Income Opportunities Fund

1 IOFAX ($14,153)Barclays Agg. US Bond TR Index ($10,427)Morningstar Category ($10,824)$9,000$10,000$11,000$12,000$13, 000$14,000$15,00005/2015 09/2015 01/2016 05/2016 09/2016 01/2017 05/2017 09/2017 01/2018 05/2018 IOFAXIOFCXIOFIXFUND OBJECTIVETo achieve current Income by implementing an alpha-driven, "principles-based" investment process focusing on complex and hard to source asset-backed STRATEGYThe fund will primarily focus its investments in non-agency residential mortgage backed securities (RMBS) and a variety of asset-backed fixed Income securities (ABS). These ABS will encompass aircraft, shipping, and transportation assets, and may include many other sectors as well. The fund 's allocations in these various asset classes depends on the management team's assessment of the risk-adjusted return potential in the marketplace at a given time.

2 Securities in the fund will generally have an average duration of less than five RATE SENSITIVITYW eighted Avg. Life: yearsWeighted Avg. Effective Duration: yearsHOW TO INVESTS hare ClassTickerCUSIPC lass IIOFIX62827M144 Class AIOFAX62827M169 Class CIOFCX62827M151 Min. Initial Investment:$2,500 Min. Subsequent Investment:$1001. See Prospectus for historicalperformance. Past performance is noguarantee of future Morningstar Multisector Bond Income Opportunities Fundseeks to generate currentyield and total return via investments in often overlooked segments of RMBS, ABSand securitized OF $10,000: Ending June 30, 20182Q 2018 Fact SheetClass A: IOFAX | Class C: IOFCX | Class I: IOFIXI ncome Opportunities FundThe Sub-Advisor has managed a substantially similar strategy that has consistentlymet its objective of current Income while outperforming its benchmark.

3 Strong Track Record Non-Agency RMBS FocusThe fund focuses on non-agency residential mortgage-backed securities (RMBS),although the fund can invest where management finds value. The managementteam's clearly-defined, niche focus is the core of the RMBS strategy's ENDING June 30, 2018 (Annualized if greater than 1 year)Share Class/BenchmarkQTD6 YR3 YRInception*Class US Agg. Bond A w/ Sales *Inception: 5/28/2015 Barclays US Aggregate Bond Index:A market capitalization-weighted index that is designed to measurethe performance of the investment grade bond market with maturities of more than one Multisector Bond Category:Used for funds that seek Income by diversifying their assetsamong several fixed- Income sectors, usually government obligations, foreign bonds, and high-yielddomestic debt Duration: Provides a measure of a fund 's interest rate sensitivity; thehigher the value of a fund 's duration, the more sensitive the fund is to shifts in interest is noassurance that the fund will achieve its investment objective.

4 You cannot invest directly in an indexand unmanaged index returns do not reflect any fees, expenses or sales | maximum sales charge for Class A Shares is Performance is historic and does notguarantee future results. Investment return and principal value will fluctuate with changingmarket conditions so that when redeemed, shares may be worth more or less than theiroriginal cost. Current performance may be lower or higher than the performance data obtain the most recent month end performance information or the funds prospectus pleasecall the fund , toll free at1-844-ACFUNDS (844-223-8637).You can also obtain a & RISK STATISTICSA lphaCentric Income Opportunities fund (IOFIX)Barclays US Agg. Bond Total Return IndexCumulative Return Ratio (RF= ) CONSIDERATIONS:Asset Class/IndustryAllocationFixed & MANAGEMENTI nvestment AdvisorAlphaCentric Advisors LLCI nvestment Sub-AdvisorGarrison Point Capital, LLCP ortfolio ManagersTom Miner Principal & Portfolio Manager 30+ years of investment experience MBA, BA & BS University of UtahGarrett Smith Principal & Portfolio Manager 10+ years of investment experience MBA & MEM, Northwestern; BS Engineering,US Naval Academy; BA, University ofMarylandBrian Loo, CFA Managing Director & Portfolio Manager 25+ years of investment experience MSIA, Carnegie Mellon; BS, UCLASHARE CLASS INFORMATIONS hare Class InceptionNet Expense*Gross ExpenseClass A5/28 C5/28 I5/28 Net Assets (6/30/18): $ billionInvesting in the fund carries certain risks.

5 The value of the fund may decrease in response to the activities and financial prospects of anindividual security in the fund s portfolio. The fund is non-diversifiedand may invest a greater percentage of its assets in a particularissue and may own fewer securities than other mutual funds; the fund is subject to concentration risk. Credit risk is the risk that theissuer of a security will not be able to make principal and interest payments when due. The use of derivatives and futures involves risksdifferent from, or possibly greater than, the risk associated with investing directly in securities. Fixed Income securities will fluctuate withchanges in interest rates. Lower-quality bonds, known as "high yield" or "junk" bonds, present greater risk than bonds of higher performance of the fund may be subject to substantial short term changes.

6 There are risks associated with the sale and purchaseof call and put options. These factors may affect the value of your ALLOCATION (as of June 30, 2018)Portfolio composition is subject to 2018 Fact SheetClass A: IOFAX | Class C: IOFCX | Class I: IOFIXI ncome Opportunities FundINVESTMENT PROCESSRMBS Investment Process1 Source inventory from 30+ different dealers, daily offers focusing on: subordination, excess interest, current LTV delinquencies by focusing on: state concentration, loan size, REO and foreclosure scenario/cash flow analysis to stress test different interest, credit and macroeconomic should carefully consider the investment objectives, risks, charges and expenses of the AlphaCentric and other important information about the fund is contained in the prospectus, which can be obtained by calling844-ACFUNDS (844-223-8637)or The prospectus should be read carefully beforeinvesting.

7 The AlphaCentric Funds are distributed by Northern Lights Distributors, LLC, member Advisors LLC is not affiliated with Northern Lights Distributors, advisor has contractually agreed to waive feesand/or reimburse expenses to maintain the fund stotal annual operating expense ratio at , for Class A shares, Class C shares andClass I shares, respectively, excluding 12b-1 feesthrough July 31, 10 PORTFOLIO HOLDINGS (as of June 30, 2018)HoldingType% of PortfolioCITM 2007-1 2006-OPT4 2005-HE3 2006-OPT2 2006-OPT5 2005-B 2017-C07 2006-HE6 2006-HE3 2005-W2 are subject to change and should not be considered investment Alpha:A measure of the difference between a fund 's actual returns and its expected performance, given its levelof risk as measured by :A measure of a fund 's sensitivity to market :Ameasure of the relationship between a portfolio and its benchmark.

8 Sharpe Ratio: A risk-adjusted measure of afund's performance that indicates a fund 's return per unit of risk, defining risk as volatility (standard deviation).