| ALPHACENTRIC INCOME OPPORTUNITIES FUND (IOFAX, IOFCX, IOFIX) |
| SCHEDULE OF INVESTMENTS (Unaudited) |
| December 31, 2024 |
| |
| Principal Amount ($) | | | | Spread | Coupon Rate (%) | Maturity | Fair Value |
| | | NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 102.5% | | | |
| 1,268,363 | | ABFS Mortgage Loan Trust 2003-2 Series 2003-2 B(a),(b) | | 5.4830 | 04/25/34 | $ 623,394 |
| 39,963 | | ACE Securities Corp Home Equity Loan Trust Series 2004-FM2 M3(c) | TSFR1M + 2.139% | 3.5410 | 06/25/34 | 33,260 |
| 299,388 | | ACE Securities Corp Home Equity Loan Trust Series 2004-RM2 M4(c) | TSFR1M + 1.434% | 0.0001 | 01/25/35 | 294,944 |
| 4,554,534 | | ACE Securities Corp Home Equity Loan Trust Series 2005-HE2 M7(c) | TSFR1M + 1.959% | 0.0001 | 04/25/35 | 3,147,169 |
| 4,893,407 | | ACE Securities Corp Home Equity Loan Trust Series 2006-ASP4 M1(c) | TSFR1M + 0.549% | 1.5800 | 08/25/36 | 4,444,047 |
| 5,784,418 | | Adjustable Rate Mortgage Trust 2005-2 Series 2005-2 6M3(c) | TSFR1M + 1.464% | 5.8030 | 06/25/35 | 4,656,246 |
| 41,496 | | Adjustable Rate Mortgage Trust 2005-3 Series 2005-3 1A2(b) | | 4.5850 | 07/25/35 | 38,814 |
| 1,249,628 | | Alternative Loan Trust 2006-OA22 Series 2006-OA22 A3(c) | TSFR1M + 0.594% | 4.9330 | 02/25/47 | 1,039,671 |
| 4,193,161 | | American Home Mortgage Investment Trust 2006-1 Series 2006-1 1A2(c) | TSFR1M + 0.494% | 4.8330 | 03/25/46 | 3,456,079 |
| 1,037,239 | | Ameriquest Mort Sec Inc Ass Bk Pas Thr Certs Series 2002-2 M4(c) | TSFR1M + 3.414% | 4.5630 | 08/25/32 | 928,652 |
| 1,298,648 | | Ameriquest Mortgage Securities Asset-Backed Series 2005-R10 M7(c) | TSFR1M + 2.289% | 3.8030 | 01/25/36 | 1,893,263 |
| 2,788 | | Amresco Residential Securities Corp Mort Loan Series 1999-1 M2(c) | TSFR1M + 1.464% | 0.0001 | 11/25/29 | 2,463 |
| 2,319,004 | | Banc of America Mortgage 2004-K Trust Series 2004-K B1(b) | | 5.8150 | 12/25/34 | 1,862,768 |
| 9,607 | | Bear Stearns ARM Trust 2003-8 Series 2003-8 1A2(b) | | 6.2500 | 01/25/34 | 9,009 |
| 160,773 | | Bear Stearns ARM Trust 2004-7 Series 2004-7 1A1(b) | | 0.0001 | 10/25/34 | 121,112 |
| 1,755,321 | | Bear Stearns Asset Backed Securities I Trust Series 2007-HE7 M2(c) | TSFR1M + 1.864% | 4.2740 | 10/25/37 | 1,615,398 |
| 45,368,500 | | Carrington Mortgage Loan Trust Series 2006-FRE1 Series 2006-FRE1 M1(c) | TSFR1M + 0.414% | 2.1120 | 07/25/36 | 31,879,450 |
| 8,881,731 | | Carrington Mortgage Loan Trust Series 2006-NC4 Series 2006-NC4 M1(c) | TSFR1M + 0.414% | 0.0001 | 10/25/36 | 5,372,044 |
| 14,438,876 | | Carrington Mortgage Loan Trust Series 2007-RFC1 Series 2007-RFC1 M1(c) | TSFR1M + 0.374% | 0.0001 | 12/25/36 | 10,196,905 |
| 58,269 | | Centex Home Equity Loan Trust 2004-B Series 2004-B M7(c) | TSFR1M + 2.439% | 5.7620 | 03/25/34 | 3,046 |
| 14,454,834 | | CIT Mortgage Loan Trust 2007-1 Series 2007-1 2M3(a),(c) | TSFR1M + 1.864% | 5.3760 | 10/25/37 | 10,640,394 |
| 42,560,754 | | CIT Mortgage Loan Trust 2007-1 Series 2007-1 1M3(a),(c) | TSFR1M + 1.864% | 5.9040 | 10/25/37 | 31,616,034 |
| 4,754,044 | | Citigroup Mortgage Loan Trust 2006-WMC1 Series 2006-WMC1 M2(c) | TSFR1M + 0.729% | 4.5690 | 12/25/35 | 3,359,953 |
| 10,938,606 | | Citigroup Mortgage Loan Trust 2007-AHL1 Series 2007-AHL1 M2(c) | TSFR1M + 0.519% | 3.6750 | 12/25/36 | 10,480,281 |
| 530,293 | | Citigroup Mortgage Loan Trust, Inc. Series 2005-OPT1 M8(c) | TSFR1M + 2.049% | 0.0001 | 02/25/35 | 443,828 |
| 3,639,433 | | Countrywide Asset-Backed Certificates Series 2007-BC2 M1(c) | TSFR1M + 0.454% | 4.4110 | 06/25/37 | 2,131,385 |
| 2,920,728 | | Countrywide Asset-Backed Certificates Series 2007-2 M1(c) | TSFR1M + 0.334% | 0.0001 | 08/25/37 | 2,498,065 |
| 1,311,711 | | Credit Suisse First Boston Mortgage Securities Series 2001-HE22 M1(c) | TSFR1M + 1.614% | 5.0360 | 02/25/32 | 2,047,287 |
| 3,646,475 | | Credit-Based Asset Servicing and Securitization, Series 2007-SP2 M7(a),(d) | | 1.5060 | 03/25/46 | 1,226,595 |
| 1,393,387 | | Delta Funding Home Equity Loan Trust 1997-3 Series 1997-3 B1F | | 1.8350 | 10/25/28 | 1,316,375 |
| 1,188,267 | | Delta Funding Home Equity Loan Trust 1998-1 Series 1998-1 M1F(c) | TSFR1M + 0.939% | 0.0001 | 05/25/30 | 1,056,211 |
| 846,574 | | Delta Funding Home Equity Loan Trust 1999-1 Series 1999-1 B(b) | | 3.6600 | 03/15/28 | 751,410 |
| 1,723,103 | | Delta Funding Home Equity Loan Trust 1999-2 Series 1999-2 M1 | | 2.7990 | 08/15/30 | 1,396,869 |
| 5,666,067 | | EMC Mortgage Loan Trust 2005-B Series 2005-B M2(a),(c) | TSFR1M + 2.364% | 5.6510 | 04/25/42 | 5,503,092 |
| 1,884,209 | | First Franklin Mortgage Loan Trust 2006-FF7 Series 2006-FF7 M1(c) | TSFR1M + 0.489% | 0.0001 | 05/25/36 | 1,424,612 |
| | | | | | | |
| ALPHACENTRIC INCOME OPPORTUNITIES FUND (IOFAX, IOFCX, IOFIX) |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| December 31, 2024 |
| |
| Principal Amount ($) | | | | Spread | Coupon Rate (%) | Maturity | Fair Value |
| | | NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 102.5% (Continued) | | | |
| 8,342,121 | | First Franklin Mortgage Loan Trust 2006-FF9 Series 2006-FF9 M1(c) | TSFR1M + 0.489% | 0.0001 | 06/25/36 | $ 6,388,668 |
| 1,975,222 | | Fremont Home Loan Trust 2004-3 Series 2004-3 M5(c) | TSFR1M + 1.989% | 0.0001 | 11/25/34 | 1,328,736 |
| 7,098 | | GSR Mortgage Loan Trust 2005-7F Series 2005-7F 3A1(c) | TSFR1M + 0.614% | 4.9530 | 09/25/35 | 7,051 |
| 920,579 | | GSRPM Mortgage Loan Trust Series 2004-1 Series 2004-1 B2(a),(c) | TSFR1M + 5.364% | 3.6330 | 09/25/42 | 856,015 |
| 1,135,964 | | HarborView Mortgage Loan Trust 2006-12 Series 2006-12 2A2B(c) | TSFR1M + 0.614% | 3.4280 | 01/19/38 | 1,705,497 |
| 18,490 | | IndyMac INDX Mortgage Loan Trust 2004-AR6 Series 2004-AR6 6A2(b) | | 0.0001 | 10/25/34 | 17,080 |
| 1,014,140 | | IXIS Real Estate Capital Trust 2005-HE2 Series 2005-HE2 M6(c) | TSFR1M + 1.149% | 5.4880 | 09/25/35 | 1,275,286 |
| 272,027 | | MAFI II Remic Trust 1998-A Series 1998-AX B2 | | 5.6570 | 02/20/27 | 243,425 |
| 279,655 | | MASTR Alternative Loan Trust 2002-2 Series 2002-2 B3(b) | | 7.1420 | 10/25/32 | 3 |
| 1,497,751 | | Mastr Asset Backed Securities Trust 2004-HE1 Series 2004-HE1 M10(c) | TSFR1M + 5.364% | 2.6600 | 09/25/34 | 1,257,808 |
| 4,816,476 | | Mastr Asset Backed Securities Trust 2007-HE1 Series 2007-HE1 M1(c) | TSFR1M + 0.414% | 0.0001 | 05/25/37 | 3,890,492 |
| 1,462,000 | | Mastr Specialized Loan Trust Series 2005-3 M2(a),(c) | TSFR1M + 1.989% | 3.6620 | 11/25/35 | 909,900 |
| 6,122,577 | | Mastr Specialized Loan Trust Series 2006-1 M2(a),(c) | TSFR1M + 2.514% | 1.0850 | 01/25/36 | 4,209,605 |
| 13,073 | | Merrill Lynch Mortgage Investors Trust MLMI Series 2003-A1 2A(c) | TSFR12M + 2.340% | 6.1620 | 12/25/32 | 12,958 |
| 41,212 | | Merrill Lynch Mortgage Investors Trust MLMI Series 2003-A2 2A2(c) | TSFR6M + 1.928% | 6.2120 | 02/25/33 | 39,262 |
| 176,170 | | Merrill Lynch Mortgage Investors Trust Series MLCC Series 2005-A B2(c) | TSFR1M + 1.119% | 5.4580 | 03/25/30 | 130,030 |
| 2,876,144 | | Merrill Lynch Mortgage Investors Trust Series MLCC Series 2006-1 M1(b) | | 5.7900 | 02/25/36 | 2,120,211 |
| 3,522,491 | | Mill City Mortgage Loan Trust 2018-3 Series 3 B5(a),(b) | | 3.6900 | 08/25/58 | 1,906,132 |
| 3,131,326 | | Mill City Mortgage Loan Trust 2018-3 Series 3 B6(a),(b) | | 3.6900 | 08/25/58 | 1,502,153 |
| 7,464,280 | | Mill City Mortgage Loan Trust 2018-4 Series 4 B5(a),(b) | | 3.0810 | 04/25/66 | 3,905,298 |
| 319,398 | | Morgan Stanley A.B.S Capital I Inc Trust 2004-WMC3 Series 2004-WMC3 M6(c) | TSFR1M + 1.764% | 3.6460 | 01/25/35 | 398,166 |
| 5,805,314 | | Morgan Stanley A.B.S Capital I Inc Trust 2005-WMC5 Series 2005-WMC5 B1(c) | TSFR1M + 1.914% | 0.0001 | 06/25/35 | 4,544,727 |
| 4,789,914 | | Morgan Stanley A.B.S Capital I Inc Trust 2007-HE6 Series 2007-HE6 M1(c) | TSFR1M + 0.374% | 0.0001 | 05/25/37 | 5,300,821 |
| 33,584 | | Morgan Stanley Mortgage Loan Trust 2004-7AR Series 2004-7AR 2A7(b) | | 6.1320 | 09/25/34 | 32,979 |
| 6,872,849 | | Nationstar Home Equity Loan Trust 2007-B Series 2007-B M2(c) | TSFR1M + 0.584% | 4.4320 | 04/25/37 | 7,652,131 |
| 3,712,330 | | New Century Home Equity Loan Trust 2006-2 Series 2006-2 M1(c) | TSFR1M + 0.579% | 0.0001 | 08/25/36 | 2,987,470 |
| 16,244 | | Nomura Asset Acceptance Corp Alternative Loan Series 2003-A1 A5 | | 7.0000 | 04/25/33 | 16,488 |
| 3,944 | | Nomura Asset Acceptance Corp Alternative Loan Series 2003-A1 A2 | | 5.9990 | 05/25/33 | 3,906 |
| 3,126,335 | | NovaStar Mortgage Funding Trust Series 2003-1 Series 2003-1 M2(c) | TSFR1M + 3.114% | 0.0001 | 05/25/33 | 2,678,805 |
| 3,025,088 | | Option One Mortgage Loan Trust 2005-5 Series 2005-5 M4(c) | TSFR1M + 0.984% | 0.0001 | 12/25/35 | 2,542,625 |
| 15,273,907 | | Option One Mortgage Loan Trust 2007-CP1 Series 2007-CP1 M1(c) | TSFR1M + 0.414% | 0.0001 | 03/25/37 | 14,005,812 |
| 3,673,534 | | Park Place Securities Inc Asset-Backed Series 2004-WHQ2 M7(c) | TSFR1M + 2.739% | 0.0001 | 02/25/35 | 2,301,051 |
| 3,853,542 | | RAAC Series 2006-RP2 Trust Series 2006-RP2 M2(a),(c) | TSFR1M + 1.364% | 5.7030 | 02/25/37 | 3,314,207 |
| 12,486,573 | | RAAC Series 2007-SP3 Trust Series 2007-SP3 M1(c) | TSFR1M + 2.364% | 6.7030 | 09/25/47 | 8,634,522 |
| 2,748,214 | | RASC Series 2006-EMX1 Trust Series 2006-EMX1 M3(c) | TSFR1M + 0.584% | 5.1580 | 01/25/36 | 1,978,804 |
| | | | | | | |
| ALPHACENTRIC INCOME OPPORTUNITIES FUND (IOFAX, IOFCX, IOFIX) |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| December 31, 2024 |
| |
| Principal Amount ($) | | | | Spread | Coupon Rate (%) | Maturity | Fair Value |
| | | NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 102.5% (Continued) | | | |
| 311,275 | | Renaissance Home Equity Loan Trust 2003-2 Series 2003-2 M2F(d) | | 3.8120 | 08/25/33 | $ 244,259 |
| 6,456,806 | | Renaissance Home Equity Loan Trust 2005-1 Series 2005-1 M2(d) | | 5.9050 | 05/25/35 | 663,699 |
| 5,621,053 | | Renaissance Home Equity Loan Trust 2005-2 Series 2005-2 M2(d) | | 5.6010 | 08/25/35 | 1,225,884 |
| 104,552 | | SASCO Mortgage Loan Trust 2003-GEL1 Series 2003-GEL1 M3(c) | TSFR1M + 4.614% | 8.9530 | 10/25/33 | 98,382 |
| 4,791,681 | | Saxon Asset Securities Trust 2007-3 Series 2007-3 1M2(c) | TSFR1M + 1.014% | 0.0001 | 09/25/47 | 5,030,464 |
| 34,968,338 | | Seasoned Credit Risk Transfer Trust Series 2018-3 Series 3 BX(b) | | 0.4950 | 08/25/57 | 11,614,283 |
| 6,764,190 | | Sequoia Mortgage Trust 2004-10 Series 2004-10 XA(b) | | 0.0001 | 11/20/34 | 68 |
| 332,892 | | Soundview Home Loan Trust 2005-A Series 2005-A M6(c) | TSFR1M + 1.464% | 5.1480 | 04/25/35 | 336,056 |
| 5,321,456 | | Soundview Home Loan Trust 2005-OPT1 Series 2005-OPT1 M5(c) | TSFR1M + 1.164% | 0.0001 | 06/25/35 | 3,862,880 |
| 2,280,020 | | Structured Asset Investment Loan Trust 2005-HE3 Series 2005-HE3 M3(c) | TSFR1M + 0.909% | 0.0001 | 09/25/35 | 1,633,427 |
| 91,458 | | Structured Asset Mortgage Investments II Trust Series 2004-AR5 1A2(b) | | 4.5720 | 10/19/34 | 78,830 |
| 630,815 | | Structured Asset Mortgage Investments Trust Series 2002-AR4 A2(c) | TSFR1M + 0.939% | 4.2010 | 02/19/33 | 522,140 |
| 2,323,000 | | Towd Point Mortgage Trust 2018-5 Series 5 B4(a),(b) | | 3.4970 | 07/25/58 | 1,446,226 |
| 8,214,000 | | Towd Point Mortgage Trust 2019-4(a),(b) | | 3.8980 | 10/25/59 | 6,134,415 |
| 757,000 | | Truman Capital Mortgage Loan Trust Series 2005-1 M3(a),(c) | TSFR1M + 5.364% | 4.0230 | 03/25/37 | 685,963 |
| 355,546 | | WaMu Mortgage Pass-Through Certificates Series 2003-AR10 B2(b) | | 0.0001 | 10/25/33 | 265,600 |
| 104,292 | | WaMu Mortgage Pass-Through Certificates Series 2002-AR17 2B1(c) | COF 11 + 1.250% | 0.0001 | 11/25/42 | 96,888 |
| | | TOTAL NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $213,332,606) | | | 269,547,713 |
| | | | | | | |
| | | TOTAL INVESTMENTS - 102.5% (Cost $213,332,606) | | | $ 269,547,713 |
| | | LIABILITIES IN EXCESS OF OTHER ASSETS - (2.5)% | | | (6,648,861) |
| | | NET ASSETS - 100.0% | | | | | $ 262,898,852 |
| | | | | | |
| REMIC | - Real Estate Mortgage Investment Conduit |
| COF 11 | - Cost of Funds for the 11th District of San Francisco |
| TSFR12M | - Term Secured Overnight Financing Rate (SOFR) 1 month |
| TSFR1M | - Term Secured Overnight Financing Rate (SOFR) 6 month |
| TSFR6M | - Term Secured Overnight Financing Rate (SOFR) 12 month |
| (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 December 31, 2024 the total market value of 144A securities is $74,479,423 or 28.3% of net assets. |
| (b) | Variable rate security; the rate shown represents the rate on December 31, 2024. |
| (c) | Floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. |
| (d) | Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at December 31, 2024. |
| |
