AlphaCentric Premium Opportunity Fund

The Fund's objective is to achieve long-term capital appreciation

HMXAX | HMXCX | HMXIX

For Registered Investment Professional Use Only – Not For Retail Distribution

Q1 2020 Presentation

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The Performance shown before September 30, 2016 is for the Fund’sPredecessor Fund (Theta Funds, L.P.) The Fund’s management practices,investment goals, policies, objectives, guidelines and restrictions are, in allmaterial respects, equivalent to the predecessor limited partnership.From its inception date, the predecessor limited partnership was notsubject to certain investment restrictions, diversification requirementsand other restrictions of the 1940 Act of the Code, if they had beenapplicable, it might have adversely affected its performance. In addition,the predecessor limited partnership was not subject to sales loads thatwould have adversely affected performance. Performance of thepredecessor fund is not an indicator of future results.

Important Risk Information

Investors should carefully consider the investment objectives, risks, charges and expenses of the AlphaCentric Funds. This and other importantinformation about the Fund is contained in the prospectus, which can be obtained by calling 844-ACFUNDS (844-223-8637) or atwww.AlphaCentricFunds.com. The prospectus should be read carefully before investing. The AlphaCentric Funds are distributed by Northern LightsDistributors, LLC, member FINRA. AlphaCentric Advisors LLC is not affiliated with Northern Lights Distributors, LLC

Investing in the Fund carries certain risks. The Fund will invest apercentage of its assets in derivatives, such as futures and optionscontracts. The use of such derivatives and the resulting high portfolioturn-over may expose the Fund to additional risks that it would not besubject to if it invested directly in the securities and commoditiesunderlying those derivatives. The Fund may experience losses that exceedthose experienced by funds that do not use futures contracts and optionsstrategies. Investing in commodities markets may subject the Fund togreater volatility than investments in traditional securities. Currencytrading risks include market risk, credit risk and country risk. Foreigninvesting involves risks not typically associated with U.S. investments.Changes in interest rates and the liquidity of certain investments couldaffect the Fund’s overall performance. The Fund is non-diversified and asa result, changes in the value of a single security may have significanteffect on the Fund’s value. Other risks include U.S. Government securitiesrisks and investments in fixed income securities. Typically, a rise ininterest rates causes a decline in the value of fixed income securities orderivatives owned by the Fund. Furthermore, the use of leveraging canmagnify the potential for gain or loss and amplify the effects of marketvolatility on the Fund’s share price. The Fund is subject to regulatorychange and tax risks; changes to current rules could increase costsassociated with an investment in the Fund. These factors may affect thevalue of your investment.

4450-NLD-4/23/2020

The AlphaCentric Premium Opportunity Fund (HMXIX) seeks to provide equity-like returns with bond-like volatility

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• Positive Returns in Most Market Environments

• An “Odds in our Favor” Investment Approach

• Low Market Correlation to Equities and Bonds

• Absence of Large Negative Years Relative to S&P 500

HMXIX SEEKS TO PROVIDE INVESTORS:

There are risks associated with the sale and purchase of call and put options. There is a risk that changes in volatility assumptions are not consistent or correlated for options of various terms to expiration. There is no assurance that the Fund will achieve its investment objective.

There is no guarantee the Fund will provide this.

Trailing Sharpe Ratio vs. Alpha

4Created with Zephyr StyleADVISOR.

HMXIXMorningstar Options-based

Sharpe Ratio / Alpha vs. Market BenchmarkSeptember 2011 – March 2020 (Single Computation)

HMXIX Returns Since Inception

5Created with Zephyr StyleADVISOR.

Manager PerformanceSeptember 2011 – March 2020 (Single Computation)

September 2011 – March 2020 Summary Statistics

6Created with Zephyr StyleADVISOR.

HMXIX : Seeking "Odds in our Favor” Environments

(60.00)

(50.00)

(40.00)

(30.00)

(20.00)

(10.00)

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10.00

20.00

30.00

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Implied Volatility > Historical Volatility Historical Volatility > Implied VolatilityImplied Volatility > Actual Volatility Actual Volatility > Implied Volatility

17.42%

-1.84% -3.29%

0.80% 1.27% 0.00%

-0.83%

0.23%

-1.00%

-11.62%-12.35%-9.03% -8.23% -7.03% -6.84% -6.35% -6.03% -6.01% -4.96% -3.69%

-15.00%

-10.00%

-5.00%

0.00%

5.00%

10.00%

15.00%

20.00%

Mar 2020 Dec 2018 Feb 2020 Sep 2011 Oct 2018 May 2019 Aug 2015 May 2012 Jan 2016 Feb 2018

Fund Performance During Worst 10 S&P 500 MonthsHMXIX SP500TR

1. Performance is past performance and does not guarantee future results. The Performance shown before September 30, 2016 is for the Fund’s Predecessor Fund(Theta Funds, L.P.) The Fund’s management practices, investment goals, policies, objectives, guidelines and restrictions are, in all material respects, equivalent to thepredecessor limited partnership. From its inception date, the predecessor limited partnership was not subject to certain investment restrictions, diversificationrequirements and other restrictions of the 1940 Act of the Code, if they had been applicable, it might have adversely affected its performance. In addition, thepredecessor limited partnership was not subject to sales loads that would have adversely affected performance. Performance of the predecessor fund is not anindicator of future results.. 2. The referenced indices are shown for general market comparisons and are not meant to represent the Fund. Investors cannot directlyinvest in an index; unmanaged index returns do not reflect any fees, expenses or sales charges.

HMXIX Performance During Worst Market Months

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1.14% HMXIX Total Return-70.52% S&P 500 Total Return-2.88% Lifetime Down Capture

1. Performance is past performance and does not guarantee future results. The Performance shown before September 30, 2016 is for the Fund’s Predecessor Fund(Theta Funds, L.P.) The Fund’s management practices, investment goals, policies, objectives, guidelines and restrictions are, in all material respects, equivalent to thepredecessor limited partnership. From its inception date, the predecessor limited partnership was not subject to certain investment restrictions, diversificationrequirements and other restrictions of the 1940 Act of the Code, if they had been applicable, it might have adversely affected its performance. In addition, thepredecessor limited partnership was not subject to sales loads that would have adversely affected performance. Performance of the predecessor fund is not anindicator of future results.. 2. The referenced indices are shown for general market comparisons and are not meant to represent the Fund. Investors cannot directlyinvest in an index; unmanaged index returns do not reflect any fees, expenses or sales charges.

HMXIX Performance During Best Market Months

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3.49%

0.94%

3.80%

1.40% 1.23% 1.27% 0.80%1.68% 2.23% 2.46%

10.93%

8.44% 8.01%7.05% 6.78%

5.75% 5.73% 5.18% 5.09% 4.60%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

Oct 2011 Oct 2015 Jan 2019 Jun 2019 Mar 2016 Feb 2015 Jan 2018 Jan 2013 Jul 2013 Oct 2013

Fund Performance During Best 10 S&P 500 MonthsHMXIX SP500TR

19.30% HMXIX Total Return67.55% S&P 500 Total Return

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Implementation Example

Our models show a 97% probability that SPX will be range bound- the odds are in our favor. We will write options to collect premium however we will also seek to manage the 3% probability of a loss.

We Buy a Put we are protected if SPX drops below a certain levelP

We Buy a Call we are protected if SPX goes above a certain levelC

Step 1 Provide the ‘Insurance’

Step 2Hedge our

position

Pro’s• Wide range of profitability• Profitable in most downward markets• Profitable in most upward markets

2,275

2,215

1,870

2,035

Con’s• Unprofitable in dramatic up or down markets

C

P

C

P

S&P 500 Price Index (Daily, May-Aug 2016)

The above is a general illustration and does not represent actual trading results. Option strategies which are intended to limit losses may not be effective because of changes in market conditions and may make it impossible to execute such orders.

We Have A Gain

We Have A Limited Loss

We Have a Limited Loss

14.05%

23.93%

9.17% 7.93%10.84%

4.61%

16.16%

9.24%5.83% 6.42%

QTD 1YR 3YR 5YR SinceInception

HMXIX RETURN SUMMARY SINCE INCEPTION¹ (as of 3/31/2020)

HMXIX IQ Hedge Long/Short Beta IndexHMXIX Correlations²

(vs. Major Asset Classes since 9/30/2011)

Corporate Bonds -0.04

Real Estate -0.08

Commodities -0.14

EM Equities 0.05

US Equity 0.08

Long/Short 0.43

World Stocks 0.09

Commodities: S&P GSCI Index, Word Stocks: MSCI World Index, Real Estate: NAREIT Index, Hedge Funds: IQ Hedge Beta Long/Short Index, U.S. Bonds: Barclays U.S. Aggregate Bond Index, EM Equities: MSCI Emerging Markets Index

The maximum sales charge for Class “A” Shares is 5.75%. Performance is historic and does not guarantee future results. Investment return and principalvalue will fluctuate with changing market conditions so that when redeemed, shares may be worth more or less than their original cost. Currentperformance may be lower or higher than the performance data quoted. To obtain the most recent month end performance information or the fundsprospectus please call the fund, toll free at 1-844-ACFUNDS (844-223-8637). You can also obtain a prospectus at www.AlphaCentricFunds.com.

Fund Inception: 9/1/2011 (Class I) & 9/30/2016 (Class A & C).

1. Performance is past performance and does not guarantee future results. The performance shown before September 30, 2016 is for the Fund’s PredecessorFund (Theta Funds, L.P.). The Fund’s management practices, investment goals, policies, objectives, guidelines and restrictions are, in all material respects,equivalent to the predecessor limited partnership. From its inception date, the predecessor limited partnership was not subject to certain investmentrestrictions, diversification requirements and other restrictions of the 1940 Act of the Code, if they had been applicable, it might have adversely affected itsperformance. In addition, the predecessor limited partnership was not subject to sales loads that would have adversely affected performance. Performanceof the predecessor fund is not an indicator of future results. 2. The referenced indices are shown for general market comparisons and are not meant torepresent the Fund. Investors cannot directly invest in an index; unmanaged index returns do not reflect any fees, expenses or sales charges.

PERFORMANCE ENDING March 2020 (Annualized if greater than 1 year)

Share Class/Benchmark QTD YTD 1 YR 3 YR 5 YR Since InceptionClass I 14.05 14.05 23.93 9.17 7.93 10.84Class A 13.95 13.95 23.57 8.70 -- 8.27Class A w/ Sales Charge 7.39 7.39 16.47 6.58 -- 6.46

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Fund Return Summary

1. Performance is past performance and does not guarantee future results. The Performance shown before September 30, 2016 is for the Fund’sPredecessor Fund (Theta Funds, L.P.) The Fund’s management practices, investment goals, policies, objectives, guidelines and restrictions are, in allmaterial respects, equivalent to the predecessor limited partnership. From its inception date, the predecessor limited partnership was not subject tocertain investment restrictions, diversification requirements and other restrictions of the 1940 Act of the Code, if they had been applicable, it might haveadversely affected its performance. In addition, the predecessor limited partnership was not subject to sales loads that would have adversely affectedperformance. Performance of the predecessor fund is not an indicator of future results.. 2. The referenced indices are shown for general marketcomparisons and are not meant to represent the Fund. Investors cannot directly invest in an index; unmanaged index returns do not reflect any fees,expenses or sales charges.

HMXIX Has Delivered Strong Performance

PERFORMANCE & RISK STATISTICS (Since Inception)

HMXIXIQ Hedge L/S

Beta Index

Cumulative Return 141.97% 70.67%

Annualized Return 10.84% 6.42%

Standard Deviation 8.60% 7.16%

Sharpe Ratio (RF=0.76%) 1.25 0.88

Risk-Adjusted Alpha (vs. S&P 500) 10.16% 2.31%

Beta (vs. S&P 500) 0.05 0.35

% of Positive Months 81.55% 61.17%

Up Capture 39.73% -

Down Capture -2.88% -

HMXIX S&P 500 TR Index

DISTRIBUTION OF MONTHLY RETURNS (as of 3/31/2020)

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Manager Background

Russell Kellites has been the portfolio manager of the Fund since its inception in 2016. He has been a portfolio manager at the Advisor since 2016 and has served as Managing Director of Theta Capital Partners since 2008. Prior to joining Theta Capital Partners, Mr. Kellites’ employment included Goldman Sachs & Co where he was an Associate and Merrill Lynch & Co where he was a Vice President. Mr. Kellites attended Columbia University where he received a BS in computer science (cum laude), matriculated in the MS computer science program, with a focus in artificial intelligence, and received an MBA with a focus on Finance and Accounting

Summary & How To Invest

Three Reasons to Invest:

Seeks equity-like returns with lower volatility.

Quantitative approach targets disciplined performance.

Highly experienced manager.

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Share Class Ticker MinimumInvestment Gross Expense Net

Expense*

Institutional HMXIX $2,500 3.20% 2.09%

Class A HMXAX $2,500 3.47% 2.32%

Class C HMXCX $2,500 4.23% 3.06%

How to Invest:

*The Fund's advisor has contractually agreed to waive fees and/or reimburse expenses of the Fund to the extent necessary to limit operating expenses (excluding brokerage costs; underlying fund expenses; borrowing costs such as (a) interest and (b) dividends on securities sold short; taxes and, extraordinary expenses) at 2.24%, 2.99% and 1.99% for Class A shares, Class C shares and Class I shares, respectively, through July 31, 2020.

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(844) 223 - 8637

info@alphacentricfunds.com

Additional Information

AlphaCentric Funds36 N New York Avenue, Floor 3Huntington, NY 11743

Advisor Services

c/o Gemini FundsPO Box 541150Omaha, NE 68154-1150

General/Shareholder Inquiries

Address

For more information, please do not hesitate to contact us or visit www.AlphaCentricFunds.com

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GLOSSARY

Barclays U.S. Aggregate Bond Index: A market capitalization weighted index that tracks the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market.

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

Alpha: A measure of the difference between a fund's actual returns and its expected performance, given its level of risk as measured by beta.

Beta: A measure of a fund's sensitivity to market movements.

Correlation: A statistical measure of how two securities move in relation to each other.

Maximum Drawdown: A measure of the maximum loss from a peak to a trough of a portfolio or index, before a new peak is attained.

S&P 500 Index: A market capitalization-weighted index that is used to represent the U.S. large-cap stock market.

S&P GSCI Index: A broad-based and production weighted index designed to represent the global commodity market beta.

MSCI World Index: Represents large and mid-cap equity performance across 23 developed markets countries, covering approximately 85% of the free float-adjusted market capitalization in each.

MSCI Emerging Markets Index: Represents the bottom 2,000 stocks in the Russell 3000 Index and is the most widely quoted measure of the overall performance of U.S. small-cap to mid-cap company shares.

NAREIT Index: A comprehensive benchmark of publicly traded equity REITs listed in both developed and emerging markets.

HFRI Hedge Fund Index: A global, equal-weighted index of over 2,000 single-manager funds that report to HFR Database. Constituent funds report monthly net-of-all-fees performance in US dollars and have a minimum of $50 million under management or a 12-month track record of active performance.

IQ Hedge Long/Short Beta Index: Attempts to replicate the risk-adjusted return characteristics of the collective hedge funds using a long/short equity investment style.

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