Income Opportunities Fund

Primarily focused on non-agency residential mortgage-backed securities and other residential housing debt, this AlphaCentric Fund has the flexibility to invest in other secured credits when attractive. It is this niche focus that is the core of the strategy’s success. The Fund objective is current income.

fund management

Garrett Smith

Garrison Point Capital, LLC

Garrett Smith, CEO at Garrison Point Capital, has been Fund Portfolio Manager since inception. Mr. Smith built one of the largest high net worth businesses at Barclays, and was a Securitized Products trader at Lehman Brothers in New York. He also served as a Naval Flight Officer in the U.S. Navy. Mr. Smith received his MBA (Analytical Finance) and MEM degrees from Northwestern University and B.S. degrees from the US Naval Academy (Systems Engineering) and University of Maryland (Business).

Brian Loo, CFA

Garrison Point Capital, LLC

Brian Loo is Chief Investment Officer, Partner, and Portfolio Manager at Garrison Point Capital, and has been Fund Portfolio Manager since inception. Mr. Loo is a member of the Investment Committee at Garrison Point Capital. Prior to Garrison Point, Mr. Loo was one of the founders of Metropolitan West Asset Management which began in 1996 and was later acquired by TCW in 2009. He holds a B.S. in Math/Applied Science with a specialization in Computing from UCLA, an MSIA from Carnegie Mellon, and is a CFA charterholder.
Fund Overview
Ticker IOFIX IOFAX IOFCX IOFAX
Share Class Class I Class A Class C Class A w/ Sales Load
CUSIP 62827M144 62827M169 62827M151 62827M169
Inception Date 5/28/2015 5/28/2015 5/28/2015 5/28/2015
As of Date 3/28/2024 3/28/2024 3/28/2024 3/28/2024
Daily NAV 7.79 7.78 7.74 7.78
NAV Change 0 0 -0.01 0
% NAV Change 0.00% 0.00% -0.13% 0.00%
The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Nav data reflects price of 1 share, as well as price change and percent change since the previous trading day.

FACT SHEET

PRESENTATION

Quarterly Fund Performance
Data as of quarter end 3/31/2024
Share Class 1 Month 3 Months 6 Months YTD 1 Year 3 Years Annualized 5 Years Annualized 10 Years Annualized Since Inception Annualized
Class I 0.38% -0.50% 0.18% -0.50% -3.61% -7.07% -3.72% N/A 2.32%
Class A 0.37% -0.56% 0.05% -0.56% -3.86% -7.32% -3.95% N/A 2.06%
Class C 0.31% -0.88% -0.46% -0.88% -4.62% -8.02% -4.69% N/A 1.30%
Class A w/Sales Load -4.41% -5.31% -4.67% -5.31% -8.39% -8.80% -4.88% N/A 1.50%

The performance data quoted represents past performance, past performance does not guarantee future results, the investment return and principal value of an investment will fluctuate so that when redeemed, it may be worth more or less than their original cost, and current performance may be lower or higher than the performance data quoted.

The maximum sales charge for Class “A” Shares is 4.75%. The Fund’s total operating expenses are 2.18%, 2.93%, and 1.93% for the Class A, C, and I Shares respectively.

The advisor has contractually agreed to waive fees and/or reimburse expenses to maintain the Fund’s total annual operating expense ratio at 1.74%, 2.49% and 1.49% for Class A shares, Class C shares and Class I shares, respectively, excluding 12b-1 fees through July 31, 2024.

Current Fund Performance
Data as of 3/28/2024
Share Class 1 Month 3 Months 6 Months YTD 1 Year 3 Years Annualized 5 Years Annualized 10 Years Annualized Since Inception Annualized
Class I 0.64% -0.50% 0.18% -0.50% -3.94% -7.07% -3.70% N/A 2.33%
Class A 0.62% -0.56% 0.05% -0.56% -4.21% -7.30% -3.94% N/A 2.07%
Class C 0.44% -0.88% -0.46% -0.88% -5.03% -8.03% -4.67% N/A 1.30%
Class A w/Sales Load -4.18% -5.31% -4.67% -5.31% -8.79% -8.78% -4.86% N/A 1.50%

The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above.

the goods

IOFIX

QUARTERLY INVESTOR CALL

Important Risk Information

Investing in the Fund carries certain risks. The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund’s portfolio. The Fund is subject to concentration risk. Credit risk is the risk that the issuer of a security will not be able to make principal and interest payments when due.

Fixed income securities will fluctuate with changes in interest rates. Lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality. Liquidity risk exists when investments are difficult to sell. Although most of the Fund’s securities must be liquid at the time of investment, the Fund may purchase illiquid investments and securities may become illiquid after purchase by the Fund, particularly during periods of market turmoil. Some investments held by the Fund may be difficult to sell, or illiquid, particularly during times of market turmoil. Illiquid investments may also be difficult to value.

The Fund may invest a percentage of its assets in derivatives, such as futures and options contracts for hedging purposes. The Fund may experience losses that exceed those experienced by funds that do not use futures contracts and options strategies. Hedging is a strategy in which the Fund uses a derivative to reduce the risks associated with other Fund holdings. There can be no assurance that the Fund’s hedging strategy will reduce risk or that hedging transactions will be either available or cost effective.

Please see the prospectus for all of the principal risks of investing in the Fund.

FACT SHEET
FUND PRESENTATION
QUARTERLY COMMENTARY
WHITE PAPERS + INSIGHTS
SUMMARY PROSPECTUS
PROSPECTUS
SAI
ANNUAL REPORT
SEMI-ANNUAL REPORT
19A-1 NOTICE
HOLDINGS – Dec 2023
HOLDINGS – June 2023
CAPITAL GAINS
PROSPECTUS SUPPLEMENT
SAI SUPPLEMENT

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