934
				206,080
		CONSTRUCTION MATERIALS - 0.2%
	3,400	Taiheiyo Cement Corporation		70,880
		DIVERSIFIED INDUSTRIALS - 0.8%
	1,393	General Electric Company		143,521
	1,800	Hitachi Ltd.		107,121
	1,175	Pentair plc		85,340
				335,982
		E-COMMERCE DISCRETIONARY - 0.5%
	2,479	eBay, Inc.		172,712
	139	Zalando S.E.(a),		12,778
				185,490
		ELECTRICAL EQUIPMENT - 0.8%
	200	Daikin Industries Ltd.		43,845
	1,203	Johnson Controls International plc		81,900
	375	Kone OYJ, Class B		26,415
	3,171	Signify N.V.		158,578
				310,738
		ENGINEERING & CONSTRUCTION - 0.9%
	11,000	Hazama Ando Corporation		79,166

See accompanying notes to consolidated financial statements.

31

ALPHACENTRIC SYMMETRY STRATEGY FUND (SYMAX, SYMCX, SYMIX)

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2021

Shares			Fair Value
		COMMON STOCKS — 37.6% (Continued)
		ENGINEERING & CONSTRUCTION - 0.9% (Continued)
	6,300	Kajima Corporation	$	81,422
	2,700	Nippo Corporation		97,160
	5,794	Peab A.B., Class B		60,201
	208	Spirax-Sarco Engineering plc		41,984
				359,933
		ENTERTAINMENT CONTENT - 0.1%
	2,500	Mixi, Inc.		56,442
		FOOD - 0.6%
	3,487	Conagra Brands, Inc.		118,105
	800	Morinaga Milk Industry Company Ltd.		50,190
	7,845	Tate & Lyle plc		73,177
				241,472
		FORESTRY, PAPER & WOOD PRODUCTS - 0.2%
	4,400	Sumitomo Forestry Company Ltd.		84,549
		GAS & WATER UTILITIES - 0.1%
	700	Iwatani Corporation		41,219
		HEALTH CARE FACILITIES & SERVICES - 3.1%
	2,070	Centene Corporation(a)		128,982
	1,346	Cigna Corporation		269,416
	1,430	CVS Group plc		46,661
	1,408	DaVita, Inc.(a)		163,694
	806	Fresenius Medical Care A.G. & Company KGaA		56,850
	746	HCA Healthcare, Inc.		181,069
	305	Humana, Inc.		118,691
	995	Quest Diagnostics, Inc.		144,583
	402	UnitedHealth Group, Inc.		157,077
				1,267,023
		HOME & OFFICE PRODUCTS - 0.9%
	2,732	Electrolux A.B. - Series B		63,174
	400	Rinnai Corporation		43,953

See accompanying notes to consolidated financial statements.

32

ALPHACENTRIC SYMMETRY STRATEGY FUND (SYMAX, SYMCX, SYMIX)

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2021

Shares			Fair Value
		COMMON STOCKS — 37.6% (Continued)
		HOME & OFFICE PRODUCTS - 0.9% (Continued)
	1,302	Whirlpool Corporation	$	265,426
				372,553
		HOME CONSTRUCTION - 2.8%
	3,333	DR Horton, Inc.		279,873
	3,500	Iida Group Holdings Company Ltd.		90,374
	3,184	Lennar Corporation, Class A		298,278
	2,259	Masco Corporation		125,487
	2,100	Open House Company Ltd.		124,598
	5,745	PulteGroup, Inc.		263,810
				1,182,420
		HOUSEHOLD PRODUCTS - 0.2%
	241	Estee Lauder Companies, Inc. (The), Class A		72,283
		INDUSTRIAL REIT - 0.1%
	15,326	Tritax Big Box REIT plc		43,933
		INSTITUTIONAL FINANCIAL SERVICES - 1.9%
	448	Goldman Sachs Group, Inc. (The)		169,357
	6,319	IG Group Holdings plc		68,545
	1,400	Japan Exchange Group, Inc.		34,820
	4,435	Morgan Stanley		431,570
	3,000	SBI Holdings, Inc.		74,237
				778,529
		INSURANCE - 4.0%
	904	Admiral Group plc		37,884
	2,859	Aflac, Inc.		149,040
	2,616	Allstate Corporation (The)		333,043
	548	Arthur J Gallagher & Company		81,460
	1,884	ASR Nederland N.V.		86,290
	4,150	Assicurazioni Generali SpA		88,449
	3,024	AXA S.A.		84,410
	21,408	Legal & General Group plc		81,141
	27,773	M&G plc		76,244
	2,500	MS&AD Insurance Group Holdings, Inc.		84,159

See accompanying notes to consolidated financial statements.

33

ALPHACENTRIC SYMMETRY STRATEGY FUND (SYMAX, SYMCX, SYMIX)

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2021

Shares			Fair Value
		COMMON STOCKS — 37.6% (Continued)
		INSURANCE - 4.0% (Continued)
	840	NN Group N.V.	$	44,071
	8,084	Phoenix Group Holdings plc		70,371
	1,391	Progressive Corporation (The)		125,732
	1,900	Sompo Holdings, Inc.		83,118
	13,800	T&D Holdings, Inc.		191,586
				1,616,998
		INTERNET MEDIA & SERVICES - 0.1%
	361	Scout24 A.G.		25,086
		LEISURE PRODUCTS - 0.1%
	848	Thule Group A.B.		42,804
		MACHINERY - 1.1%
	900	Azbil Corporation		38,799
	400	Daifuku Company Ltd.		37,715
	201	Deere & Company		67,349
	1,673	Epiroc A.B.		34,804
	1,508	Indutrade A.B.		42,128
	1,800	Kubota Corporation		38,541
	4,671	Valmet OYJ		169,657
				428,993
		MEDICAL EQUIPMENT & DEVICES - 1.5%
	594	Agilent Technologies, Inc.		93,574
	106	Bio-Rad Laboratories, Inc., Class A(a)		79,071
	262	Danaher Corporation		79,763
	137	IDEXX Laboratories, Inc.(a)		85,200
	469	PerkinElmer, Inc.		81,273
	62	Tecan Group A.G.		35,325
	128	Thermo Fisher Scientific, Inc.		73,130
	219	West Pharmaceutical Services, Inc.		92,974
				620,310
		METALS & MINING - 0.4%
	15,330	Ferrexpo plc		67,633

See accompanying notes to consolidated financial statements.

34

ALPHACENTRIC SYMMETRY STRATEGY FUND (SYMAX, SYMCX, SYMIX)

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2021

Shares			Fair Value
		COMMON STOCKS — 37.6% (Continued)
		METALS & MINING - 0.4% (Continued)
	2,048	Newmont Corporation	$	111,206
				178,839
		REAL ESTATE OWNERS & DEVELOPERS - 0.2%
	1,574	Nexity S.A.		75,156
		REAL ESTATE SERVICES - 0.2%
	3,000	Starts Corp, Inc.		71,656
		RETAIL - CONSUMER STAPLES - 2.1%
	10,561	B&M European Value Retail S.A.		84,101
	200	Cosmos Pharmaceutical Corporation		34,112
	1,005	Etablissements Franz Colruyt N.V.		51,249
	1,278	Kesko OYJ, B Shares		44,197
	2,258	Koninklijke Ahold Delhaize N.V.		75,197
	3,820	Kroger Company (The)		154,443
	1,000	Sugi Holdings Company Ltd.		73,045
	1,900	Sundrug Company Ltd.		58,069
	1,162	Target Corporation		265,830
	900	Yaoko Company Ltd.		55,496
				895,739
		RETAIL - DISCRETIONARY - 2.4%
	2,248	Bath & Body Works, Inc.		141,691
	2,383	Best Buy Company, Inc.		251,907
	4,458	Bilia A.B.		80,920
	235	Home Depot, Inc. (The)		77,141
	16,245	Kingfisher plc		73,707
	11,900	K’s Holdings Corporation		123,613
	377	Lowe’s Companies, Inc.		76,478
	200	Nitori Holdings Company Ltd.		39,633
	3,000	Nojima Corporation		77,517
	748	Victoria’s Secret & Company(a)		41,334
				983,941

See accompanying notes to consolidated financial statements.

35

ALPHACENTRIC SYMMETRY STRATEGY FUND (SYMAX, SYMCX, SYMIX)

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2021

Shares			Fair Value
		COMMON STOCKS — 37.6% (Continued)
		SOFTWARE - 0.2%
	155	Tyler Technologies, Inc.(a)	$	71,091
		SPECIALTY FINANCE - 0.2%
	2,394	Intrum A.B.		65,292
		STEEL - 0.3%
	5,800	Mitsui & Company Ltd.		128,086
		TECHNOLOGY HARDWARE - 0.9%
	1,649	Corning, Inc.		60,172
	4,409	HP, Inc.		120,630
	345	Logitech International S.A.		30,792
	500	Murata Manufacturing Company Ltd.		44,634
	100	Nintendo Company Ltd.		48,676
	800	Sony Group Corporation		89,303
				394,207
		TECHNOLOGY SERVICES - 0.2%
	1,948	Computacenter plc		71,391
		TELECOMMUNICATIONS - 0.3%
	3,578	Proximus S.A.DP		71,074
	1,675	United Internet A.G.		65,265
				136,339
		TOBACCO & CANNABIS - 0.5%
	1,993	British American Tobacco plc		69,976
	3,902	Imperial Brands plc		81,997
	4,029	Swedish Match A.B.		35,305
				187,278
		TRANSPORTATION & LOGISTICS - 2.6%
	73	AP Moller - Maersk A/S - Series B		197,800
	1,337	Deutsche Post A.G.		84,418
	189	DSV PANALPINA A/S		45,379
	544	FedEx Corporation		119,294
	4,900	Hitachi Transport System Ltd.		218,484

See accompanying notes to consolidated financial statements.

36

ALPHACENTRIC SYMMETRY STRATEGY FUND (SYMAX, SYMCX, SYMIX)

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2021

Shares			Fair Value
		COMMON STOCKS — 37.6% (Continued)
		TRANSPORTATION & LOGISTICS - 2.6% (Continued)
	1,100	Nippon Express Company Ltd.	$	76,110
	293	Old Dominion Freight Line, Inc.		83,792
	6,384	Poste Italiane SpA		88,267
	16,187	PostNL N.V.		78,229
	2,600	Yamato Holdings Company Ltd.		65,947
				1,057,720
		WHOLESALE - CONSUMER STAPLES - 0.2%
	9,800	Marubeni Corporation		81,966
		WHOLESALE - DISCRETIONARY - 0.6%
	2,004	Bunzl plc		66,336
	5,400	Daiwabo Holdings Company Ltd.		87,214
	1,900	Toyota Tsusho Corporation		80,972
				234,522
		TOTAL COMMON STOCKS (Cost $14,600,594)		15,243,538
		EXCHANGE-TRADED FUNDS — 26.3%
		EQUITY - 12.2%
	2,117	Communication Services Select Sector SPDR Fund, N		169,593
	987	Consumer Discretionary Select Sector SPDR Fund		177,117
	2,509	Consumer Staples Select Sector SPDR Fund		172,720
	3,745	Energy Select Sector SPDR Fund		195,077
	4,721	Financial Select Sector SPDR Fund		177,179
	4,034	Global X MSCI Greece ETF		108,999
	1,341	Health Care Select Sector SPDR Fund		170,709
	1,735	Industrial Select Sector SPDR Fund		169,752
	17,092	Invesco S&P 500 BuyWrite ETF		392,945
	12,885	iShares Mortgage Real Estate ETF		466,179
	2,414	iShares MSCI India ETF		117,538
	2,295	iShares MSCI Mexico ETF		110,757
	2,787	iShares MSCI Philippines ETF		82,913
	5,078	iShares MSCI Poland ETF		111,310

See accompanying notes to consolidated financial statements.

37

ALPHACENTRIC SYMMETRY STRATEGY FUND (SYMAX, SYMCX, SYMIX)

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2021

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 26.3% (Continued)
		EQUITY - 12.2% (Continued)
	2,147	iShares MSCI South Africa ETF	$	100,973
	1,806	iShares MSCI Taiwan ETF		111,990
	1,054	iShares MSCI Thailand ETF		78,639
	2,117	Materials Select Sector SPDR Fund		167,476
	3,802	Real Estate Select Sector SPDR Fund		168,999
	9,893	SPDR S&P International Dividend ETF		375,637
	1,141	Technology Select Sector SPDR Fund		170,374
	2,645	Utilities Select Sector SPDR Fund		168,963
	4,006	VanEck Russia ETF		121,462
	4,038	Vanguard Global ex-U.S. Real Estate ETF		227,380
	3,708	Vanguard High Dividend Yield ETF		383,222
	2,204	Vanguard Real Estate ETF		224,323
				4,922,226
		FIXED INCOME - 14.1%
	21,615	Invesco Senior Loan ETF		477,907
	6,952	iShares 0-5 Year High Yield Corporate Bond ETF		317,706
	23,625	iShares 1-3 Year Treasury Bond ETF		2,035,293
	280	iShares 7-10 Year Treasury Bond ETF		32,262
	737	iShares iBoxx $ Investment Grade Corporate Bond ETF		98,043
	8,709	iShares J.P. Morgan EM High Yield Bond ETF		386,288
	2,847	iShares JP Morgan USD Emerging Markets Bond ETF		313,341
	851	iShares National Muni Bond ETF		98,861
	12,146	iShares Preferred & Income Securities ETF		471,386
	1,818	iShares Trust iShares 1-5 Year Investment Grade		99,336
	6,305	iShares US & International High Yield Corp Bond		315,536
	1,571	Schwab US TIPS ETF		98,313
	5,477	SPDR Bloomberg Barclays Convertible Securities ETF		467,462
	2,900	SPDR Bloomberg Barclays High Yield Bond ETF		317,144
	3,254	SPDR Bloomberg Barclays Investment Grade Floating		99,768
	1,246	SPDR FTSE International Government		67,801
				5,696,447
		TOTAL EXCHANGE-TRADED FUNDS (Cost $9,705,172)		10,618,673

See accompanying notes to consolidated financial statements.

38

ALPHACENTRIC SYMMETRY STRATEGY FUND (SYMAX, SYMCX, SYMIX)

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2021

Principal
Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		U.S. GOVERNMENT & AGENCIES — 11.9%
		U.S. TREASURY BILLS — 11.9%
	1,600,000	United States Cash Management Bill(b)	0.000	11/02/21	$	1,599,913
	1,600,000	United States Treasury Bill(b)	0.000	10/05/21		1,599,994
��	1,600,000	United States Treasury Bill(b)	0.000	10/21/21		1,599,936
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $4,799,872)				4,799,843
		TOTAL INVESTMENTS - 75.8% (Cost $29,105,638)			$	30,662,054
		OTHER ASSETS IN EXCESS OF LIABILITIES - 24.2%				9,778,269
		NET ASSETS - 100.0%			$	40,440,323

OPEN FUTURES CONTRACTS
Number of						Unrealized Appreciation
Contracts		Open Long Futures Contracts	Expiration	Notional Amount(c)		(Depreciation)
	51	CBOT Corn Future(d)	12/14/2021	$	1,368,713	$	34,413
	21	CBOT Soybean Future(d)	11/12/2021		1,318,800		(25,351	)
	38	CBOT Wheat Future(d)	12/14/2021		1,378,450		113,624
	16	CME 3 Month Eurodollar Future	12/13/2021		3,993,200		1,500
	16	CME 3 Month Eurodollar Future	03/14/2022		3,994,200		1,400
	2	CME British Pound Currency Future	12/13/2021		168,438		(3,150	)
	12	COMEX Copper Future(d)	12/29/2021		1,226,700		(51,150	)
	1	Eurex 10 Year Euro BUND Future	12/08/2021		196,813		(2,905	)
	15	Montreal Exchange 10 Year Canadian Bond Future	12/20/2021		1,694,952		(38,533	)
	21	Montreal Exchange 3 Month Canadian Bank Acceptance	12/13/2021		4,123,831		155
	21	Montreal Exchange 3 Month Canadian Bank Acceptance	03/14/2022		4,119,479		(2,690	)
	59	NYBOT CSC Number 11 World Sugar Future(d)	02/28/2022		1,344,067		27,182
	25	NYBOT CSC Number 11 World Sugar Future(d)	04/29/2022		553,280		14,829
	30	NYMEX Henry Hub Natural Gas Futures(d)	11/26/2021		1,797,300		585,680
	10	NYMEX Henry Hub Natural Gas Futures(d)	02/24/2022		551,700		119,600
	20	NYMEX Light Sweet Crude Oil Future(d)	11/19/2021		1,494,000		145,210
	7	NYMEX Light Sweet Crude Oil Future(d)	02/22/2022		510,930		66,990
	15	NYMEX NY Harbor ULSD Futures(d)	11/30/2021		1,469,097		163,997
	6	NYMEX NY Harbor ULSD Futures(d)	02/28/2022		575,392		48,321
	16	NYMEX Reformulated Gasoline Blendstock for Oxygen(d)	11/30/2021		1,448,899		118,550
	3	TSE Japanese 10 Year Bond Futures	12/13/2021		4,069,998		(12,658	)
		TOTAL FUTURES CONTRACTS					1,305,014
OPEN FUTURES CONTRACTS
Number of						Unrealized Appreciation
Contracts		Open Short Futures Contracts	Expiration	Notional Amount(c)		(Depreciation)
	9	CBOT 10 Year US Treasury Note	12/21/2021	$	1,184,481	$	5,035

See accompanying notes to consolidated financial statements.

39

ALPHACENTRIC SYMMETRY STRATEGY FUND (SYMAX, SYMCX, SYMIX)

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2021

OPEN FUTURES CONTRACTS (Continued)
Number of						Unrealized Appreciation
Contracts		Open Short Futures Contracts	Expiration	Notional Amount(c)		(Depreciation)
	20	CBOT Corn Future(d)	03/14/2022	$	544,500	$	(12,300	)
	8	CBOT Soybean Future(d)	03/14/2022		508,800		10,638
	15	CBOT Wheat Future(d)	03/14/2022		552,375		18,788
	44	CME Australian Dollar Currency Future	12/13/2021		3,182,960		62,872
	6	CME Canadian Dollar Currency Future	12/14/2021		473,940		(1,110	)
	33	CME Euro Foreign Exchange Currency Future	12/13/2021		4,785,000		104,775
	60	CME Japanese Yen Currency Future	12/13/2021		6,735,751		71,153
	10	CME Live Cattle Future(d)	02/28/2022		522,600		29,000
	16	CME Live Cattle Future(d)	12/31/2021		804,640		11,400
	4	CME Norwegian Krone Currency Future	12/13/2021		914,880		6,720
	25	CME Swiss Franc Currency Future	12/13/2021		3,356,875		43,150
	7	COMEX Gold 100 Troy Ounces Future(d)	12/29/2021		1,229,900		34,230
	29	Long Gilt Future	12/29/2021		4,893,639		126,419
		TOTAL FUTURES CONTRACTS					510,770

CREDIT DEFAULT SWAPS

Counterparty	Index	Buy/Sell Protection	Fixed Rate Received	Implied Credit Spread	Frequency of Payments	Expiration Date	Notional Amount		Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Credit Suisse	Markit CDX Emerging Markets Index	Sell	1.00%	181.94%	Quarterly	12/10/2026	$	247,000	$	(9,800	)	$	(8,446	)	$	(1,354	)
Credit Suisse	Markit CDX North America High Yield Index	Sell	5.00%	301.81%	Quarterly	12/10/2026		319,000		29,816			31,304			(1,488	)
Credit Suisse	Markit CDX North America Investment Grade Index	Sell	1.00%	53.09%	Quarterly	12/10/2026		99,500		2,386			2,353			33
Credit Suisse	Markit iTraxx Europe Index	Sell	1.00%	50.02%	Quarterly	12/10/2026		84,500		2,238			2,530			(292	)
Credit Suisse	Markit iTraxx Europe Crossover Index	Sell	5.00%	252.85%	Quarterly	12/10/2026		270,000		32,347			37,662			(5,315	)
	Net Unrealized Depreciation on Swap Contracts											$	65,403		$	(8,416	)

A/S	- Anonim Sirketi
ETF	- Exchange-Traded Fund
LTD	- Limited Company
MSCI	- Morgan Stanley Capital International
NV	- Naamioze Vennootschap
OYJ	- Julkinen osakeyhtiö
PLC	- Public Limited Company
REIT	- Real Estate Investment Trust
S/A	- Société Anonyme
SPDR	- Standard & Poor’s Depositary Receipt
CSI	- Credit Suisse

^(a) Non-income producing security.

^(b) Zero coupon bond.

^(c) 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.

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

See accompanying notes to consolidated financial statements.

40

ALPHACENTRIC LIFESCI HEALTHCARE FUND (LYFAX, LYFCX, LYFIX)

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

Shares			Fair Value
		COMMON STOCKS — 96.7%
		BIOTECH & PHARMA - 94.9%
	73,500	ACADIA Pharmaceuticals, Inc.(a)	$	1,220,835
	51,000	Aclaris Therapeutics, Inc.(a)		918,000
	68,500	Adaptimmune Therapeutics plc - ADR(a)		354,145
	110,000	Aeglea BioTherapeutics, Inc.(a)		874,500
	47,500	Aerie Pharmaceuticals, Inc.(a)		541,500
	2,000	Allakos, Inc.(a)		211,740
	35,500	Arcutis Biotherapeutics, Inc.(a)		848,095
	16,500	Arena Pharmaceuticals, Inc.(a)		982,575
	20,538	Athira Pharma, Inc.(a)		192,646
	60,000	Atreca, Inc.(a)		373,800
	23,000	Axsome Therapeutics, Inc.(a)		758,080
	400	Biogen, Inc.(a)		113,196
	8,000	BioMarin Pharmaceutical, Inc.(a)		618,320
	32,000	Bluebird Bio, Inc.(a)		611,520
	710	Bristol-Myers Squibb Company		42,011
	114,000	Catalyst Biosciences, Inc.(a)		468,540
	17,000	Celldex Therapeutics, Inc.(a)		917,830
	134,475	Cogent Biosciences, Inc.(a)		1,130,935
	35,000	Coherus Biosciences, Inc.(a)		562,450
	37,000	Collegium Pharmaceutical, Inc.(a)		730,380
	37,500	Decibel Therapeutics, Inc.(a)		289,125
	23,000	Exelixis, Inc.(a)		486,220
	71,500	Fusion Pharmaceuticals, Inc.(a)		566,280
	29,500	Galapagos N.V. - ADR(a)		1,551,995
	11,500	Gilead Sciences, Inc.		803,275
	17,000	Gracell Biotechnologies, Inc. - ADR(a)		235,790
	1,000	Horizon Therapeutics plc(a)		109,540
	35,000	Immatics N.V.(a)		455,000
	15,250	Incyte Corporation(a)		1,048,895
	28,500	Insmed, Inc.(a)		784,890
	4,000	Intra-Cellular Therapies, Inc.(a)		149,120
	30,500	Iovance Biotherapeutics, Inc.(a)		752,130
	136,000	Karyopharm Therapeutics, Inc.(a)		791,520
	83,000	MEI Pharma, Inc.(a)		229,080

See accompanying notes to consolidated financial statements.

41

ALPHACENTRIC LIFESCI HEALTHCARE FUND (LYFAX, LYFCX, LYFIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2021

Shares			Fair Value
		COMMON STOCKS — 96.7% (Continued)
		BIOTECH & PHARMA - 94.9% (Continued)
	9,750	Merck & Company, Inc.	$	732,323
	65,500	Mersana Therapeutics, Inc.(a)		617,665
	5,500	Morphic Holding, Inc.(a)		311,520
	101,000	MorphoSys A.G. - ADR(a)		1,187,760
	98,500	Oyster Point Pharma, Inc.(a)		1,167,225
	12,500	PTC Therapeutics, Inc.(a)		465,125
	148,500	Puma Biotechnology, Inc.(a)		1,040,985
	400	Regeneron Pharmaceuticals, Inc.(a)		242,072
	6,500	Revance Therapeutics, Inc.(a)		181,090
	6,000	Sage Therapeutics, Inc.(a)		265,860
	9,000	Sarepta Therapeutics, Inc.(a)		832,320
	165,500	Seres Therapeutics, Inc.(a)		1,151,880
	26,000	Sutro Biopharma, Inc.(a)		491,140
	113,000	TCR2 Therapeutics, Inc.(a)		961,630
	54,500	Trillium Therapeutics, Inc.(a)		957,020
	550	United Therapeutics Corporation(a)		101,519
	10,250	Vertex Pharmaceuticals, Inc.(a)		1,859,247
	92,402	Viracta Therapeutics, Inc.(a)		741,064
	65,000	Zogenix, Inc.(a)		987,350
				35,018,753
		HEALTH CARE FACILITIES & SERVICES - 1.8%
	28,000	AdaptHealth Corporation(a)		652,120
		TOTAL COMMON STOCKS (Cost $37,204,004)		35,670,873
Shares			Fair Value
		SHORT-TERM INVESTMENT — 0.0%(b)
		MONEY MARKET FUND - 0.0% (b)
	1	Fidelity Government Portfolio, Institutional Class, 0.01% (Cost $1)(c)		1
		TOTAL INVESTMENTS - 96.7% (Cost $37,204,005)	$	35,670,874
		OTHER ASSETS IN EXCESS OF LIABILITIES- 3.3%		1,205,036
		NET ASSETS - 100.0%	$	36,875,910

ADR - American Depositary Receipt

NV - Naamioze Vennootschap

PLC - Public Limited Company

^(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, 2021.

See accompanying notes to consolidated financial statements.

42

ALPHACENTRIC MUNICIPAL OPPORTUNITIES FUND (MUNAX, MUNCX, MUNIX)

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

Shares						Fair Value
		CLOSED END FUNDS — 37.0%
		FIXED INCOME - 37.0%
	10,807	BlackRock Long-Term Municipal Advantage Trust				$	146,111
	10,018	BlackRock MuniHoldings New Jersey Quality Fund, Inc.					156,682
	10,039	BlackRock MuniYield New Jersey Fund, Inc.					155,705
	28,200	Eaton Vance California Municipal Bond Fund					336,707
	24,600	Eaton Vance Municipal Bond Fund					329,148
	10,000	Invesco Trust for Investment Grade Municipals					136,900
	11,294	Nuveen Municipal Credit Opportunities Fund					170,652
	10,228	Nuveen Municipal High Income Opportunity Fund					150,965
	7,090	Nuveen Quality Municipal Income Fund					110,746
	35,000	Putnam Managed Municipal Income Trust					291,900
	23,000	Putnam Municipal Opportunities Trust					315,100
		TOTAL CLOSED END FUNDS (Cost $2,338,942)					2,300,616
Principal			Coupon Rate
Amount ($)			(%)	Maturity		Fair Value
		MUNICIPAL BONDS — 62.8%
		CHARTER SCHOOLS — 1.6%
	100,000	California Statewide Communities Development	7.0000		07/01/47		100,008
		CITY — 2.8%
	100,000	City of Oil City PA	4.0000		12/01/42		114,512
	50,000	City of Waukegan IL	4.0000		12/30/37		59,424
							173,936
		CONTINUING CARE RETIREMENT CTR — 24.9%
	200,000	Florida Development Finance Corporation	4.0000		06/01/55		220,501
	25,000	Health & Educational Facilities Authority of the State of Missouri	5.0000		02/01/46		27,927
	10,000	Illinois Finance Authority	4.0000		05/15/35		10,679
	50,000	Illinois Finance Authority	5.0000		05/15/56		57,813
	200,000	Iowa Finance Authority	4.0000		05/15/53		220,543
	100,000	Massachusetts Development Finance Agency	5.0000		07/01/56		109,148
	150,000	New Hampshire Business Finance Authority	5.0000		07/01/31		170,178
	100,000	New Hampshire Business Finance Authority	5.0000		07/01/56		108,585
	25,000	Palm Beach County Health Facilities Authority	5.0000		05/15/47		28,113

See accompanying notes to consolidated financial statements.

43

ALPHACENTRIC MUNICIPAL OPPORTUNITIES FUND (MUNAX, MUNCX, MUNIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2021

Principal			Coupon Rate
Amount ($)			(%)	Maturity		Fair Value
		MUNICIPAL BONDS — 62.8% (Continued)
		CONTINUING CARE RETIREMENT CTR — 24.9% (Continued)
	25,000	South Carolina Jobs-Economic Development Authority	5.0000		11/15/54	$	27,919
	100,000	Tarrant County Cultural Education Facilities	5.0000		11/15/37		118,838
	50,000	Tempe Industrial Development Authority	6.1250		10/01/47		55,023
	300,000	Washington State Housing Finance Commission	4.0000		01/01/57		304,860
	80,000	Wisconsin Health & Educational Facilities	4.0000		07/01/48		84,713
							1,544,840
		EDUCATION LEASE — 1.9%
	100,000	Hammond Multi-School Building Corporation	4.0000		01/15/29		118,342
		ELECTRICITY AND PUBLIC POWER — 2.2%
	25,000	Puerto Rico Electric Power Authority	5.2500		07/01/30		27,106
	100,000	Puerto Rico Electric Power Authority	5.2500		07/01/32		108,545
							135,651
		GOVERNMENT LEASE — 1.4%
	50,000	Community College District of Central Southwest	4.0000		03/01/38		56,554
	25,000	Lodi Public Financing Authority	4.0000		06/01/39		29,466
							86,020
		HIGHER EDUCATION — 7.3%
	200,000	Colorado Mountain College	4.0000		12/01/51		231,960
	100,000	Kentucky Bond Development Corporation	4.0000		06/01/51		115,275
	100,000	Michigan Finance Authority	5.0000		05/01/46		109,473
							456,708
		PORTS & MARINAS — 0.5%
	25,000	Port Authority of New York & New Jersey	4.0000		07/15/50		28,546
		PRIVATE SCHOOLS — 3.6%
	100,000	City of Shawnee KS	5.0000		08/01/56		104,880
	100,000	Rhode Island Health and Educational Building	4.0000		10/01/51		117,312
							222,192
		SALES TAX — 1.6%
	100,000	City of Goddard KS	3.5000		06/01/34		98,862
		STATE — 0.4%
	25,000	Commonwealth of Puerto Rico	5.5000		07/01/29		27,413

See accompanying notes to consolidated financial statements.

44

ALPHACENTRIC MUNICIPAL OPPORTUNITIES FUND (MUNAX, MUNCX, MUNIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2021

Principal			Coupon Rate
Amount ($)			(%)	Maturity		Fair Value
		MUNICIPAL BONDS — 62.8% (Continued)
		STUDENT HOUSING — 1.9%
	100,000	Hastings Campus Housing Finance Authority	5.0000		07/01/45	$	118,973
		TAX BACKED DISTRICT — 4.7%
	250,000	Leyden Rock Metropolitan District	4.0000		12/01/51		291,005
		TOBACCO — 0.4%
	25,000	New York Counties Tobacco Trust VI	3.7500		06/01/45		25,406
		TOLL ROADS, BRIDGES & TUNNELS — 3.4%
	50,000	Pennsylvania Turnpike Commission	4.0000		12/01/51		57,500
	55,000	Puerto Rico Highway & Transportation Authority	5.2500		07/01/33		59,823
	50,000	Puerto Rico Highway & Transportation Authority	5.2500		07/01/36		54,573
	40,000	Puerto Rico Highway & Transportation Authority	5.2500		07/01/36		43,654
							215,550
		WATER AND SEWER — 4.2%
	25,000	Clark Regional Wastewater District	5.0000		12/01/40		31,379
	200,000	North Huntingdon Township Municipal Authority	4.0000		04/01/51		228,408
							259,787
		TOTAL MUNICIPAL BONDS (Cost $3,925,607)					3,903,239
		TOTAL INVESTMENTS - 99.8% (Cost $6,264,549)				$	6,203,855
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%					13,818
		NET ASSETS - 100.0%				$	6,217,673

OPEN FUTURES CONTRACTS
Number of
Contracts		Open Short Futures Contracts	Expiration	Notional Amount(a)		Unrealized Appreciation
	3	CBOT 10 Year US Treasury Note	12/21/2021	$	394,827	$	2,141
		TOTAL FUTURES CONTRACTS

See accompanying notes to consolidated financial statements.

45

ALPHACENTRIC MUNICIPAL OPPORTUNITIES FUND (MUNAX, MUNCX, MUNIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2021

CREDIT DEFAULT SWAPS

Fixed

Implied

Frequency

Premiums

Buy/Sell

Rate

Credit

of

Expiration

Notional

Paid/

Unrealized

Counterparty

Index

Protection

Received

Spread

Payments

Date

Amount

Value

(Received)

Depreciation

Credit Suisse

Markit CDX North America High Yield Index

Sell

5.00%

301.81%

Quarterly

12/10/2026

923,500

$

86,317

$

90,625

$

(4,308

)

Credit Suisse

Markit CDX North America Investment Grade Index

Sell

1.00%

53.09%

Quarterly

12/10/2026

923,500

22,141

21,829

312

Net Unrealized Depreciation on Swap Contracts

$

112,454

$

(3,996

)

PLC Public Limited Company

CSI Credit Suisse

^(a) 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.

46

ALPHACENTRIC STRATEGIC INCOME FUND (SIIAX, SIICX, SIIIX)

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

Shares			Fair Value
		COMMON STOCKS — 31.4%
		HEALTH CARE REIT - 0.8%
	2,500	Welltower, Inc.	$	206,000
		MORTGAGE FINANCE - 16.1%
	15,762	Chimera Investment Corporation		234,066
	60,283	Ellington Financial, Inc.		1,102,576
	214,436	MFA Financial, Inc.		979,973
	158,212	New York Mortgage Trust, Inc.		673,983
	26,764	PennyMac Mortgage Investment Trust		526,983
	45,148	Redwood Trust, Inc.		581,958
				4,099,539
		MULTI ASSET CLASS REITS - 3.0%
	30,279	iStar, Inc.		759,397
		SPECIALTY FINANCE - 10.8%
	33,775	MGIC Investment Corporation		505,274
	22,794	Mr. Cooper Group, Inc.(a)		938,429
	21,477	Ocwen Financial Corporation(a)		604,148
	11,699	PennyMac Financial Services, Inc.		715,160
				2,763,011
		TELECOMMUNICATIONS - 0.7%
	6,003	SoftBank Group Corporation - ADR		174,327
		TOTAL COMMON STOCKS (Cost $6,251,817)		8,002,274
		PREFERRED STOCKS — 13.6%
		SPECIALTY FINANCE - 13.6%
	39,964	AGNC Investment Corporation		1,008,690
	10,000	Arbor Realty Trust, Inc.(a)		255,000
	20,000	Arbor Realty Trust, Inc.		510,000
	3,308	Chimera Investment Corporation - Series B		84,718
	7,881	Chimera Investment Corporation(b)		202,857
	2,252	Chimera Investment Corporation(b)		57,449

See accompanying notes to consolidated financial statements.

47

ALPHACENTRIC STRATEGIC INCOME FUND (SIIAX, SIICX, SIIIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2021

Shares							Fair Value
		PREFERRED STOCKS — 13.6% (Continued)
		SPECIALTY FINANCE - 13.6% (Continued)
	6,272	MFA Financial, Inc.(b)					$	154,166
	17,500	New York Mortgage Trust, Inc.(b)						434,000
	9,000	Two Harbors Investment Corporation - Series A(b)						242,460
	20,472	Two Harbors Investment Corporation, C(b)						519,375
		TOTAL PREFERRED STOCKS (Cost $3,328,787)						3,468,715
		REITS — 10.6%
		SPECIALTY FINANCE - 10.6%
	245,158	New Residential Investment Corporation (Cost $1,964,670)						2,696,738
Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity		Fair Value
		ASSET BACKED SECURITIES — 21.3%
		COLLATERALIZED MORTGAGE OBLIGATIONS — 8.1%
	97,984	Adjustable Rate Mortgage Trust 2007-1(b)		2.9760		03/25/37		96,351
	846,813	Alternative Loan Trust 2006-6CB(c)	US0001M + 0.400%	0.4860		05/25/36		239,529
	317,580	CHL Mortgage Pass-Through Trust 2005-2(c)	US0001M + 0.720%	0.8060		03/25/35		248,760
	330,431	HarborView Mortgage Loan Trust 2005-7(c)	US0001M + 0.960%	1.0470		06/19/45		210,503
	714,328	Impac CMB Trust Series 2005-2(c)	US0001M + 0.735%	0.8210		04/25/35		697,938
	295,679	Nomura Asset Acceptance Corp Alternative Loan(c)	US0001M + 1.500%	1.5860		12/25/34		288,339
	305,621	Washington Mutual Mortgage Pass-Through(c)	US0001M + 0.160%	0.2460		02/25/37		277,986
								2,059,406
		HOME EQUITY — 5.5%
	219,895	Aegis Asset Backed Securities Trust Mortgage(c)	US0001M + 0.675%	0.7610		12/25/35		208,318
	422,430	Asset Backed Securities Corp Home Equity Loan(c)	US0001M + 2.025%	2.1110		07/25/35		392,825
	458,900	Bear Stearns Asset Backed Securities Trust 2003-2(c)	ICE LIBOR USD 1 Month + 1.800%	1.8860		03/25/43		459,449
	365,212	Morgan Stanley A.B.S Capital I Inc Trust 2005-HE3(c)	US0001M + 1.110%	1.1960		07/25/35		340,732
								1,401,324

See accompanying notes to consolidated financial statements.

48

ALPHACENTRIC STRATEGIC INCOME FUND (SIIAX, SIICX, SIIIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity		Fair Value
		ASSET BACKED SECURITIES — 21.3% (Continued)
		NON AGENCY CMBS — 1.8%
	7,829,585	JPMBB Commercial Mortgage Securities Trust(b),(d)		1.3560		11/15/48	$	222,172
	150,000	WFRBS Commercial Mortgage Trust 2013-C15(b)		4.6500		08/15/46		137,154
	100,000	WFRBS Commercial Mortgage Trust 2014-C19(b)		4.7230		03/15/47		105,753
								465,079
		RESIDENTIAL MORTGAGE — 5.9%
	601,331	Chase Funding Trust Series 2003-2(c)	US0001M + 0.560%	0.6460		02/25/33		585,462
	182,079	Credit-Based Asset Servicing and Securitization,(e)		6.0450		08/25/32		140,497
	456,558	Ellington Loan Acquisition Trust 2007-2(c),(f)	US0001M + 1.700%	1.7860		05/25/37		383,631
	405,781	Park Place Securities Inc Asset-Backed(c)	US0001M + 1.650%	1.7360		12/25/34		414,284
								1,523,874
		TOTAL ASSET BACKED SECURITIES (Cost $5,168,800)						5,449,683
		COLLATERALIZED MORTGAGE OBLIGATIONS — 3.1%
		CMBS — 3.1%
	1,439,602	Government National Mortgage Association(b),(d)		0.5290		10/16/56		47,856
	431,011	Government National Mortgage Association(b),(d)		0.6850		12/16/56		20,486
	1,509,169	Government National Mortgage Association(b),(d)		0.4180		11/01/57		62,419
	863,035	Government National Mortgage Association(b),(d)		0.8140		07/16/59		42,936
	6,403,968	Government National Mortgage Association(b),(d)		0.7000		09/16/59		336,656
	2,214,710	Government National Mortgage Association(b),(d)		1.2690		09/16/60		217,735
	843,341	Government National Mortgage Association(b),(d)		0.7550		08/16/61		66,274
		TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $897,000)						794,362
		CONVERTIBLE BONDS — 6.4%
		ASSET MANAGEMENT — 2.5%
	624,000	RWT Holdings, Inc.		5.7500		10/01/25		639,503
		SPECIALTY FINANCE — 3.9%
	584,000	PennyMac Corporation		5.5000		11/01/24		598,600
	390,000	Two Harbors Investment Corporation		6.2500		01/15/26		401,162
								999,762
		TOTAL CONVERTIBLE BONDS (Cost $1,647,672)						1,639,265

See accompanying notes to consolidated financial statements.

49

ALPHACENTRIC STRATEGIC INCOME FUND (SIIAX, SIICX, SIIIX)

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2021

Principal			Coupon Rate
Amount ($)			(%)	Maturity		Fair Value
		CORPORATE BONDS — 2.0%
		SPECIALTY FINANCE — 2.0%
	225,000	PHH Mortgage Corporation(f)	7.8750		03/15/26	$	229,287
	280,000	United Wholesale Mortgage, LLC(f)	5.5000		11/15/25		282,599
		TOTAL CORPORATE BONDS (Cost $513,240)					511,886
Shares						Fair Value
		SHORT-TERM INVESTMENT — 5.3%
		MONEY MARKET FUND - 5.3%
	1,339,738	First American Government Obligations Fund, Class U, 0.03% (Cost $1,339,738)(g)					1,339,738
		TOTAL INVESTMENTS - 93.7% (Cost $21,111,724)				$	23,902,661
		OTHER ASSETS IN EXCESS OF LIABILITIES- 6.3%					1,595,667
		NET ASSETS - 100.0%				$	25,498,328

ADR - American Depositary Receipt

LLC - Limited Liability Company

REIT - Real Estate Investment Trust

ICE LIBOR USD 1

Month ICE LIBOR USD 1 Month

SOFRRATE United States SOFR Secured Overnight Financing Rate

US0001M ICE LIBOR USD 1 Month

US0003M ICE LIBOR USD 3 Month

^(a) Non-income producing security.

^(b) Variable rate security; the rate shown represents the rate on September 30, 2021.

^(c) 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.

^(d) Interest only securities.

^(e) Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at September 30, 2021.

^(f) 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, 2021 the total market value of 144A securities is 895,517 or 3.5% of net assets.

^(g) Rate disclosed is the seven day effective yield as of September 30, 2021.

See accompanying notes to consolidated financial statements.

50

AlphaCentric Funds

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

										AlphaCentric
				AlphaCentric			AlphaCentric			Symmetry Strategy
	AlphaCentric Income			Premium			Robotics and			Fund
	Opportunities Fund			Opportunity Fund			Automation Fund			(Consolidated)
ASSETS
Investment securities:
Investments, at cost	$	3,228,961,594		$	151,878,611		$	37,695,276		$	29,105,638
Investments, at value (including collateral for loaned securities)	$	4,127,241,557		$	150,905,129		$	49,477,642		$	30,662,054
Cash & Cash Equivalents		54,213,378			16,246,000			2,317,326			6,529,801
Deposit with brokers for futures and swaps		—			11,539,842			—			1,176,973
Foreign Currency held at brokers for futures and swaps (Cost $3,659)		—			—			—			3,145
Receivable for securities sold		—			—			140,977			251,916
Receivable for Fund shares sold		6,692,500			715,758			51,900			250,000
Dividends and interest receivable		980,523			2,961			71,730			81,091
Upfront payment on swap		—			—			—			65,403
Unrealized appreciation on open futures contracts		—			—			—			1,965,630
Unrealized appreciation on swap contracts		—			—			—			33
Prepaid expenses and other assets		146,095			79,597			45,698			12,558
Other Assets		97,826			—			—			—
TOTAL ASSETS		4,189,371,879			179,489,287			52,105,273			40,998,604
LIABILITIES
Options Written (Proceeds $919,325)		—			50,050			—			—
Payable upon return of securities loaned		—			—			5,785,301			—
Payable for investments purchased		—			—			317,605			337,889
Unrealized depreciation on swap contracts		—			—			—			8,449
Unrealized depreciation on open futures contracts		—			1,730,626			—			149,846
Payable for Fund shares repurchased		5,160,535			5,006			35,643			—
Management fees payable		4,477,098			244,888			40,298			35,024
Distribution (12b-1) fees payable		134,727			573			1,457			—
Fees payable to other related parties		218,475			10,347			3,916			3,197
Administration fees payable		94,516			3,650			5,750			—
Accrued Trustees fees and expenses		1,229			1,176			1,218			1,142
Accrued expenses and other liabilities		75,375			6,123			16,492			22,734
TOTAL LIABILITIES		10,161,955			2,052,439			6,207,680			558,281
NET ASSETS	$	4,179,209,924		$	177,436,848		$	45,897,593		$	40,440,323
Composition of Net Assets:
Paid in capital	$	4,001,707,940		$	170,577,403		$	33,400,377		$	40,704,277
Accumulated income (loss)		177,501,984			6,859,445			12,497,216			(263,954	)
NET ASSETS	$	4,179,209,924		$	177,436,848		$	45,897,593		$	40,440,323
Net Asset Value Per Share:
Class A Shares (IOFAX, HMXAX, GNXAX, SYMAX):
Net Assets	$	242,472,922		$	8,198,645		$	7,272,764		$	69,535
Shares of beneficial interest outstanding (a)		20,141,836			310,510			426,815			5,781
Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share	$	12.04		$	26.40		$	17.04		$	12.03
Maximum offering price per share	$	12.64	(c)	$	28.01	(b)	$	18.08	(b)	$	12.76	(b)
Class C Shares (IOFCX, HMXCX, GNXCX, SYMCX):
Net Assets	$	116,593,966		$	4,326,478		$	1,418,059		$	1,058
Shares of beneficial interest outstanding (a)		9,725,434			169,083			85,986			89
Net asset value (Net Assets ÷ Shares Outstanding) offering price and redemption price per share	$	11.99		$	25.59		$	16.49		$	11.93	*
Class I Shares (IOFIX, HMXIX, GNXIX, SYMIX):
Net Assets	$	3,820,143,036		$	164,911,725		$	37,206,770		$	40,369,730
Shares of beneficial interest outstanding (a)		316,958,291			6,130,763			2,158,482			3,360,553
Net asset value (Net Assets ÷ Shares Outstanding) offering price and redemption price per share	$	12.05		$	26.90		$	17.24		$	12.01

* NAV may not calculate due to rounding of shares

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

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

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

See accompanying notes to consolidated financial statements.

51

AlphaCentric Funds

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)(Continued)

September 30, 2021

				AlphaCentric
	AlphaCentric			Municipal			AlphaCentric
	LifeSci Healthcare			Opportunities			Strategic Income
	Fund			Fund			Fund
ASSETS
Investment securities:
Investments, at cost	$	37,204,005		$	6,264,549		$	21,111,724
Investments, at value	$	35,670,874		$	6,203,855		$	23,902,661
Cash & Cash Equivalents		1,314,374			48,714			1,203,509
Foreign currency (Cost $35,207)		35,060			—			—
Deposit with brokers for futures and swaps		—			106,800			—
Upfront payment on swap		—			112,454
Receivable for securities sold		120,430			—			—
Receivable for Fund shares sold		87,801			—			250,000
Dividends and interest receivable		6,369			47,401			138,980
Amount due from Manager		—			2,578			—
Unrealized appreciation on open futures contracts		—			2,141			—
Prepaid expenses and other assets		40,109			14,735			34,409
Unrealized appreciation on swap contracts		—			312			—
TOTAL ASSETS		37,275,017			6,538,990			25,529,559
LIABILITIES
Payable for investments purchased		327,282			294,048			—
Unrealized depreciation on swap contracts		—			4,308			—
Payable for Fund shares repurchased		35,983			—			—
Management fees payable		25,997			—			16,912
Distribution (12b-1) fees payable		676			615			71
Fees payable to other related parties		2,289			656			1,638
Administration fees payable		1,925			1,799			4,404
Accrued Trustees fees and expenses		1,124			1,147			3,641
Accrued expenses and other liabilities		3,831			18,744			4,565
TOTAL LIABILITIES		399,107			321,317			31,231
NET ASSETS	$	36,875,910		$	6,217,673		$	25,498,328
Composition of Net Assets:
Paid in capital	$	35,237,729		$	6,458,396		$	22,418,936
Accumulated income (loss)		1,638,181			(240,723	)		3,079,392
NET ASSETS	$	36,875,910		$	6,217,673		$	25,498,328
Net Asset Value Per Share:
Class A Shares (LYFAX,MUNAX,SIIAX):
Net Assets	$	1,656,256		$	1,545,654		$	1,019
Shares of beneficial interest outstanding (a)		106,884			149,200			55
Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share	$	15.50		$	10.36		$	18.64	*
Maximum offering price per share	$	16.45	(b)	$	10.88	(c)	$	19.57	(c)
Class C Shares (LYFCX,MUNCX,SIICX):
Net Assets	$	386,776		$	331,370		$	143,754
Shares of beneficial interest outstanding (a)		25,116			31,971			7,721
Net asset value (Net Assets ÷ Shares Outstanding) offering price and redemption price per share	$	15.40		$	10.36		$	18.62
Class I Shares (LYFIX,MUNIX, SIIIX):
Net Assets	$	34,832,878		$	4,340,649		$	25,353,555
Shares of beneficial interest outstanding (a)		2,240,752			418,810			1,358,757
Net asset value (Net Assets ÷ Shares Outstanding) offering price and redemption price per share	$	15.55		$	10.36		$	18.66

* NAV may not calculate due to rounding of shares

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

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

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

See accompanying notes to consolidated financial statements.

52

AlphaCentric Funds

STATEMENTS OF OPERATIONS (Unaudited)

For the Six Months Ended September 30, 2021

	AlphaCentric			AlphaCentric			AlphaCentric			AlphaCentric
	Income			Premium			Robotics and			Symmetry Strategy
	Opportunities			Opportunity			Automation			Fund
	Fund			Fund			Fund			(Consolidated)
INVESTMENT INCOME
Dividends (ARAF and ASSF: Net of tax witholding of $13,579 and $18,748, respectively)	$	1,604,556		$	—		$	139,656		$	158,625
Interest		63,441,718			17,054			68			175,448
Securities lending income		—			—			50,178			—
TOTAL INVESTMENT INCOME		65,046,274			17,054			189,902			334,073
EXPENSES
Management fees		29,025,085			1,203,637			290,545			314,150
Distribution (12b-1) fees:
Class A		289,057			8,987			9,579			2
Class C		586,018			17,764			7,016			5
Shareholder servicing fees		1,548,005			35,043			7,924			2,980
Administrative fees		590,292			28,926			15,268			16,002
MFund service fees		583,002			23,134			9,473			8,341
Printing and postage expenses		204,346			2,080			1,929			926
Registration fees		100,727			25,032			25,069			3,510
Custodian fees		88,210			2,774			7,321			33,421
Insurance expense		60,164			1,497			750			504
Compliance officer fees		51,717			4,898			6,569			6,285
Audit fees		25,649			6,911			8,090			8,011
Legal fees		25,140			7,480			7,029			8,009
Trustees fees and expenses		7,537			7,502			7,582			7,509
Interest expense		—			4,179			—			5,761
Other expenses		10,010			2,000			1,493			1,549
TOTAL EXPENSES		33,194,959			1,381,844			405,637			416,965
Less: Fees waived/reimbursed by the Manager		(3,466,784	)		—			(63,546	)		(49,471	)
Plus: Recapture of fees previously waived		—			22,017			—			—
NET EXPENSES		29,728,175			1,403,861			342,091			367,494
NET INVESTMENT INCOME (LOSS)		35,318,099			(1,386,807	)		(152,189	)		(33,421	)
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from:
Investments		1,754,595			275,743			2,206,333			3,625,869
Investments, affiliated companies		—			63,909			—			—
Foreign Currencies Translation		—			—			(7,318	)		(2,863	)
Futures Contracts		—			4,961,661			—			227,958
Swap Contracts		—			—			—			34,539
Options Written		—			969,366			—			—
		1,754,595			6,270,679			2,199,015			3,885,503
Net change in unrealized appreciation (depreciation) on:
Investments		220,549,307			(605,966	)		(2,168,515	)		(3,419,716	)
Investments, affiliated companies		—			(99,801	)		—			—
Foreign Currencies Translation		—			—			(91	)		(2,888	)
Futures Contracts		—			(2,231,697	)		—			1,438,029
Options Written		—			416,033			—			—
Swap Contracts		—			—			—			(4,612	)
		220,549,307			(2,521,431	)		(2,168,606	)		(1,989,187	)
NET REALIZED AND UNREALIZED GAIN FROM INVESTMENTS		222,303,902			3,749,248			30,409			1,896,316
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM	$	257,622,001		$	2,362,441		$	(121,780	)	$	1,862,895

See accompanying notes to consolidated financial statements.

53

AlphaCentric Funds

STATEMENTS OF OPERATIONS (Unaudited)(Continued)

For the Six Months Ended and Period Ended September 30, 2021

				AlphaCentric
	AlphaCentric			Municipal			AlphaCentric
	LifeSci Healthcare			Opportunities			Strategic Income
	Fund			Fund			Fund *
INVESTMENT INCOME
Dividends (ALHF and ASIF: Net of tax witholding of $21 and $59, respectively)	$	32,116		$	74,404		$	223,769
Interest		43			22,986			44,371
TOTAL INVESTMENT INCOME		32,159			97,390			268,140
EXPENSES
Management fees		196,490			19,323			82,357
Distribution (12b-1) fees:
Class A		1,826			1,030			1
Class C		1,578			1,376			92
Registration fees		24,962			9,125			1,704
Administrative fees		12,973			8,840			7,511
Custodian fees		7,905			1,907			2,441
Shareholder servicing fees		7,707			1,443			253
Trustees fees and expenses		7,496			7,496			3,641
MFund service fees		7,216			3,080			3,777
Legal fees		6,911			7,099			8,703
Audit fees		6,773			8,037			5,349
Compliance officer fees		6,345			7,876			4,678
Printing and postage expenses		595			489			4,715
Insurance expense		249			4			397
Broker expense		—			43			—
Other expenses		1,636			1,428			1,219
TOTAL EXPENSES		290,662			78,596			126,838
Less: Fees waived/reimbursed by the Manager		(66,328	)		(51,822	)		(44,397	)
NET EXPENSES		224,334			26,774			82,441
NET INVESTMENT INCOME (LOSS)		(192,175	)		70,616			185,699
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from:
Investments		1,683,218			(93,348	)		298,948
Futures Contracts		—			(31,908	)		—
Swap Contracts		—			24,625			—
		1,683,218			(100,631	)		298,948
Net change in unrealized appreciation (depreciation) on:
Investments		(1,642,629	)		(72,010	)		2,790,937
Futures Contracts		—			2,016			—
Foreign Currency Translations		(46	)		—			—
Swap Contracts		—			(4,510	)		—
		(1,642,675	)		(74,504	)		2,790,937
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS		40,543			(175,135	)		3,089,885
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM	$	(151,632	)	$	(104,519	)	$	3,275,584

* AlphaCentric Strategic Income Fund commenced operations as a series of Mutual Fund Series Trust on May 28, 2021.

See accompanying notes to consolidated financial statements.

54

AlphaCentric Income Opportunities Fund

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	September 30, 2021			Year Ended
	(Unaudited)			March 31, 2021
FROM OPERATIONS
Net investment income	$	35,318,099		$	62,165,778
Net realized income (loss) from investments		1,754,595			(16,665,371	)
Net change in unrealized appreciation on investments		220,549,307			1,036,541,592
Net increase in net assets resulting from operations		257,622,001			1,082,041,999
DISTRIBUTIONS TO SHAREHOLDERS
From return of capital:
Class A (IOFAX)		—			(4,811,480	)
Class C (IOFCX)		—			(2,260,136	)
Class I (IOFIX)		—			(75,109,590	)
From net investment income:
Class A (IOFAX)		(4,438,400	)		(4,383,549	)
Class C (IOFCX)		(1,812,531	)		(1,980,045	)
Class I (IOFIX)		(72,242,159	)		(56,426,733	)
Total distributions to shareholders		(78,493,090	)		(144,971,533	)
FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold:
Class A (IOFAX)		34,791,535			135,809,630
Class C (IOFCX)		5,354,527			26,463,163
Class I (IOFIX)		713,436,855			2,158,726,704
Net asset value of shares issued in reinvestment of distributions:
Class A (IOFAX)		3,812,520			7,874,400
Class C (IOFCX)		1,604,489			3,769,045
Class I (IOFIX)		55,870,528			107,312,834
Payments for shares repurchased:
Class A (IOFAX)		(28,728,190	)		(140,324,496	)
Class C (IOFCX)		(14,284,591	)		(35,721,597	)
Class I (IOFIX)		(427,582,241	)		(1,301,107,192	)
Net increase in net assets from shares of beneficial interest		344,275,432			962,802,491
TOTAL INCREASE IN NET ASSETS		523,404,343			1,899,872,957
NET ASSETS
Beginning of Period		3,655,805,581			1,755,932,624
End of Period	$	4,179,209,924		$	3,655,805,581

See accompanying notes to consolidated financial statements.

55

AlphaCentric Income Opportunities Fund

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Six Months Ended
	September 30, 2021			Year Ended
	(Unaudited)			March 31, 2021
SHARE ACTIVITY
Class A (IOFAX):
Shares Sold		2,970,778			13,500,003
Shares Reinvested		324,595			763,453
Shares Repurchased		(2,455,267	)		(13,681,964	)
Net increase in shares of beneficial interest outstanding		840,106			581,492
Class C (IOFCX):
Shares Sold		458,608			2,662,613
Shares Reinvested		137,177			367,500
Shares Repurchased		(1,225,004	)		(3,474,388	)
Net decrease in shares of beneficial interest outstanding		(629,219	)		(444,275	)
Class I (IOFIX):
Shares Sold		60,721,091			218,355,088
Shares Reinvested		4,750,052			10,307,340
Shares Repurchased		(36,473,023	)		(126,360,184	)
Net increase in shares of beneficial interest outstanding		28,998,120			102,302,244

See accompanying notes to consolidated financial statements.

56

AlphaCentric Premium Opportunity Fund

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	September 30, 2021			Year Ended
	(Unaudited)			March 31, 2021
FROM OPERATIONS
Net investment loss	$	(1,386,807	)	$	(1,339,632	)
Net realized gain from investments, options contracts, foreign currency translations, shorts and futures		6,270,679			8,663,015
Net change in unrealized appreciation (depreciation) on investments, options contracts, foreign currency translations, shorts and futures		(2,521,431	)		367,851
Net increase in net assets resulting from operations		2,362,441			7,691,234
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions paid:
Class A (HMXAX)		—			(97,871	)
Class C (HMXCX)		—			(43,692	)
Class I (HMXIX)		—			(1,669,508	)
Total distributions to shareholders		—			(1,811,071	)
FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold:
Class A (HMXAX)		3,665,764			6,023,382
Class C (HMXCX)		2,291,850			1,989,422
Class I (HMXIX)		97,208,105			103,273,895
Net asset value of shares issued in reinvestment of distributions:
Class A (HMXAX)		—			91,049
Class C (HMXCX)		—			36,788
Class I (HMXIX)		—			1,212,465
Payments for shares repurchased:
Class A (HMXAX)		(2,059,402	)		(1,699,014	)
Class C (HMXCX)		(93,808	)		(189,256	)
Class I (HMXIX)		(27,962,261	)		(43,273,227	)
Net increase in net assets from shares of beneficial interest		73,050,248			67,465,504
TOTAL INCREASE IN NET ASSETS		75,412,689			73,345,667
NET ASSETS
Beginning of Period		102,024,159			28,678,492
End of Period	$	177,436,848		$	102,024,159
SHARE ACTIVITY
Class A (HMXAX):
Shares Sold		138,248			240,502
Shares Reinvested		—			3,616
Shares Repurchased		(77,949	)		(68,373	)
Net increase in shares of beneficial interest outstanding		60,299			175,745
Class C (HMXCX):
Shares Sold		89,877			81,682
Shares Reinvested		—			1,499
Shares Repurchased		(3,629	)		(7,598	)
Net increase in shares of beneficial interest outstanding		86,248			75,583
Class I (HMXIX):
Shares Sold		3,615,501			4,061,013
Shares Reinvested		—			47,343
Shares Repurchased		(1,046,133	)		(1,688,841	)
Net increase in shares of beneficial interest outstanding		2,569,368			2,419,515

See accompanying notes to consolidated financial statements.

57

AlphaCentric Robotics and Automation Fund

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	September 30, 2021			Year Ended
	(Unaudited)			March 31, 2021
FROM OPERATIONS
Net investment loss	$	(152,189	)	$	(283,493	)
Net realized gain from investments and foreign currency translations		2,199,015			3,356,233
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(2,168,606	)		15,877,332
Net increase (decrease) in net assets resulting from operations		(121,780	)		18,950,072
FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold:
Class A (GNXAX)		582,552			2,289,818
Class C (GNXCX)		212,602			287,982
Class I (GNXIX)		7,037,172			8,520,120
Payments for shares repurchased:
Class A (GNXAX)		(1,081,403	)		(2,570,351	)
Class C (GNXCX)		(43,955	)		(473,274	)
Class I (GNXIX)		(4,494,996	)		(9,127,131	)
Net increase (decrease) in net assets from shares of beneficial interest		2,211,972			(1,072,836	)
TOTAL INCREASE IN NET ASSETS		2,090,192			17,877,236
NET ASSETS
Beginning of Period		43,807,401			25,930,165
End of Period	$	45,897,593		$	43,807,401
SHARE ACTIVITY
Class A (GNXAX):
Shares Sold		33,086			152,217
Shares Repurchased		(63,331	)		(184,221	)
Net decrease in shares of beneficial interest outstanding		(30,245	)		(32,004	)
Class C (GNXCX):
Shares Sold		12,605			18,035
Shares Repurchased		(2,554	)		(29,917	)
Net increase (decrease) in shares of beneficial interest outstanding		10,051			(11,882	)
Class I (GNXIX):
Shares Sold		397,335			540,704
Shares Repurchased		(255,626	)		(624,551	)
Net increase (decrease) in shares of beneficial interest outstanding		141,709			(83,847	)

See accompanying notes to consolidated financial statements.

58

AlphaCentric Symmetry Strategy Fund

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	September 30, 2021			Year Ended
	(Unaudited)			March 31, 2021
FROM OPERATIONS
Net investment loss	$	(33,421	)	$	(64,286	)
Net realized gain (loss) from investments, futures, swaps and foreign currencies translation		3,885,503			(289,256	)
Distributions of capital gains from underlying investment companies		—			—
Net change in unrealized appreciation (depreciation) on investments, foreign currency translations, futures contracts and swap contracts		(1,989,187	)		6,282,865
Net increase in net assets resulting from operations		1,862,895			5,929,323
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions paid:
Class A (SYMAX)		—			(12	)
Class I (SYMIX)		—			(562,874	)
Total distributions to shareholders		—			(562,894	)
FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold:
Class A (SYMAX)		68,588			—
Class C (SYMCX)		—			—
Class I (SYMIX)		1,887,629			250,689
Net asset value of shares issued in reinvestment of distributions:
Class I (SYMIX)		—			558,926
Payments for shares repurchased:
Class I (SYMIX)		—			(401,921	)
Net increase in net assets from shares of beneficial interest		1,956,217			407,694
TOTAL INCREASE IN NET ASSETS		3,819,112			5,774,123
NET ASSETS
Beginning of Period		36,621,211			30,847,088
End of Period	$	40,440,323		$	36,621,211
SHARE ACTIVITY
Class A (SYMAX):
Shares Sold		5,692			—
Net increase in shares of beneficial interest outstanding		5,692			—
Class I (SYMIX):
Shares Sold		158,718			22,897
Shares Reinvested		—			54,107
Shares Repurchased		—			(39,476	)
Net increase in shares of beneficial interest outstanding		158,718			37,528

See accompanying notes to consolidated financial statements.

59

AlphaCentric LifeSci Healthcare Fund

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	September 30, 2021			Year Ended
	(Unaudited)			March 31, 2021
FROM OPERATIONS
Net investment loss	$	(192,175	)	$	(87,428	)
Net realized gain from investments		1,683,218			2,166,243
Net change in unrealized appreciation (depreciation) on investments		(1,642,675	)		85,897
Net increase (decrease) in net assets resulting from operations		(151,632	)		2,164,712
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions paid:
Class A (SMZAX)		—			(14,140	)
Class C (SMZCX)		—			(1,123	)
Class I (SMZIX)		—			(289,145	)
Total distributions to shareholders		—			(304,408	)
FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold:
Class A (LYFAX)		640,375			1,186,599
Class C (LYFCX)		174,239			213,067
Class I (LYFIX)		14,035,820			24,365,607
Net asset value of shares issued in reinvestment of distributions:
Class A (LYFAX)		—			14,140
Class C (LYFCX)		—			1,123
Class I (LYFIX)		—			239,450
Payments for shares repurchased:
Class A (LYFAX)		(275,080	)		(312	)
Class I (LYFIX)		(5,467,249	)		(1,561,343	)
Net increase in net assets from shares of beneficial interest		9,108,105			24,458,331
TOTAL INCREASE IN NET ASSETS		8,956,473			26,318,635
NET ASSETS
Beginning of Period		27,919,437			1,600,802
End of Period	$	36,875,910		$	27,919,437
SHARE ACTIVITY
Class A (LYFAX):
Shares Sold		41,625			82,623
Shares Reinvested		—			930
Shares Repurchased		(18,275	)		(20	)
Net increase in shares of beneficial interest outstanding		23,350			83,533
Class C (LYFCX):
Shares Sold		11,238			13,803
Shares Reinvested		—			74
Net increase in shares of beneficial interest outstanding		11,238			13,877
Class I (LYFIX):
Shares Sold		897,288			1,610,573
Shares Reinvested		—			15,733
Shares Repurchased		(349,674	)		(100,830	)
Net increase in shares of beneficial interest outstanding		547,614			1,525,476

See accompanying notes to consolidated financial statements.

60

AlphaCentric Municipal Opportunities Fund

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	September 30, 2021			Year Ended
	(Unaudited)			March 31, 2021
FROM OPERATIONS
Net investment income	$	70,616		$	15,992
Net realized gain (loss) from investments, futures and swaps		(100,631	)		1,866
Net change in unrealized appreciation (depreciation) on investments, futures contracts and swap contracts		(74,504	)		31,560
Net increase (decrease) in net assets resulting from operations		(104,519	)		49,418
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions paid:
Class A (MUNAX)		(18,733	)		(1,041	)
Class C (MUNCX)		(4,952	)		(351	)
Class I (MUNIX)		(69,009	)		(14,859	)
Total distributions to shareholders		(92,694	)		(16,251	)
FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold:
Class A (MUNAX)		1,331,654			317,500
Class C (MUNCX)		116,350			220,000
Class I (MUNIX)		3,391,518			882,307
Net asset value of shares issued in reinvestment of distributions:
Class A (MUNAX)		17,878			1,041
Class C (MUNCX)		4,734			351
Class I (MUNIX)		50,790			7,792
Payments for shares repurchased:
Class A (MUNAX)		(51,061	)		(32,271	)
Class I (MUNIX)		(65,655	)		(206,677	)
Net increase in net assets from shares of beneficial interest		4,796,208			1,190,043
TOTAL INCREASE IN NET ASSETS		4,598,995			1,223,210
NET ASSETS
Beginning of Period		1,618,678			395,468
End of Period	$	6,217,673		$	1,618,678
SHARE ACTIVITY
Class A (MUNAX):
Shares Sold		124,178			29,956
Shares Reinvested		1,690			98
Shares Repurchased		(4,808	)		(3,119	)
Net increase in shares of beneficial interest outstanding		121,060			26,935
Class C (MUNCX):
Shares Sold		10,757			20,735
Shares Reinvested		445			33
Net increase in shares of beneficial interest outstanding		11,202			20,768
Class I (MUNIX):
Shares Sold		316,977			84,039
Shares Reinvested		4,785			751
Shares Repurchased		(6,086	)		(19,898	)
Net increase in shares of beneficial interest outstanding		315,676			64,892

See accompanying notes to consolidated financial statements.

61

AlphaCentric Strategic Income Fund

STATEMENT OF CHANGES IN NET ASSETS

	Period Ended
	September 30, 2021 *
FROM OPERATIONS
Net investment income	$	185,699
Net realized gain from investments		298,948
Net change in unrealized appreciation on investments		2,790,937
Net increase in net assets resulting from operations		3,275,584
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions paid:
Class A (SIIAX)		(10	)
Class C (SIICX)		(548	)
Class I (SIIIX)		(195,634	)
Total distributions to shareholders		(196,192	)
FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold:
Class A (SIIAX)		1,000
Class C (SIICX)		143,500
Class I (SIIIX)		22,109,912
Net asset value of shares issued in reinvestment of distributions:
Class A (SIIAX)		10
Class C (SIICX)		548
Class I (SIIIX)		178,689
Payments for shares repurchased:
Class I (SIIIX)		(14,723	)
Net increase in net assets from shares of beneficial interest		22,418,936
TOTAL INCREASE IN NET ASSETS		25,498,328
NET ASSETS
Beginning of Period		—
End of Period	$	25,498,328
SHARE ACTIVITY
Class A (SIIAX):
Shares Sold		54
Shares Reinvested		1
Net increase in shares of beneficial interest outstanding		55
Class C (SIICX):
Shares Sold		7,692
Shares Reinvested		29
Shares Repurchased		—
Net increase in shares of beneficial interest outstanding		7,721
Class I (SIIIX):
Shares Sold		1,349,867
Shares Reinvested		9,677
Shares Repurchased		(787	)
Net increase in shares of beneficial interest outstanding		1,358,757

* AlphaCentric Strategic Income Fund Class A, Class C and Class I commenced operations on May 28, 2021.

See accompanying notes to consolidated financial statements.

62

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, 2021			March 31,			March 31,			March 31,			March 31,			March 31,
Class A (IOFAX)	(Unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	11.50		$	8.15		$	12.28		$	12.23		$	11.46		$	10.72
Activity from investment operations:
Net investment income (1)		0.10			0.19			0.46			0.56			0.58			0.50
Net realized and unrealized gain (loss) on investments		0.66			3.62			(4.02	)		0.08			0.76			0.78
Total from investment operations		0.76			3.81			(3.56	)		0.64			1.34			1.28
Less distributions from:
Net investment income		(0.22	)		(0.21	)		(0.48	)		(0.57	)		(0.57	)		(0.53	)
Return of capital		—			(0.25	)		(0.09	)		(0.02	)		—			(0.01	)
Total distributions		(0.22	)		(0.46	)		(0.57	)		(0.59	)		(0.57	)		(0.54	)
Paid-in-Capital From Redemption Fees		—			—			—			—			—			0.00	(7)
Net asset value, end of period	$	12.04		$	11.50		$	8.15		$	12.28		$	12.23		$	11.46
Total return (2)(5)		6.72	%		47.64	%		(30.45	)%		5.31	%		11.91	%		12.22	%
Net assets, at end of period (000s)	$	242,473		$	221,961		$	152,646		$	334,481		$	293,712		$	109,712
Ratio of gross expenses to average net assets before expense reimbursement or recapture (3)(4)		1.92	%		1.97	% (11)		1.93	% (10)		1.92	% (9)		1.97	% (8)		2.08	%
Ratio of net expenses to average net assets after expense reimbursement or recapture (4)		1.74	%		1.75	% (11)		1.75	% (10)		1.75	% (9)		1.77	% (8)		1.74	%
Ratio of net investment income to average net assets (4)(6)		1.62	%		1.83	%		3.67	%		4.56	%		4.79	%		4.39	%
Portfolio Turnover Rate (5)		2	%		3	%		54	%		33	%		31	%		10	%

(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 manager 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 manager.

(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) Less than $0.01

(8) Includes 0.03% for the year ended March 31, 2018 attributed to line of credit fees which are not subject to waiver by the manager.

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

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

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

See accompanying notes to consolidated financial statements.

63

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, 2021			March 31,			March 31,			March 31,			March 31,			March 31,
Class C (IOFCX)	(Unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	11.45		$	8.12		$	12.24		$	12.20		$	11.43		$	10.71
Activity from investment operations:
Net investment income (1)		0.05			0.11			0.37			0.47			0.49			0.39
Net realized and unrealized gain (loss) on investments		0.67			3.61			(4.01	)		0.07			0.77			0.81
Total from investment operations		0.72			3.72			(3.64	)		0.54			1.26			1.20
Less distributions from:
Net investment income		(0.18	)		(0.14	)		(0.41	)		(0.48	)		(0.49	)		(0.47	)
Return of capital		—			(0.25	)		(0.07	)		(0.02	)		—			(0.01	)
Total distributions		(0.18	)		(0.39	)		(0.48	)		(0.50	)		(0.49	)		(0.48	)
Paid-in-Capital From Redemption Fees		—			—			—			—			—			0.00	(7)
Net asset value, end of period	$	11.99		$	11.45		$	8.12		$	12.24		$	12.20		$	11.43
Total return (2)(5)		6.35	%		46.47	%		(30.98	)%		4.50	%		11.17	% (8)		11.36	%
Net assets, at end of period (000s)	$	116,594		$	118,599		$	87,724		$	98,682		$	56,959		$	18,574
Ratio of gross expenses to average net assets before expense reimbursement or recapture (3)(4)		2.67	%		2.72	% (12)		2.68	% (11)		2.68	% (10)		2.72	% (9)		2.83	%
Ratio of net expenses to average net assets after expense reimbursement or recapture (4)		2.49	%		2.50	% (12)		2.50	% (11)		2.50	% (10)		2.52	% (9)		2.49	%
Ratio of net investment income to average net assets (4)(6)		0.87	%		1.08	%		2.95	%		3.80	%		4.05	%		3.42	%
Portfolio Turnover Rate (5)		2	%		3	%		54	%		33	%		31	%		10	%

(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 manager 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 manager.

(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) Less than $0.01

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

(9) Includes 0.03% for the year ended March 31, 2018 attributed to line of credit fees which are not subject to waiver by the manager.

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

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

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

See accompanying notes to consolidated financial statements.

64

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, 2021			March 31,			March 31,			March 31,			March 31,			March 31,
Class I (IOFIX)	(Unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	11.51		$	8.16		$	12.30		$	12.25		$	11.47		$	10.72
Activity from investment operations:
Net investment income (1)		0.11			0.22			0.50			0.59			0.62			0.52
Net realized and unrealized gain (loss) on investments		0.67			3.63			(4.03	)		0.08			0.76			0.80
Total from investment operations		0.78			3.85			(3.53	)		0.67			1.38			1.32
Less distributions from:
Net investment income		(0.24	)		(0.23	)		(0.52	)		(0.60	)		(0.60	)		(0.56	)
Return of capital		—			(0.27	)		(0.09	)		(0.02	)		—			(0.01	)
Total distributions		(0.24	)		(0.50	)		(0.61	)		(0.62	)		(0.60	)		(0.57	)
Paid-in-Capital From Redemption Fees		—			—			—			—			—			0.00	(7)
Net asset value, end of period	$	12.05		$	11.51		$	8.16		$	12.30		$	12.25		$	11.47
Total return (2)(5)		6.85	%		47.94	%		(30.29	)%		5.56	%		12.25	% (8)		12.56	%
Net assets, at end of period (000s)	$	3,820,143		$	3,315,245		$	1,515,562		$	2,169,166		$	1,352,105		$	374,895
Ratio of gross expenses to average net assets before expense reimbursement or recapture (3)(4)		1.67	%		1.72	% (12)		1.68	% (11)		1.68	% (10)		1.72	% (9)		1.83	%
Ratio of net expenses to average net assets after expense reimbursement or recapture (4)		1.49	%		1.50	% (12)		1.50	% (11)		1.50	% (10)		1.52	% (9)		1.49	%
Ratio of net investment income to average net assets (4)(6)		1.87	%		2.07	%		3.91	%		4.80	%		5.06	%		4.56	%
Portfolio Turnover Rate (5)		2	%		3	%		54	%		33	%		31	%		10	%

(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 manager 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 manager.

(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) Less than $0.01

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

(9) Includes 0.03% for the year ended March 31, 2018 attributed to line of credit fees which are not subject to waiver by the manager.

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

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

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

See accompanying notes to consolidated financial statements.

65

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			Period Ended
	September 30, 2021			March 31,			March 31,			March 31,			March 31,			March 31,
Class A (HMXAX)	(Unaudited)			2021			2020			2019			2018			2017 (1)
Net asset value, beginning of period	$	25.80		$	23.12		$	18.70		$	16.26		$	18.54		$	18.06
Activity from investment operations:
Net investment loss (2)		(0.29	)		(0.53	)		(0.06	)		(0.10	)		(0.28	)		(0.21	)
Net realized and unrealized gain (loss) on investments		0. 89			3.79			4.48			2.54			(1.44	)		0.72	(8)
Total from investment operations		0.60			3.26			4.42			2.44			(1.72	)		0.51
Less distributions from:
Net realized gains		—			(0.58	)		—			—			(0.56	)		(0.03	)
Total distributions		—			(0.58	)		—			—			(0.56	)		(0.03	)
Net asset value, end of period	$	26.40		$	25.80		$	23.12		$	18.70		$	16.26		$	18.54
Total return (3)(6)		2.36	%		14.17	%		23.64	%		15.01	%		(9.68	)% (9)(10)		2.82	%
Net assets, at end of period (000s)	$	8,199		$	6,455		$	1,722		$	1,604		$	3,073		$	1,906
Ratio of gross expenses to average net assets before expense reimbursement or recapture (4)(5)		2.23	% (16)		2.31	% (15)		3.19	% (14)		3.47	% (13)		3.07	% (12)		4.32	% (11)
Ratio of net expenses to average net assets after expense reimbursement or recapture (5)		2.25	% (16)		2.25	% (15)		2.33	% (14)		2.32	% (13)		2.60	% (12)		2.60	% (11)
Ratio of net investment loss to average net assets (5)		(2.22	)% (16)		(2.11	)% (15)		(0.31	)% (14)		(0.61	)% (13)		(1.54	)% (12)		(2.27	)% (11)
Portfolio Turnover Rate (6)(7)		0	%		9	%		0	%		54	%		0	%		0	%

(1) AlphaCentric Premium Opportunity Fund Class A commenced operations on September 30, 2016.

(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 manager 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 manager.

(5) Annualized for periods less than one year.

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

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

(8) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions during the period.

(9) Includes increase from payments made by affiliated parties of 0.22% for the A shares for March 31, 2018 related to the pricing error reimbursement. Without these transactions, total return would have been (9.90)% for the A shares for March 31, 2018.

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

(11) Includes 0.36% for the period ended March 31, 2017 attributable to margin expense on short sales, which is not subject to waiver by the manager.

(12) Includes 0.36% for the year ended March 31, 2018 attributable to margin expense on short sales, which is not subject to waiver by the manager.

(13) 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 manager.

(14) 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 manager.

(15) 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 manager.

(16) Includes 0.01% for the period ended September 31, 2021 attributable to margin expense on short sales, which is not subject to waiver by the manager.

See accompanying notes to consolidated financial statements.

66

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			Period Ended
	September 30, 2021			March 31,			March 31,			March 31,			March 31,			March 31,
Class C (HMXCX)	(Unaudited)			2021			2020			2019			2018			2017 (1)
Net asset value, beginning of period	$	25.10		$	22.68		$	18.38		$	16.10		$	18.49		$	18.06
Activity from investment operations:
Net investment loss (2)		(0.38	)		(0.71	)		(0.25	)		(0.23	)		(0.42	)		(0.31	)
Net realized and unrealized gain (loss) on investments		0.87			3.71			4.55			2.51			(1.41	)		0.77	(8)
Total from investment operations		0.49			3.00			4.30			2.28			(1.83	)		0.46
Less distributions from:
Net realized gains		—			(0.58	)	��	—			—			(0.56	)		(0.03	)
Total distributions		—			(0.58	)		—			—			(0.56	)		(0.03	)
Net asset value, end of period	$	25.59		$	25.10		$	22.68		$	18.38		$	16.10		$	18.49
Total return (3)(6)		1.95	%		13.29	%		23.40	%		14.16	%		(10.30	)% (9)(10)		2.54	%
Net assets, at end of period (000s)	$	4,326		$	2,079		$	164		$	62		$	191		$	75
Ratio of gross expenses to average net assets before expense reimbursement or recapture (4)(5)		2.98	% (16)		3.06	% (15)		3.94	% (14)		4.23	% (13)		3.80	% (12)		5.07	% (11)
Ratio of net expenses to average net assets after expense reimbursement or recapture (5)		3.00	% (16)		3.00	% (15)		3.04	% (14)		3.06	% (13)		3.34	% (12)		3.35	% (11)
Ratio of net investment loss to average net assets (5)		(2.97	)% (16)		(2.88	)% (15)		(1.23	)% (14)		(1.37	)% (13)		(2.29	)% (12)		(3.02	)% (11)
Portfolio Turnover Rate (6)(7)		0	%		9	%		0	%		54	%		0	%		0	%

(1) AlphaCentric Premium Opportunity Fund Class C commenced operations on September 30, 2016.

(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 manager 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 manager.

(5) Annualized for periods less than one year.

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

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

(8) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions during the period.

(9) Includes increase from payments made by affiliated parties of 0.22% for the C shares for March 31, 2018 related to the pricing error reimbursement. Without these transactions, total return would have been (10.52)% for the C shares for March 31, 2018.

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

(11) Includes 0.36% for the period ended March 31, 2017 attributable to margin expense on short sales, which is not subject to waiver by the manager.

(12) Includes 0.35% for the year ended March 31, 2018 attributable to margin expense on short sales, which is not subject to waiver by the manager.

(13) 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 manager.

(14) 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 manager.

(15) 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 manager.

(16) Includes 0.01% for the period ended September 31, 2021 attributable to margin expense on short sales, which is not subject to waiver by the manager.

See accompanying notes to consolidated financial statements.

67

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			Period Ended
	September 30, 2021			March 31,			March 31,			March 31,			March 31,			March 31,
Class I (HMXIX)	(Unaudited)			2021			2020			2019			2018			2017 (1)
Net asset value, beginning of period	$	26.25		$	23.46		$	18.93		$	16.42		$	18.57		$	18.06
Activity from investment operations:
Net investment loss (2)		(0.27	)		(0.48	)		(0.03	)		(0.05	)		(0.28	)		(0.19	)
Net realized and unrealized gain (loss) on investments		0.92			3.85			4.56			2.56			(1.31	)		0.73	(8)
Total from investment operations		0.65			3.37			4.53			2.51			(1.59	)		0.54
Less distributions from:
Net realized gains		—			(0.58	)		—			—			(0.56	)		(0.03	)
Total distributions		—			(0.58	)		—			—			(0.56	)		(0.03	)
Net asset value, end of period	$	26.90		$	26.25		$	23.46		$	18.93		$	16.42		$	18.57
Total return (3)(6)		2.48	%		14.43	%		23.93	%		15.29	%		(8.94	)% (9)(10)		2.98	%
Net assets, at end of period (000s)	$	164,912		$	93,490		$	26,792		$	6,867		$	9,433		$	10,512
Ratio of gross expenses to average net assets before expense reimbursement or recapture (4)(5)		1.98	% (16)		2.06	% (15)		2.94	% (14)		3.20	% (13)		2.90	% (12)		4.07	% (11)
Ratio of net expenses to average net assets after expense reimbursement or recapture (5)		2.00	% (16)		2.00	% (15)		2.05	% (14)		2.09	% (13)		2.46	% (12)		2.35	% (11)
Ratio of net investment loss to average net assets (5)		(1.97	)% (16)		(1.87	)% (15)		(0.13	)% (14)		(0.32	)% (13)		(1.48	)% (12)		(2.02	)% (11)
Portfolio Turnover Rate (6)(7)		0	%		9	%		0	%		54	%		0	%		0	%

(1) AlphaCentric Premium Opportunity Fund Class I commenced operations on August 31, 2011 and does not include performance prior to September 30, 2016 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 manager 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 manager.

(5) Annualized for periods less than one year.

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

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

(8) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions during the period.

(9) Includes increase from payments made by affiliated parties of 0.28% for the I shares for March 31, 2018 related to the pricing error reimbursement. Without these transactions, total return would have been (9.22)% for the I shares for March 31, 2018.

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

(11) Includes 0.36% for the period ended March 31, 2017 attributable to margin expense on short sales, which is not subject to waiver by the manager.

(12) Includes 0.47% for the year ended March 31, 2018 attributable to margin expense on short sales, which is not subject to waiver by the manager.

(13) 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 manager.

(14) 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 manager.

(15) 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 manager.

(16) Includes 0.01% for the period ended September 31, 2021 attributable to margin expense on short sales, which is not subject to waiver by the manager.

See accompanying notes to consolidated financial statements.

68

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			Period Ended
	September 30, 2021			March 31,			March 31,			March 31,			March 31,
Class A (GNXAX)	(Unaudited)			2021			2020			2019			2018 (1)
Net asset value, beginning of period	$	17.06		$	9.63		$	11.46		$	12.50		$	10.00
Activity from investment operations:
Net investment loss (2)		(0.07	)		(0.14	)		(0.08	)		(0.10	)		(0.09	)
Net realized and unrealized gain (loss) on investments		0.05			7.57			(1.75	)		(0.62	)		2.81
Total from investment operations		(0.02	)		7.43			(1.83	)		(0.72	)		2.72
Less distributions from:
Net realized gains		—			—			—			(0.32	)		(0.22	)
Total distributions		—			—			—			(0.32	)		(0.22	)
Net asset value, end of period	$	17.04		$	17.06		$	9.63		$	11.46		$	12.50
Total return (3)(6)		(0.06	)%		77.15	%		(15.97	)%		(5.29	)%		27.33	%
Net assets, at end of period (000s)	$	7,273		$	7,796		$	4,711		$	4,450		$	13,178
Ratio of gross expenses to average net assets before expense reimbursement or recapture (4)(5)		1.92	%		2.10	%		2.18	%		2.41	% (7)		2.30	%
Ratio of net expenses to average net assets after expense reimbursement or recapture (5)		1.65	%		1.65	%		1.65	%		1.67	% (7)		1.65	%
Ratio of net investment loss to average net assets (5)		(0.82	)%		(0.96	)%		(0.69	)%		(0.84	)%		(0.85	)%
Portfolio Turnover Rate (6)		47	%		125	%		315	%		297	%		178	%

(1) AlphaCentric Robotics and Automation Fund Class A commenced operations on May 31, 2017.

(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 manager 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 manager.

(5) Annualized for periods less than one year.

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

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

See accompanying notes to consolidated financial statements.

69

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			Period Ended
	September 30, 2021			March 31,			March 31,			March 31,			March 31,
Class C (GNXCX)	(Unaudited)			2021			2020			2019			2018 (1)
Net asset value, beginning of period	$	16.57		$	9.43		$	11.30		$	12.43		$	10.00
Activity from investment operations:
Net investment loss (2)		(0.14	)		(0.24	)		(0.16	)		(0.17	)		(0.16	)
Net realized and unrealized gain (loss) on investments		0.06			7.38			(1.71	)		(0.64	)		2.81
Total from investment operations		(0.08	)		7.14			(1.87	)		(0.81	)		2.65
Less distributions from:
Net realized gains		—			—			—			(0.32	)		(0.22	)
Total distributions		—			—			—			(0.32	)		(0.22	)
Net asset value, end of period	$	16.49		$	16.57		$	9.43		$	11.30		$	12.43
Total return (3)(6)		(0.48	)%		75.72	%		(16.55	)%		(6.05	)%		26.63	%
Net assets, at end of period (000s)	$	1,418		$	1,258		$	828		$	767		$	212
Ratio of gross expenses to average net assets before expense reimbursement or recapture (4)(5)		2.67	%		2.85	%		2.93	%		3.17	% (7)		3.25	%
Ratio of net expenses to average net assets after expense reimbursement or recapture (5)		2.40	%		2.40	%		2.40	%		2.41	% (7)		2.40	%
Ratio of net investment loss to average net assets (5)		(1.60	)%		(1.71	)%		(1.47	)%		(1.50	)%		(1.57	)%
Portfolio Turnover Rate (6)		47	%		125	%		315	%		297	%		178	%

(1) AlphaCentric Robotics and Automation Fund Class C commenced operations on May 31, 2017.

(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 manager 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 manager.

(5) Annualized for periods less than one year.

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

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

See accompanying notes to consolidated financial statements.

70

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			Period Ended
	September 30, 2021			March 31,			March 31,			March 31,			March 31,
Class I (GNXIX)	(Unaudited)			2021			2020			2019			2018 (1)
Net asset value, beginning of period	$	17.23		$	9.71		$	11.52		$	12.54		$	10.00
Activity from investment operations:
Net investment loss (2)		(0.05	)		(0.10	)		(0.05	)		(0.06	)		(0.04	)
Net realized and unrealized gain (loss) on investments		0.06			7.62			(1.76	)		(0.64	)		2.80
Total from investment operations		0.01			7.52			(1.81	)		(0.70	)		2.76
Less distributions from:
Net realized gains		—			—			—			(0.32	)		(0.22	)
Total distributions		—			—			—			(0.32	)		(0.22	)
Net asset value, end of period	$	17.24		$	17.23		$	9.71		$	11.52		$	12.54
Total return (3)(6)		0.06	%		77.45	%		(15.71	)%		(5.11	)%		27.73	%
Net assets, at end of period (000s)	$	37,207		$	34,754		$	20,392		$	17,968		$	14,556
Ratio of gross expenses to average net assets before expense reimbursement or recapture (4)(5)		1.67	%		1.85	%		1.93	%		2.16	% (7)		2.76	%
Ratio of net expenses to average net assets after expense reimbursement or recapture (5)		1.40	%		1.40	%		1.40	%		1.42	% (7)		1.40	%
Ratio of net investment loss to average net assets (5)		(0.58	)%		(0.70	)%		(0.46	)%		(0.53	)%		(0.42	)%
Portfolio Turnover Rate (6)		47	%		125	%		315	%		297	%		178	%

(1) AlphaCentric Robotics and Automation Fund Class I commenced operations on May 31, 2017.

(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 manager 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 manager.

(5) Annualized for periods less than one year.

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

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

See accompanying notes to consolidated financial statements.

71

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			Period Ended
	September 30, 2021			March 31,			March 31,
Class A (SYMAX)	(Unaudited)			2021			2020 (1)
Net asset value, beginning of period	$	11.46		$	9.75		$	11.28
Activity from investment operations:
Net investment income (loss) (2)		(0.02	)		(0.04	)		0.05
Net realized and unrealized gain (loss) on investments		0.59			1.89			(1.33	) (8)
Total from investment operations		0.57			1.85			(1.28	)
Less distributions from:
Net investment income		—			(0.14	)		(0.25	)
Total distributions		—			(0.14	)		(0.25	)
Net asset value, end of period	$	12.03		$	11.46		$	9.75
Total return (3)(6)		4.97	%		19.11	%		(11.64	)%
Net assets, at end of period (000s)	$	69,535		$	1		$	865	(7)
Ratio of gross expenses to average net assets before expense reimbursement or recapture (4)(5)		2.39	% (11)		2.63	% (10)		2.51	% (9)
Ratio of net expenses to average net assets after expense reimbursement or recapture (5)		2.14	% (11)		2.26	% (10)		2.25	% (9)
Ratio of net investment income (loss) to average net assets (5)		(0.42	)%		(0.45	)%		0.38	%
Portfolio Turnover Rate (6)		50	%		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 manager 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 manager.

(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 aggregrate 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 manager.

(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 manager.

(11) Includes 0.02% for the period ended September 30, 2021 attributable to margin expense on futures, which is not subject to waiver by the manager.

See accompanying notes to consolidated financial statements.

72

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			Period Ended
	September 30, 2021			March 31,			March 31,
Class C (SYMCX)	(Unaudited)			2021			2020 (1)
Net asset value, beginning of period	$	11.42		$	9.75		$	11.28
Activity from investment operations:
Net investment loss (2)		(0.06	)		(0.12	)		(0.00	) (7)
Net realized and unrealized gain (loss) on investments		0.57			1.88			(1.33	) (9)
Total from investment operations		0.51			1.76			(1.33	)
Less distributions from:
Net investment income		—			(0.09	)		(0.20	)
Total distributions		—			(0.09	)		(0.20	)
Net asset value, end of period	$	11.93		$	11.42		$	9.75
Total return (3)(6)		4.47	%		18.10	%		(11.97	)%
Net assets, at end of period (000s)	$	1		$	1		$	864	(8)
Ratio of gross expenses to average net assets before expense reimbursement or recapture (4)(5)		3.14	% (12)		3.37	% (11)		3.26	% (10)
Ratio of net expenses to average net assets after expense reimbursement or recapture (5)		2.89	% (12)		3.01	% (11)		3.00	% (10)
Ratio of net investment loss to average net assets (5)		(1.17	)%		(1.20	)%		(0.16	)%
Portfolio Turnover Rate (6)		50	%		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 manager 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 manager.

(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 aggregrate 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 manager.

(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 manager.

(12) Includes 0.02% for the period ended September 30, 2021 attributable to margin expense on futures, which is not subject to waiver by the manager.

See accompanying notes to consolidated financial statements.

73

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			Period Ended
	September 30, 2021			March 31,			March 31,
Class I (SYMIX)	(Unaudited)			2021			2020 (1)
Net asset value, beginning of period	$	11.44		$	9.75		$	11.28
Activity from investment operations:
Net investment income (loss) (2)		(0.01	)		(0.02	)		0.07
Net realized and unrealized gain (loss) on investments		0.58			1.89			(1.33	) (7)
Total from investment operations		0.57			1.87			(1.26	)
Less distributions from:
Net investment income		—			(0.18	)		(0.27	)
Total distributions		—			(0.18	)		(0.27	)
Net asset value, end of period	$	12.01		$	11.44		$	9.75
Total return (3)(6)		4.98	%		19.37	%		(11.47	)%
Net assets, at end of period (000s)	$	40,370		$	36,619		$	30,845
Ratio of gross expenses to average net assets before expense reimbursement or recapture (4)(5)		2.14	% (10)		2.38	% (9)		2.26	% (8)
Ratio of net expenses to average net assets after expense reimbursement or recapture (5)		1.89	% (10)		2.01	% (9)		2.00	% (8)
Ratio of net investment income (loss) to average net assets (5)		(0.17	)%		(0.21	)%		0.96	%
Portfolio Turnover Rate (6)		50	%		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 manager 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 manager.

(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 aggregrate 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 manager.

(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 manager.

(10) Includes 0.02% for the period ended September 30, 2021 attributable to margin expense on futures, which is not subject to waiver by the manager.

See accompanying notes to consolidated financial statements.

74

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			Period Ended
	September 30, 2021			March 31,			March 31,
Class A (LYFAX)	(Unaudited)			2021			2020 (1)
Net asset value, beginning of period	$	15.56		$	9.55		$	10.00
Activity from investment operations:
Net investment loss (2)		(0.11	)		(0.19	)		(0.04	)
Net realized and unrealized gain (loss) on investments		0.05			6.55			(0.41	)
Total from investment operations		(0.06	)		6.36			(0.45	)
Less distributions from:
Net realized gains		—			(0.35	)		—
Total distributions		—			(0.35	)		—
Net asset value, end of period	$	15.50		$	15.56		$	9.55
Total return (3)(6)		(0.39	)%		66.70	%		(4.50	)%
Net assets, at end of period (000s)	$	1,656		$	1,300		$	10	(7)
Ratio of gross expenses to average net assets before expense reimbursement or recapture (4)(5)		2.07	%		2.78	% (8)		24.39	%
Ratio of net expenses to average net assets after expense reimbursement or recapture (5)		1.65	%		1.66	% (8)		1.65	%
Ratio of net investment loss to average net assets (5)		(1.45	)%		(1.21	)%		(0.48	)%
Portfolio Turnover Rate (6)		63	%		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 manager 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 manager.

(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 manager.

See accompanying notes to consolidated financial statements.

75

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			Period Ended
	September 30, 2021			March 31,			March 31,
Class C (LYFCX)	(Unaudited)			2021			2020 (1)
Net asset value, beginning of period	$	15.53		$	9.55		$	10.00
Activity from investment operations:
Net investment loss (2)		(0.17	)		(0.32	)		(0.06	)
Net realized and unrealized gain (loss) on investments		0.04			6.65			(0.39	)
Total from investment operations		(0.13	)		6.33			(0.45	)
Less distributions from:
Net realized gains		—			(0.35	)		—
Total distributions		—			(0.35	)		—
Net asset value, end of period	$	15.40		$	15.53		$	9.55
Total return (3)(6)		(0.84	)%		66.38	%		(4.50	)%
Net assets, at end of period (000s)	$	387		$	215		$	10	(7)
Ratio of gross expenses to average net assets before expense reimbursement or recapture (4)(5)		2.82	%		3.53	% (8)		25.14	%
Ratio of net expenses to average net assets after expense reimbursement or recapture (5)		2.40	%		2.41	% (8)		2.40	%
Ratio of net investment loss to average net assets (5)		(2.20	)%		(1.96	)%		(1.23	)%
Portfolio Turnover Rate (6)		63	%		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 manager 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 manager.

(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 manager.

See accompanying notes to consolidated financial statements.

76

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			Period Ended
	September 30, 2021			March 31,			March 31,
Class I (LYFIX)	(Unaudited)			2021			2020 (1)
Net asset value, beginning of period	$	15.59		$	9.55		$	10.00
Activity from investment operations:
Net investment loss (2)		(0.09	)		(0.14	)		(0.01	)
Net realized and unrealized gain (loss) on investments		0.05			6.53			(0.44	)
Total from investment operations		(0.04	)		6.39			(0.45	)
Less distributions from:
Net investment income		—			(0.00	) (7)		—
Net realized gains		—			(0.35	)		—
Total distributions		—			(0.35	)		—
Net asset value, end of period	$	15.55		$	15.59		$	9.55
Total return (3)(6)		(0.26	)%		67.02	%		(4.50	)%
Net assets, at end of period (000s)	$	34,833		$	26,404		$	1,601
Ratio of gross expenses to average net assets before expense reimbursement or recapture (4)(5)		1.82	%		2.53	% (8)		24.14	%
Ratio of net expenses to average net assets after expense reimbursement or recapture (5)		1.40	%		1.41	% (8)		1.40	%
Ratio of net investment loss to average net assets (5)		(1.20	)%		(0.96	)%		(0.23	)%
Portfolio Turnover Rate (6)		63	%		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 manager 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 manager.

(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 manager.

See accompanying notes to consolidated financial statements.

77

AlphaCentric 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			Period Ended
	September 30, 2021			March 31,			March 31,
Class A (MUNAX)	(Unaudited)			2021			2020 (1)
Net asset value, beginning of period	$	10.64		$	10.00		$	10.00
Activity from investment operations:
Net investment income (loss) (2)		0.19			0.21			(0.02	)
Net realized and unrealized gain (loss) on investments		(0.28	)		0.65			0.02	(8)
Total from investment operations		(0.09	)		0.86			(0.00	)
Less distributions from:
Net investment income		(0.19	)		(0.22	)		—
Total distributions		(0.19	)		(0.22	)		—
Net asset value, end of period	$	10.36		$	10.64		$	10.00
Total return (3)(7)		(0.53	)%		8.70	%		0.00	%
Net assets, at end of period (000s)	$	1,546		$	300		$	12
Ratio of gross expenses to average net assets before expense reimbursement or recapture (4)(5)(6)		4.23	%		18.50	%		6.29	%
Ratio of net expenses to average net assets after expense reimbursement or recapture (5)(6)		1.50	%		1.50	%		1.50	%
Ratio of net investment income (loss) to average net assets (5)(6)		3.47	%		2.30	%		(0.98	)%
Portfolio Turnover Rate (7)		368	%		143	%		314	%

(1) The AlphaCentric 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 manager 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 manager.

(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 aggregrate 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.

See accompanying notes to consolidated financial statements.

78

AlphaCentric 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			Period Ended
	September 30, 2021			March 31,			March 31,
Class C (MUNCX)	(Unaudited)			2021			2020 (1)
Net asset value, beginning of period	$	10.65		$	10.03		$	10.00
Activity from investment operations:
Net investment income (loss) (2)		0.16			0.22			(0.02	)
Net realized and unrealized gain (loss) on investments		(0.26	)		0.62			0.05	(9)
Total from investment operations		(0.10	)		0.84			0.03
Less distributions from:
Net investment income		(0.19	)		(0.22	)		—
Total distributions		(0.19	)		(0.22	)		—
Net asset value, end of period	$	10.36		$	10.65		$	10.03
Total return (3)(7)		(0.99	)%		8.47	%		0.30	%
Net assets, at end of period	$	331		$	221		$	10	(8)
Ratio of gross expenses to average net assets before expense reimbursement or recapture (4)(5)(6)		4.98	%		19.25	%		7.04	%
Ratio of net expenses to average net assets after expense reimbursement or recapture (5)(6)		2.25	%		2.25	%		2.25	%
Ratio of net investment income (loss) to average net assets (5)(6)		2.72	%		1.55	%		(0.81	)%
Portfolio Turnover Rate (7)		368	%		143	%		314	%

(1) The AlphaCentric 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 manager 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 manager.

(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 aggregrate 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.

See accompanying notes to consolidated financial statements.

79

AlphaCentric 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			Period Ended
	September 30, 2021			March 31,			March 31,
Class I (MUNIX)	(Unaudited)			2021			2020 (1)
Net asset value, beginning of period	$	10.65		$	10.03		$	10.00
Activity from investment operations:
Net investment income (2)		0.20			0.27			0.04
Net realized and unrealized gain (loss) on investments		(0.25	)		0.60			(0.01	) (8)
Total from investment operations		(0.05	)		0.87			0.03
Less distributions from:
Net investment income		(0.24	)		(0.25	)		—
Total distributions		(0.24	)		(0.25	)		—
Net asset value, end of period	$	10.36		$	10.65		$	10.03
Total return (3)(7)		(0.52	)%		8.77	%		0.30	%
Net assets, at end of period (000s)	$	4,341		$	1,098		$	383
Ratio of gross expenses to average net assets before expense reimbursement or recapture (4)(5)(6)		3.98	%		18.25	%		6.04	%
Ratio of net expenses to average net assets after expense reimbursement or recapture (5)(6)		1.25	%		1.25	%		1.25	%
Ratio of net investment income to average net assets (5)(6)		3.72	%		2.55	%		1.64	%
Portfolio Turnover Rate (7)		368	%		143	%		314	%

(1) The AlphaCentric 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 manager 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 manager.

(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 aggregrate 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.

See accompanying notes to consolidated financial statements.

80

AlphaCentric Strategic Income Fund

FINANCIAL HIGHLIGHTS

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

Period Ended September 30, 2021 (1)	Class A (SIIAX)			Class C (SIICX)			Class I (SIIIX)
Net asset value, beginning of period	$	18.48		$	18.48		$	18.48
Activity from investment operations:
Net investment income (2)		0.19			0.27			0.21
Net realized and unrealized gain (loss) on investments		0.07			(0.03	)		0.09
Total from investment operations		0.26			0.24			0.29
Less distributions from:
Net investment income		(0.10	)		(0.10	)		(0.11	)
Total distributions		(0.10	)		(0.10	)		(0.11	)
Net asset value, end of period	$	18.64		$	18.62		$	18.66
Total return (3)(7)		1.88	%		1.65	%		1.99	%
Net assets, at end of period (000s)	$	1		$	144		$	25,354
Ratio of gross expenses to average net assets before expense reimbursement or recapture (4)(5)(6)		2.54	%		3.29	%		2.29	%
Ratio of net expenses to average net assets after expense reimbursement or recapture (5)(6)		1.74	%		2.49	%		1.49	%
Ratio of net investment income to average net assets (5)(6)		3.61	%		4.36	%		3.36	%
Portfolio Turnover Rate (7)		6	%		6	%		6	%

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

(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.

See accompanying notes to consolidated financial statements.

81

AlphaCentric Funds

CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited)

September 30, 2021

(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-eight 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 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 Robotics and Automation Fund, AlphaCentric Symmetry Strategy Fund, AlphaCentric LifeSci Healthcare Fund, AlphaCentric Municipal Opportunities Fund and AlphaCentric Strategic Income Fund are registered as non-diversified series of the Trust. The AlphaCentric Income Opportunities Fund and AlphaCentric Premium Opportunities Fund are diversified series of the Trust. The Funds’ investment manager is AlphaCentric Advisors, LLC (the “Manager” 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 to achieve long-term capital appreciation.

AlphaCentric Robotics and Automation Fund (“ARAF”), commenced operations on May 31, 2017. ARAF’s investment objective is long-term capital appreciation. 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.

ASSF 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, net assets of the Predecessor Fund were exchanged for Class I shares of ASSF, so the Predecessor Fund became the Class I shares of ASSF. The net asset value of ASSF’s shares resulting from these tax-free transactions on the close of business August 8, 2019, after the reorganization, was $11.28 for Class I shares and ASSF received in-kind capital contributions of securities valued at $52,604,794, Cash valued at $8,536,385 and Other Net Assets/Liabilities valued at $64,604 in exchange for 5,426,045 Class I shares. Class A shares and Class C shares commenced operations on August 8, 2019. 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. For financial reporting purposes, assets received and shares issued were recorded at fair value; however, the cost basis of the investments received was carried forward to align ongoing reporting of ASSF’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

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 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 (“SWBC”) LLC and Mount Lucas Management LP. Effective December 1, 2020, SWBC replaced R&C Investment Advisors, LLC as the sub-advisor to the 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 (“GRC”). GRC is under common control with Strategos Capital Management, LLC (“SCM”) an SEC registered investment advisor founded in 2004.

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 on the close of business May 28, 2021, after the reorganization, was $18.48 for Class I shares and 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 objectives, 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

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September 30, 2021

was carried forward to align ongoing reporting of ASIF’s realized and unrealized gains and losses with a mounts 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 Funds, 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.

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 Manager 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 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 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.

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

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

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

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

The following tables summarize the inputs used as of September 30, 2021 for the Funds’ assets and liabilities measured at fair value:

AIOF
Assets
			Level 2		Level 3
	Level 1		(Other Significant		(Unobservable
Security Classifications (a) +	(Quoted Prices)		Observable Inputs)		Inputs)		Totals
Asset Backed Securities	$	—	$	—	$	2,561,203	$	2,561,203
Exchange Traded Funds		242,647,950		—		—		242,647,950
Non-Agency Residential Mortgage Backed Securities		—		3,818,533,122		—		3,818,533,122
Real Estate Investment Trusts (REIT)		63,499,282		—		—		63,499,282
Total	$	306,147,232	$	3,818,533,122	$	2,561,203	$	4,127,241,557
APOF
Assets
			Level 2		Level 3
	Level 1		(Other Significant		(Unobservable
Security Classifications + *	(Quoted Prices)		Observable Inputs)		Inputs)		Totals
Call Options Purchased	$	80,088	$	—	$	—	$	80,088
Short-term Investments		150,825,041		—		—		150,825,041
Total	$	150,905,129	$	—	$	—	$	150,905,129
Liabilities
			Level 2		Level 3
	Level 1		(Other Significant		(Unobservable
Security Classifications + *	(Quoted Prices)		Observable Inputs)		Inputs)		Totals
Unrealized Depreciation on Open Long Futures Contracts	$	1,730,626	$	—	$	—	$	1,730,626
Call Options Written		46,200		—		—		46,200
Put Options Written		3,850		—		—		3,850
Total	$	1,780,676	$	—	$	—	$	1,780,676
ARAF
Assets
			Level 2		Level 3
	Level 1		(Other Significant		(Unobservable
Security Classifications +	(Quoted Prices)		Observable Inputs)		Inputs)		Totals
Common Stocks	$	43,692,341	$	—	$	—	$	43,692,341
Investment Purchased as Securities Lending Collateral (b)		—		—		—		5,785,301
Total	$	43,692,341	$	—	$	—	$	49,477,642

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September 30, 2021

ASSF
Assets
			Level 2		Level 3
	Level 1		(Other Significant		(Unobservable
Security Classifications (a) + *	(Quoted Prices)		Observable Inputs)		Inputs)		Totals
Common Stocks	$	15,243,538	$	—	$	—	$	15,243,538
Exchange Traded Funds		10,618,673		—		—		10,618,673
Unrealized Appreciation on Open Futures Contracts		1,965,631		—		—		1,965,631
Unrealized Appreciation on Swap Contract		—		33		—		33
U.S. Treasury Bill		—		4,799,843		—		4,799,843
Total	$	27,827,842	$	4,799,876	$	—	$	32,627,718
Liabilities
			Level 2		Level 3
	Level 1		(Other Significant		(Unobservable
Security Classifications + *	(Quoted Prices)		Observable Inputs)		Inputs)		Totals
Unrealized Depreciation on Open Futures Contracts	$	149,847	$	—	$	—	$	149,847
Unrealized Depreciation on Swap Contracts		—		8,449		—		8,449
Total	$	149,847	$	8,449	$	—	$	158,296
ALHF
Assets
			Level 2		Level 3
	Level 1		(Other Significant		(Unobservable
Security Classifications +	(Quoted Prices)		Observable Inputs)		Inputs)		Totals
Common Stocks	$	35,670,873	$	—	$	—	$	35,670,873
Short-term Investment		1		—		—		1
Total	$	35,670,874	$	—	$	—	$	35,670,874
AMOF
Assets
			Level 2		Level 3
	Level 1		(Other Significant		(Unobservable
Security Classifications (a) + *	(Quoted Prices)		Observable Inputs)		Inputs)		Totals
Closed End Funds	$	2,300,616	$	—	$	—	$	2,300,616
Municipal Bonds		—		3,903,239		—		3,903,239
Unrealized Appreciation on Open Short Futures Contracts		2,141		—		—		2,141
Unrealized Appreciation on Swap Contract		—		312		—		312
Total	$	2,302,757	$	3,903,551	$	—	$	6,206,308
Liabilities
			Level 2		Level 3
	Level 1		(Other Significant		(Unobservable
Security Classifications + *	(Quoted Prices)		Observable Inputs)		Inputs)		Totals
Unrealized Depreciation on Swap Contract	$	—	$	4,308	$	—	$	4,308
Total	$	—	$	4,308	$	—	$	4,308

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September 30, 2021

ASIF
Assets
			Level 2		Level 3
	Level 1		(Other Significant		(Unobservable
Security Classifications +	(Quoted Prices)		Observable Inputs)		Inputs)		Totals
Common Stocks	$	8,002,274	$	—	$	—	$	8,002,274
Preferred Stocks		3,468,715		—		—		3,468,715
Real Estate Investment Trusts (REIT)		2,696,738		—		—		2,696,738
Asset Backed Securities		—		5,449,683		—		5,449,683
Collateralized Mortgage Obligations		—		794,362		—		794,362
Convertible Bonds		—		1,639,265		—		1,639,265
Corporate Bonds		—		511,886		—		511,886
Short-term Investment		1,339,738		—		—		1,339,738
Total	$	15,507,465	$	8,395,196	$	—	$	23,902,661

A reconciliation used in determining AIOF’s Level 3 securities is shown in the Level 3 input table below.

(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 gain or loss on futures contracts open as of September 30, 2021.

The following tables summarize the valuation techniques and significant unobservable inputs used for AIOF investments that are categorized within Level 3 of the fair value hierarchy as of September 30, 2021:

AIOF
	Asset Backed Securities
Beginning Balance	$	2,503,872
Total realized gain (loss)		—
Appreciation (Depreciation)		83,449
Cost of Purchases		—
Proceeds from Sales		—
Proceeds from Principal Paydowns		(26,118	)
Accrued Interest		—
Net transfers in/out of level 3		—
Ending Balance	$	2,561,203

Significant unobservable valuation inputs for Level 3 investments as of September 30, 2021, are as follows:

	Valuation			Fair Value at
Assets (at fair value)	Technique	Unobservable Inputs	Range of Inputs	September 30, 2021
Amur Finance VI LLC, 8.000% due 12/20/2024	Market Analysis	Average Daily Price Change in similar companies	- 3% to 5%	$	2,561,203

Unobservable Input	Impact to Value if Input Increases	Impact to Value if Input Decreases
Market Data of Similar Companies	Increase	Decrease

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September 30, 2021

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. Purchased 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. As collateral for futures contracts, the Fund is required under the 1940 Act to maintain assets consisting of cash, cash equivalents or liquid securities. This collateral is required to be adjusted daily to reflect the market value of the purchase obligation for long futures contracts or the market value of the instrument underlying the contract, but not less than the market price at which the futures contract was established, for short futures contracts. For the six months ended September 30, 2021, 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 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. The Funds segregate liquid securities having a value at least equal to the amount of their current obligation under any swap transaction. 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. During the six months ended September 30, 2021, ASSF was invested in a credit default swap contract and realized a gain of $34,539. During the six months ended September 30, 2021, AMOF was invested in a credit default swap contract with a realized gain of $24,625. For the six months ended September 30, 2021, there were no other Funds 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

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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, 2021, APOF invested in options.

The derivatives are not accounted for as hedging instruments under GAAP. The effect of derivative instruments on the Statements of Asset and Liabilities at September 30, 2021, was as follows:

			Location of derivatives on Statement of	Fair value of asset/liability
Fund	Derivative	Risk Type	Assets and Liabilities	derivatives
APOF
	Future Contracts	Equity	Unrealized depreciation on open futures contracts		1,730,626
	Options Purchased	Equity	Investments, At Value		80,088
	Options Written	Equity	Options Written		(50,050	)
			Total	$	1,760,664
			Location of derivatives on Statement of
			Assets and Liabilities	Fair value of asset/liability
Fund	Derivative	Risk Type	(Consolidated)	derivatives
ASSF
	Credit Default Swap Contract	Equity	Unrealized appreciation on swap contract	$	33
	Credit Default Swap Contracts	Equity	Unrealized depreciation on swap contracts		(8,449	)
			Total	$	(8,416	)
	Future Contracts	Commodity	Unrealized appreciation on open futures contracts	$	1,544,503
		Currency	Unrealized appreciation on open futures contracts		288,669
		Interest	Unrealized appreciation on open futures contracts		132,458
	Future Contracts	Commodity	Unrealized depreciation on open futures contracts		(88,903	)
		Currency	Unrealized depreciation on open futures contracts		(4,260	)
		Interest	Unrealized depreciation on open futures contracts		(56,683	)
			Total	$	1,815,784
			Location of derivatives on Statement of	Fair value of asset/liability
Fund	Derivative	Risk Type	Assets and Liabilities	derivatives
AMOF
	Credit Default Swap Contracts	Equity	Unrealized appreciation on swap contract	$	312
	Credit Default Swap Contracts	Equity	Unrealized depreciation on swap contracts		(4,308	)
				$	(3,996	)
	Future Contract	Interest	Unrealized appreciation on open futures contract		2,141
			Total	$	2,141

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The effect of derivative instruments on the Statements of Operations for the six months ended September 30, 2021, were as follows:

				Realized and unrealized
Fund	Derivative	Risk Type	Location of gain (loss) on derivatives	gain (loss) on derivatives
APOF
	Future Contracts	Equity	Net realized gain (loss) from Futures Contracts	$	4,961,661
	Future Contracts	Equity	Net change in unrealized appreciation (depreciation) on Futures Contracts		(2,231,697	)
			Total	$	2,729,964
	Options Purchased	Equity	Net realized gain (loss) from investments	$	275,743
	Options Purchased	Equity	Net change in unrealized appreciation (depreciation) on investments		(658,477	)
			Total	$	(382,734	)
	Options Written	Equity	Net realized gain (loss) from Options Written	$	969,366
	Options Written	Equity	Net change in unrealized appreciation (depreciation) on Options Written		416,033
			Total	$	1,385,399
			Location of gain (loss) on derivatives	Realized and unrealized
Fund	Derivative	Risk Type	(consolidated)	gain (loss) on derivatives
ASSF
	Credit Default Swap Contracts	Equity	Net realized gain (loss) from Swap Contracts	$	34,539
	Credit Default Swap Contracts	Equity	Net change in unrealized appreciation (depreciation) on Swap Contracts		(4,612	)
			Total	$	29,927
	Future Contracts	Commodity	Net realized gain (loss) from Futures Contracts		927,304
		Currency	Net realized gain (loss) from Futures Contracts		(242,145	)
		Interest	Net realized gain (loss) from Futures Contracts		(457,201	)
			Total	$	227,958
	Future Contracts	Commodity	Net change in unrealized appreciation (depreciation) on open Future Contracts	$	1,077,844
		Currency	Net change in unrealized appreciation (depreciation) on open Future Contracts		284,409
		Interest	Net change in unrealized appreciation (depreciation) on open Future Contracts		75,776
			Total	$	1,438,029
				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	$	(24,625	)
	Credit Default Swap Contracts	Equity	Net change in unrealized appreciation (depreciation) on Future Contracts		(4,510	)
			Total	$	(20,115	)
	Future Contracts	Interest	Net realized gain (loss) from Futures Contracts	$	(31,908	)
	Future Contracts	Interest	Net change in unrealized appreciation (depreciation) on open Future Contracts		2,016
			Total	$	(29,892	)

89

AlphaCentric Funds

CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

September 30, 2021

During the six months ended September 30, 2021, 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, 2021.

							Gross Amounts of Assets 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		Liabilities		and Liabilities		Instruments		Pledged/Received (1)		Net Amount
Liabilities:
Future Contracts	$	1,730,626	$	—	$	1,730,626	$	—	$	1,730,626	$	—
Total	$	1,730,626	$	—	$	1,730,626	$	—	$	1,730,626	$	—

(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.

During the six months ended September 30, 2021, ASSF was subject to a master netting arrangement for the futures and swaps. The following table shows additional information regarding the offsetting of assets and liabilities at September 30, 2021.

							Gross Amounts of Assets in the
							Consolidated Statement of Assets
							and Liabilities
	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:	Liabilities		Liabilities		and Liabilities		Instruments			Pledged/Received (1)		Net Amount
Future Contracts	$	1,965,630	$	—	$	1,965,630	$	(149,846	)	$	—	$	1,815,784
Swap Contract		33		—		33		(33	)		—		—
Total	$	1,965,663	$	—	$	1,965,663	$	(149,879	)	$	—	$	1,815,784
Liabilities:
Future Contracts	$	149,846	$	—	$	149,846	$	(149,846	)	$	—	$	—
Swap Contracts		8,449		—		8,449		(33	)		8,416		—
Total	$	158,295	$	—	$	158,295	$	(149,879	)	$	8,416	$	—

(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.

90

AlphaCentric Funds

CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

September 30, 2021

During the six months ended September 30, 2021, 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, 2021.

							Gross Amounts of Assets Presented
							in the Statement of Assets and
							Liabilities
	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:	Liabilities		Liabilities		and Liabilities		Instruments			Pledged/Received (1)		Net Amount
Future Contracts	$	2,141	$	—	$	2,141	$	—		$	—	$	2,141
Swap Contracts		312		—		312		(312	)		—		—
Total	$	2,453	$	—	$	2,453	$	(312	)	$	—	$	2,141
(1)   Any over-collateralization of total financial instruments is not shown.
Liabilities:
Swap Contracts	$	4,308	$	—	$	4,308	$	(312	)	$	3,996	$	—
Total	$	4,308	$	—	$	4,308	$	(312	)	$	3,996	$	—

(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, 2021 as disclosed in the Schedule of Investments and the amounts realized and changes in unrealized gains and losses on derivative instruments during the six months ended September 30, 2021, 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 and period ended September 30, 2021, 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, 2021, the Funds did not incur any interest or penalties. Management has analyzed the Funds’ 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, 2019 to March 31, 2021, or expected to be taken in the Funds’ March 31, 2022 year-end tax return. The tax filings are open for examination by applicable taxing authorities, including the Internal Revenue Service. No examination of the Funds’ filings is presently in progress.

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

91

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CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

September 30, 2021

statements and the reported amounts of increases and decreases in net assets 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.

As of September 30, 2021, all costs incurred by each Fund in connection with their offering are payable by the Manager pursuant to an Expense Limitation and Reimbursement Agreement. Such expenses paid by the Manager are subject to reimbursement within three years of the fiscal year during which they were incurred.

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 the ASSF’s investment objectives and policies.

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

	Inception Date	ASSF-CFC’s Net Assets		% of Net Assets at
	of ASSF-CFC	at September 30, 2021		September 30, 2021
ASSF-CFC	8/8/2019	$	5,727,421	14.16%

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 the 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.

92

AlphaCentric Funds

CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

September 30, 2021

(2) INVESTMENT TRANSACTIONS

For the six months and period ended September 30, 2021, aggregate cost of purchases and proceeds from sales of investment securities (excluding short-term investments) for the Funds were as follows:

	Purchases		Sales
AIOF	$	364,435,357	$	84,045,923
APOF	$	—	$	2,335,868
ARAF	$	23,390,377	$	20,889,321
ASSF	$	13,893,339	$	26,804,025
ALHF	$	28,226,838	$	18,986,360
AMOF	$	18,775,258	$	13,942,643
ASIF	$	20,650,846	$	898,095

(3) MANAGEMENT AGREEMENT AND OTHER RELATED PARTY TRANSACTIONS

AlphaCentric acts as investment manager to the Funds pursuant to the terms of the Management Agreement with the Trust. Under the terms of the Management Agreement, the Manager manages the investment operations of the Funds in accordance with the Funds’ investment policies and restrictions. The Manager provides the Funds with investment advice and supervision and furnishes an investment program for the Funds. For its investment management services, the Funds pay to the Manager, as of the last day of each month, an annualized fee equal to 1.00% of average net assets of AMOF, 1.25% of ARAF and ALHF, 1.50% of AIOF, 1.75% of APOF and ASSF, such fees to be computed daily based upon daily average net assets of the respective Fund. The Manager pays expenses incurred by it in connection with acting as investment manager 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 Management Agreement). The Manager pays for all employees, office space and facilities required by it to provide services under the Management Agreement, with the exception of specific items of expense (as detailed in the Management Agreement). For the six months and period ended September 30, 2021, management fees of $29,025,085, $1,203,637, $ 290,545, $314,150, $196,490, $19,323 and $82,357 were incurred by AIOF, APOF, ARAF, ASSF, ALHF, AMOF and ASIF, respectively, before the waiver and reimbursement described below.

The Manager and the Trust have entered into an Expense Limitation Agreement under which the Manager has contractually agreed to waive fees and/or reimburse expenses but only 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) at 1.74%, 2.49% and 1.49% of average daily net assets for Class A, Class C and Class I shares, respectively, for AIOF through July 31, 2022, 2.24%, 2.99% and 1.99% of average daily net assets for Class A, Class C and Class I shares, respectively, for APOF through July 31, 2022, and 1.65%, 2.40% and 1.40% of average daily net assets for Class A, Class C and Class I shares, respectively, for ARAF through July 31, 2022, 1.85%, 2.60%, and 1.60% of average daily net assets for Class A, Class C, and Class I shares, respectively, for ASSF through July 31, 2022, 1.65%, 2.40% and 1.40% of average daily net assets for Class A, Class C and Class I shares, respectively, for ALHF through July 31, 2022, 1.50%, 2.25% and 1.25% of average daily net assets for Class A, Class C and Class I shares, respectively, for AMOF through July 31, 2022, 1.74%, 2.49% and 1.49% of average daily net assets for Class A, Class C and Class I shares, respectively, for ASIF through July 31, 2022. Effective August 1, 2021, the new caps are 1.85%, 2.60% and 1.60% for Class A, Class C and Class I shares, respectively. Each waiver or reimbursement by the Manager is subject to recoupment by the Funds within three years from when that particular expense is incurred, if the Funds are able to make the repayment without exceeding the expense limitation in effect at that time and the repayment is approved by the Board. For the six months and period ended September 30, 2021, management fees waived reimbursed by AIOF, ARAF, ASSF, ALHF, AMOF and ASIF were $3,466,784, $63,546, $ 49,471, $ 66,328, $51,822 and $44,397 respectively, pursuant to the Expense Limitation Agreement. For the six months ended September 30, 2021, APOF recaptured $22,017 in previously waived fees.

93

AlphaCentric Funds

CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

September 30, 2021

For the six months and period ended September 30, 2021, the Manager has waived/reimbursed expenses of the Funds that may be recovered no later than March 31 for the years indicated below:

	2022	2023	2024
AIOF	$4,143,722	$6,274,855	$6,772,123
APOF	75,604	$97,612	40,402
ARAF	$174,465	$151,923	$165,273
ASSF	—	$101,437	$119,849
ALHF	—	$65,191	$97,907
AMOF	—	$47,126	$105,262
ASIF	—	—	$44,397

The Trust has entered into a Management Services Agreement with MFund Services, LLC (“MFund”). Pursuant to the Management Services Agreement, MFund provides sponsorship, management and supervisory services. For MFund’s services to the Funds, the Funds pay MFund a base fee of $5,000 annually, an annualized asset based fee of 0.10% of average daily net assets up to $50 million, with lower fees at higher asset levels, plus reimbursement of out of pocket expenses. For the six months and period ended September 30, 2021, AIOF, APOF, ARAF, ASSF, ALHF, AMOF and ASIF incurred $583,002, $23,134, $9,473, $8,341, $7,216, $3,080 and $3,777 for such fees, respectively, pursuant to the Management Services Agreement.

A trustee and officer of the Trust is also the controlling member of MFund and Catalyst Capital Advisors, LLC (an investment manager 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, 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 Chairman of the Trust’s Audit Committee receives 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.

Gemini Fund Services, LLC (“GFS”) provides administrative, 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 GFS and MFund, and are not paid any fees directly by the Trust for serving in such capacity.

Pursuant to the Management Services Agreement, MFund provides chief compliance officer services to the Funds. For these services, the Funds pay MFund an annual base fee plus an annual 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 compliance fees for the six months and period ended September 30, 2021 for AIOF, APOF, ARAF, ASSF, ALHF, AMOF and ASIF incurred $51,717, $4,898, $6,569, $6,285, $6,345, $7,876 and $4,678, respectively.

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

94

AlphaCentric Funds

CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

September 30, 2021

For the six months and period ended September 30, 2021, the Distributor received the following in underwriter commissions from the sale of shares of the Funds:

AIOF	$	66,047
APOF		15,571
ARAF		24,476
ASSF		4,212
ALHF		26,066
AMOF		27,761
ASIF		—
	$	164,133

(4) CREDIT FACILITY

Effective January 27, 2021, AIOF amended the revolving, uncommitted $250,000,000 line of credit with U.S. Bank National Association (the “2021 Revolving Credit Agreement”) that is set to expire on July 27, 2021. Borrowings under the 2021 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 28, 2021 through March 31, 2021, amounts outstanding to AIOF under the credit facility at no time were permitted to exceed in the aggregate the lessor of (a) $250,000,000; (b) 15% of the gross market value of AIOF or (c) 33.33% of AIOF’s daily market value.

Effective July 27, 2021, AIOF amended the revolving, uncommitted $250,000,000 line of credit with U.S. Bank National Association (the “2022 Revolving Credit Agreement”) that is set to expire on January 27, 2022. Borrowings under the 2021 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 April 1, 2021 through September 30, 2021, amounts outstanding to AIOF under the credit facility at no time were permitted to exceed in the aggregate the lessor of (a) $250,000,000; (b) 15% of the gross market value of AIOF or (c) 33.33% of AIOF’s daily market value.

For the six months ended September 30, 2021, the interest expense was $0 for AIOF. There were no borrowings during the six months outstanding as of September 30, 2021.

(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, 2021, UBS Financial Services, Inc. owned 37.9% of the voting securities of ARAF. Hartz Capital Investments LLC owned 79.8% of ASSF. Charles Schwab & Co. Inc. owned 35.1% of ALHF. National Financial Services LLC owned 28.2% of APOF and 51.9% of AMOF. Kermit Investments LLC owned 37.8% of ASIF. The Trust has no knowledge as to whether all or any portion of the shares owned of record by UBS Financial Services, Inc, Hartz Capital Investments LLC, Kermit 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 year ended March 31, 2021 and March 31, 2020 was as follows:

	For the Year Ended March 31, 2021:
	Ordinary		Long-Term		Return		Tax-Exempt
Portfolio	Income		Capital Gains		of Capital		Income		Total
AIOF	$	62,790,327	$	—	$	82,181,206	$	—	$	144,971,533
APOF		768,936		2,645,581		—		—		3,414,517
ARAF		—		—		—		—		—
ASSF		562,894		—		—		—		562,894
ALHF		304,408		—		—		—		304,408
AMOF		16,251		—		—		—		16,251

95

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CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

September 30, 2021

	For the Year Ended March 31, 2020:
	Ordinary		Long-Term		Return		Tax-Exempt
Portfolio	Income		Capital Gains		of Capital		Income		Total
AIOF	$	134,631,815	$	—	$	23,975,399	$	—	$	158,607,214
APOF		—		—		—		—		—
ARAF		—		—		—		—		—
ASSF		1,483,963		—		—		—		1,483,963
ALHF		—		—		—		—		—
AMOF		—		—		—		—		—

Tax equalization allows a Fund to treat as distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable and net capital gains. The APOF utilized equalization in the amount of $1,603,446 which resulted in a difference between tax distributions and book distributions as disclosed on the Statement of Changes for the year ended March 31, 2021. Net investment income and net realized gains, as disclosed on the Statements of Operations and net assets were not affected by these reclassifications.

As of March 31, 2021, 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)		��
AIOF	$	—	$	—	$	—	$	(2,242,541	)	$	(676,656,855	)	$	—	$	677,272,469	$	(1,626,927	)
APOF		—		1,677,507		2,772,208		—			—			—		47,289		4,497,004
ARAF		—		—		—		(38,484	)		(996,852	)		—		13,654,332		12,618,996
ASSF		—		82,996		—		—			(7,237,915	)		46,057		4,982,013		(2,126,849	)
ALHF		—		1,758,723		6,349		—			—			—		24,741		1,789,813
AMOF		—		538		—		—			(55,364	)		—		11,316		(43,510	)

The difference between book basis and tax basis undistributed net investment income, accumulated net realized gains, and unrealized appreciation from investments is primarily attributable to the tax deferral of losses on wash sales, mark-to-market on open futures, options, swaps contracts and passive foreign investment companies, and the ASSF Fund’s wholly owned subsidiary.

The unrealized appreciation in the table above includes unrealized foreign currency gains(losses) of $923, $2,104 and $(101) 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 ARAF incurred and elected to defer such late year losses of $38,484.

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 AIOF incurred and elected to defer such capital losses of $2,242,541.

At March 31, 2021, the Funds 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
Portfolio	Short-Term		Long-Term		Total		CLCF Utilized
AIOF	$	365,606,308	$	311,050,547	$	676,656,855	$	—
APOF		—		—		—		—
ARAF		996,852		—		996,852		1,974,171
ASSF		3,042,810		4,195,105		7,237,915		—
ALHF		—		—		—		86,807
AMOF		52,823		2,541		55,364		267

96

AlphaCentric Funds

CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

September 30, 2021

Permanent book and tax differences, primarily attributable to the tax treatment of net operating losses, equalization debits and the ASSF Fund’s wholly owned subsidiary, resulted in reclassifications for the Funds for the year ended March 31, 2021 as follows:

	Paid
	In			Accumulated
Portfolio	Capital			Earnings (Losses)
AIOF	$	—		$	—
APOF		1,603,446			(1,603,446	)
ARAF		(248,704	)		248,704
ASSF		1,020,172			(1,020,172	)
ALHF		—			—
AMOF		—			—

(7) AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS

								Net
			Gross		Gross			Unrealized
			Unrealized		Unrealized			Appreciation/
	Tax Cost		Appreciation		Depreciation			(Depreciation)
AIOF	$	3,229,419,781	$	956,117,775	$	(58,295,999	)	$	897,821,776
APOF		151,534,283		869,575		(1,498,729	)		(629,154	)
ARAF		37,992,748		13,060,032		(1,575,138	)		11,484,894
ASSF		29,522,546		3,132,612		(177,320	)		2,955,292
ALHF		37,288,661		3,054,733		(4,672,520	)		(1,617,787	)
AMOF		6,265,188		47,556		(108,889	)		(61,333	)
ASIF		21,111,724		3,019,813		(228,876	)		2,790,937

(8) UNDERLYING INVESTMENT IN OTHER INVESTMENT COMPANIES

APOF currently invests a significant portion of its assets in the First American Government Obligations Fund, Class U (“FGUXX”). The Fund may redeem its investment in FGUXX at any time if the Manager determines that it is in the best interest of the Fund and its shareholders to do so. The Fund’s performance will be directly affected by the performance of FGUXX. The financial statements of FGUXX, including the portfolio of investments, can be found on the Securities and Exchange Commission’s website www.sec.gov and should be read in conjunction with the Fund’s financial statements. As of September 30, 2021, the Fund owns 83.6% of FGUXX.

(9) UNDERLYING FUND RISK

The Funds in the normal course of business make investments in financial instruments and derivatives where the risk of potential loss exists due to changes in the market or failure or inability of the counterparty to a transaction to perform. See below for a detailed description of select principal risks.

Each underlying fund, including each ETF, is subject to specific risks, depending on the nature of the underlying fund. These risks could include liquidity risk, sector risk, foreign and related currency risk, as well as risks associated with real estate investments and commodities. Investors in the Funds will indirectly bear fees and expenses charged by the underlying investment companies in which the Funds invest in addition to the Funds’ direct fees and expenses.

Wholly-Owned Subsidiary Risk: Each 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 each Fund and CFC, respectively, are organized, could result in the inability of each Fund and/or CFC to operate as described in the Prospectus and could negatively affect each Fund and their shareholders. Your cost of investing in a Fund will be higher because you indirectly bear the expenses of its CFC.

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September 30, 2021

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 Funds. 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.

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 Manager’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 Manager’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

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September 30, 2021

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.

LIBOR Risk: Changes in the level of LIBOR will affect the amount of interest payable on the LIBOR-based floating rate debt instruments, and it is impossible to predict whether LIBOR will rise or fall. A decline in the level of LIBOR would likely result in a reduction of interest collections on such debt instruments, which would have an adverse effect on the return of the Fund. Some floating rate debt instruments held by the Fund may have LIBOR floors (or minimum interest rate to which the spread or margin is added, to calculate the debt instrument’s overall interest rate), but there is no guarantee that any such LIBOR floor will fully mitigate the risk of falling LIBOR.

The UK Financial Conduct Authority (the “FCA”) and LIBOR’s administrator, ICE Benchmark Administration (the “IBA”), have announced that most LIBOR settings will no longer be published after the end of 2021 and a majority of U.S. dollar LIBOR settings will no longer be published after June 30, 2023. Not all LIBOR-based instruments have an alternative to LIBOR and there is significant uncertainty regarding the effectiveness of alternative methodologies and the potential for market instability. These matters may result in a sudden or prolonged increase or decrease in reported benchmark rates, benchmark rates being more volatile than they have been in the past, and/or fewer debt instruments utilizing given benchmark rates as a component of interest payments. Additionally, in connection with the adoption of another benchmark as a replacement for LIBOR in a debt instrument’s documentation, the interest rate (or method for calculating the interest rate) applicable to that debt instrument may be modified to account for differences between LIBOR and the applicable replacement benchmark used to calculate the rate of interest payable in respect of that instrument, which modification may be based on industry-accepted spread adjustments or recommendations from various governmental and non-governmental bodies. Because of the uncertainty regarding the nature of any replacement rate, the Fund cannot reasonably estimate the impact of the anticipated transition away from LIBOR at this time. If the LIBOR replacement rate is lower than market expectations, there could be an adverse impact on the value of debt instruments with floating or fixed-to-floating rate coupons and, in turn, a material adverse impact on the value of the Funds.

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

(10) SECURITIES LENDING

ARAF has entered into a Securities Lending Agreement with the US Bank NA (“US Bank”). ARAF can lend its securities to brokers, dealers and other financial institutions approved by the Board to earn additional income. The cash collateral is invested in short-term investments as noted in the ARAF’s Portfolio 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 the ARAF. A portion of the income generated by the investment in the 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.

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CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

September 30, 2021

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 $ 5,785,301 as of September 30, 2021. 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.

(11) INVESTMENTS IN AFFILIATED COMPANIES

Affiliated companies are mutual funds which are advised by the Manager. Companies which are affiliates of the Fund at September 30, 2021, are noted in the APOF’s Portfolio of Investments. Transactions during the six month and period ended September 30, 2021, with companies which are affiliates are as follows:

	Value - Beginning						Sales		Realized		Unrealized		Dividend		Interest		LTCG		Value - End
Affiliated Holding	of Period		Shares		Purchases		Proceeds		Gain/(Loss)		Gain/(Loss)		Income		Income		Distributions		of Period
AlphaCentric Income Opportunities Fund - Class I	$	2,317,760		201,369	$	—	$	2,317,760	$	63,909	$	—	$	—	$	—	$	—	$	—
	$	2,317,760		201,369	$	—	$	2,317,760	$	63,909	$	—	$	—	$	—	$	—	$	—

(12) LEGAL PROCEEDINGS

On July 30, 2020, an investor in the AIOF (the “Fund”) filed a putative class action in Florida state court, naming the Manager, the Trust, and others as defendants. Plaintiff alleges that AIOF misrepresented that it held no more than 15% of its assets in illiquid securities, among other things, and asserts violations of Sections 11, 12(a)(2) and 15 of the Securities Act of 1933. The Florida action was dismissed with prejudice on September 22, 2021. On October 14, 2020, the same Plaintiff filed a nearly identical putative class action in New York state court against the same defendants. That complaint was amended on February 26, 2021, which added two additional defendants, including sub-advisor Garrison Point LLC. On May 20, 2020, defendants moved to dismiss the New York action for failure to allege any material misrepresentations or omissions, among other things. We believe this lawsuit is meritless and intend to contest it vigorously.

(12) RECENT ACCOUNTING PRONOUNCEMENTS AND REPORTING UPDATES

In March 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (’‘ASU 2020-04’’). The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any of applying this ASU.

In October 2020, the Securities and Exchange Commission (“SEC”) adopted new regulations governing the use of derivative by registered investment companies (“Rule 18f-4”). Rule 18f-4 will impose limits on the amount of derivatives a Fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and require funds whose use of derivatives is greater than a limited specified amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. Funds will be required to comply with Rule 18f-4 by August 19, 2022. It is not currently clear what impact, if any, Rule 18f-4 will have on the availability, liquidity or performance of derivatives. Management is currently evaluating the potential impact of Rule 18f-4 on the Funds. When fully implemented, Rule 18f-4 may require changes in how a Fund uses derivatives, adversely affect the Fund’s performance and increase costs related to the Funds’ use of derivatives.

(13) SUBSEQUENT EVENTS

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

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EXPENSE EXAMPLES (Unaudited)

September 30, 2021

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, 2021 through September 30, 2021.

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	4/1/2021	9/30/2021	Period *	9/30/2021	Period **
AlphaCentric Income Opportunities Fund – Class A	1.74%	$1,000.00	$1,067.20	$9.02	$1,016.34	$8.80
AlphaCentric Income Opportunities Fund – Class C	2.49%	$1,000.00	$1,063.50	$12.88	$1,012.58	$12.56
AlphaCentric Income Opportunities Fund – Class I	1.49%	$1,000.00	$1,068.50	$7.73	$1,017.60	$7.54
AlphaCentric Premium Opportunity Fund – Class A	2.25%	$1,000.00	$1,023.60	$11.44	$1,013.77	$11.38
AlphaCentric Premium Opportunity Fund – Class C	3.00%	$1,000.00	$1,019.50	$15.20	$1,010.01	$15.13
AlphaCentric Premium Opportunity Fund – Class I	2.00%	$1,000.00	$1,024.80	$10.13	$1,015.06	$10.08
AlphaCentric Robotics and Automation Fund – Class A	1.65%	$1,000.00	$999.40	$8.27	$1,016.80	$8.34
AlphaCentric Robotics and Automation Fund – Class C	2.40%	$1,000.00	$995.20	$12.00	$1,013.04	$12.11
AlphaCentric Robotics and Automation Fund – Class I	1.40%	$1,000.00	$1,000.60	$7.02	$1,018.05	$7.08
AlphaCentric Symmetry Strategy Fund – Class A	2.14%	$1,000.00	$1,049.70	$10.97	$1,014.36	$10.78
AlphaCentric Symmetry Strategy Fund – Class C	2.89%	$1,000.00	$1,044.70	$14.81	$1,010.58	$14.56
AlphaCentric Symmetry Strategy Fund – Class I	1.89%	$1,000.00	$1,049.80	$9.69	$1,015.61	$9.53

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September 30, 2021

					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	4/1/2021	9/30/2021	Period *	9/30/2021	Period **
AlphaCentric LifeSci Healthcare Fund – Class A	1.65%	$1,000.00	$996.10	$8.27	$1,016.78	$8.36
AlphaCentric LifeSci Healthcare Fund – Class C	2.40%	$1,000.00	$991.60	$12.00	$1,013.02	$12.13
AlphaCentric LifeSci Healthcare Fund – Class I	1.40%	$1,000.00	$997.40	$7.03	$1,018.03	$7.10
AlphaCentric Municipal Opportunities Fund – Class A	1.50%	$1,000.00	$994.70	$7.51	$1,017.54	$7.59
AlphaCentric Municipal Opportunities Fund – Class C	2.25%	$1,000.00	$991.00	$11.24	$1,013.78	$11.37
AlphaCentric Municipal Opportunities Fund – Class I	1.25%	$1,000.00	$995.80	$6.27	$1,018.79	$6.34
AlphaCentric Strategic Income Fund – Class A ***	1.50%	$1,000.00	$1,018.80	$5.19	$1,017.54	$7.59
AlphaCentric Strategic Income Fund – Class C ***	2.25%	$1,000.00	$1,016.50	$7.78	$1,013.78	$11.37
AlphaCentric Strategic Income Fund – Class I	1.25%	$1,000.00	$1,043.10	$6.42	$1,018.79	$6.34

* 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 (365).

** 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 183/365 (to reflect the full half-year period).

*** AlphaCentric Strategic Income Fund Class A and Class C commenced operations on May 28, 2021 therefore their “Actual” expenses are equal to the average account value over the period, multiplied by the Fund’s annualized expense ratio, multiplied by the number of days in the period (125) divided by the number of days in the fiscal year (365).

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Additional Information (Unaudited)

September 30, 2021

Consideration and Approval of the Management Agreement between the Trust and AlphaCentric Advisors, LLC with respect to AlphaCentric Strategic Income Fund

At its regular meeting held on February 19, 2021, the Board of Trustees (the “Board”) of Mutual Fund Series Trust (the ��Trust”), including a majority of the Trustees who are not “interested persons” as that term is defined in the Investment Company Act of 1940, as amended, considered, discussed, and approved the management agreement (the “Management Agreement”) between the Trust and AlphaCentric Advisors, LLC (“AlphaCentric”), with respect to AlphaCentric Strategic Income Fund (“AlphaCentric SI”) .

The Board was assisted by legal counsel throughout the review process. The Board relied upon the advice of legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Management Agreement and weighing each factor to be considered. The conclusions reached by the Board was based on a comprehensive evaluation and discussion of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to approving the Management Agreement. In connection with its deliberations regarding renewal of the Management Agreement, the Board reviewed materials prepared by AlphaCentric.

Nature, Extent and Quality of Services. The Board considered its significant experience with AlphaCentric as advisor to several other series of the Trust, and its strong working relationship with AlphaCentric and its personnel. It noted that AlphaCentric would monitor AlphaCentric SI’s sub-advisor, review AlphaCentric SI’s portfolio on a regular basis, and actively work with the Trust’s chief compliance officer to monitor for regulator compliance. The Board noted that AlphaCentric employed a risk management team to assess and monitor portfolio risk, which would include evaluating AlphaCentric SI’s performance with respect to volatility, drawdowns and returns relative to its investment objective. The Board acknowledged AlphaCentric’s extensive experience overseeing sub-advisors. After discussion, the Board concluded that AlphaCentric had the potential to provide high quality services to AlphaCentric SI and its shareholders.

Performance. The Board noted that the sub-advisor would be primarily responsible for the day-to-day management of AlphaCentric SI’s portfolio. The Board noted that AlphaCentric had demonstrated, as evidenced by the other series of the Trust it managed, that it had the ability to successfully manage and oversee sub-advisors ensuring compliance with portfolio restrictions and limitations. The Board further noted that AlphaCentric’s track record of managing mutual funds gave the Board confidence that AlphaCentric Would provide value to shareholders as advisor to AlphaCentric SI

Fees and Expenses. The Board noted that the 1.50% management fee for AlphaCentric SI was highest of its peer group and equal to the high of the Nontraditional Bond Morningstar category. The Board discussed that the 1.75% net expense ratio for AlphaCentric SI was higher

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Additional Information (Unaudited)(Continued)

September 30, 2021

than the average and median of its peer group and Morningstar categories, but lower than the highs of each. The Board discussed the level of expertise and skill required to manage a fund like AlphaCentric SI given its broad set of real estate securities and the constant changes in market dynamics and agreed that such skill level justified a higher management fee. The Board discussed the allocation of fees and responsibilities between AlphaCentric and AlphaCentric SI’s sub-advisor and agreed that the allocation was appropriate. The Board concluded that the proposed management fee for AlphaCentric SI was not unreasonable.

Profitability. The Board reviewed a profitability analysis provided by AlphaCentric and noted that it anticipated realizing a reasonable profit in connection with its relationship with AlphaCentric SI during the first two years of the Management Agreement. The Board considered that the projected level of profit appeared to be within industry averages. After discussion, the Board agreed that the projected profits were not excessive.

Economies of Scale. The Board considered whether there would be economies of scale with respect to the management of AlphaCentric SI and noted that AlphaCentric was not inclined to offer fee concessions at this time due in part to the high (and continuously increasing) costs of sponsoring mutual funds as well as the business and financial risks assumed by AlphaCentric when managing a mutual fund, and the cost of the sub-adviser. The Board noted material economies were not anticipated to be reached during the initial period of the Management Agreement and agreed that the matter of economies of scale would be revisited at the time of the Management Agreement’s renewal if AlphaCentric SI’s size materially increased.

Conclusion. Having requested and received such information from AlphaCentric as the Board believed to be reasonably necessary to evaluate the terms of the Management Agreement, and as assisted by the advice of counsel, the Board concluded that the fee structure for AlphaCentric SI was reasonable and that approval of the Management Agreement was in the best interests of AlphaCentric SI and its future shareholders.

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Additional Information (Unaudited)(Continued)

September 30, 2021

Consideration and Approval of the Sub-Advisory Agreement between AlphaCentric Advisors, LLC and Strategos Fund Management, LLC (nka Goshen Rock Capital, LLC) with respect to AlphaCentric Strategic Income Fund

At its regular meeting held on February 19, 2021, the Board of Trustees (the “Board”) of Mutual Fund Series Trust (the “Trust”), including a majority of the Trustees who are not “interested persons” as that term is defined in the Investment Company Act of 1940, as amended, considered, discussed, and approved the sub-advisory agreement (the “Sub-Advisory Agreement”) between AlphaCentric Advisors, LLC (“AlphaCentric”) and Strategos Fund Management, LLC (nka Goshen Rock Capital, LLC) (the “Sub-Advisor”), with respect to AlphaCentric Strategic Income Fund (“AlphaCentric SI”) .

The Board was assisted by legal counsel throughout the review process. The Board relied upon the advice of legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Sub-Advisory Agreement and weighing each factor to be considered. The conclusions reached by the Board was based on a comprehensive evaluation and discussion of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to approving the Sub-Advisory Agreement. In connection with its deliberations regarding renewal of the Sub-Advisory Agreement, the Board reviewed materials prepared by AlphaCentric.

Nature, Extent and Quality of Services. The Board observed that the key personnel from the Sub-Advisor had extensive investment industry experience. The Board discussed that the Sub-Advisor would be responsible for the implementation of AlphaCentric SI’s investment strategy including the determination of investment decisions and execution of transactions for AlphaCentric SI. The Board noted that the Sub-Advisor would utilize written portfolio guidelines and internal models to ensure compliance with the AlphaCentric SI’s investment limitations. The Board remarked that the Sub-Advisor’s investment team conducted portfolio surveillance and security level stress testing on an ongoing basis, and that its risk committee monitored a wide range of known and potential investment risks. The Board considered that the Sub-Advisor would choose brokers-dealers upon approval of its chief compliance officer who reviewed them for best execution after taking into account their facilities, reliability and financial responsibility among other things. The Board acknowledged that the Sub-Advisor planned to bind errors and omission insurance coverage. The Board agreed that the Sub-Advisor had the experience and resource necessary to provide quality services to AlphaCentric SI.

Performance. The Board reviewed the performance information presented by the Sub-Advisor’s portfolio managers. The Board noted that the predecessor fund to AlphaCentric SI managed by the Sub-Advisor had significantly outperformed the Credit Suisse Hedge Fund Index over the 1-year, 3-year, and 5-year and since inception periods. The Board agreed that the Sub-Advisor had the potential to deliver favorable performance results for AlphaCentric SI shareholders.

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Fees and Expenses. The Board noted that the Sub-Advisor would receive 50% of the 1.50% net asset advisor fee for AlphaCentric SI. The Board noted that the maximum sub-advisory fee of 0.75% was below the average for other accounts managed by the Sub-Advisor. The Board discussed the allocation of fees between AlphaCentric and the Sub-Advisor relative to their respective duties and agreed that the allocation was appropriate. The Board noted that the allocation of fees between AlphaCentric and the Sub-Advisor was the product of an arm’s length negotiation between the parties. After further discussion, the Board concluded that the sub-advisory fee to be charged with respect to AlphaCentric SI was not unreasonable and the sub-advisory fee, in relation to the total advisory fee, was not unreasonable.

Profitability. The Board reviewed a profitability analysis provided by the Sub-Advisor and noted that it anticipated realizing a profit in connection with its relationship with AlphaCentric SI during the first and second year of the Sub-Advisory Agreement. After further discussion, the Board agreed that the projected profits were not excessive.

Economies of Scale. The Board considered whether there would be economies of scale with respect to the management of the Sub-Advisor. The Board agreed that this was primarily an advisor level issue and had been considered with respect to the overall management agreement, taking into consideration the impact of the sub-advisory expense.

Conclusions. Having requested and received such information from the Sub-Advisor as the Board believed to be reasonably necessary to evaluate the terms of the Sub-Advisory Agreement, and as assisted by the advice of counsel, the Board concluded that the fee structure was reasonable and that approval of the Sub-Advisory Agreement was in the best interests of the future shareholders of AlphaCentric SI.

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AlphaCentric Funds

ADDITIONAL INFORMATION (Unaudited)

September 30, 2021

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, 2021, 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.

107

AlphaCentric Funds

Additional Information (Unaudited)

September 30, 2021

Reference is made to the Prospectus and the Statement of Additional Information for more detailed descriptions of the Management Agreement, 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.

108

PRIVACY NOTICE

Mutual Fund Series Trust

Rev. June 2011

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

QUESTIONS?   Call 1-866-447-4228

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PRIVACY NOTICE

Mutual Fund Series Trust

Page 2 

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 has no affiliates.
Non-affiliates	Companies not related by common ownership or control. They can be financial and non-financial companies. ●     Mutual Fund Series Trust does not 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.

110

Mutual Fund Series Trust

4221 North 203^rd Street, Suite 100

Elkhorn, Nebraska 68022-3474

MANAGER

AlphaCentric Advisors, LLC

53 Palmeras Street, Suite 601

San Juan, PR 00901

ADMINISTRATOR

Gemini Fund Services, LLC

4221 North 203rd Street, Suite 100

Elkhorn, Nebraska 68022-3474

TRANSFER AGENT

Gemini Fund Services, LLC

4221 North 203rd Street, Suite 100

Elkhorn, Nebraska 68022-3474

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Cohen & Company, Ltd

151 N. Franklin St.

Suite 575

Chicago, IL 60606

LEGAL COUNSEL

Thompson Hine LLP

41 South High Street

Suite 1700

Columbus, OH 43215

CUSTODIAN BANK

U.S. Bank Trust

RiverCenter (Schlitz Park)

15555 N Rivercenter Drive, Suite 302

Milwaukee, WI 53212

ALPHA-SA21

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 Jerry Szilagyi	/s/ Jerry Szilagyi__________
President,
Date:  December 08, 2021

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 Jerry Szilagyi	/s/ Jerry Szilagyi___________
President
Date: December 08, 2021

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, 2021