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income. Fees and Expenses of the Fund: This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and is included in the section of the Fund’s prospectus entitled How to Buy Shares on page 73 and Appendix A – Intermediary-Specific Sales Charge Reductions and Waivers, and in the sections of the Fund’s Statement of Additional Information entitled Reduction of Up-Front Sales Charge on Class A Shares on page 62 and Waiver of Up-Front Sales Charge on Class A Shares on page 63. You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8F_eoef--ShareholderFeesTableTextBlock_zKD8J2xOjps9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zhqh7q1ptMR3" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #E0E0E0"> <td style="border: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; width: 60%"> Shareholder Fees (fees paid directly from your investment)</td> <td id="xdx_496_20260728__20260728__dei--LegalEntityAxis__custom--S000048680Member__oef--ClassAxis__custom--C000153405Member_zpbZo2sM39Mj" style="border-top: Black 1pt solid; vertical-align: bottom; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; width: 10%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Class A</td> <td id="xdx_49F_20260728__20260728__dei--LegalEntityAxis__custom--S000048680Member__oef--ClassAxis__custom--C000153406Member_zTKUWQ3gjmh2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; width: 10%; text-align: center">Class C</td> <td id="xdx_495_20260728__20260728__dei--LegalEntityAxis__custom--S000048680Member__oef--ClassAxis__custom--C000153407Member_zWsxBn3cIbH6" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; width: 10%; text-align: center">Class I</td></tr> <tr id="xdx_40F_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zilaB36QLyhh" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)</td> <td style="border-right: Black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">4.75%</td> <td style="border-right: Black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">None</td> <td style="border-right: Black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_408_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_zvchh13IJDhl" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Maximum Deferred Sales Charge (Load)</td> <td style="border-right: Black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">1.00%1</td> <td style="border-right: Black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">None</td> <td style="border-right: Black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_40C_eoef--MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther_dpn_zI6qqppo4SIb" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions</td> <td style="border-right: Black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">None</td> <td style="border-right: Black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">None</td> <td style="border-right: Black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_401_eoef--RedemptionFeeOverRedemption_dn_zVshRILta8Ck" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">Redemption Fee </td> <td style="border-right: Black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">None</td> <td style="border-right: Black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">None</td> <td style="border-right: Black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">None</td></tr> </table> 0.0475 0 0 0.0100 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_z3FMgwvwmtX1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zCSWfzcZYM0i" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #E0E0E0"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 60%">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_496_20260728__20260728__dei--LegalEntityAxis__custom--S000048680Member__oef--ClassAxis__custom--C000153405Member_z0DVuz5hX778" style="border-right: Black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center; width: 10%"> </td> <td id="xdx_49F_20260728__20260728__dei--LegalEntityAxis__custom--S000048680Member__oef--ClassAxis__custom--C000153406Member_zlq57xzNLFqc" style="border-right: Black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center; width: 10%"> </td> <td id="xdx_495_20260728__20260728__dei--LegalEntityAxis__custom--S000048680Member__oef--ClassAxis__custom--C000153407Member_zcHX5vua4Ik9" style="border-right: Black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center; width: 10%"> </td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dpn_zTFQv2Z7KAjk" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Management Fees</td> <td style="border-right: Black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">1.30%</td> <td style="border-right: Black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">1.30%</td> <td style="border-right: Black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">1.30%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zCyFrxunctta" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Distribution and Service (12b-1) Fees</td> <td style="border-right: Black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">0.25%</td> <td style="border-right: Black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">1.00%</td> <td style="border-right: Black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_ztFoZptiq5h7" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Other Expenses</td> <td style="border-right: Black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">0.73%</td> <td style="border-right: Black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">0.72%</td> <td style="border-right: Black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">0.73%`</td></tr> <tr id="xdx_407_eoef--Component1OtherExpensesOverAssets_dpn_zf7Mp6ewfJ3e" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 0.25in">Interest Expense</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 5pt 0pt 5.4pt; vertical-align: bottom; text-align: right">0.37%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 5pt 0pt 5.4pt; vertical-align: bottom; text-align: right">0.37%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 5pt 0pt 5.4pt; vertical-align: bottom; text-align: right">0.37%</td></tr> <tr id="xdx_400_eoef--Component2OtherExpensesOverAssets_dpn_z8jhUzg8YWG6" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 0.25in">Remaining Other Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 5pt 0pt 5.4pt; vertical-align: bottom; text-align: right">0.36%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 5pt 0pt 5.4pt; vertical-align: bottom; text-align: right">0.35%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 5pt 0pt 5.4pt; vertical-align: bottom; text-align: right">0.36%</td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zsV8VR2xMxg5" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Total Annual Fund Operating Expenses</td> <td style="border-right: Black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">2.28%</td> <td style="border-right: Black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">3.02%</td> <td style="border-right: Black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">2.03%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zULxwPqbm4Ve" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Fee Waiver and/or Expense Reimbursement2</td> <td style="border-right: Black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">(0.17)%</td> <td style="border-right: Black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">(0.16)%</td> <td style="border-right: Black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">(0.17)%</td></tr> <tr id="xdx_409_eoef--NetExpensesOverAssets_dpn_zPMzmW4yez4b" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</td> <td style="border-right: Black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">2.11%</td> <td style="border-right: Black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">2.86%</td> <td style="border-right: Black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">1.86%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">1.</td><td style="text-align: justify">The 1.00% maximum deferred sales charge may be assessed in the case of investments at or above the $1 million breakpoint (where you do not pay an initial sales charge) on shares redeemed within eighteen months of purchase.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">2</td><td style="text-align: justify">AlphaCentric Advisors LLC (the “Advisor”) has contractually agreed to waive advisory fees and/or reimburse expenses of the Fund to the extent necessary to limit total annual fund 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 1.74%, 2.49% and 1.49% of the Class A shares, Class C shares and Class I shares, respectively, through July 31, 2027. This agreement may be terminated by the Trust’s Board of Trustees only on 60 days’ written notice to the Advisor, by the Advisor with the consent of the Board of Trustees, or upon the termination of the advisory agreement between the Trust and the Advisor. Fee waivers and expense reimbursements are subject to possible recoupment by the Advisor from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed), so long as such recoupment does not cause the Fund’s expense ratio (after the repayment is taken into account) to exceed both: (i) the Fund’s expense limitation at the time such expenses were waived, and (ii) the Fund’s current expense limitation at the time of recoupment.</td> </tr></table> 0.0130 0.0130 0.0130 0.0025 0.0100 0.0000 0.0073 0.0072 0.0073 0.0037 0.0037 0.0037 0.0036 0.0035 0.0036 0.0228 0.0302 0.0203 -0.0017 -0.0016 -0.0017 0.0211 0.0286 0.0186 July 31, 2027 Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then hold or redeem all of your shares at the end of those periods. The Example only accounts for the Fund’s expense limitation in place through its expiration period, July 31, 2027, and then depicts the Fund’s total annual expenses thereafter. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zqM4SdQKQ9Q4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_ztWQPBtyowA7" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; width: 15%; text-align: center">Year</td> <td id="xdx_49E_20260728__20260728__dei--LegalEntityAxis__custom--S000048680Member__oef--ClassAxis__custom--C000153405Member_zVuekdGzsu94" style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; width: 15%; text-align: center">Class A</td> <td id="xdx_49F_20260728__20260728__dei--LegalEntityAxis__custom--S000048680Member__oef--ClassAxis__custom--C000153406Member_zdGevV0R1Y75" style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; width: 15%; text-align: center">Class C</td> <td id="xdx_495_20260728__20260728__dei--LegalEntityAxis__custom--S000048680Member__oef--ClassAxis__custom--C000153407Member_zLXYIdUFvgp6" style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; width: 15%; text-align: center">Class I</td></tr> <tr id="xdx_404_eoef--ExpenseExampleYear01_zlAfFBfpZn87" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">1</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">$679</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">$289</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">$189</td></tr> <tr id="xdx_40D_eoef--ExpenseExampleYear03_zbiz2FDDAUs6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">3</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">$1,138</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">$918</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">$620</td></tr> <tr id="xdx_404_eoef--ExpenseExampleYear05_z1aejYjuM9c3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">5</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">$1,622</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">$1,573</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">$1,077</td></tr> <tr id="xdx_406_eoef--ExpenseExampleYear10_zyVDLVcGHHN2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">10</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">$2,954</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">$3,325</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">$2,345</td></tr> </table> 679 289 189 1138 918 620 1622 1573 1077 2954 3325 2345 Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The portfolio turnover rate of the Fund for the fiscal year ended March 31, 2026 was 14% of the average value of its portfolio. 0.14 Principal Investment Strategies: The Fund seeks to achieve its investment objective by primarily investing in asset-backed fixed income securities, such as securities backed by credit card receivables, automobiles, aircraft, student loans, equipment leases, and agency and non-agency residential and commercial mortgages. Asset-backed securities in which the Fund may invest also include collateralized debt obligations (“CDOs”), collateralized loan obligations (“CLOs”) and privately-offered collateralized loans. The allocation of the Fund’s investments in these various asset classes depends on the view of the Fund’s investment sub-advisor, Garrison Point Capital, LLC (“Sub-Advisor”), as to which asset classes offer the best risk-adjusted values in the marketplace at a given time. However, the Fund expects to focus its investments in non-agency residential mortgage backed securities. Under normal circumstances, the Fund invests over 25% of its assets in residential mortgage-backed securities (agency and non-agency) and commercial mortgage-backed securities. The Fund may be 100% invested in debt securities. The Fund may also invest in corporate debt securities; U.S. Treasury and agency securities; structured notes; real estate investment trusts (“REITs”); preferred stock; repurchase and reverse repurchase agreements; investment companies that invest in fixed income securities (including affiliated and unaffiliated funds); and over-the-counter and exchange-traded derivative instruments. The Fund uses derivatives for hedging purposes. The Fund may hedge against rising interest rates through interest rate swaps, interest rate-linked futures contracts and options. The Fund may hedge against rising default rates through credit default swaps, total return swaps linked to an asset or asset class that is representative of the default risks faced by the Fund, and credit spread options. The Fund may also use one or more of these derivatives as a substitute for a security or asset class (commonly referred to as “a substitution hedge”). In addition, the Fund may take short positions in exchange-traded funds (“ETFs”), including inverse and leveraged ETFs, to hedge interest rate and general market risks, as well as to capitalize on an expected decline in security prices. The Fund may invest in securities of any maturity or duration. The Fund does not limit its investments to a particular credit quality and may invest in distressed asset backed securities and other below investment grade securities (commonly referred to as “junk”) without limitation. Below investment grade securities are those rated below Baa3 by Moody’s Investor Services or equivalently by another nationally recognized statistical rating organization, as well as non-rated securities. The Fund may invest in securities backed by sub-prime mortgages. The Fund may hold up to 15% of its net assets in illiquid investments. In selecting securities for investment, the Sub-Advisor favors investments it believes are undervalued and have the potential to produce consistent returns in most interest rate environments. The Sub-Advisor selects those securities for investment that it believes offer the best risk/return opportunity based on its analyses of a variety of factors, including collateral quality, duration, structure, excess interest, credit support, potential for greater upside and less downside capture, liquidity, and market conditions. The Sub-Advisor attempts to diversify geographically and, with respect to asset backed securities, among servicing institutions. The Fund intends to hold the securities in its portfolio until maturity, but may sell the securities held in its portfolio when the opportunity to capture outsized returns exists, or when necessitated by asset flows into or out of the Fund. Distribution Policy: The Fund’s distribution policy is to make twelve monthly distributions to shareholders. The Fund may, at the discretion of management, target a specific level of monthly distributions (including any return of capital) from time to time. Shareholders receiving periodic payments from the Fund may be under the impression that they are receiving net profits. However, all or a portion of a distribution may consist of a return of capital. Shareholders should not assume that the source of a distribution from the Fund is net profit. For more information about the Fund’s distribution policy, please turn to “Additional Information About the Funds’ Principal Investment Strategies and Related Risks – Principal Investment Strategies – AlphaCentric Income Opportunities Fund – Distribution Policy and Goals” section in this Prospectus. As with any mutual fund, there is no guarantee that the Fund will achieve its objective. Investment markets are unpredictable, and there will be certain market conditions where the Fund will not meet its investment objective and will lose money. The Fund’s net asset value (“NAV”) and returns will vary and you could lose money on your investment in the Fund, and those losses could be significant. The following summarizes the principal risks of investing in the Fund. These risks could adversely affect the net asset value, total return, and value of the Fund and your investment. Acquired Funds Risk. Because the Fund may invest in other investment companies such as ETFs, the value of your investment will fluctuate in response to the performance of the acquired funds. Investing in acquired funds involves certain additional expenses and certain tax results that would not arise if you invested directly in the securities of the acquired funds. Affiliated Investment Company Risk. The Fund may invest in affiliated underlying funds (the “Affiliated Funds”), unaffiliated underlying funds, or a combination of both. The Advisor, therefore, is subject to conflicts of interest in allocating the Fund’s assets among the Affiliated Funds. The Advisor will receive more revenue to the extent it selects Affiliated Funds rather than unaffiliated funds for inclusion in the Fund’s portfolio. In addition, the Advisor may have an incentive to allocate the Fund’s assets to those Affiliated Funds for which the net advisory fees payable to the Advisor are higher than the fees payable by other Affiliated Funds. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetBackedAndMortgageBackedSecurityRiskMember_zFnOU60iyPqc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Asset-Backed and Mortgage-Backed Security Risk. When the Fund invests in mortgage-backed securities and asset-backed securities, including CLOs and CDOs, the Fund is subject to the risk that, if the underlying borrowers fail to pay interest or repay principal, the assets backing these securities may not be sufficient to support payments on the securities. Subordinate security classes (tranches) are highly sensitive to default and recovery rates on the underlying pool of assets because the more senior classes are generally entitled to receive payment before the subordinate classes. The liquidity of these assets may decrease over time. Mortgage-backed securities represent participating interests in pools of residential mortgage loans, some of which are guaranteed by the U.S. government, its agencies or instrumentalities. However, the guarantee of these types of securities relates to the principal and interest payments and not the market value of such securities. In addition, the guarantee only relates to the mortgage-backed securities held by the Fund and not the purchase of shares of the Fund. Mortgage-backed securities do not have a fixed maturity and their expected maturities may vary when interest rates rise or fall. An increased rate of prepayments on the Fund’s mortgage-backed securities will result in an unforeseen loss of interest income to the Fund, as the Fund may be required to reinvest assets at a lower interest rate. A decreased rate of prepayments lengthens the expected maturity of a mortgage-backed security. The price of mortgage-backed securities may decrease more than the price of other fixed-income securities when interest rates rise. The liquidity of mortgage-backed securities may change over time. CDOs and CLOs Risk. CDOs and CLOs are securities backed by an underlying portfolio of debt and loan obligations, respectively. CDOs and CLOs issue classes, or “tranches,” that vary in risk and yield and may experience substantial losses due to actual defaults, decrease of market value due to collateral defaults and removal of subordinate tranches, market anticipation of defaults, and investor aversion to CDO and CLO securities as a class. The risks of investing in CDOs and CLOs depend largely on the tranche invested in and the type of the underlying debts and loans in the tranche of the CDO or CLO, respectively, in which the Fund invests. CDOs and CLOs also carry risks, including, but not limited to, interest rate risk and credit risk. Credit Default Swap Risk. Credit default swaps (“CDS”) are typically two-party financial contracts that transfer credit exposure between the two parties. Under a typical CDS, one party (the “seller”) receives pre-determined periodic payments from the other party (the “buyer”). The seller agrees to make compensating specific payments to the buyer if a negative credit event occurs, such as the bankruptcy or default by the issuer of the underlying debt instrument. The use of CDS involves investment techniques and risks different from those associated with ordinary portfolio security transactions, such as potentially heightened counterparty, concentration and exposure risks. Credit Risk. The issuer of a security and other instrument may not be able to make principal and interest payments when due. Credit risk may be substantial for the Fund, particularly with respect to the non-agency residential mortgage-backed securities in which the Fund invests. Derivatives Risk. The 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) the risk of mispricing or improper valuation; and (iii) the risk that changes in the 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. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Distribution Policy Risk. The Fund may, at the discretion of management, target a specific level of monthly distributions (including any return of capital) from time to time. Shareholders receiving periodic payments from the Fund may be under the impression that they are receiving net profits. However, all or a portion of a distribution may consist of a return of capital (i.e., from your original investment). Shareholders should not assume that the source of a distribution from the Fund is net profit. Shareholders should note that return of capital will reduce the tax basis of their shares and potentially increase the taxable gain, if any, upon disposition of their shares. Fixed Income Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund 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 Fund. 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. Federal Reserve policy changes may expose fixed income and related markets to heightened volatility and may reduce liquidity for certain Fund investments, which could cause the value of the Fund’s investments and share price to decline. 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). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Futures Contract Risk. The Fund’s use of futures contracts involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) leverage risk; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the futures contract may not correlate perfectly with the underlying index. Investments in futures contracts involve leverage, which means a small percentage of assets invested in futures contracts can have a disproportionately large impact on the Fund. This risk could cause the Fund to lose more than the principal amount invested. Futures contracts may become mispriced or improperly valued when compared to the Sub-Advisor’s expectations and may not produce the desired investment results. Additionally, changes in the value of futures contracts may not track or correlate perfectly with the underlying index because of temporary, or even long-term, supply and demand imbalances and because futures contracts do not pay dividends, unlike the stocks upon which they are based. Hedging Risk. Hedging is a strategy in which the Fund uses securities or derivatives 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. The Fund is not required to use hedging and may choose not to do so. Industry Concentration Risk. A fund that concentrates its investments in an industry or group of industries is more vulnerable to adverse market, economic, regulatory, political or other developments affecting such industry or group of industries than a fund that invests its assets more broadly. Inverse ETF Risk. Investments in inverse ETFs will prevent the Fund from participating in market-wide or sector-wide gains and may not prove to be an effective hedge. Because of mathematical compounding, and because inverse ETFs have a single day investment objective to track the performance of a multiple of an index, the performance of an inverse ETF for periods greater than a single day is likely to be greater than or less than the actual multiple of the index even before accounting for the ETF’s fees and expenses. Compounding will cause longer term results to vary significantly from the stated multiple of the index, particularly during periods of higher index volatility. Junk Bond Risk. Lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund’s ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Fund’s share price. Leverage Risk. The use of leverage by the Fund, such as borrowing money to purchase securities or the use of options, will cause the Fund to incur additional expenses and magnify the Fund’s gains or losses. Leveraged ETF Risk. Investing in leveraged ETFs will amplify the Fund’s gains and losses. Most leveraged ETFs “reset” daily. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance of their underlying index or benchmark during the same period of time. A leveraged ETF will lose money when the level of the underlying index is flat. Longer holding periods, higher index volatility, and greater leverage each exacerbate the impact of compounding on the Fund’s returns. Liquidity Risk. Liquidity risk exists when particular 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. When the Fund holds illiquid investments, the Fund’s investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these investments to meet redemptions or for other cash needs, the Fund may suffer a loss. In addition, when there is illiquidity in the market for certain securities, the Fund, due to limitations on investments in illiquid investments, may be unable to achieve its desired level of exposure to a certain sector. 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. If the Fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, the Fund may be forced to sell at a loss. Management Risk. The portfolio managers’ judgments about the attractiveness, value and potential appreciation of particular stocks or other securities in which the Fund invests or sells short may prove to be incorrect, and there is no guarantee that the portfolio managers’ judgment will produce the desired results. Market Price Variance Risk. The Fund bears the risk that the market price that it pays for an inverse ETF will not be equal to the ETF’s true value. Market Risk. Overall market risks may also affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, tariffs and trade wars, international conflicts, and political events affect the securities markets. Options Risk. There are risks associated with the Fund’s options-based hedging strategy. This strategy involves the sale and purchase of call and put options on ETFs, indices, interest rates and volatility. Generally, options may not be an effective hedge because they may have imperfect correlation to the value of the Fund’s portfolio securities. Additionally, the underlying reference instrument on which the option is based may have imperfect correlation to the value of the Fund’s portfolio securities. As the buyer of a call option, the Fund risks losing the entire premium invested in the option if the underlying reference instrument does not rise above the strike price, which means the option will expire worthless. As the buyer of a put option, the Fund risks losing the entire premium invested in the option if the underlying reference instrument does not fall below the strike price, which means the option will expire worthless. Additionally, purchased options may decline in value due to changes in price of the underlying reference instrument, passage of time and changes in volatility. As a seller (writer) of a put option, the Fund will lose money if the value of the underlying reference instrument falls below the strike price. As a seller (writer) of a call option, the Fund will lose money if the value of the underlying reference instrument rises above the strike price. The Fund’s losses are potentially large in a written put transaction and potentially unlimited in an unhedged written call transaction. Option premiums are treated as short-term capital gains and, when distributed to shareholders, are usually taxable as ordinary income, which may have a higher tax rate than long-term capital gains for shareholders holding Fund shares in a taxable account. Options are also subject to leverage and volatility risk, liquidity risk, tracking risk, and sub-strategy risk. Options Market Risk. Markets for options and options on futures contracts may not always operate on a fair and orderly basis. At times, prices for options and options on futures contracts may not represent fair market value and prices may be subject to manipulation, which may be extreme under some circumstances. The dysfunction and manipulation of volatility and options markets may make it difficult for the Fund to effectively implement its investment strategy and achieve its objectives, and could potentially lead to significant losses. Over-the-Counter (“OTC”) Trading Risk. Certain of the derivatives in which the Fund may invest may be traded (and privately negotiated) in the OTC market. While the OTC derivatives market is the primary trading venue for many derivatives, it is largely unregulated. As a result, and similar to other privately negotiated contracts, the Fund is subject to counterparty credit risk with respect to such derivative contracts. Preferred Stock Risk. The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments. Prepayment and Extension Risk. Prepayment risk is the risk that principal on a debt obligation may be repaid earlier than anticipated. Extension risk is the risk that principal on a debt obligation may be repaid later than anticipated. Prepayment and extension risk may impact the Fund’s profits. Real Estate and REIT Risk. The Fund is subject to the risks of the real estate market as a whole, such as taxation, regulations and economic and political factors that negatively impact the real estate market and the direct ownership of real estate. These may include decreases in real estate values, overbuilding, rising operating costs, interest rates and property taxes. In addition, some real estate-related investments are not fully diversified and are subject to the risks associated with financing a limited number of projects. Investing in REITs involves certain unique risks in addition to those associated with the real estate sector generally. REITs whose underlying properties are concentrated in a particular industry or region are also subject to risks affecting such industries and regions. REITs (especially mortgage REITs) are also subject to interest rate risks. By investing in REITs through the Fund, a shareholder will bear expenses of the REITs in addition to Fund expenses. Regulatory Risk. Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAndReverseRepurchaseAgreementsRiskMember_zfXBVW5O2VQ5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Repurchase and Reverse Repurchase Agreements Risk. The Fund may enter into repurchase agreements in which it purchases a security (known as the “underlying security”) from a securities dealer or bank. In the event of a bankruptcy or other default by the seller of a repurchase agreement, the Fund could experience delays in liquidating the underlying security, and losses in the event of a decline in the value of the underlying security, while the Fund is seeking to enforce its rights under the repurchase agreement. Reverse repurchase agreements involve the sale of securities held by the Fund with an agreement to repurchase the securities at an agreed-upon price, date and interest payment, and involve the risk that (i) the other party may fail to return the securities in a timely manner, or at all, and (ii) the market value of assets that are required to be repurchased decline below the purchase price of the asset that has to be sold, resulting in losses to the Fund. Security Risk. The value of the Fund may decrease in response to the activities and financial prospects of an individual security or group of securities in the Fund’s portfolio. Structured Note Risk. Structured notes are subject to credit risk, default risk, adverse changes in the index or reference asset to which payments are linked, and may involve leverage risk. Sub-Prime Mortgage Risk. Lower-quality notes, such as those considered “sub-prime,” are more likely to default than those considered “prime” by a rating evaluation agency or service provider. An economic downturn or period of rising interest rates could adversely affect the market for “sub-prime” notes and reduce the Fund’s ability to sell these securities. The lack of a liquid market for these securities could decrease the Fund’s share price. Additionally, borrowers may seek bankruptcy protection, which would delay resolution of security holder claims and may eliminate or materially reduce liquidity. U.S. Government Obligations Risk. The Fund may invest in U.S. government or agency obligations. Securities issued or guaranteed by federal agencies and U.S. government sponsored entities are not usually backed by the full faith and credit of the U.S. government. Volatility Risk. Using derivatives that can create leverage, which can amplify the effects of market volatility on the Fund’s share price and make the Fund’s returns more volatile, which means that the Fund’s performance may be subject to substantial short term changes up or down. Acquired Funds Risk. Because the Fund may invest in other investment companies such as ETFs, the value of your investment will fluctuate in response to the performance of the acquired funds. Investing in acquired funds involves certain additional expenses and certain tax results that would not arise if you invested directly in the securities of the acquired funds. Affiliated Investment Company Risk. The Fund may invest in affiliated underlying funds (the “Affiliated Funds”), unaffiliated underlying funds, or a combination of both. The Advisor, therefore, is subject to conflicts of interest in allocating the Fund’s assets among the Affiliated Funds. The Advisor will receive more revenue to the extent it selects Affiliated Funds rather than unaffiliated funds for inclusion in the Fund’s portfolio. In addition, the Advisor may have an incentive to allocate the Fund’s assets to those Affiliated Funds for which the net advisory fees payable to the Advisor are higher than the fees payable by other Affiliated Funds.<div id="xdx_C03_gRBRTB-UKZDBO_zHZ9zU8E7bT9"> </div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetBackedAndMortgageBackedSecurityRiskMember_zFnOU60iyPqc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Asset-Backed and Mortgage-Backed Security Risk. When the Fund invests in mortgage-backed securities and asset-backed securities, including CLOs and CDOs, the Fund is subject to the risk that, if the underlying borrowers fail to pay interest or repay principal, the assets backing these securities may not be sufficient to support payments on the securities. Subordinate security classes (tranches) are highly sensitive to default and recovery rates on the underlying pool of assets because the more senior classes are generally entitled to receive payment before the subordinate classes. The liquidity of these assets may decrease over time.<div id="xdx_C07_gRBRTB-UKZDBO_zWCiA3C62TR3"> </div> <div id="xdx_C04_gRBRTB-UKZDBO_zRwB5lweZH9i">Mortgage-backed securities represent participating interests in pools of residential mortgage loans, some of which are guaranteed by the U.S. government, its agencies or instrumentalities. However, the guarantee of these types of securities relates to the principal and interest payments and not the market value of such securities. In addition, the guarantee only relates to the mortgage-backed securities held by the Fund and not the purchase of shares of the Fund.</div> <div id="xdx_C04_gRBRTB-UKZDBO_z518IizfoFTf"> </div> <div id="xdx_C0A_gRBRTB-UKZDBO_z9JSaeZleRva">Mortgage-backed securities do not have a fixed maturity and their expected maturities may vary when interest rates rise or fall. An increased rate of prepayments on the Fund’s mortgage-backed securities will result in an unforeseen loss of interest income to the Fund, as the Fund may be required to reinvest assets at a lower interest rate. A decreased rate of prepayments lengthens the expected maturity of a mortgage-backed security. The price of mortgage-backed securities may decrease more than the price of other fixed-income securities when interest rates rise. The liquidity of mortgage-backed securities may change over time.</div> <div id="xdx_C08_gRBRTB-UKZDBO_zqiFu4TWl1g2"> </div> CDOs and CLOs Risk. CDOs and CLOs are securities backed by an underlying portfolio of debt and loan obligations, respectively. CDOs and CLOs issue classes, or “tranches,” that vary in risk and yield and may experience substantial losses due to actual defaults, decrease of market value due to collateral defaults and removal of subordinate tranches, market anticipation of defaults, and investor aversion to CDO and CLO securities as a class. The risks of investing in CDOs and CLOs depend largely on the tranche invested in and the type of the underlying debts and loans in the tranche of the CDO or CLO, respectively, in which the Fund invests. CDOs and CLOs also carry risks, including, but not limited to, interest rate risk and credit risk.<div id="xdx_C0B_gRBRTB-UKZDBO_zpVccCdtSvi8"> </div> Credit Default Swap Risk. Credit default swaps (“CDS”) are typically two-party financial contracts that transfer credit exposure between the two parties. Under a typical CDS, one party (the “seller”) receives pre-determined periodic payments from the other party (the “buyer”). The seller agrees to make compensating specific payments to the buyer if a negative credit event occurs, such as the bankruptcy or default by the issuer of the underlying debt instrument. The use of CDS involves investment techniques and risks different from those associated with ordinary portfolio security transactions, such as potentially heightened counterparty, concentration and exposure risks.<div id="xdx_C04_gRBRTB-UKZDBO_zvEHeyIIRPrc"> </div> Credit Risk. The issuer of a security and other instrument may not be able to make principal and interest payments when due. Credit risk may be substantial for the Fund, particularly with respect to the non-agency residential mortgage-backed securities in which the Fund invests.<div id="xdx_C00_gRBRTB-UKZDBO_zibtz9j2Yx4b"> </div> Derivatives Risk. The 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) the risk of mispricing or improper valuation; and (iii) the risk that changes in the 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. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.<div id="xdx_C02_gRBRTB-UKZDBO_zUjSUssq5mVc"> </div> Distribution Policy Risk. The Fund may, at the discretion of management, target a specific level of monthly distributions (including any return of capital) from time to time. Shareholders receiving periodic payments from the Fund may be under the impression that they are receiving net profits. However, all or a portion of a distribution may consist of a return of capital (i.e., from your original investment). Shareholders should not assume that the source of a distribution from the Fund is net profit. Shareholders should note that return of capital will reduce the tax basis of their shares and potentially increase the taxable gain, if any, upon disposition of their shares.<div id="xdx_C07_gRBRTB-UKZDBO_zW5snOLYVxla"> </div> Fixed Income Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund 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 Fund. 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. Federal Reserve policy changes may expose fixed income and related markets to heightened volatility and may reduce liquidity for certain Fund investments, which could cause the value of the Fund’s investments and share price to decline. 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). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Futures Contract Risk. The Fund’s use of futures contracts involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) leverage risk; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the futures contract may not correlate perfectly with the underlying index. Investments in futures contracts involve leverage, which means a small percentage of assets invested in futures contracts can have a disproportionately large impact on the Fund. This risk could cause the Fund to lose more than the principal amount invested. Futures contracts may become mispriced or improperly valued when compared to the Sub-Advisor’s expectations and may not produce the desired investment results. Additionally, changes in the value of futures contracts may not track or correlate perfectly with the underlying index because of temporary, or even long-term, supply and demand imbalances and because futures contracts do not pay dividends, unlike the stocks upon which they are based.<div id="xdx_C0E_gRBRTB-UKZDBO_zIlhxf7DPA41"> </div> Hedging Risk. Hedging is a strategy in which the Fund uses securities or derivatives 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. The Fund is not required to use hedging and may choose not to do so.<div id="xdx_C03_gRBRTB-UKZDBO_ziB6zJGKJImk"> </div> Industry Concentration Risk. A fund that concentrates its investments in an industry or group of industries is more vulnerable to adverse market, economic, regulatory, political or other developments affecting such industry or group of industries than a fund that invests its assets more broadly.<div id="xdx_C0C_gRBRTB-UKZDBO_zI1VnqSrQ2Vh"> </div> Inverse ETF Risk. Investments in inverse ETFs will prevent the Fund from participating in market-wide or sector-wide gains and may not prove to be an effective hedge. Because of mathematical compounding, and because inverse ETFs have a single day investment objective to track the performance of a multiple of an index, the performance of an inverse ETF for periods greater than a single day is likely to be greater than or less than the actual multiple of the index even before accounting for the ETF’s fees and expenses. Compounding will cause longer term results to vary significantly from the stated multiple of the index, particularly during periods of higher index volatility.<div id="xdx_C01_gRBRTB-UKZDBO_znfDv6pFJQZ5"> </div> Junk Bond Risk. Lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund’s ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Fund’s share price.<div id="xdx_C02_gRBRTB-UKZDBO_zEJCBQbkadZc"> </div> Leverage Risk. The use of leverage by the Fund, such as borrowing money to purchase securities or the use of options, will cause the Fund to incur additional expenses and magnify the Fund’s gains or losses.<div id="xdx_C06_gRBRTB-UKZDBO_zlpSOoAnGho2"> </div> Leveraged ETF Risk. Investing in leveraged ETFs will amplify the Fund’s gains and losses. Most leveraged ETFs “reset” daily. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance of their underlying index or benchmark during the same period of time. A leveraged ETF will lose money when the level of the underlying index is flat. Longer holding periods, higher index volatility, and greater leverage each exacerbate the impact of compounding on the Fund’s returns.<div id="xdx_C01_gRBRTB-UKZDBO_zfBlQnjPKDs3"> </div> Liquidity Risk. Liquidity risk exists when particular 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. When the Fund holds illiquid investments, the Fund’s investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these investments to meet redemptions or for other cash needs, the Fund may suffer a loss. In addition, when there is illiquidity in the market for certain securities, the Fund, due to limitations on investments in illiquid investments, may be unable to achieve its desired level of exposure to a certain sector. 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. If the Fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, the Fund may be forced to sell at a loss.<div id="xdx_C02_gRBRTB-UKZDBO_zziYNpTUsZQ6"> </div> Management Risk. The portfolio managers’ judgments about the attractiveness, value and potential appreciation of particular stocks or other securities in which the Fund invests or sells short may prove to be incorrect, and there is no guarantee that the portfolio managers’ judgment will produce the desired results.<div id="xdx_C06_gRBRTB-UKZDBO_z8tKJkFAC0Eg"> </div> Market Price Variance Risk. The Fund bears the risk that the market price that it pays for an inverse ETF will not be equal to the ETF’s true value.<div id="xdx_C08_gRBRTB-UKZDBO_zHnxDB9zNKS9"> </div> Market Risk. Overall market risks may also affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, tariffs and trade wars, international conflicts, and political events affect the securities markets. Options Risk. There are risks associated with the Fund’s options-based hedging strategy. This strategy involves the sale and purchase of call and put options on ETFs, indices, interest rates and volatility. Generally, options may not be an effective hedge because they may have imperfect correlation to the value of the Fund’s portfolio securities. Additionally, the underlying reference instrument on which the option is based may have imperfect correlation to the value of the Fund’s portfolio securities. As the buyer of a call option, the Fund risks losing the entire premium invested in the option if the underlying reference instrument does not rise above the strike price, which means the option will expire worthless. As the buyer of a put option, the Fund risks losing the entire premium invested in the option if the underlying reference instrument does not fall below the strike price, which means the option will expire worthless. Additionally, purchased options may decline in value due to changes in price of the underlying reference instrument, passage of time and changes in volatility. As a seller (writer) of a put option, the Fund will lose money if the value of the underlying reference instrument falls below the strike price. As a seller (writer) of a call option, the Fund will lose money if the value of the underlying reference instrument rises above the strike price. The Fund’s losses are potentially large in a written put transaction and potentially unlimited in an unhedged written call transaction. Option premiums are treated as short-term capital gains and, when distributed to shareholders, are usually taxable as ordinary income, which may have a higher tax rate than long-term capital gains for shareholders holding Fund shares in a taxable account. Options are also subject to leverage and volatility risk, liquidity risk, tracking risk, and sub-strategy risk.<div id="xdx_C0E_gRBRTB-UKZDBO_zarXmOQAaPEc"> </div> Options Market Risk. Markets for options and options on futures contracts may not always operate on a fair and orderly basis. At times, prices for options and options on futures contracts may not represent fair market value and prices may be subject to manipulation, which may be extreme under some circumstances. The dysfunction and manipulation of volatility and options markets may make it difficult for the Fund to effectively implement its investment strategy and achieve its objectives, and could potentially lead to significant losses.<div id="xdx_C0F_gRBRTB-UKZDBO_zysp3YWnWFlh"> </div> Over-the-Counter (“OTC”) Trading Risk. Certain of the derivatives in which the Fund may invest may be traded (and privately negotiated) in the OTC market. While the OTC derivatives market is the primary trading venue for many derivatives, it is largely unregulated. As a result, and similar to other privately negotiated contracts, the Fund is subject to counterparty credit risk with respect to such derivative contracts.<div id="xdx_C0D_gRBRTB-UKZDBO_zxFBBGMpmWfc"> </div> Preferred Stock Risk. The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.<div id="xdx_C03_gRBRTB-UKZDBO_zwRb1KXSITz9"> </div> Prepayment and Extension Risk. Prepayment risk is the risk that principal on a debt obligation may be repaid earlier than anticipated. Extension risk is the risk that principal on a debt obligation may be repaid later than anticipated. Prepayment and extension risk may impact the Fund’s profits.<div id="xdx_C01_gRBRTB-UKZDBO_zO1EohMmaa24"> </div> Real Estate and REIT Risk. The Fund is subject to the risks of the real estate market as a whole, such as taxation, regulations and economic and political factors that negatively impact the real estate market and the direct ownership of real estate. These may include decreases in real estate values, overbuilding, rising operating costs, interest rates and property taxes. In addition, some real estate-related investments are not fully diversified and are subject to the risks associated with financing a limited number of projects. Investing in REITs involves certain unique risks in addition to those associated with the real estate sector generally. REITs whose underlying properties are concentrated in a particular industry or region are also subject to risks affecting such industries and regions. REITs (especially mortgage REITs) are also subject to interest rate risks. By investing in REITs through the Fund, a shareholder will bear expenses of the REITs in addition to Fund expenses.<div id="xdx_C0A_gRBRTB-UKZDBO_z2ZV4eX7mFe"> </div> Regulatory Risk. Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund.<div id="xdx_C0F_gRBRTB-UKZDBO_zbOalw0LF2b1"> </div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAndReverseRepurchaseAgreementsRiskMember_zfXBVW5O2VQ5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Repurchase and Reverse Repurchase Agreements Risk. The Fund may enter into repurchase agreements in which it purchases a security (known as the “underlying security”) from a securities dealer or bank. In the event of a bankruptcy or other default by the seller of a repurchase agreement, the Fund could experience delays in liquidating the underlying security, and losses in the event of a decline in the value of the underlying security, while the Fund is seeking to enforce its rights under the repurchase agreement. Reverse repurchase agreements involve the sale of securities held by the Fund with an agreement to repurchase the securities at an agreed-upon price, date and interest payment, and involve the risk that (i) the other party may fail to return the securities in a timely manner, or at all, and (ii) the market value of assets that are required to be repurchased decline below the purchase price of the asset that has to be sold, resulting in losses to the Fund.<div id="xdx_C05_gRBRTB-UKZDBO_z1YX6q2bWPu8"> </div> Security Risk. The value of the Fund may decrease in response to the activities and financial prospects of an individual security or group of securities in the Fund’s portfolio.<div id="xdx_C01_gRBRTB-UKZDBO_z1g9tAqyFTtg"> </div> Structured Note Risk. Structured notes are subject to credit risk, default risk, adverse changes in the index or reference asset to which payments are linked, and may involve leverage risk. Sub-Prime Mortgage Risk. Lower-quality notes, such as those considered “sub-prime,” are more likely to default than those considered “prime” by a rating evaluation agency or service provider. An economic downturn or period of rising interest rates could adversely affect the market for “sub-prime” notes and reduce the Fund’s ability to sell these securities. The lack of a liquid market for these securities could decrease the Fund’s share price. Additionally, borrowers may seek bankruptcy protection, which would delay resolution of security holder claims and may eliminate or materially reduce liquidity.<div id="xdx_C0F_gRBRTB-UKZDBO_zmzR6K1uiglh"> </div> U.S. Government Obligations Risk. The Fund may invest in U.S. government or agency obligations. Securities issued or guaranteed by federal agencies and U.S. government sponsored entities are not usually backed by the full faith and credit of the U.S. government.<div id="xdx_C0B_gRBRTB-UKZDBO_z83mB4BxKV7c"> </div> Volatility Risk. Using derivatives that can create leverage, which can amplify the effects of market volatility on the Fund’s share price and make the Fund’s returns more volatile, which means that the Fund’s performance may be subject to substantial short term changes up or down. Performance: The bar chart shown below provides an indication of the risks of investing in the Fund by showing the total return of its Class A shares for each of the last ten full calendar years. Although Class C and Class I shares have similar annual returns to Class A shares because the classes are invested in the same portfolio of securities, the returns for Class C and Class I shares are different from Class A shares because Class C and Class I shares have different expenses than Class A shares. The accompanying table shows how the Fund’s average annual returns compare over time with those of a broad-based market index. Sales charges are reflected in the information shown below in the table, but the information shown in the bar chart does not reflect sales charges and, if it did, returns would be lower. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available at no cost by calling 1-844-ACFUNDS (844-223-8637). The bar chart shown below provides an indication of the risks of investing in the Fund by showing the total return of its Class A shares for each of the last ten full calendar years. Sales charges are reflected in the information shown below in the table, but the information shown in the bar chart does not reflect sales charges and, if it did, returns would be lower. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. 1-844-ACFUNDS (844-223-8637) AlphaCentric Income Opportunities Fund Annual Total Returns <div id="xdx_A83_eoef--BarChartTableTextBlock_zDMznF2q9UBa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zEUfwIMTDOUf" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: center"> <td style="text-align: center; width: 10%"> </td> <td id="xdx_499_20160101__20161231_z24NlLD5FXs9" style="text-align: center; width: 9%">2016</td> <td id="xdx_495_20170101__20171231_zNXKscuAvYda" style="text-align: center; width: 9%">2017</td> <td id="xdx_49D_20180101__20181231_zABqiIaR9X5c" style="text-align: center; width: 9%">2018</td> <td id="xdx_492_20190101__20191231_znkg6oN08Fnk" style="text-align: center; width: 9%">2019</td> <td id="xdx_498_20200101__20201231_z7MWnMQ4QOke" style="text-align: center; width: 9%">2020</td> <td id="xdx_495_20210101__20211231_zrV3DURnzvv6" style="text-align: center; width: 9%">2021</td> <td id="xdx_49D_20220101__20221231_zX8vuXQJAZFh" style="text-align: center; width: 9%">2022</td> <td id="xdx_494_20230101__20231231_z5yxUMt6WTZe" style="text-align: center; width: 9%">2023</td> <td id="xdx_49A_20240101__20241231_zhiRqsW9RVzg" style="text-align: center; width: 9%">2024</td> <td id="xdx_49A_20250101__20251231_zAAagZyBKC21" style="text-align: center; width: 9%">2025</td></tr> <tr id="xdx_40C_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000048680Member__oef--ClassAxis__custom--C000153405Member_zj7dOh3WuCqc" style="vertical-align: top; text-align: center"> <td> </td> <td>9.43%</td> <td>13.71%</td> <td>4.29%</td> <td>11.58%</td> <td>-10.84%</td> <td>14.75%</td> <td>-21.91%</td> <td>-5.76%</td> <td>-0.62%</td> <td>8.83%</td></tr> </table> <img alt="(BAR CHAT)" src="al002_v1.jpg"/> 0.0943 0.1371 0.0429 0.1158 -0.1084 0.1475 -0.2191 -0.0576 -0.0062 0.0883 During the period shown in the bar chart, the highest return for a quarter was 20.92% (quarter ended June 30, 2020), and the lowest return for a quarter was (36.22)% (quarter ended March 31, 2020). The Fund’s Class A shares year-to-date return for the period ended June 30, 2026 was 1.14%. the highest return for a quarter 0.2092 2020-06-30 the lowest return for a quarter -0.3622 2020-03-31 The Fund’s Class A shares year-to-date return 2026-06-30 0.0114 AlphaCentric Income Opportunities Fund Average Annual Total Returns (for the periods ended December 31, 2025) <div id="xdx_A8C_eoef--PerformanceTableTextBlock_ztE1NL4ap6tc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zU8X2eAxT01i" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #D9D9D9"> <td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; width: 50%">Class A Shares</td> <td id="xdx_49A_20250101__20251231_z7vZw2mpaPke" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; width: 12%; text-align: center">1 Year</td> <td id="xdx_496_20210101__20251231_zb3hjfey54ta" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; width: 12%; text-align: center">5 Year</td> <td id="xdx_494_20160101__20251231_zjChfBOBKUZc" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; width: 16%; text-align: center">10 Year</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000048680Member__oef--ClassAxis__custom--C000153405Member_zltBPhy3NSf6" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Return Before Taxes</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">3.61%</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">(2.75)%</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">1.17%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000048680Member__oef--ClassAxis__custom--C000153405Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zqYJQGW89noj" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Return After Taxes on Distributions</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">1.95%</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">(4.05)%</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">(0.45)%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000048680Member__oef--ClassAxis__custom--C000153405Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zEikQqc0D3ik" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2.10%</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">(2.59)%</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">0.24%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #D9D9D9"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Class C Shares</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000048680Member__oef--ClassAxis__custom--C000153406Member_zBE7qiH4LIT6" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Return Before Taxes</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">8.05%</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">(2.52)%</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">0.91%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #D9D9D9"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Class I Shares</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000048680Member__oef--ClassAxis__custom--C000153407Member_z4m73GPArQyl" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Return Before Taxes</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">9.09%</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">(1.56)%</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">1.92%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000048680Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zFIIoJY6i0fa" style="font: 10pt Times New Roman, Times, Serif; background-color: #D9D9D9"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">7.30%</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">(0.36)%</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">2.01%</td></tr> </table> Return Before Taxes 0.0361 -0.0275 0.0117 0.0195 -0.0405 -0.0045 0.0210 -0.0259 0.0024 Return Before Taxes 0.0805 -0.0252 0.0091 Return Before Taxes 0.0909 -0.0156 0.0192 reflects no deduction for fees, expenses or taxes 0.0730 -0.0036 0.0201 After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold Fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are only shown for Class A shares. After-tax returns for other share classes will vary. After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold Fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are only shown for Class A shares. After-tax returns for other share classes will vary. FUND SUMMARY: ALPHACENTRIC LIFE SCIENCES AND HEALTHCARE FUND Investment Objective: The Fund’s investment objective is long-term capital appreciation. Fees and Expenses of the Fund: This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and is included in the section of the Fund’s prospectus entitled How to Buy Shares on page 73 and “Appendix A – Intermediary-Specific Sales Charge Reductions and Waivers” and in the sections of the Fund’s Statement of Additional Information entitled Reduction of Up-Front Sales Charge on Class A Shares on page 62 and Waiver of Up-Front Sales Charge on Class A Shares on page 63. You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8A_eoef--ShareholderFeesTableTextBlock_z3IAOEK7wBgk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_znrpP6RI0a6k" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #E0E0E0"> <td style="border: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; width: 60%">Shareholder Fees (fees paid directly from your investment)</td> <td id="xdx_497_20260728__20260728__dei--LegalEntityAxis__custom--S000067055Member__oef--ClassAxis__custom--C000215731Member_zsDtcvhAnTJe" style="border-top: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; width: 10%; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Class A</td> <td id="xdx_496_20260728__20260728__dei--LegalEntityAxis__custom--S000067055Member__oef--ClassAxis__custom--C000215729Member_zg5rKZiq8Kj1" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; width: 10%; text-align: center">Class C</td> <td id="xdx_499_20260728__20260728__dei--LegalEntityAxis__custom--S000067055Member__oef--ClassAxis__custom--C000215730Member_zhpnZ7IqJQR3" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; width: 10%; text-align: center">Class I</td></tr> <tr id="xdx_407_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zm9lrjID942i" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid">Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">5.75%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">None</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_401_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_zMJ816RMIebf" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid">Maximum Deferred Sales Charge (Load)</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">1.00%1</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">None</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_404_eoef--MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther_dpn_z7xq0evrorvi" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid">Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">None</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">None</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_407_eoef--RedemptionFeeOverRedemption_dn_zJvEalKrA4m5" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify">Redemption Fee</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">None</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">None</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">None</td></tr> </table> 0.0575 0 0 0.0100 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zaCNlFUpqSJ3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_z6QENc6jVLC9" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #E0E0E0"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 60%">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_497_20260728__20260728__dei--LegalEntityAxis__custom--S000067055Member__oef--ClassAxis__custom--C000215731Member_zd9gi185qjul" style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center; width: 10%"> </td> <td id="xdx_496_20260728__20260728__dei--LegalEntityAxis__custom--S000067055Member__oef--ClassAxis__custom--C000215729Member_zzAyEkNty6Ih" style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center; width: 10%"> </td> <td id="xdx_499_20260728__20260728__dei--LegalEntityAxis__custom--S000067055Member__oef--ClassAxis__custom--C000215730Member_zPVRaWxoBxXe" style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center; width: 10%"> </td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_zFMLq9FZAQk" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid">Management Fees</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">1.25%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">1.25%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">1.25%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zuVvrPqTGt8d" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid">Distribution and Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">0.25%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">1.00%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zd27Fp0Hb3na" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid">Other Expenses</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">0.82%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">0.82%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">0.82%</td></tr> <tr id="xdx_40E_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zZ85GEuaAbEk" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">0.01%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">0.01%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">0.01%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zvxoAFKp9ql4" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">2.33%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">3.08%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">2.08%</td></tr> <tr id="xdx_406_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zoWK8K39YQc6" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid">Fee Waiver and/or Expense Reimbursement3</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">(0.67)%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">(0.67)%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">(0.67)%</td></tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dpn_zw8LFqbMnQmd" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">1.66%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">2.41%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">1.41%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">1.</td><td style="text-align: justify">The 1.00% maximum deferred sales charge may be assessed in the case of investments at or above the $1 million breakpoint (where you do not pay an initial sales charge) on shares redeemed within eighteen months of purchase.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; width: 90%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0in; padding-right: 0pt; padding-bottom: 0pt"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.25in; padding-right: 0pt; padding-bottom: 0pt">2.</td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; text-align: justify; padding-right: 0pt; padding-bottom: 0pt">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The total annual fund operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; width: 90%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0in; padding-right: 0pt; padding-bottom: 0pt"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.25in; padding-right: 0pt; padding-bottom: 0pt">3.</td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; text-align: justify; padding-right: 0pt; padding-bottom: 0pt">AlphaCentric Advisors LLC (the “Advisor”) has contractually agreed to waive advisory fees and/or reimburse expenses of the Fund to the extent necessary to limit total annual fund 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 1.65%, 2.40% and 1.40% of the Class A shares, Class C shares and Class I shares, respectively, through July 31, 2027. This agreement may be terminated by the Trust’s Board of Trustees only on 60 days’ written notice to the Advisor, by the Advisor with the consent of the Board of Trustees, or upon the termination of the advisory agreement between the Trust and the Advisor. Fee waivers and expense reimbursements are subject to possible recoupment by the Advisor from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed), so long as such recoupment does not cause the Fund’s expense ratio (after the repayment is taken into account) to exceed both: (i) the Fund’s expense limitation at the time such expenses were waived, and (ii) the Fund’s current expense limitation at the time of recoupment.</td></tr></table> 0.0125 0.0125 0.0125 0.0025 0.0100 0.0000 0.0082 0.0082 0.0082 0.0001 0.0001 0.0001 0.0233 0.0308 0.0208 -0.0067 -0.0067 -0.0067 0.0166 0.0241 0.0141 The total annual fund operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. July 31, 2027 Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then hold or redeem all of your shares at the end of those periods. The Example only accounts for the Fund’s expense limitation in place through its expiration period, July 31, 2027, and then depicts the Fund’s total annual expenses thereafter. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zzwTYS8db60j"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zV4nA8KWwVAe" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; width: 15%; text-align: center">Year</td> <td id="xdx_497_20260728__20260728__dei--LegalEntityAxis__custom--S000067055Member__oef--ClassAxis__custom--C000215731Member_zve23cBCoHb4" style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; width: 15%; text-align: center">Class A</td> <td id="xdx_496_20260728__20260728__dei--LegalEntityAxis__custom--S000067055Member__oef--ClassAxis__custom--C000215729Member_zg3vyqb2Hpu5" style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; width: 15%; text-align: center">Class C</td> <td id="xdx_499_20260728__20260728__dei--LegalEntityAxis__custom--S000067055Member__oef--ClassAxis__custom--C000215730Member_zDvSxVjsQNo9" style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; width: 15%; text-align: center">Class I</td></tr> <tr id="xdx_408_eoef--ExpenseExampleYear01_zcdyKNfixlEd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">1</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">$734</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">$244</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">$144</td></tr> <tr id="xdx_40B_eoef--ExpenseExampleYear03_zez4ocbwcT05" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">3</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">$1,200</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">$888</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">$587</td></tr> <tr id="xdx_401_eoef--ExpenseExampleYear05_zlmFOwQJZoWg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">5</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">$1,691</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">$1,557</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">$1,057</td></tr> <tr id="xdx_40D_eoef--ExpenseExampleYear10_zQexn4wmwOVh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">10</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">$3,039</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">$3,346</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">$2,357</td></tr> </table> 734 244 144 1200 888 587 1691 1557 1057 3039 3346 2357 Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The portfolio turnover rate of the Fund for the fiscal year ended March 31, 2026 was 107% of the average value of its portfolio. 1.07 Principal Investment Strategies: The Fund seeks to achieve its investment objective by investing in the life sciences and healthcare related companies that the Fund’s investment sub-advisor, Kennedy Capital Management LLC (the “Sub-Advisor”), believes have the potential to appreciate in value. Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the securities of companies in the life sciences and healthcare sectors, which the Fund defines to be the category of companies related to producing or supplying facilities, supplies, technology, pharmaceuticals, equipment, devices or services for the preservation and care of a person’s or animal’s health. The Fund invests in equity securities, primarily common stock, of these companies and may also invest, from time to time, in exchange traded funds (“ETFs”) that primarily invest in these companies. The Fund defines life sciences and healthcare companies to include those companies that are expected to derive 50% or more of their revenue from life sciences and healthcare-related products and services. These companies may include development stage companies, which are entities devoting substantially all of their efforts to establishing a business for which commercial operations have not commenced or no significant revenue is being generated. The Fund may invest up to 15% of the Fund’s net assets in private and other companies whose securities may have legal or contractual restrictions on resale or are otherwise illiquid, such as initial public offerings (“IPOs”), mezzanine financing offerings and other structured transactions. The Fund may invest in securities of companies of any market capitalization and in foreign companies, either directly or through American Depositary Receipts (“ADRs”). The Fund concentrates its investments (i.e., invests more than 25% of its assets) in the biotech and pharmaceutical; health care facilities and services; and medical equipment and devices industries, collectively. Each of these industries are commonly categorized within the healthcare sector because they share similar distribution channels and regulatory constraints. For hedging purposes, or when the Sub-Advisor anticipates significant price changes due to company or market moving events, the Fund may also invest in inverse ETFs and purchase and sell call and put options on equity securities of life sciences and healthcare companies. The Sub-Advisor begins the investment selection process by systematically screening the universe of life sciences and healthcare companies using fundamental scientific and medical literature review, and input from leading scientific and medical experts, to identify highly innovative thematic areas of interest. Financial analysis, market projections and corporate diligence are then performed to select the Fund’s investments. The Fund actively trades its portfolio investments, which may lead to higher transaction costs that may affect the Fund’s performance. As with any mutual fund, there is no guarantee that the Fund will achieve its objective. Investment markets are unpredictable and there will be certain market conditions where the Fund will not meet its investment objective and will lose money. The Fund’s net asset value (“NAV”) and returns will vary and you could lose money on your investment in the Fund, and those losses could be significant. The following summarizes the principal risks of investing in the Fund. These risks could adversely affect the net asset value, total return and value of the Fund and your investment. Acquired Funds Risk. Because the Fund may invest in other investment companies, the value of your investment will fluctuate in response to the performance of the acquired funds. Investing in acquired funds involves certain additional expenses and certain tax results that would not arise if you invested directly in the securities of the acquired funds. ADRs Risk. ADRs, which are typically issued by a bank, are certificates that evidence ownership of shares of a foreign company and are alternatives to purchasing foreign securities directly in their national markets and currencies. ADRs are subject to the same risks as direct investment in foreign companies and involve risks that are not found in investments in U.S. companies. Development Stage Company Risk. The Fund may invest a substantial portion of the portfolio in development stage companies that are not generating meaningful revenue. Equity Security Risk. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. Warrants and rights may expire worthless if the price of a common stock is below the conversion price of the warrant or right. Investor perceptions are based on various and unpredictable factors, including expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic and banking crises. Exchange-Traded Funds (“ETFs”) Risk. The ETFs (“Underlying Funds”) in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the Underlying Funds and may be higher than other mutual funds that invest directly in stocks and bonds. Each of the Underlying Funds is subject to its own specific risks, but the Sub-Advisor expects the principal investment risks of such Underlying Funds will be similar to the risks of investing in the Fund. Like an open-end investment company (mutual fund), the value of an ETF can fluctuate based on the prices of the securities owned by the ETF, and ETFs are also subject to the following additional risks: (i) the ETF’s market price may be less than its net asset value; (ii) an active market for the ETF may not develop; and (iii) market trading in the ETF may be halted under certain circumstances. 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 Fund 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. Foreign Investment Risk. Since the Fund’s investments may include ADRs and foreign securities, the Fund is subject to risks beyond those associated with investing in domestic securities. The value of foreign securities is subject to currency fluctuations. Foreign companies are generally not subject to the same regulatory requirements of U.S. companies, thereby resulting in less publicly available information about these companies. In addition, foreign accounting, auditing and financial reporting standards generally differ from those applicable to U.S. companies. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--GrowthStockRiskMember_zrjK7U49Eo18" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in">Growth Stock Risk. “Growth” stocks can react differently to issuer, political, market, and economic developments than the market as a whole and other types of stocks. “Growth” stocks also tend to be more expensive relative to their earnings or assets compared to other types of stocks. As a result, “growth” stocks tend to be sensitive to changes in their earnings and more volatile in price than the stock market as a whole. In addition, companies that the Advisor or Sub-Advisor believes have significant growth potential are often companies with new, limited or cyclical product lines, markets or financial resources, and the management of such companies may be dependent upon one or a few key people. The stocks of such companies can therefore be subject to more abrupt or erratic market movements than stocks of larger, more established companies or the stock market in general. Healthcare Sector Risk. Companies in the healthcare sector, including drug-related companies, may be heavily dependent on clinical trials with uncertain outcomes and decisions made by governments and regulatory authorities. Further, these companies are dependent on patent protection, and the expiration of patents may adversely affect the profitability of the companies. Additionally, the profitability of some healthcare and life sciences companies may be dependent on a relatively limited number of products, and their products can become obsolete due to sector innovation, changes in technologies or other market developments. Hedging Risk. Hedging is a strategy in which the Fund uses a derivative to offset 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. The Fund is not required to use hedging and may choose not to do so. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryConcentrationRiskMember_gRBRTB-MMMPPS_zRCgl8WlOmg3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Industry Concentration Risk. The Fund may be susceptible to an increased risk of loss, including losses due to adverse occurrences affecting the Fund more than the market as a whole, because the Fund’s investments are concentrated in the biotech and pharmaceutical; health care facilities and services; and medical equipment and devices industries, collectively. <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--BiotechAndPharmaceuticalIndustryRiskMember_zr6iFyI8Zfj"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.25in; padding-right: 0pt; padding-bottom: 0pt"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.25in; padding-right: 0pt; padding-bottom: 0pt">●</td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; text-align: justify; padding-right: 0pt; padding-bottom: 0pt">Biotech and Pharmaceutical Industry Risk: The profitability of these companies is highly dependent on the development, procurement and marketing of drugs and the development, protection and exploitation of intellectual property rights and other proprietary information. These companies may be significantly affected by the expiration of patents or the loss of, or the inability to enforce, intellectual property rights. Research and other costs associated with developing or procuring new drugs and the related intellectual property rights can be significant and may not be successful. Many pharmaceutical companies face intense competition from new products and less costly generic products, which may make it difficult to raise the prices of their products and may result in price discounting. In addition, the process for obtaining regulatory approval from the U.S. Food and Drug Administration or other governmental regulatory authorities is long and costly, and there is no assurance that the necessary approvals will be obtained or maintained by these companies.</td></tr></table></div> These companies may be adversely affected by government regulation and changes in reimbursement rates from third-party payors, such as Medicare, Medicaid and other government-sponsored programs, private health insurance plans and health maintenance organizations. The profitability of these companies may be dependent on a relatively limited number of products. Additionally, their products can become obsolete due to industry innovation, changes in technologies or other market developments. <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--HealthcareFacilitiesAndServicesIndustryRiskMember_zraaAkvprjhd"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.25in; padding-right: 0pt; padding-bottom: 0pt"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.25in; padding-right: 0pt; padding-bottom: 0pt">●</td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; text-align: justify; padding-right: 0pt; padding-bottom: 0pt">Healthcare Facilities and Services Industry Risk: The companies in this industry are likely to react similarly to legislative or regulatory changes, adverse market conditions and/or increased competition affecting their market segment. Due to the rapid pace of technological development, there is the risk that the products and services developed by these companies may become rapidly obsolete or have relatively short product cycles. There is also the risk that the products and services offered by these companies will not meet expectations or even reach the marketplace.</td></tr></table></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MedicalEquipmentAndDevicesIndustryRiskMember_z9mTBIy22TEd"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.25in; padding-right: 0pt; padding-bottom: 0pt"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.25in; padding-right: 0pt; padding-bottom: 0pt">●</td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; text-align: justify; padding-right: 0pt; padding-bottom: 0pt">Medical Equipment and Devices Industry Risk: Many companies in the medical equipment and devices industry are affected by the expiration of patents, litigation based on product liability, industry competition, product obsolescence and regulatory approvals, among other factors.</td></tr></table></div> Inverse ETF Risk. Investments in inverse ETFs will prevent the Fund from participating in market-wide or sector-wide gains and may not prove to be an effective hedge. Because of mathematical compounding, and because inverse ETFs have a single day investment objective to track the performance of a multiple of an index, the performance of an inverse ETF for periods greater than a single day is likely to be greater than or less than the actual multiple of the index even before accounting for the ETF’s fees and expenses. Compounding will cause longer term results to vary significantly from the stated multiple of the index, particularly during periods of higher index volatility. IPO Risk. The Fund invests in IPOs at the time of the initial offering and in post-IPO trading. The stocks of such companies are unseasoned equities lacking a trading history, a track record of reporting to investors and widely available research coverage. IPOs are thus often subject to extreme price volatility and speculative trading. These stocks may have above-average price appreciation in connection with the initial public offering prior to inclusion in the Fund. The price of stocks included in the Fund may not continue to appreciate. In addition, IPOs share similar liquidity risks as private equity and venture capital. Such liquidity risks exist when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations. The free float shares held by the public in an IPO are typically a small percentage of the market capitalization. The ownership of many IPOs often includes large holdings by venture capital and private equity investors who seek to sell their shares in the public market in the months following an IPO when shares restricted by lock-up are released, causing greater volatility and possible downward pressure during the time that locked-up shares are released. Large Capitalization Company Risk. Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller capitalization companies. During different market cycles, the performance of large capitalization companies has trailed the overall performance of the broader securities markets. Life Sciences Sector Risk. Companies in the life sciences sector, including drug related companies, may be heavily dependent on clinical trials with uncertain outcomes and decisions made by the governments and regulatory authorities. Further, these companies are dependent on patent protection, and the expiration of patents may adversely affect the profitability of the companies. Additionally, the profitability of some healthcare and life sciences companies may be dependent on a relatively limited number of products, and their products can become obsolete due to sector innovation, changes in technologies or other market developments. Liquidity Risk. Liquidity risk exists when particular 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. When the Fund holds illiquid investments, the Fund’s investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these investments to meet redemptions or for other cash needs, the Fund may suffer a loss. In addition, when there is illiquidity in the market for certain securities, the Fund, due to limitations on investments in illiquid investments, may be unable to achieve its desired level of exposure to a certain sector. 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. If the Fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, the Fund may be forced to sell at a loss. Management Risk. The portfolio manager’s judgments about the attractiveness, value and potential appreciation of particular securities in which the Fund invests may prove to be incorrect, and there is no guarantee that the portfolio manager’s judgments will produce the desired results. Market Price Variance Risk. The Fund bears the risk that the market price that it pays for an inverse ETF will not be equal to the ETF’s true value. Market Risk. Overall stock or bond market volatility may also affect the value of the Fund. Factors such as domestic and/or foreign economic growth and market conditions, interest rate levels, tariffs and trade wars, international conflicts, political events and terrorism affect the securities markets. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MediumMidCapitalizationCompanyRiskMember_zzzBbv43Smyl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Medium (Mid) Capitalization Company Risk. The earnings and prospects of medium-capitalization companies may be more volatile than larger companies, they may experience higher failure rates than larger companies and normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures. Micro Capitalization Company Risk. Micro capitalization companies may be newly formed or have limited product lines, distribution channels and financial and managerial resources. The risks associated with those investments are generally greater than those associated with investments in the securities of larger, more established companies. This may cause the Fund’s net asset value to be more volatile when compared to investment companies that focus only on large capitalization companies. Options Risk. As the seller (writer) of a covered call option, the Fund 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 because the Fund will no longer hold the underlying security. 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 the seller (writer) of a put option, the Fund will lose money if the value of the security falls below the strike price. The use of derivative instruments, such as options, involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments, including the risk that the counterparty to an options transaction may not fulfill its contractual obligations. Options Market Risk. Markets for options and options on futures contracts may not always operate on a fair and orderly basis. At times, prices for options and options on futures contracts may not represent fair market value and prices may be subject to manipulation, which may be extreme under some circumstances. The dysfunction and manipulation of volatility and options markets may make it difficult for the Fund to effectively implement its investment strategy and achieve its objectives, and could potentially lead to significant losses. Regulatory Risk. Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund. Security Risk. The value of the Fund may decrease in response to the activities and financial prospects of an individual security or group of securities in the Fund’s portfolio. There can be no guarantee the securities held by the Fund will appreciate in value. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallerCapitalizationCompanyRiskMember_zxk5lcVNX49l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Smaller Capitalization Company Risk. Smaller-sized companies may experience higher failure rates than larger companies and normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures, and such companies may have limited markets, product lines or financial resources, and may lack management experience. Structured Note Risk. The Fund may seek investment exposure to sectors through structured notes that may be exchange traded or may trade in the over-the-counter market. These notes are typically issued by banks or brokerage firms and have interest and/or principal payments which are linked to changes in the price level of certain assets or to the price performance of certain indices. The value of a structured note will be influenced by time to maturity, level of supply and demand for this type of note, interest rate and market volatility, changes in the issuer’s credit quality rating, and economic, legal, political, or other events that affect the industry. In addition, there may be a lag between a change in the value of the underlying reference asset and the value of the structured note. Structured notes may also be subject to counterparty risk. The Fund may also be exposed to increased transaction costs when it seeks to sell such notes in the secondary market. Turnover Risk. High portfolio turnover causes the Fund to incur higher transactional and brokerage costs, which may adversely affect the Fund’s performance. Acquired Funds Risk. Because the Fund may invest in other investment companies, the value of your investment will fluctuate in response to the performance of the acquired funds. Investing in acquired funds involves certain additional expenses and certain tax results that would not arise if you invested directly in the securities of the acquired funds.<div id="xdx_C03_gRBRTB-YSW_z45mnYcoDYw1"> </div> ADRs Risk. ADRs, which are typically issued by a bank, are certificates that evidence ownership of shares of a foreign company and are alternatives to purchasing foreign securities directly in their national markets and currencies. ADRs are subject to the same risks as direct investment in foreign companies and involve risks that are not found in investments in U.S. companies.<div id="xdx_C0C_gRBRTB-YSW_zxEcpdTQIz01"> </div> Development Stage Company Risk. The Fund may invest a substantial portion of the portfolio in development stage companies that are not generating meaningful revenue.<div id="xdx_C04_gRBRTB-YSW_zCFtwG4hVb37"> </div> Equity Security Risk. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. Warrants and rights may expire worthless if the price of a common stock is below the conversion price of the warrant or right. Investor perceptions are based on various and unpredictable factors, including expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic and banking crises. Exchange-Traded Funds (“ETFs”) Risk. The ETFs (“Underlying Funds”) in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the Underlying Funds and may be higher than other mutual funds that invest directly in stocks and bonds. Each of the Underlying Funds is subject to its own specific risks, but the Sub-Advisor expects the principal investment risks of such Underlying Funds will be similar to the risks of investing in the Fund. Like an open-end investment company (mutual fund), the value of an ETF can fluctuate based on the prices of the securities owned by the ETF, and ETFs are also subject to the following additional risks: (i) the ETF’s market price may be less than its net asset value; (ii) an active market for the ETF may not develop; and (iii) market trading in the ETF may be halted under certain circumstances.<div id="xdx_C01_gRBRTB-YSW_zWTb1a790sz4"> </div> 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.<div id="xdx_C09_gRBRTB-YSW_zawYynqwKIL"> </div> Foreign Exchanges Risk. A portion of the derivatives trades made by the Fund 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.<div id="xdx_C0E_gRBRTB-YSW_z4kndw1uv5Jg"> </div> Foreign Investment Risk. Since the Fund’s investments may include ADRs and foreign securities, the Fund is subject to risks beyond those associated with investing in domestic securities. The value of foreign securities is subject to currency fluctuations. Foreign companies are generally not subject to the same regulatory requirements of U.S. companies, thereby resulting in less publicly available information about these companies. In addition, foreign accounting, auditing and financial reporting standards generally differ from those applicable to U.S. companies.<div id="xdx_C02_gRBRTB-YSW_z2oI9EVbMtwl"> </div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--GrowthStockRiskMember_zrjK7U49Eo18" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in">Growth Stock Risk. “Growth” stocks can react differently to issuer, political, market, and economic developments than the market as a whole and other types of stocks. “Growth” stocks also tend to be more expensive relative to their earnings or assets compared to other types of stocks. As a result, “growth” stocks tend to be sensitive to changes in their earnings and more volatile in price than the stock market as a whole. In addition, companies that the Advisor or Sub-Advisor believes have significant growth potential are often companies with new, limited or cyclical product lines, markets or financial resources, and the management of such companies may be dependent upon one or a few key people. The stocks of such companies can therefore be subject to more abrupt or erratic market movements than stocks of larger, more established companies or the stock market in general.<div id="xdx_C05_gRBRTB-YSW_zKPqoYgopKse"> </div> Healthcare Sector Risk. Companies in the healthcare sector, including drug-related companies, may be heavily dependent on clinical trials with uncertain outcomes and decisions made by governments and regulatory authorities. Further, these companies are dependent on patent protection, and the expiration of patents may adversely affect the profitability of the companies. Additionally, the profitability of some healthcare and life sciences companies may be dependent on a relatively limited number of products, and their products can become obsolete due to sector innovation, changes in technologies or other market developments.<div id="xdx_C07_gRBRTB-YSW_z77bBantGd09"> </div> Hedging Risk. Hedging is a strategy in which the Fund uses a derivative to offset 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. The Fund is not required to use hedging and may choose not to do so.<div id="xdx_C0E_gRBRTB-YSW_zRZXCKLSq1wd"> </div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryConcentrationRiskMember_gRBRTB-MMMPPS_zRCgl8WlOmg3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Industry Concentration Risk. The Fund may be susceptible to an increased risk of loss, including losses due to adverse occurrences affecting the Fund more than the market as a whole, because the Fund’s investments are concentrated in the biotech and pharmaceutical; health care facilities and services; and medical equipment and devices industries, collectively.<div id="xdx_C01_gRBRTB-YSW_zHBzmiXaiPA4"> </div> <div id="xdx_C08_gRBRTB-YSW_z6ANgvoQKA5c"><div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--BiotechAndPharmaceuticalIndustryRiskMember_zr6iFyI8Zfj"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.25in; padding-right: 0pt; padding-bottom: 0pt"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.25in; padding-right: 0pt; padding-bottom: 0pt">●</td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; text-align: justify; padding-right: 0pt; padding-bottom: 0pt">Biotech and Pharmaceutical Industry Risk: The profitability of these companies is highly dependent on the development, procurement and marketing of drugs and the development, protection and exploitation of intellectual property rights and other proprietary information. These companies may be significantly affected by the expiration of patents or the loss of, or the inability to enforce, intellectual property rights. Research and other costs associated with developing or procuring new drugs and the related intellectual property rights can be significant and may not be successful. Many pharmaceutical companies face intense competition from new products and less costly generic products, which may make it difficult to raise the prices of their products and may result in price discounting. In addition, the process for obtaining regulatory approval from the U.S. Food and Drug Administration or other governmental regulatory authorities is long and costly, and there is no assurance that the necessary approvals will be obtained or maintained by these companies.</td></tr></table></div></div><div id="xdx_C0A_gRBRTB-YSW_zQ7XcK0D2jec"> </div><div id="xdx_C0E_gRBRTB-YSW_zyKiPllx3jBj">These companies may be adversely affected by government regulation and changes in reimbursement rates from third-party payors, such as Medicare, Medicaid and other government-sponsored programs, private health insurance plans and health maintenance organizations. The profitability of these companies may be dependent on a relatively limited number of products. Additionally, their products can become obsolete due to industry innovation, changes in technologies or other market developments.</div><div id="xdx_C03_gRBRTB-YSW_z7F7pvRibgnl"> </div><div id="xdx_C06_gRBRTB-YSW_z4fpqtwFk8F3"><div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--HealthcareFacilitiesAndServicesIndustryRiskMember_zraaAkvprjhd"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.25in; padding-right: 0pt; padding-bottom: 0pt"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.25in; padding-right: 0pt; padding-bottom: 0pt">●</td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; text-align: justify; padding-right: 0pt; padding-bottom: 0pt">Healthcare Facilities and Services Industry Risk: The companies in this industry are likely to react similarly to legislative or regulatory changes, adverse market conditions and/or increased competition affecting their market segment. Due to the rapid pace of technological development, there is the risk that the products and services developed by these companies may become rapidly obsolete or have relatively short product cycles. There is also the risk that the products and services offered by these companies will not meet expectations or even reach the marketplace.</td></tr></table></div></div><div id="xdx_C04_gRBRTB-YSW_z0xNqw35rZYh"> </div><div id="xdx_C0E_gRBRTB-YSW_zuiru7F0Jevd"><div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MedicalEquipmentAndDevicesIndustryRiskMember_z9mTBIy22TEd"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.25in; padding-right: 0pt; padding-bottom: 0pt"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.25in; padding-right: 0pt; padding-bottom: 0pt">●</td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; text-align: justify; padding-right: 0pt; padding-bottom: 0pt">Medical Equipment and Devices Industry Risk: Many companies in the medical equipment and devices industry are affected by the expiration of patents, litigation based on product liability, industry competition, product obsolescence and regulatory approvals, among other factors.</td></tr></table></div></div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--BiotechAndPharmaceuticalIndustryRiskMember_zr6iFyI8Zfj"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.25in; padding-right: 0pt; padding-bottom: 0pt"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.25in; padding-right: 0pt; padding-bottom: 0pt">●</td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; text-align: justify; padding-right: 0pt; padding-bottom: 0pt">Biotech and Pharmaceutical Industry Risk: The profitability of these companies is highly dependent on the development, procurement and marketing of drugs and the development, protection and exploitation of intellectual property rights and other proprietary information. These companies may be significantly affected by the expiration of patents or the loss of, or the inability to enforce, intellectual property rights. Research and other costs associated with developing or procuring new drugs and the related intellectual property rights can be significant and may not be successful. Many pharmaceutical companies face intense competition from new products and less costly generic products, which may make it difficult to raise the prices of their products and may result in price discounting. In addition, the process for obtaining regulatory approval from the U.S. Food and Drug Administration or other governmental regulatory authorities is long and costly, and there is no assurance that the necessary approvals will be obtained or maintained by these companies.</td></tr></table></div><div id="xdx_C0A_gRBRTB-MMMPPS_zpwDC5ZZAmR7"><div id="xdx_C0A_gRBRTB-YSW_zQ7XcK0D2jec"> </div></div> <div id="xdx_C06_gRBRTB-MMMPPS_zEFLnWvsx4Ig"><div id="xdx_C0E_gRBRTB-YSW_zyKiPllx3jBj">These companies may be adversely affected by government regulation and changes in reimbursement rates from third-party payors, such as Medicare, Medicaid and other government-sponsored programs, private health insurance plans and health maintenance organizations. The profitability of these companies may be dependent on a relatively limited number of products. Additionally, their products can become obsolete due to industry innovation, changes in technologies or other market developments.</div></div> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--HealthcareFacilitiesAndServicesIndustryRiskMember_zraaAkvprjhd"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.25in; padding-right: 0pt; padding-bottom: 0pt"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.25in; padding-right: 0pt; padding-bottom: 0pt">●</td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; text-align: justify; padding-right: 0pt; padding-bottom: 0pt">Healthcare Facilities and Services Industry Risk: The companies in this industry are likely to react similarly to legislative or regulatory changes, adverse market conditions and/or increased competition affecting their market segment. Due to the rapid pace of technological development, there is the risk that the products and services developed by these companies may become rapidly obsolete or have relatively short product cycles. There is also the risk that the products and services offered by these companies will not meet expectations or even reach the marketplace.</td></tr></table></div><div id="xdx_C09_gRBRTB-MMMPPS_zp8JPlQ75Ko5"><div id="xdx_C04_gRBRTB-YSW_z0xNqw35rZYh"> </div></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MedicalEquipmentAndDevicesIndustryRiskMember_z9mTBIy22TEd"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.25in; padding-right: 0pt; padding-bottom: 0pt"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.25in; padding-right: 0pt; padding-bottom: 0pt">●</td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; text-align: justify; padding-right: 0pt; padding-bottom: 0pt">Medical Equipment and Devices Industry Risk: Many companies in the medical equipment and devices industry are affected by the expiration of patents, litigation based on product liability, industry competition, product obsolescence and regulatory approvals, among other factors.</td></tr></table></div><div id="xdx_C0F_gRBRTB-YSW_zECQXmdWK1X4"> </div> Inverse ETF Risk. Investments in inverse ETFs will prevent the Fund from participating in market-wide or sector-wide gains and may not prove to be an effective hedge. Because of mathematical compounding, and because inverse ETFs have a single day investment objective to track the performance of a multiple of an index, the performance of an inverse ETF for periods greater than a single day is likely to be greater than or less than the actual multiple of the index even before accounting for the ETF’s fees and expenses. Compounding will cause longer term results to vary significantly from the stated multiple of the index, particularly during periods of higher index volatility.<div id="xdx_C02_gRBRTB-YSW_zydpWjSXcIQd"> </div> IPO Risk. The Fund invests in IPOs at the time of the initial offering and in post-IPO trading. The stocks of such companies are unseasoned equities lacking a trading history, a track record of reporting to investors and widely available research coverage. IPOs are thus often subject to extreme price volatility and speculative trading. These stocks may have above-average price appreciation in connection with the initial public offering prior to inclusion in the Fund. The price of stocks included in the Fund may not continue to appreciate. In addition, IPOs share similar liquidity risks as private equity and venture capital. Such liquidity risks exist when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations. The free float shares held by the public in an IPO are typically a small percentage of the market capitalization. The ownership of many IPOs often includes large holdings by venture capital and private equity investors who seek to sell their shares in the public market in the months following an IPO when shares restricted by lock-up are released, causing greater volatility and possible downward pressure during the time that locked-up shares are released.<div id="xdx_C0C_gRBRTB-YSW_z5IYx4bSdCfk"> </div> Large Capitalization Company Risk. Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller capitalization companies. During different market cycles, the performance of large capitalization companies has trailed the overall performance of the broader securities markets.<div id="xdx_C08_gRBRTB-YSW_ztSiiRrNbMS2"> </div> Life Sciences Sector Risk. Companies in the life sciences sector, including drug related companies, may be heavily dependent on clinical trials with uncertain outcomes and decisions made by the governments and regulatory authorities. Further, these companies are dependent on patent protection, and the expiration of patents may adversely affect the profitability of the companies. Additionally, the profitability of some healthcare and life sciences companies may be dependent on a relatively limited number of products, and their products can become obsolete due to sector innovation, changes in technologies or other market developments.<div id="xdx_C05_gRBRTB-YSW_zjGsdss8IyV4"> </div> Liquidity Risk. Liquidity risk exists when particular 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. When the Fund holds illiquid investments, the Fund’s investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these investments to meet redemptions or for other cash needs, the Fund may suffer a loss. In addition, when there is illiquidity in the market for certain securities, the Fund, due to limitations on investments in illiquid investments, may be unable to achieve its desired level of exposure to a certain sector. 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. If the Fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, the Fund may be forced to sell at a loss.<div id="xdx_C0F_gRBRTB-YSW_zLXzEZOfwkCe"> </div> Management Risk. The portfolio manager’s judgments about the attractiveness, value and potential appreciation of particular securities in which the Fund invests may prove to be incorrect, and there is no guarantee that the portfolio manager’s judgments will produce the desired results.<div id="xdx_C0C_gRBRTB-YSW_z9u7ktcM5Ntc"> </div> Market Price Variance Risk. The Fund bears the risk that the market price that it pays for an inverse ETF will not be equal to the ETF’s true value. Market Risk. Overall stock or bond market volatility may also affect the value of the Fund. Factors such as domestic and/or foreign economic growth and market conditions, interest rate levels, tariffs and trade wars, international conflicts, political events and terrorism affect the securities markets.<div id="xdx_C06_gRBRTB-YSW_zdeHMi2oABu5"> </div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MediumMidCapitalizationCompanyRiskMember_zzzBbv43Smyl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Medium (Mid) Capitalization Company Risk. The earnings and prospects of medium-capitalization companies may be more volatile than larger companies, they may experience higher failure rates than larger companies and normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures.<div id="xdx_C04_gRBRTB-YSW_zmYeugWUNQql"> </div> Micro Capitalization Company Risk. Micro capitalization companies may be newly formed or have limited product lines, distribution channels and financial and managerial resources. The risks associated with those investments are generally greater than those associated with investments in the securities of larger, more established companies. This may cause the Fund’s net asset value to be more volatile when compared to investment companies that focus only on large capitalization companies.<div id="xdx_C0D_gRBRTB-YSW_zpD8Ch25Modc"> </div> Options Risk. As the seller (writer) of a covered call option, the Fund 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 because the Fund will no longer hold the underlying security. 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 the seller (writer) of a put option, the Fund will lose money if the value of the security falls below the strike price. The use of derivative instruments, such as options, involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments, including the risk that the counterparty to an options transaction may not fulfill its contractual obligations.<div id="xdx_C0D_gRBRTB-YSW_z7ih8usCOzT6"> </div> Options Market Risk. Markets for options and options on futures contracts may not always operate on a fair and orderly basis. At times, prices for options and options on futures contracts may not represent fair market value and prices may be subject to manipulation, which may be extreme under some circumstances. The dysfunction and manipulation of volatility and options markets may make it difficult for the Fund to effectively implement its investment strategy and achieve its objectives, and could potentially lead to significant losses.<div id="xdx_C02_gRBRTB-YSW_z5cOdFgt2S4k"> </div> Regulatory Risk. Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund.<div id="xdx_C00_gRBRTB-YSW_z36Z3iCFDxE2"> </div> Security Risk. The value of the Fund may decrease in response to the activities and financial prospects of an individual security or group of securities in the Fund’s portfolio. There can be no guarantee the securities held by the Fund will appreciate in value.<div id="xdx_C0E_gRBRTB-YSW_z6ANIND99eLc"> </div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallerCapitalizationCompanyRiskMember_zxk5lcVNX49l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Smaller Capitalization Company Risk. Smaller-sized companies may experience higher failure rates than larger companies and normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures, and such companies may have limited markets, product lines or financial resources, and may lack management experience.<div id="xdx_C01_gRBRTB-YSW_zIUUEiPAqfvh"> </div> Structured Note Risk. The Fund may seek investment exposure to sectors through structured notes that may be exchange traded or may trade in the over-the-counter market. These notes are typically issued by banks or brokerage firms and have interest and/or principal payments which are linked to changes in the price level of certain assets or to the price performance of certain indices. The value of a structured note will be influenced by time to maturity, level of supply and demand for this type of note, interest rate and market volatility, changes in the issuer’s credit quality rating, and economic, legal, political, or other events that affect the industry. In addition, there may be a lag between a change in the value of the underlying reference asset and the value of the structured note. Structured notes may also be subject to counterparty risk. The Fund may also be exposed to increased transaction costs when it seeks to sell such notes in the secondary market.<div id="xdx_C09_gRBRTB-YSW_z5eRyeqeEhWi"> </div> Turnover Risk. High portfolio turnover causes the Fund to incur higher transactional and brokerage costs, which may adversely affect the Fund’s performance. Performance: The bar chart shown below provides an indication of the risks of investing in the Fund by showing the total return of its Class A shares for each full-calendar year since inception. Although Class C shares and Class I shares have similar annual returns to Class A shares because the classes are invested in the same portfolio of securities, the returns for Class C shares and Class I shares are different from Class A shares because Class C shares and Class I shares have different expenses than Class A shares. The accompanying table shows how the Fund’s average annual returns compare over time with those of a broad-based market index and supplemental indexes. Sales charges are reflected in the information shown below in the table, but the information shown in the bar chart does not reflect sales charges, and, if it did, returns would be lower. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available at no cost by calling 1-844-ACFUNDS (844-223-8637). The bar chart shown below provides an indication of the risks of investing in the Fund by showing the total return of its Class A shares for each full-calendar year since inception. Sales charges are reflected in the information shown below in the table, but the information shown in the bar chart does not reflect sales charges, and, if it did, returns would be lower. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. 1-844-ACFUNDS (844-223-8637) AlphaCentric Life Sciences and Healthcare Fund Annual Total Returns <div id="xdx_A8A_eoef--BarChartTableTextBlock_zjdA6VPo4Wq4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zwxvKdqL7Qs7" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: center"> <td style="text-align: center; width: 16%"> </td> <td id="xdx_493_20200101__20201231_ziya5tjzpMzc" style="text-align: center; width: 14%">2020</td> <td id="xdx_49F_20210101__20211231_zHCArB9XxBBa" style="text-align: center; width: 14%">2021</td> <td id="xdx_494_20220101__20221231_zggnG3VkDiZ3" style="text-align: center; width: 14%">2022</td> <td id="xdx_49D_20230101__20231231_zeEfAGRV0Ig" style="text-align: center; width: 14%">2023</td> <td id="xdx_491_20240101__20241231_zd3JfwHmpWhb" style="text-align: center; width: 14%">2024</td> <td id="xdx_491_20250101__20251231_zCrPJLWVpmak" style="text-align: center; width: 14%">2025</td></tr> <tr id="xdx_407_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000067055Member__oef--ClassAxis__custom--C000215731Member_z5M40mTQF2Ul" style="vertical-align: top; text-align: center"> <td> </td> <td>54.43%</td> <td>-3.61%</td> <td>-1.05%</td> <td>6.88%</td> <td>-0.44%</td> <td>27.89%</td></tr> </table> <img alt="(BAR CHAT)" src="al003_v1.jpg"/> 0.5443 -0.0361 -0.0105 0.0688 -0.0044 0.2789 During the period shown in the bar chart, the highest return for a quarter was 27.49% (quarter ended December 31, 2020), and the lowest return for a quarter was (11.88)% (quarter ended June 30, 2022). The Fund’s Class A shares year-to-date return for the period ended June 30, 2026 was 17.22%. the highest return for a quarter 0.2749 2020-12-31 the lowest return for a quarter -0.1188 2022-06-30 The Fund’s Class A shares year-to-date return 2026-06-30 0.1722 AlphaCentric Life Sciences and Healthcare Fund Average Annual Total Returns (for the periods ended December 31, 2025) <div id="xdx_A80_eoef--PerformanceTableTextBlock_zmHLWqGfsI0c"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zyhTDRe5eKm1" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #D9D9D9"> <td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; width: 50%">Class A Shares</td> <td id="xdx_491_20250101__20251231_zpt3lOHtWZZe" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; width: 12%; text-align: center">1 Year</td> <td id="xdx_492_20210101__20251231_zCyW9dJW5GY8" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; width: 12%; text-align: center">5 Year</td> <td id="xdx_497_20191129__20251231_zeSkxUMX1vRl" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; width: 16%; text-align: center">Since Inception (11/29/19)</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000067055Member__oef--ClassAxis__custom--C000215731Member_zomGENmB1DX5" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Return Before Taxes</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">20.57%</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">4.11%</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">11.25%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000067055Member__oef--ClassAxis__custom--C000215731Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zIIfELdll80f" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Return After Taxes on Distributions</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">20.09%</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">2.35%</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">9.53%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000067055Member__oef--ClassAxis__custom--C000215731Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z6RTyXWnlmVe" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">12.38%</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">2.34%</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">8.18%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #D9D9D9"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Class C Shares</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000067055Member__oef--ClassAxis__custom--C000215729Member_zM0Tkrd6LjXh" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Return Before Taxes</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">26.95%</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">4.57%</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">11.64%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #D9D9D9"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Class I Shares</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000067055Member__oef--ClassAxis__custom--C000215730Member_zIX9dVujaFt7" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Return Before Taxes</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">28.24%</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">5.61%</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">12.59%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000067055Member__oef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zM99dRmimwb5" style="font: 10pt Times New Roman, Times, Serif; background-color: #D9D9D9"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">S&P 500 Total Return Index (reflects no deduction for fees, expenses or taxes)</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">17.88%</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">14.42%</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">15.41%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000067055Member__oef--PerformanceMeasureAxis__custom--SAndPBiotechnologySelectIndustryTotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zU8I7xJJTGGa" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; background-color: rgb(217,217,217); padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">S&P Biotechnology Select Industry Total Return Index (reflects no deduction for fees, expenses or taxes)</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #D9D9D9; text-align: center">35.98%</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #D9D9D9; text-align: center">(2.57)%</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #D9D9D9; text-align: center">4.72%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000067055Member__oef--PerformanceMeasureAxis__custom--SAndP500HealthCareSectorTotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zSgm5Noa9IC2" style="font: 10pt Times New Roman, Times, Serif; background-color: #D9D9D9"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">S&P 500 Health Care Sector Total Return Index (reflects no deduction for fees, expenses or taxes)</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">14.60%</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">8.21%</td> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">9.56%</td></tr> </table> 2019-11-29 2019-11-29 2019-11-29 Return Before Taxes 0.2057 0.0411 0.1125 0.2009 0.0235 0.0953 0.1238 0.0234 0.0818 Return Before Taxes 0.2695 0.0457 0.1164 Return Before Taxes 0.2824 0.0561 0.1259 reflects no deduction for fees, expenses or taxes 0.1788 0.1442 0.1541 reflects no deduction for fees, expenses or taxes 0.3598 -0.0257 0.0472 reflects no deduction for fees, expenses or taxes 0.1460 0.0821 0.0956 After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold Fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are only shown for Class A shares. After-tax returns for other share classes will vary. After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold Fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are only shown for Class A shares. After-tax returns for other share classes will vary. FUND SUMMARY: ALPHACENTRIC PREMIUM OPPORTUNITY FUND Investment Objective: The Fund’s investment objective is to achieve long-term capital appreciation. Fees and Expenses of the Fund: This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and is included in the section of the Fund’s prospectus entitled How to Buy Shares on page 73 and Appendix A – Intermediary-Specific Sales Charge Reductions and Waivers, and in the sections of the Fund’s Statement of Additional Information entitled Reduction of Up-Front Sales Charge on Class A Shares on page 62 and Waiver of Up-Front Sales Charge on Class A Shares on page 63. You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A80_eoef--ShareholderFeesTableTextBlock_zZAc0gF42J13"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zqsbZ8ku1NRj" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #E0E0E0"> <td style="border: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; width: 60%">Shareholder Fees (fees paid directly from your investment)</td> <td id="xdx_49C_20260728__20260728__dei--LegalEntityAxis__custom--S000055006Member__oef--ClassAxis__custom--C000173003Member_zJhEufNau0ff" style="border-top: black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; width: 10%; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Class A</td> <td id="xdx_49E_20260728__20260728__dei--LegalEntityAxis__custom--S000055006Member__oef--ClassAxis__custom--C000173004Member_zJ3Z5Btikdl6" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; width: 10%; text-align: center">Class C</td> <td id="xdx_49F_20260728__20260728__dei--LegalEntityAxis__custom--S000055006Member__oef--ClassAxis__custom--C000173005Member_z0Cb1MnPBxVh" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; width: 10%; text-align: center">Class I</td></tr> <tr id="xdx_403_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zRf3RfblGaPi" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid">Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)</td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">5.75%</td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">None</td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_405_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_zRhneOLkIEfb" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid">Maximum Deferred Sales Charge (Load)</td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">1.00%1</td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">None</td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_405_eoef--MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther_dpn_zW1fNlMkaZS1" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid">Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions</td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">None</td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">None</td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_404_eoef--RedemptionFeeOverRedemption_dn_zaMMMkci6Kkk" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify">Redemption Fee</td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">None</td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">None</td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">None</td></tr> </table> 0.0575 0 0 0.0100 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_zWxMFQszwdvl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zRlLDMyAagL3" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #E0E0E0"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 60%">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49C_20260728__20260728__dei--LegalEntityAxis__custom--S000055006Member__oef--ClassAxis__custom--C000173003Member_zTumcFCvHCH2" style="border-right: black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center; width: 10%"> </td> <td id="xdx_49E_20260728__20260728__dei--LegalEntityAxis__custom--S000055006Member__oef--ClassAxis__custom--C000173004Member_zA7dHSd02Qnd" style="border-right: black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center; width: 10%"> </td> <td id="xdx_49F_20260728__20260728__dei--LegalEntityAxis__custom--S000055006Member__oef--ClassAxis__custom--C000173005Member_zJVLkXNP6LJ6" style="border-right: black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center; width: 10%"> </td></tr> <tr id="xdx_40A_eoef--ManagementFeesOverAssets_dpn_z0s94N4YUlK1" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid">Management Fees</td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">1.75%</td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">1.75%</td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">1.75%</td></tr> <tr id="xdx_408_eoef--DistributionAndService12b1FeesOverAssets_dpn_zXzkYcx21j6b" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid">Distribution and Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">0.25%</td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">1.00%</td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dpn_zsiB4SXkRtX" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid">Other Expenses</td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">0.66%</td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">0.66%</td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">0.66%</td></tr> <tr id="xdx_403_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zVGWPrK3GRj3" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">0.08%</td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">0.08%</td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">0.08%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_z6DJibQB3p9g" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">2.74%</td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">3.49%</td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">2.49%</td></tr> <tr id="xdx_407_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zgwahrXF7NVf" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid">Fee Waiver and/or Expense Reimbursement3</td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">(0.42)%</td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">(0.42)%</td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">(0.42)%</td></tr> <tr id="xdx_403_eoef--NetExpensesOverAssets_dpn_z2mkTFGMgzB3" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">2.32%</td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">3.07%</td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center">2.07%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">1.</td><td style="text-align: justify">The 1.00% maximum deferred sales charge may be assessed in the case of investments at or above the $1 million breakpoint (where you do not pay an initial sales charge) on shares redeemed within eighteen months of purchase.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">2.</td><td style="text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The total annual fund operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">3.</td><td style="text-align: justify">AlphaCentric Advisors LLC (the “Advisor”) has contractually agreed to waive advisory 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, 2027. This agreement may be terminated by the Trust’s Board of Trustees only on 60 days’ written notice to the Advisor, by the Advisor with the consent of the Board of Trustees, or upon the termination of the advisory agreement between the Trust and the Advisor. Fee waivers and expense reimbursements are subject to possible recoupment by the Advisor from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed), so long as such recoupment does not cause the Fund’s expense ratio (after the repayment is taken into account) to exceed both: (i) the Fund’s expense limitation at the time such expenses were waived, and (ii) the Fund’s current expense limitation at the time of recoupment.</td> </tr></table> 0.0175 0.0175 0.0175 0.0025 0.0100 0.0000 0.0066 0.0066 0.0066 0.0008 0.0008 0.0008 0.0274 0.0349 0.0249 -0.0042 -0.0042 -0.0042 0.0232 0.0307 0.0207 July 31, 2027 Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then hold or redeem all of your shares at the end of those periods. The Example only accounts for the Fund’s expense limitation in place through its expiration period, July 31, 2027, and then depicts the Fund’s total annual expenses thereafter. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zh0VxVRPlew9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zlvhFJtySMWa" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; width: 15%; text-align: center">Year</td> <td id="xdx_49C_20260728__20260728__dei--LegalEntityAxis__custom--S000055006Member__oef--ClassAxis__custom--C000173003Member_zyz9EdFou1He" style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; width: 15%; text-align: center">Class A</td> <td id="xdx_49E_20260728__20260728__dei--LegalEntityAxis__custom--S000055006Member__oef--ClassAxis__custom--C000173004Member_zpza4eoNL2Pl" style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; width: 15%; text-align: center">Class C</td> <td id="xdx_49F_20260728__20260728__dei--LegalEntityAxis__custom--S000055006Member__oef--ClassAxis__custom--C000173005Member_zcaKele3Rxm4" style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; width: 15%; text-align: center">Class I</td></tr> <tr id="xdx_403_eoef--ExpenseExampleYear01_z4LydwwslGW2" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">1</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; vertical-align: top; text-align: center">$797</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; vertical-align: top; text-align: center">$310</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; vertical-align: top; text-align: center">$210</td></tr> <tr id="xdx_40A_eoef--ExpenseExampleYear03_zRgpVPgSSYYb" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">3</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; vertical-align: top; text-align: center">$1,339</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; vertical-align: top; text-align: center">$1,032</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; vertical-align: top; text-align: center">$736</td></tr> <tr id="xdx_40F_eoef--ExpenseExampleYear05_zt069to7nw8e" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">5</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; vertical-align: top; text-align: center">$1,906</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; vertical-align: top; text-align: center">$1,776</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; vertical-align: top; text-align: center">$1,288</td></tr> <tr id="xdx_402_eoef--ExpenseExampleYear10_zrCi5u1lzC8j" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">10</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; vertical-align: top; text-align: center">$3,440</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; vertical-align: top; text-align: center">$3,738</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; vertical-align: top; text-align: center">$2,794</td></tr> </table> 797 310 210 1339 1032 736 1906 1776 1288 3440 3738 2794 Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The portfolio turnover rate of the Fund for the fiscal year ended March 31, 2026 was 0% of the average value of its portfolio. 0 Principal Investment Strategies: Under normal circumstances, the Fund seeks to achieve its investment objective by investing primarily in long and short futures contracts and call and put options on futures contracts on the S&P 500 Index (the “Index”); futures contracts on the Cboe Volatility Index; and cash and cash equivalents, including money market funds and treasury securities. The Fund may also invest in securities that represent the return of a securities index (such as exchange traded funds like the SPDR Trust Series I units); volatility exchange traded funds; and income securities of any maturity or credit quality (including lower quality fixed income securities, commonly referred to as “junk” bonds), and investment companies that invest in such income securities (including affiliated and unaffiliated investment companies). The Fund’s strategy employs a rules-based program that seeks to achieve its investment objective in multiple ways: (1) the Fund purchases stock index futures contracts and places option trades designed to make positive returns as the market rises; (2) the Fund collects premiums on options it sells; (3) the Fund may enter into positions designed to hedge or profit from either an increase or decrease in Index volatility; and (4) the Fund may increase or decrease the balance of puts and calls and futures contracts based on market direction. The Fund actively trades its portfolio investments, which may lead to higher transaction costs that may affect the Fund’s performance. As with any mutual fund, there is no guarantee that the Fund will achieve its objective. Investment markets are unpredictable, and there will be certain market conditions where the Fund will not meet its investment objective and will lose money. The Fund’s net asset value (“NAV”) and returns will vary and you could lose money on your investment in the Fund, and those losses could be significant. The following summarizes the principal risks of investing in the Fund. These risks could adversely affect the net asset value, total return and value of the Fund and your investment. Acquired Funds Risk. Because the Fund may invest in other investment companies, the value of your investment will fluctuate in response to the performance of the acquired funds. Investing in acquired funds involves certain additional expenses and certain tax results that would not arise if you invested directly in the securities of the acquired funds. Affiliated Investment Company Risk. The Fund may invest in affiliated underlying funds (the “Affiliated Funds”), unaffiliated underlying funds, or a combination of both. The Advisor, therefore, is subject to conflicts of interest in allocating the Fund’s assets among the Affiliated Funds. The Advisor will receive more revenue to the extent it selects an Affiliated Fund rather than an unaffiliated fund for inclusion in the Fund’s portfolio. In addition, the Advisor may have an incentive to allocate the Fund’s assets to those Affiliated Funds for which the net advisory fees payable to the Advisor are higher than the fees payable by other Affiliated Funds. Cash and Cash Equivalents Risk. At any time, the Fund may have significant investments in cash and cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time. Derivatives Risk. The 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) the risk of mispricing or improper valuation; and (iii) the risk that changes in the 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. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Fixed Income Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund 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 Fund. 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. Federal Reserve policy changes may expose fixed income and related markets to heightened volatility and may reduce liquidity for certain Fund investments, which could cause the value of the Fund’s investments and share price to decline. 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). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Futures Contract Risk. The successful use of futures contracts draws upon the Advisor’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 Advisor’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. Hedging Risk. 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. Index Risk. If the derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index. Junk Bond Risk. Lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund’s ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Fund’s share price. Leverage Risk. Using derivatives like futures contracts and options to increase the Fund’s combined long and short exposure creates leverage, which can magnify the Fund’s potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund’s share price. Liquidity Risk. Liquidity risk exists when particular 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. When the Fund holds illiquid investments, the Fund’s investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these investments to meet redemptions or for other cash needs, the Fund may suffer a loss. In addition, when there is illiquidity in the market for certain securities, the Fund, due to limitations on investments in illiquid investments, may be unable to achieve its desired level of exposure to a certain sector. 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. If the Fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, the Fund may be forced to sell at a loss. Management Risk. The portfolio manager’s judgments about the attractiveness, value and potential appreciation of particular securities in which the Fund invests may prove to be incorrect, and there is no guarantee that the portfolio manager’s judgment will produce the desired results. Market Risk. Overall stock market risks may also affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, tariffs and trade wars, international conflicts, and political events affect the securities markets. Options Risk. There are risks associated with the Fund’s options-based strategy. This strategy involves the sale and purchase of call and put options. As the buyer of a call option, the Fund risks losing the entire premium invested in the option if the underlying reference instrument does not rise above the strike price, which means the option will expire worthless. As the buyer of a put option, the Fund risks losing the entire premium invested in the option if the underlying reference instrument does not fall below the strike price, which means the option will expire worthless. Additionally, purchased options may decline in value due to changes in the price of the underlying reference instrument, passage of time and changes in volatility. As a seller (writer) of a put option, the Fund will lose money if the value of the underlying reference instrument falls below the strike price. As a seller (writer) of a call option, the Fund will lose money if the value of the underlying reference instrument rises above the strike price. The Fund’s losses are potentially large in a written put transaction and potentially unlimited in an unhedged written call transaction. Option premiums are treated as short-term capital gains and, when distributed to shareholders, are usually taxable as ordinary income, which may have a higher tax rate than long-term capital gains for shareholders holding Fund shares in a taxable account. Options are also subject to leverage and volatility risk, liquidity risk and tracking risk. Options Market Risk. Markets for options and options on futures may not always operate on a fair and orderly basis. At times, prices for options and options on futures may not represent fair market value and prices may be subject to manipulation, which may be extreme under some circumstances. The dysfunction and manipulation of volatility and options markets may make it difficult for the Fund to effectively implement its investment strategy and achieve its objectives, and could potentially lead to significant losses. Regulatory Risk: Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund. Turnover Risk. High portfolio turnover causes the Fund to incur higher transactional and brokerage costs, which may adversely affect the Fund’s performance. U.S. Government Obligations Risk. The Fund may invest in U.S. government or agency obligations. Securities issued or guaranteed by federal agencies and U.S. government sponsored entities may or may not be backed by the full faith and credit of the U.S. government. Volatility Risk. Using derivatives that can create leverage, which can amplify the effects of market volatility on the Fund’s share price and make the Fund’s returns more volatile, which means that the Fund’s performance may be subject to substantial short term changes up or down. Acquired Funds Risk. Because the Fund may invest in other investment companies, the value of your investment will fluctuate in response to the performance of the acquired funds. Investing in acquired funds involves certain additional expenses and certain tax results that would not arise if you invested directly in the securities of the acquired funds.<div id="xdx_C0A_gRBRTB-CWS_zydlCAwypGz8"> </div> Affiliated Investment Company Risk. The Fund may invest in affiliated underlying funds (the “Affiliated Funds”), unaffiliated underlying funds, or a combination of both. The Advisor, therefore, is subject to conflicts of interest in allocating the Fund’s assets among the Affiliated Funds. The Advisor will receive more revenue to the extent it selects an Affiliated Fund rather than an unaffiliated fund for inclusion in the Fund’s portfolio. In addition, the Advisor may have an incentive to allocate the Fund’s assets to those Affiliated Funds for which the net advisory fees payable to the Advisor are higher than the fees payable by other Affiliated Funds.<div id="xdx_C05_gRBRTB-CWS_zuHKnbIhlzdb"> </div> Cash and Cash Equivalents Risk. At any time, the Fund may have significant investments in cash and cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time.<div id="xdx_C00_gRBRTB-CWS_zHqBfSi5MQgc"> </div> Derivatives Risk. The 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) the risk of mispricing or improper valuation; and (iii) the risk that changes in the 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. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.<div id="xdx_C04_gRBRTB-CWS_z9u0F9KQNMM8"> </div> Fixed Income Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund 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 Fund. 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. Federal Reserve policy changes may expose fixed income and related markets to heightened volatility and may reduce liquidity for certain Fund investments, which could cause the value of the Fund’s investments and share price to decline. 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). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Futures Contract Risk. The successful use of futures contracts draws upon the Advisor’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 Advisor’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.<div id="xdx_C0A_gRBRTB-CWS_zoJjDOHat9j9"> </div> Hedging Risk. 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.<div id="xdx_C01_gRBRTB-CWS_zwb5bpUEoFt4"> </div> Index Risk. If the derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index.<div id="xdx_C03_gRBRTB-CWS_zZvmuUTZXvie"> </div> Junk Bond Risk. Lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund’s ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Fund’s share price.<div id="xdx_C07_gRBRTB-CWS_zEzjID0IGyuj"> </div> Leverage Risk. Using derivatives like futures contracts and options to increase the Fund’s combined long and short exposure creates leverage, which can magnify the Fund’s potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund’s share price.<div id="xdx_C00_gRBRTB-CWS_zGLAOgzutrl3"> </div> Liquidity Risk. Liquidity risk exists when particular 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. When the Fund holds illiquid investments, the Fund’s investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these investments to meet redemptions or for other cash needs, the Fund may suffer a loss. In addition, when there is illiquidity in the market for certain securities, the Fund, due to limitations on investments in illiquid investments, may be unable to achieve its desired level of exposure to a certain sector. 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. If the Fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, the Fund may be forced to sell at a loss.<div id="xdx_C09_gRBRTB-CWS_zH3Z8e4Y8dra"> </div> Management Risk. The portfolio manager’s judgments about the attractiveness, value and potential appreciation of particular securities in which the Fund invests may prove to be incorrect, and there is no guarantee that the portfolio manager’s judgment will produce the desired results.<div id="xdx_C04_gRBRTB-CWS_zi1OnKtk5Vl5"> </div> Market Risk. Overall stock market risks may also affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, tariffs and trade wars, international conflicts, and political events affect the securities markets.<div id="xdx_C06_gRBRTB-CWS_zZ1BZKqZ8sXb"> </div> Options Risk. There are risks associated with the Fund’s options-based strategy. This strategy involves the sale and purchase of call and put options. As the buyer of a call option, the Fund risks losing the entire premium invested in the option if the underlying reference instrument does not rise above the strike price, which means the option will expire worthless. As the buyer of a put option, the Fund risks losing the entire premium invested in the option if the underlying reference instrument does not fall below the strike price, which means the option will expire worthless. Additionally, purchased options may decline in value due to changes in the price of the underlying reference instrument, passage of time and changes in volatility. As a seller (writer) of a put option, the Fund will lose money if the value of the underlying reference instrument falls below the strike price. As a seller (writer) of a call option, the Fund will lose money if the value of the underlying reference instrument rises above the strike price. The Fund’s losses are potentially large in a written put transaction and potentially unlimited in an unhedged written call transaction. Option premiums are treated as short-term capital gains and, when distributed to shareholders, are usually taxable as ordinary income, which may have a higher tax rate than long-term capital gains for shareholders holding Fund shares in a taxable account. Options are also subject to leverage and volatility risk, liquidity risk and tracking risk.<div id="xdx_C00_gRBRTB-CWS_zplBOnKk8e7b"> </div> Options Market Risk. Markets for options and options on futures may not always operate on a fair and orderly basis. At times, prices for options and options on futures may not represent fair market value and prices may be subject to manipulation, which may be extreme under some circumstances. The dysfunction and manipulation of volatility and options markets may make it difficult for the Fund to effectively implement its investment strategy and achieve its objectives, and could potentially lead to significant losses. Regulatory Risk: Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund.<div id="xdx_C06_gRBRTB-CWS_zeOTNGaXkat7"> </div> Turnover Risk. High portfolio turnover causes the Fund to incur higher transactional and brokerage costs, which may adversely affect the Fund’s performance.<div id="xdx_C01_gRBRTB-CWS_zkS4FkNlSNU2"> </div> U.S. Government Obligations Risk. The Fund may invest in U.S. government or agency obligations. Securities issued or guaranteed by federal agencies and U.S. government sponsored entities may or may not be backed by the full faith and credit of the U.S. government.<div id="xdx_C02_gRBRTB-CWS_zmVpwpM7Kw81"> </div> Volatility Risk. Using derivatives that can create leverage, which can amplify the effects of market volatility on the Fund’s share price and make the Fund’s returns more volatile, which means that the Fund’s performance may be subject to substantial short term changes up or down. Performance: The bar chart shown below provides an indication of the risks of investing in the Fund by showing the total return of its Class I shares for each of the last ten full calendar years. Although Class A shares and Class C shares have similar annual returns to Class I shares because the classes are invested in the same portfolio of securities, the returns for Class A shares and Class C shares are different from Class I shares because Class A shares and Class C shares have different expenses than Class I shares. The accompanying table shows how the Fund’s average annual returns compare over time to those of a broad-based market index. Sales charges are reflected in the information shown below in the table. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information and daily NAV is available at no cost by calling 1-844-ACFUNDS (844-223-8637). 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 performance information prior to September 30, 2016 set forth below reflects the historical performance of the Predecessor Fund shares. The Predecessor Fund was not registered under the 1940 Act and, therefore, was not subject to certain investment restrictions, limitations and diversification requirements that are imposed by the 1940 Act. If the Predecessor Fund had been registered under the 1940 Act, the Predecessor Fund’s performance may have been adversely affected. The bar chart shown below provides an indication of the risks of investing in the Fund by showing the total return of its Class I shares for each of the last ten full calendar years. Sales charges are reflected in the information shown below in the table. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. 1-844-ACFUNDS (844-223-8637) AlphaCentric Premium Opportunity Fund Annual Total Returns <div id="xdx_A8E_eoef--BarChartTableTextBlock_zjVTdsboa7c8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zAsjghaqFr1h" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: center"> <td style="text-align: center; width: 10%"> </td> <td id="xdx_49D_20160101__20161231_zNNgz9aMD7Sa" style="text-align: center; width: 9%">2016</td> <td id="xdx_491_20170101__20171231_zCyUndAgEz6b" style="text-align: center; width: 9%">2017</td> <td id="xdx_49C_20180101__20181231_zzlFbJLdytWj" style="text-align: center; width: 9%">2018</td> <td id="xdx_49E_20190101__20191231_zPYZL1tBBua3" style="text-align: center; width: 9%">2019</td> <td id="xdx_49C_20200101__20201231_zKQsqgIUXj15" style="text-align: center; width: 9%">2020</td> <td id="xdx_49A_20210101__20211231_z6YCbc5xHZe1" style="text-align: center; width: 9%">2021</td> <td id="xdx_493_20220101__20221231_z26Ea6ZGGR5" style="text-align: center; width: 9%">2022</td> <td id="xdx_494_20230101__20231231_zw0EgTcl6uHd" style="text-align: center; width: 9%">2023</td> <td id="xdx_490_20240101__20241231_zlmy9B0yFTWh" style="text-align: center; width: 9%">2024</td> <td id="xdx_495_20250101__20251231_zRUR8zFPASWb" style="text-align: center; width: 9%">2025</td></tr> <tr id="xdx_40A_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000055006Member__oef--ClassAxis__custom--C000173005Member_zDEMUPnGWnIg" style="vertical-align: top; text-align: center"> <td> </td> <td>3.67%</td> <td>5.29%</td> <td>-5.62%</td> <td>16.54%</td> <td>27.92%</td> <td>7.84%</td> <td>-10.62%</td> <td>13.36%</td> <td>8.87%</td> <td>8.75%</td></tr> </table> <img alt="(BAR CHAT)" src="al004_v1.jpg"/> 0.0367 0.0529 -0.0562 0.1654 0.2792 0.0784 -0.1062 0.1336 0.0887 0.0875 During the period shown in the bar chart, the highest return for a quarter was 14.05% (quarter ended March 31, 2020), and the lowest return for a quarter was (12.25)% (quarter ended March 31, 2018). The Fund’s Class I year-to-date return for the period ended June 30, 2026 was 7.78%. The following table shows the average annual returns for the Fund and Predecessor Fund, which includes all of its actual fees and expenses over various periods ended December 31, 2025. The Predecessor Fund did not have a distribution policy. It was an unregistered limited partnership, did not qualify as a regulated investment company for federal income tax purposes and it did not pay dividends and distributions. As a result of the different tax treatment, we are unable to show the after-tax returns for the Predecessor Fund. the highest return for a quarter 0.1405 2020-03-31 the lowest return for a quarter -0.1225 2018-03-31 The Fund’s Class I year-to-date return 2026-06-30 0.0778 AlphaCentric Premium Opportunity Fund Average Annual Total Returns (For periods ended December 31, 2025) <div id="xdx_A88_eoef--PerformanceTableTextBlock_zy4B9v9tq4ga"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_z5Fvshy4GUWc" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #D9D9D9"> <td style="border: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; width: 50%"> </td> <td id="xdx_495_20250101__20251231_z3dvA9iEvWx5" style="border-top: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; width: 12%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1 Year</td> <td id="xdx_495_20210101__20251231_zAgxYFLVACdg" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; width: 12%; text-align: center">5 Years</td> <td id="xdx_493_20160101__20251231_zjzjJjvR5DX6" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; width: 16%; text-align: center">10 Years 1</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #D9D9D9"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Class I Shares</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000055006Member__oef--ClassAxis__custom--C000173005Member_zS2hUorIpWF1" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Return Before Taxes</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">8.75%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">5.28%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">7.11%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000055006Member__oef--ClassAxis__custom--C000173005Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zSTtnKeeMD8f" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Return After Taxes on Distributions</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">6.63%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">4.42%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">6.52%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000055006Member__oef--ClassAxis__custom--C000173005Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zUOWjBz0C1Og" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; text-indent: 3.8pt">5.63%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">3.84%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">5.56%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000055006Member__oef--PerformanceMeasureAxis__custom--SAndP500TRIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zmQnH9xVKxo5" style="font: 10pt Times New Roman, Times, Serif; background-color: #D9D9D9"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid">S&P 500 TR Index (reflects no deduction for fees, expenses or taxes)</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">17.88%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">14.42%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">14.82%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #D9D9D9"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">Since Inception (9/30/16)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #D9D9D9"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Class A Shares2</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Return Before Taxes2</td> <td id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__dei--LegalEntityAxis__custom--S000055006Member__oef--ClassAxis__custom--C000173003Member_fMg_____zUh7kh3AU56l" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; vertical-align: bottom; text-align: center">2.25%</td> <td id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__dei--LegalEntityAxis__custom--S000055006Member__oef--ClassAxis__custom--C000173003Member_fMg_____zo1AlE0Wcjm8" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; vertical-align: bottom; text-align: center">3.79%</td> <td id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20160930__20251231__dei--LegalEntityAxis__custom--S000055006Member__oef--ClassAxis__custom--C000173003Member_fMg_____zNzF2hjRYVoj" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; vertical-align: bottom; text-align: center">6.43%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #D9D9D9"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Class C Shares</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Return Before Taxes</td> <td id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__dei--LegalEntityAxis__custom--S000055006Member__oef--ClassAxis__custom--C000173004Member_zMZ4u4fSzVma" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; vertical-align: bottom; text-align: center">7.69%</td> <td id="xdx_982_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__dei--LegalEntityAxis__custom--S000055006Member__oef--ClassAxis__custom--C000173004Member_z8vjOOISmta8" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; vertical-align: bottom; text-align: center">4.24%</td> <td id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20160930__20251231__dei--LegalEntityAxis__custom--S000055006Member__oef--ClassAxis__custom--C000173004Member_ztfBplmHIhj5" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; vertical-align: bottom; text-align: center">6.40%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #D9D9D9"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid">S&P 500 TR Index (reflects no deduction for fees, expenses or taxes)</td> <td id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__dei--LegalEntityAxis__custom--S000055006Member__oef--PerformanceMeasureAxis__custom--SAndP500TRIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z1ud266UnfK9" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; vertical-align: bottom; text-align: center">17.88%</td> <td id="xdx_983_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__dei--LegalEntityAxis__custom--S000055006Member__oef--PerformanceMeasureAxis__custom--SAndP500TRIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zoQkr7MxmNr4" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; vertical-align: bottom; text-align: center">14.42%</td> <td id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20160930__20251231__dei--LegalEntityAxis__custom--S000055006Member__oef--PerformanceMeasureAxis__custom--SAndP500TRIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zbk7Makswzv5" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; vertical-align: bottom; text-align: center">15.17%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">1.</td><td style="text-align: justify">Includes the effect of performance fees paid by the investors of the Predecessor Fund.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">2.</td><td style="text-align: justify">Includes the effect of the maximum sales load.</td> </tr></table> Return Before Taxes 0.0875 0.0528 0.0711 0.0663 0.0442 0.0652 0.0563 0.0384 0.0556 reflects no deduction for fees, expenses or taxes 0.1788 0.1442 0.1482 2016-09-30 2016-09-30 Return Before Taxes 0.0225 0.0379 0.0643 Return Before Taxes 0.0769 0.0424 0.0640 reflects no deduction for fees, expenses or taxes 0.1788 0.1442 0.1517 After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold Fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are only shown for Class I shares. After-tax returns for other share classes will vary. After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold Fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are only shown for Class I shares. After-tax returns for other share classes will vary. FUND SUMMARY: ALPHACENTRIC ROBOTICS AND AUTOMATION FUND Investment Objective: The Fund’s investment objective is long-term capital appreciation. Fees and Expenses of the Fund: This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and is included in the section of the Fund’s prospectus entitled How to Buy Shares on page 73 and Appendix A – Intermediary-Specific Sales Charge Reductions and Waivers and in the sections of the Fund’s Statement of Additional Information entitled Reduction of Up-Front Sales Charge on Class A Shares on page 62 and Waiver of Up-Front Sales Charge on Class A Shares on page 63. You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8D_eoef--ShareholderFeesTableTextBlock_zkf9o0GGd07j"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zzJeBQgXnKE4" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #E0E0E0"> <td style="border: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; width: 60%">Shareholder Fees (fees paid directly from your investment)</td> <td id="xdx_49D_20260728__20260728__dei--LegalEntityAxis__custom--S000057714Member__oef--ClassAxis__custom--C000186116Member_zBkY5CZt8Bxi" style="border-top: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 10%; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Class A</td> <td id="xdx_492_20260728__20260728__dei--LegalEntityAxis__custom--S000057714Member__oef--ClassAxis__custom--C000186117Member_zldSI2Udggm1" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; vertical-align: bottom; width: 10%; text-align: center">Class C</td> <td id="xdx_496_20260728__20260728__dei--LegalEntityAxis__custom--S000057714Member__oef--ClassAxis__custom--C000186118Member_zydhWyjH8fL8" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; vertical-align: bottom; width: 10%; text-align: center">Class I</td></tr> <tr id="xdx_400_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zYA7beURXu12" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid">Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">5.75%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">None</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_40F_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_z161GMk0VG38" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid">Maximum Deferred Sales Charge (Load)</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">1.00%1</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">None</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_40E_eoef--MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther_dpn_zM59ekThzwse" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid">Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">None</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">None</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_406_eoef--RedemptionFeeOverRedemption_dn_znXldry0Q9i3" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify">Redemption Fee</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">None</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">None</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">None</td></tr> </table> 0.0575 0 0 0.0100 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zdEt5dosa4i2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zjDweE3iiNpg" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #E0E0E0"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 60%">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49D_20260728__20260728__dei--LegalEntityAxis__custom--S000057714Member__oef--ClassAxis__custom--C000186116Member_z5R3AggN8pd4" style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; width: 10%"> </td> <td id="xdx_492_20260728__20260728__dei--LegalEntityAxis__custom--S000057714Member__oef--ClassAxis__custom--C000186117Member_zrjl0foOf5r2" style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; width: 10%"> </td> <td id="xdx_496_20260728__20260728__dei--LegalEntityAxis__custom--S000057714Member__oef--ClassAxis__custom--C000186118Member_zqa8XCTOfyQ9" style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; width: 10%"> </td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_zN4lY3wJmkkl" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid">Management Fees</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">1.25%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">1.25%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">1.25%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zAnnkQKIhKBl" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid">Distribution and Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">0.25%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">1.00%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_z7M9x8UTOgv6" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid">Other Expenses</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">1.09%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">1.09%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">1.09%</td></tr> <tr id="xdx_40D_eoef--ExpensesOverAssets_dpn_zAz6PI9fkU7i" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">2.59%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">3.34%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">2.34%</td></tr> <tr id="xdx_40D_eoef--FeeWaiverOrReimbursementOverAssets_dp_z387BORuZDM9" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid">Fee Waiver and/or Expense Reimbursement2</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">(0.94)%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">(0.94)%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">(0.94)%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dpn_zdrCW2iygk1k" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">1.65%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">2.40%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">1.40%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">1.</td><td style="text-align: justify">The 1.00% maximum deferred sales charge may be assessed in the case of investments at or above the $1 million breakpoint (where you do not pay an initial sales charge) on shares redeemed within eighteen months of purchase.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">2.</td><td style="text-align: justify">AlphaCentric Advisors LLC (the “Advisor”) has contractually agreed to waive advisory fees and/or reimburse expenses of the Fund to the extent necessary to limit total annual fund 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 1.65%, 2.40% and 1.40% for Class A shares, Class C shares and Class I shares, respectively, through July 31, 2027. This agreement may be terminated by the Trust’s Board of Trustees only on 60 days’ written notice to the Advisor, by the Advisor with the consent of the Board of Trustees, or upon the termination of the advisory agreement between the Trust and the Advisor. Fee waivers and expense reimbursements are subject to possible recoupment by the Advisor from the Fund in future years on a rolling three-year basis (within the three fiscal years after the fees have been waived or reimbursed), so long as such recoupment does not cause the Fund’s expense ratio (after the repayment is taken into account) to exceed both: (i) the Fund’s expense limitation at the time such expenses were waived, and (ii) the Fund’s current expense limitation at the time of recoupment.</td> </tr></table> 0.0125 0.0125 0.0125 0.0025 0.0100 0.0000 0.0109 0.0109 0.0109 0.0259 0.0334 0.0234 -0.0094 -0.0094 -0.0094 0.0165 0.0240 0.0140 July 31, 2027 Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then hold or redeem all of your shares at the end of those periods. The Example only accounts for the Fund’s expense limitation in place through its expiration period, July 31, 2027, and then depicts the Fund’s total annual expenses thereafter. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zUfj56mdbqV5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_ziBzm5uveSdf" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; width: 15%; text-align: center">Year</td> <td id="xdx_490_20260728__20260728__dei--LegalEntityAxis__custom--S000057714Member__oef--ClassAxis__custom--C000186116Member_zLSnuvSvu7sk" style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; width: 15%; text-align: center">Class A</td> <td id="xdx_491_20260728__20260728__dei--LegalEntityAxis__custom--S000057714Member__oef--ClassAxis__custom--C000186117Member_zmpncByx32m" style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; width: 15%; text-align: center">Class C</td> <td id="xdx_49A_20260728__20260728__dei--LegalEntityAxis__custom--S000057714Member__oef--ClassAxis__custom--C000186118Member_zzPy6T77gglh" style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; width: 15%; text-align: center">Class I</td></tr> <tr id="xdx_40D_eoef--ExpenseExampleYear01_zulEzRJQFPrg" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">1</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; vertical-align: top; text-align: center">$733</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; vertical-align: top; text-align: center">$243</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; vertical-align: top; text-align: center">$143</td></tr> <tr id="xdx_40C_eoef--ExpenseExampleYear03_zOmQeiWUb8ed" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">3</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; vertical-align: top; text-align: center">$1,250</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; vertical-align: top; text-align: center">$940</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; vertical-align: top; text-align: center">$640</td></tr> <tr id="xdx_40A_eoef--ExpenseExampleYear05_zz3AuLxD2YZk" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">5</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; vertical-align: top; text-align: center">$1,792</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; vertical-align: top; text-align: center">$1,660</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; vertical-align: top; text-align: center">$1,165</td></tr> <tr id="xdx_406_eoef--ExpenseExampleYear10_zRiAdVeuXiLg" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">10</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; vertical-align: top; text-align: center">$3,265</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; vertical-align: top; text-align: center">$3,568</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; vertical-align: top; text-align: center">$2,604</td></tr> </table> 733 243 143 1250 940 640 1792 1660 1165 3265 3568 2604 Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The portfolio turnover rate of the Fund for the fiscal year ended March 31, 2026 was 114% of the average value of its portfolio. 1.14 Principal Investment Strategies: The Fund seeks to achieve its investment objective by investing in a portfolio of U.S. and foreign common stock of companies involved in innovative and breakthrough technologies across multiple sectors. Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in companies involved in robotics-related and/or automation-related products and/or services. Such products and services include any technology, service or device that supports, aids or contributes to any type of robot; robotics action; automation system process, software or management; machine learning; objects that are able to connect and transfer data via the internet (known as “the Internet of Things”); artificial intelligence; and human/machine interfaces. The Fund’s portfolio is composed of companies with game changing technologies in sectors such as manufacturing, infrastructure, transportation, energy, healthcare, information technology, media and communication services. These companies have a minimum market capitalization of $50 million with a sequential increase in annual research and development spending and derive a substantial amount of revenues from robotics and automation related end markets. The Fund concentrates its investments (i.e., invests more than 25% of its assets) in machinery and electrical equipment industries, collectively. The Fund separately concentrates its investments (i.e., invests more than 25% of its assets) in the healthcare equipment and supplies and healthcare technology industries, collectively. The Fund expects to invest primarily in developed markets, but may also invest in emerging markets. The Fund may invest in any company with a market capitalization over $50 million. The Fund’s investment sub-advisor, Contego Capital Group, Inc. (the “Sub-Advisor”), employs proprietary bottom-up research to identify companies worldwide with innovation technologies and potential for long-term outperformance. After such innovative companies are identified, the companies are screened and only those companies meeting the Sub-Advisor’s quantitative criteria are considered for investment. Companies are sold when the initial growth potential is no longer foreseeable. When it deems appropriate, the Sub-Advisor may endeavor to hedge market risk by investing in inverse (short) exchange-traded funds (“ETFs”), market volatility-linked ETFs, and cash and cash equivalents. These ETFs may be leveraged ETFs, which are designed to produce daily returns (before fees and expenses) that are a multiple of a reference index or asset. As with any mutual fund, there is no guarantee that the Fund will achieve its objective. Investment markets are unpredictable and there will be certain market conditions where the Fund will not meet its investment objective and will lose money. The Fund’s net asset value (“NAV”) and returns will vary and you could lose money on your investment in the Fund, and those losses could be significant. The following summarizes the principal risks of investing in the Fund. These risks could adversely affect the net asset value, total return and value of the Fund and your investment. Cash and Cash Equivalents Risk. When a substantial portion of a portfolio is held in cash and cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time. Common Stock Risk. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in, and perceptions of, their issuers change. Emerging Markets Risk. Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems with fewer security holder rights. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default. Emerging market securities also tend to be less liquid. Due to this relative lack of liquidity, the Fund may have to accept a lower price or may not be able to sell a portfolio security at all. There may be less reliable or publicly available information about emerging markets due to non-uniform regulatory, auditing or financial recordkeeping standards (including material limits on PCAOB inspection, investigation and enforcement), which could cause errors in the implementation of the Fund’s investment strategy. Equity Security Risk. Common and preferred stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. Warrants and rights may expire worthless if the price of a common stock is below the conversion price of the warrant or right. Convertible bonds may decline in value if the price of a common stock falls below the conversion price. Investor perceptions are based on various and unpredictable factors, including expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic and banking crises. Exchange-Traded Funds (“ETFs”) Risk. The ETFs (“Underlying Funds”) in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the Underlying Funds and may be higher than other mutual funds that invest directly in stocks and bonds. Each of the Underlying Funds is subject to its own specific risks, but the Sub-Advisor expects the principal investment risks of such Underlying Funds will be similar to the risks of investing in the Fund. Like an open-end investment company (mutual fund), the value of an ETF can fluctuate based on the prices of the securities owned by the ETF, and ETFs are also subject to the following additional risks: (i) the ETF’s market price may be less than its net asset value; (ii) an active market for the ETF may not develop; and (iii) market trading in the ETF may be halted under certain circumstances. Foreign Investment Risk. The value of foreign securities is subject to currency fluctuations. Foreign companies are generally not subject to the same regulatory requirements of U.S. companies, thereby resulting in less publicly available information about these companies. In addition, foreign accounting, auditing and financial reporting standards generally differ from those applicable to U.S. companies. Hedging Risk. Hedging is a strategy in which the Fund uses a security 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, and the Fund’s hedging strategy may cause the Fund to lose money. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryConcentrationRiskMember_gRBRTB-UPN_zsrSS3QUS3W5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Industry Concentration Risk. A fund that concentrates its investments in an industry or group of industries is more vulnerable to adverse market, economic, regulatory, political or other developments affecting such industry or group of industries than a fund that invests its assets more broadly. The Fund may be subject to the following industry risks: <div id="xdx_C01_gRBRTB-UPN_z6OLpVMZrW2d"><div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--HealthcareEquipmentAndSuppliesIndustryRiskMember_zTVmjnnRxujh"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.05in; padding-right: 0pt; padding-bottom: 0pt"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.25in; padding-right: 0pt; padding-bottom: 0pt">●</td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; text-align: justify; padding-right: 0pt; padding-bottom: 0pt">Healthcare Equipment and Supplies Industry Risk: Companies in the healthcare equipment and supplies industry are likely to react similarly to legislative or regulatory changes, adverse market conditions and/or increased competition affecting their market segment. Due to the rapid pace of technological development, there is the risk that the products and services developed by these companies may become rapidly obsolete or have relatively short product cycles. There is also the risk that the products and services offered by these companies will not meet expectations or even reach the marketplace.</td></tr></table></div></div> <div id="xdx_C09_gRBRTB-UPN_zozp18VNBLnh"><div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--HealthcareTechnologyIndustryRiskMember_z94w5EgLJu97"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.05in; padding-right: 0pt; padding-bottom: 0pt"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.25in; padding-right: 0pt; padding-bottom: 0pt">●</td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; text-align: justify; padding-right: 0pt; padding-bottom: 0pt">Healthcare Technology Industry Risk: Healthcare technology companies face the risk of small or limited markets, changes in business cycles, world economic growth, technological progress, rapid obsolescence, and government regulation. Healthcare technology companies may have limited product lines, markets, financial resources or personnel. Securities of healthcare technology companies, especially smaller, start-up companies, tend to be more volatile than securities of companies that do not rely heavily on technology. Rapid change to technologies that affect a company’s products could have a material adverse effect on such company’s operating results. Healthcare technology companies also rely heavily on a combination of patents, copyrights, trademarks and trade secret laws to establish and protect their proprietary rights in their products and technologies. There can be no assurance that the steps taken by these companies to protect their proprietary rights will be adequate to prevent the misappropriation of their technology or that competitors will not independently develop technologies that are substantially equivalent or superior to such companies’ technology. Healthcare technology companies typically engage in significant amounts of spending on research and development, and there is no guarantee that the products or services produced by these companies will be successful.</td></tr></table></div></div> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MachineryAndElectricalEquipmentIndustriesRiskMember_zjA2gclXxLD1"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.05in; padding-right: 0pt; padding-bottom: 0pt"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.25in; padding-right: 0pt; padding-bottom: 0pt">●</td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; text-align: justify; padding-right: 0pt; padding-bottom: 0pt">Machinery and Electrical Equipment Industries Risk: The machinery and electrical equipment industries can be significantly affected by general economic trends, including employment, economic growth, and interest rates; changes in consumer sentiment and spending; overall capital spending levels, which are influenced by an individual company’s profitability and broader factors such as interest rates and foreign competition; commodity prices; technical obsolescence; labor relations legislation; government regulation and spending; import controls; and worldwide competition. Companies in these industries also can be adversely affected by liability for environmental damage, depletion of resources, and mandated expenditures for safety and pollution control.</td></tr></table></div> Inverse ETF Risk. Investments in inverse ETFs will prevent the Fund from participating in market-wide or sector-wide gains and may not prove to be an effective hedge. Because of mathematical compounding, and because inverse ETFs have a single day investment objective to track the performance of a multiple of an index, the performance of an inverse ETF for periods greater than a single day is likely to be greater than or less than the actual multiple of the index even before accounting for the ETF’s fees and expenses. Compounding will cause longer term results to vary significantly from the stated multiple of the index, particularly during periods of higher index volatility. Large Capitalization Company Risk. Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller capitalization companies. During different market cycles, the performance of large capitalization companies has trailed the overall performance of the broader securities markets. Leveraged ETF Risk. Investing in leveraged ETFs will amplify the Fund’s gains and losses. Most leveraged ETFs “reset” daily. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance of their underlying index or benchmark during the same period of time. A leveraged ETF will lose money when the level of the underlying index is flat. Longer holding periods, higher index volatility, and greater leverage each exacerbate the impact of compounding on the Fund’s returns. Liquidity Risk. Liquidity risk exists when particular 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. When the Fund holds illiquid investments, the Fund’s investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these investments to meet redemptions or for other cash needs, the Fund may suffer a loss. In addition, when there is illiquidity in the market for certain securities, the Fund, due to limitations on investments in illiquid investments, may be unable to achieve its desired level of exposure to a certain sector. 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. If the Fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, the Fund may be forced to sell at a loss. Management Risk. The portfolio manager’s judgments about the attractiveness, value and potential appreciation of particular securities in which the Fund invests may prove to be incorrect, and there is no guarantee that the portfolio manager’s judgment will produce the desired results. Market Price Variance Risk. The Fund bears the risk that the market price that it pays for an inverse ETF will not be equal to the ETF’s true value. Market Risk. Overall stock market risks may also affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, tariffs and trade wars, international conflicts, and political events affect the securities markets. Market Volatility-Linked ETFs Risk. ETFs that are linked to market volatility have the risks associated with investing in futures contracts. The ETFs’ use of futures contracts involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) leverage risk; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the futures contract may not correlate perfectly with the underlying index. Investments in futures contracts involve leverage, which means a small percentage of assets invested in futures contracts can have a disproportionately large impact on the Fund. This risk could cause the ETF to lose more than the principal amount invested. Futures contracts may become mispriced or improperly valued when compared to the Sub-Advisor’s expectations and may not produce the desired investment results. The Fund bears the risk that the market price it pays for a market volatility-linked ETF will not be equal to the ETF’s true value. Additionally, changes in the value of futures contracts may not track or correlate perfectly with the underlying index because of temporary, or even long-term, supply and demand imbalances and because futures do not pay dividends, unlike the stocks upon which they are based. Micro Capitalization Company Risk. Micro capitalization companies may be newly formed or have limited product lines, distribution channels and financial and managerial resources. The risks associated with those investments are generally greater than those associated with investments in the securities of larger, more established companies. This may cause the Fund’s NAV to be more volatile when compared to investment companies that focus only on large capitalization companies. Regulatory Risk. Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--RoboticsAndAutomationCompaniesRiskMember_ziGYcSUfBhT5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Robotics and Automation Companies Risk. The Fund invests primarily in the equity securities of robotics and automation companies and, as such, is particularly sensitive to risks to those types of companies. These risks include, but are not limited to, small or limited markets for such securities, changes in business cycles, world economic growth, technological progress, rapid obsolescence, and government regulation. Securities of robotics and automation companies, especially smaller, start-up companies, tend to be more volatile than securities of companies that do not rely heavily on technology. Rapid change to technologies that affect a company’s products could have a material adverse effect on such company’s operating results. Robotics and automation companies may rely on a combination of patents, copyrights, trademarks and trade secret laws to establish and protect their proprietary rights in their products and technologies. There can be no assurance that the steps taken by these companies to protect their proprietary rights will be adequate to prevent the misappropriation of their technology or that competitors will not independently develop technologies that are substantially equivalent or superior to such companies’ technology. Sector Exposure Risk. Securities within the same sector may decline in price due to sector-specific market or economic developments. If the Fund invests more heavily in a particular sector, the value of its shares may be especially sensitive to factors and economic risks that specifically affect that sector. As a result, the Fund’s share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors. The Fund will not invest more than 25% of its net assets in any particular sector other than in the following sectors in which the Fund has adopted an industry concentration policy. <div id="xdx_C0A_gRBRTB-ILNP_zhm2QQSkch46"><div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--HealthcareSectorRiskMember_zKzZawD93Yy6"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.3in; padding-right: 0pt; padding-bottom: 0pt"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.25in; padding-right: 0pt; padding-bottom: 0pt">●</td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; text-align: justify; padding-right: 0pt; padding-bottom: 0pt">Healthcare Sector Risk: The healthcare sector may be affected by government regulations and government healthcare programs, increases or decreases in the cost of medical products and services and product liability claims, among other factors.</td></tr></table></div></div> <div id="xdx_C0F_gRBRTB-ILNP_zLacekhKnz1l"><div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrialsSectorRiskMember_z9jpqUqd9X94"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.3in; padding-right: 0pt; padding-bottom: 0pt"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.25in; padding-right: 0pt; padding-bottom: 0pt">●</td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; text-align: justify; padding-right: 0pt; padding-bottom: 0pt">Industrials Sector Risk: The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand related to their specific products or services and industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may be adversely affected by liability for environmental damage and product liability claims.</td></tr></table></div></div> Security Risk. The value of the Fund may decrease in response to the activities and financial prospects of an individual security or group of securities in the Fund’s portfolio. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMediumCapitalizationCompanyRiskMember_zUchPG9dj8q3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Small and Medium Capitalization Company Risk. To the extent the Fund invests in the stocks of small and mid-sized companies, the Fund may be subject to additional risks. The earnings and prospects of these companies are more volatile than larger companies. These companies may experience higher failure rates than larger companies. Small and mid-sized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures. Small and mid-sized companies may also have limited markets, product lines or financial resources and may lack management experience. Turnover Risk. High portfolio turnover causes the Fund to incur higher transactional and brokerage costs, which may adversely affect the Fund’s performance. Volatility Risk. Significant short-term price movements could adversely impact the performance of the Fund. Market conditions in which significant price movements develop, but then repeatedly reverse, could cause substantial losses due to prices moving against any long or short positions taken by the Fund. Cash and Cash Equivalents Risk. When a substantial portion of a portfolio is held in cash and cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time.<div id="xdx_C04_gRBRTB-FJLF_zcwd7BvB8wRb"> </div> Common Stock Risk. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in, and perceptions of, their issuers change.<div id="xdx_C09_gRBRTB-FJLF_zBRMoU71j3t9"> </div> Emerging Markets Risk. Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems with fewer security holder rights. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default. Emerging market securities also tend to be less liquid. Due to this relative lack of liquidity, the Fund may have to accept a lower price or may not be able to sell a portfolio security at all. There may be less reliable or publicly available information about emerging markets due to non-uniform regulatory, auditing or financial recordkeeping standards (including material limits on PCAOB inspection, investigation and enforcement), which could cause errors in the implementation of the Fund’s investment strategy.<div id="xdx_C0F_gRBRTB-FJLF_zzc3MdsChwx9"> </div> Equity Security Risk. Common and preferred stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. Warrants and rights may expire worthless if the price of a common stock is below the conversion price of the warrant or right. Convertible bonds may decline in value if the price of a common stock falls below the conversion price. Investor perceptions are based on various and unpredictable factors, including expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic and banking crises.<div id="xdx_C0F_gRBRTB-FJLF_zjHG68Nh1qTl"> </div> Exchange-Traded Funds (“ETFs”) Risk. The ETFs (“Underlying Funds”) in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the Underlying Funds and may be higher than other mutual funds that invest directly in stocks and bonds. Each of the Underlying Funds is subject to its own specific risks, but the Sub-Advisor expects the principal investment risks of such Underlying Funds will be similar to the risks of investing in the Fund. Like an open-end investment company (mutual fund), the value of an ETF can fluctuate based on the prices of the securities owned by the ETF, and ETFs are also subject to the following additional risks: (i) the ETF’s market price may be less than its net asset value; (ii) an active market for the ETF may not develop; and (iii) market trading in the ETF may be halted under certain circumstances. Foreign Investment Risk. The value of foreign securities is subject to currency fluctuations. Foreign companies are generally not subject to the same regulatory requirements of U.S. companies, thereby resulting in less publicly available information about these companies. In addition, foreign accounting, auditing and financial reporting standards generally differ from those applicable to U.S. companies.<div id="xdx_C03_gRBRTB-FJLF_z05QPaLk9dQg"> </div> Hedging Risk. Hedging is a strategy in which the Fund uses a security 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, and the Fund’s hedging strategy may cause the Fund to lose money.<div id="xdx_C07_gRBRTB-FJLF_zFMS4YGau4c6"> </div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryConcentrationRiskMember_gRBRTB-UPN_zsrSS3QUS3W5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Industry Concentration Risk. A fund that concentrates its investments in an industry or group of industries is more vulnerable to adverse market, economic, regulatory, political or other developments affecting such industry or group of industries than a fund that invests its assets more broadly. The Fund may be subject to the following industry risks:<div id="xdx_C0F_gRBRTB-FJLF_zdfqprdIofb1"> </div> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--HealthcareEquipmentAndSuppliesIndustryRiskMember_zTVmjnnRxujh"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.05in; padding-right: 0pt; padding-bottom: 0pt"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.25in; padding-right: 0pt; padding-bottom: 0pt">●</td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; text-align: justify; padding-right: 0pt; padding-bottom: 0pt">Healthcare Equipment and Supplies Industry Risk: Companies in the healthcare equipment and supplies industry are likely to react similarly to legislative or regulatory changes, adverse market conditions and/or increased competition affecting their market segment. Due to the rapid pace of technological development, there is the risk that the products and services developed by these companies may become rapidly obsolete or have relatively short product cycles. There is also the risk that the products and services offered by these companies will not meet expectations or even reach the marketplace.</td></tr></table></div><div id="xdx_C03_gRBRTB-FJLF_zDStWSiOSQt2"> </div><div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--HealthcareTechnologyIndustryRiskMember_z94w5EgLJu97"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.05in; padding-right: 0pt; padding-bottom: 0pt"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.25in; padding-right: 0pt; padding-bottom: 0pt">●</td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; text-align: justify; padding-right: 0pt; padding-bottom: 0pt">Healthcare Technology Industry Risk: Healthcare technology companies face the risk of small or limited markets, changes in business cycles, world economic growth, technological progress, rapid obsolescence, and government regulation. Healthcare technology companies may have limited product lines, markets, financial resources or personnel. Securities of healthcare technology companies, especially smaller, start-up companies, tend to be more volatile than securities of companies that do not rely heavily on technology. Rapid change to technologies that affect a company’s products could have a material adverse effect on such company’s operating results. Healthcare technology companies also rely heavily on a combination of patents, copyrights, trademarks and trade secret laws to establish and protect their proprietary rights in their products and technologies. There can be no assurance that the steps taken by these companies to protect their proprietary rights will be adequate to prevent the misappropriation of their technology or that competitors will not independently develop technologies that are substantially equivalent or superior to such companies’ technology. Healthcare technology companies typically engage in significant amounts of spending on research and development, and there is no guarantee that the products or services produced by these companies will be successful.</td></tr></table></div><div id="xdx_C0B_gRBRTB-FJLF_z8OG1PWqDeCe"> </div><div id="xdx_C0F_gRBRTB-FJLF_z0bqqMQwcVe6"><div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MachineryAndElectricalEquipmentIndustriesRiskMember_zjA2gclXxLD1"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.05in; padding-right: 0pt; padding-bottom: 0pt"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.25in; padding-right: 0pt; padding-bottom: 0pt">●</td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; text-align: justify; padding-right: 0pt; padding-bottom: 0pt">Machinery and Electrical Equipment Industries Risk: The machinery and electrical equipment industries can be significantly affected by general economic trends, including employment, economic growth, and interest rates; changes in consumer sentiment and spending; overall capital spending levels, which are influenced by an individual company’s profitability and broader factors such as interest rates and foreign competition; commodity prices; technical obsolescence; labor relations legislation; government regulation and spending; import controls; and worldwide competition. Companies in these industries also can be adversely affected by liability for environmental damage, depletion of resources, and mandated expenditures for safety and pollution control.</td></tr></table></div></div> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--HealthcareEquipmentAndSuppliesIndustryRiskMember_zTVmjnnRxujh"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.05in; padding-right: 0pt; padding-bottom: 0pt"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.25in; padding-right: 0pt; padding-bottom: 0pt">●</td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; text-align: justify; padding-right: 0pt; padding-bottom: 0pt">Healthcare Equipment and Supplies Industry Risk: Companies in the healthcare equipment and supplies industry are likely to react similarly to legislative or regulatory changes, adverse market conditions and/or increased competition affecting their market segment. Due to the rapid pace of technological development, there is the risk that the products and services developed by these companies may become rapidly obsolete or have relatively short product cycles. There is also the risk that the products and services offered by these companies will not meet expectations or even reach the marketplace.</td></tr></table></div><div id="xdx_C0E_gRBRTB-UPN_zXLZRnNRElok"><div id="xdx_C03_gRBRTB-FJLF_zDStWSiOSQt2"> </div></div> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--HealthcareTechnologyIndustryRiskMember_z94w5EgLJu97"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.05in; padding-right: 0pt; padding-bottom: 0pt"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.25in; padding-right: 0pt; padding-bottom: 0pt">●</td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; text-align: justify; padding-right: 0pt; padding-bottom: 0pt">Healthcare Technology Industry Risk: Healthcare technology companies face the risk of small or limited markets, changes in business cycles, world economic growth, technological progress, rapid obsolescence, and government regulation. Healthcare technology companies may have limited product lines, markets, financial resources or personnel. Securities of healthcare technology companies, especially smaller, start-up companies, tend to be more volatile than securities of companies that do not rely heavily on technology. Rapid change to technologies that affect a company’s products could have a material adverse effect on such company’s operating results. Healthcare technology companies also rely heavily on a combination of patents, copyrights, trademarks and trade secret laws to establish and protect their proprietary rights in their products and technologies. There can be no assurance that the steps taken by these companies to protect their proprietary rights will be adequate to prevent the misappropriation of their technology or that competitors will not independently develop technologies that are substantially equivalent or superior to such companies’ technology. Healthcare technology companies typically engage in significant amounts of spending on research and development, and there is no guarantee that the products or services produced by these companies will be successful.</td></tr></table></div><div id="xdx_C07_gRBRTB-UPN_z9gD1ANbqBo7"><div id="xdx_C0B_gRBRTB-FJLF_z8OG1PWqDeCe"> </div></div> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MachineryAndElectricalEquipmentIndustriesRiskMember_zjA2gclXxLD1"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.05in; padding-right: 0pt; padding-bottom: 0pt"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.25in; padding-right: 0pt; padding-bottom: 0pt">●</td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; text-align: justify; padding-right: 0pt; padding-bottom: 0pt">Machinery and Electrical Equipment Industries Risk: The machinery and electrical equipment industries can be significantly affected by general economic trends, including employment, economic growth, and interest rates; changes in consumer sentiment and spending; overall capital spending levels, which are influenced by an individual company’s profitability and broader factors such as interest rates and foreign competition; commodity prices; technical obsolescence; labor relations legislation; government regulation and spending; import controls; and worldwide competition. Companies in these industries also can be adversely affected by liability for environmental damage, depletion of resources, and mandated expenditures for safety and pollution control.</td></tr></table></div><div id="xdx_C06_gRBRTB-FJLF_zTBWPO2BMtFf"> </div> Inverse ETF Risk. Investments in inverse ETFs will prevent the Fund from participating in market-wide or sector-wide gains and may not prove to be an effective hedge. Because of mathematical compounding, and because inverse ETFs have a single day investment objective to track the performance of a multiple of an index, the performance of an inverse ETF for periods greater than a single day is likely to be greater than or less than the actual multiple of the index even before accounting for the ETF’s fees and expenses. Compounding will cause longer term results to vary significantly from the stated multiple of the index, particularly during periods of higher index volatility.<div id="xdx_C0F_gRBRTB-FJLF_zfXXlrygg4Bg"> </div> Large Capitalization Company Risk. Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller capitalization companies. During different market cycles, the performance of large capitalization companies has trailed the overall performance of the broader securities markets.<div id="xdx_C03_gRBRTB-FJLF_zmPErI6OQKm7"> </div> Leveraged ETF Risk. Investing in leveraged ETFs will amplify the Fund’s gains and losses. Most leveraged ETFs “reset” daily. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance of their underlying index or benchmark during the same period of time. A leveraged ETF will lose money when the level of the underlying index is flat. Longer holding periods, higher index volatility, and greater leverage each exacerbate the impact of compounding on the Fund’s returns. Liquidity Risk. Liquidity risk exists when particular 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. When the Fund holds illiquid investments, the Fund’s investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these investments to meet redemptions or for other cash needs, the Fund may suffer a loss. In addition, when there is illiquidity in the market for certain securities, the Fund, due to limitations on investments in illiquid investments, may be unable to achieve its desired level of exposure to a certain sector. 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. If the Fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, the Fund may be forced to sell at a loss.<div id="xdx_C03_gRBRTB-FJLF_zFYjI4J4t7n1"> </div> Management Risk. The portfolio manager’s judgments about the attractiveness, value and potential appreciation of particular securities in which the Fund invests may prove to be incorrect, and there is no guarantee that the portfolio manager’s judgment will produce the desired results.<div id="xdx_C01_gRBRTB-FJLF_z60pfc68tEvf"> </div> Market Price Variance Risk. The Fund bears the risk that the market price that it pays for an inverse ETF will not be equal to the ETF’s true value.<div id="xdx_C04_gRBRTB-FJLF_zKevc6fgyp8c"> </div> Market Risk. Overall stock market risks may also affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, tariffs and trade wars, international conflicts, and political events affect the securities markets.<div id="xdx_C0D_gRBRTB-FJLF_z4HnpQdPNHpg"> </div> Market Volatility-Linked ETFs Risk. ETFs that are linked to market volatility have the risks associated with investing in futures contracts. The ETFs’ use of futures contracts involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) leverage risk; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the futures contract may not correlate perfectly with the underlying index. Investments in futures contracts involve leverage, which means a small percentage of assets invested in futures contracts can have a disproportionately large impact on the Fund. This risk could cause the ETF to lose more than the principal amount invested. Futures contracts may become mispriced or improperly valued when compared to the Sub-Advisor’s expectations and may not produce the desired investment results. The Fund bears the risk that the market price it pays for a market volatility-linked ETF will not be equal to the ETF’s true value. Additionally, changes in the value of futures contracts may not track or correlate perfectly with the underlying index because of temporary, or even long-term, supply and demand imbalances and because futures do not pay dividends, unlike the stocks upon which they are based.<div id="xdx_C0D_gRBRTB-FJLF_zhr4rDTHT07f"> </div> Micro Capitalization Company Risk. Micro capitalization companies may be newly formed or have limited product lines, distribution channels and financial and managerial resources. The risks associated with those investments are generally greater than those associated with investments in the securities of larger, more established companies. This may cause the Fund’s NAV to be more volatile when compared to investment companies that focus only on large capitalization companies.<div id="xdx_C04_gRBRTB-FJLF_zezSEIuKFpt9"> </div> Regulatory Risk. Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund.<div id="xdx_C0A_gRBRTB-FJLF_z1KWHx0e6Nt8"> </div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--RoboticsAndAutomationCompaniesRiskMember_ziGYcSUfBhT5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Robotics and Automation Companies Risk. The Fund invests primarily in the equity securities of robotics and automation companies and, as such, is particularly sensitive to risks to those types of companies. These risks include, but are not limited to, small or limited markets for such securities, changes in business cycles, world economic growth, technological progress, rapid obsolescence, and government regulation. Securities of robotics and automation companies, especially smaller, start-up companies, tend to be more volatile than securities of companies that do not rely heavily on technology. Rapid change to technologies that affect a company’s products could have a material adverse effect on such company’s operating results. Robotics and automation companies may rely on a combination of patents, copyrights, trademarks and trade secret laws to establish and protect their proprietary rights in their products and technologies. There can be no assurance that the steps taken by these companies to protect their proprietary rights will be adequate to prevent the misappropriation of their technology or that competitors will not independently develop technologies that are substantially equivalent or superior to such companies’ technology.<div id="xdx_C0E_gRBRTB-FJLF_zMA8T09guHI9"> </div> Sector Exposure Risk. Securities within the same sector may decline in price due to sector-specific market or economic developments. If the Fund invests more heavily in a particular sector, the value of its shares may be especially sensitive to factors and economic risks that specifically affect that sector. As a result, the Fund’s share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors. The Fund will not invest more than 25% of its net assets in any particular sector other than in the following sectors in which the Fund has adopted an industry concentration policy.<div id="xdx_C0A_gRBRTB-FJLF_zzCRlDdsaPkc"> </div> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--HealthcareSectorRiskMember_zKzZawD93Yy6"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.3in; padding-right: 0pt; padding-bottom: 0pt"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.25in; padding-right: 0pt; padding-bottom: 0pt">●</td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; text-align: justify; padding-right: 0pt; padding-bottom: 0pt">Healthcare Sector Risk: The healthcare sector may be affected by government regulations and government healthcare programs, increases or decreases in the cost of medical products and services and product liability claims, among other factors.</td></tr></table></div><div id="xdx_C0C_gRBRTB-FJLF_zaEaDSRm6GQf"> </div><div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrialsSectorRiskMember_z9jpqUqd9X94"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.3in; padding-right: 0pt; padding-bottom: 0pt"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.25in; padding-right: 0pt; padding-bottom: 0pt">●</td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; text-align: justify; padding-right: 0pt; padding-bottom: 0pt">Industrials Sector Risk: The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand related to their specific products or services and industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may be adversely affected by liability for environmental damage and product liability claims.</td></tr></table></div> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--HealthcareSectorRiskMember_zKzZawD93Yy6"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.3in; padding-right: 0pt; padding-bottom: 0pt"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.25in; padding-right: 0pt; padding-bottom: 0pt">●</td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; text-align: justify; padding-right: 0pt; padding-bottom: 0pt">Healthcare Sector Risk: The healthcare sector may be affected by government regulations and government healthcare programs, increases or decreases in the cost of medical products and services and product liability claims, among other factors.</td></tr></table></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrialsSectorRiskMember_z9jpqUqd9X94"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.3in; padding-right: 0pt; padding-bottom: 0pt"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.25in; padding-right: 0pt; padding-bottom: 0pt">●</td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; text-align: justify; padding-right: 0pt; padding-bottom: 0pt">Industrials Sector Risk: The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand related to their specific products or services and industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may be adversely affected by liability for environmental damage and product liability claims.</td></tr></table></div><div id="xdx_C0E_gRBRTB-FJLF_zahSgKsjW5Tl"> </div> Security Risk. The value of the Fund may decrease in response to the activities and financial prospects of an individual security or group of securities in the Fund’s portfolio.<div id="xdx_C08_gRBRTB-FJLF_zSfpi5uPjMze"> </div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMediumCapitalizationCompanyRiskMember_zUchPG9dj8q3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Small and Medium Capitalization Company Risk. To the extent the Fund invests in the stocks of small and mid-sized companies, the Fund may be subject to additional risks. The earnings and prospects of these companies are more volatile than larger companies. These companies may experience higher failure rates than larger companies. Small and mid-sized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures. Small and mid-sized companies may also have limited markets, product lines or financial resources and may lack management experience.<div id="xdx_C0D_gRBRTB-FJLF_zWjncggBsH1j"> </div> Turnover Risk. High portfolio turnover causes the Fund to incur higher transactional and brokerage costs, which may adversely affect the Fund’s performance.<div id="xdx_C0A_gRBRTB-FJLF_zJGxF3xhaPU4"> </div> Volatility Risk. Significant short-term price movements could adversely impact the performance of the Fund. Market conditions in which significant price movements develop, but then repeatedly reverse, could cause substantial losses due to prices moving against any long or short positions taken by the Fund. Performance: The bar chart shown below provides an indication of the risks of investing in the Fund by showing the total return of its Class A shares for each full calendar year since inception. Although Class C shares and Class I shares have similar annual returns to Class A shares because the classes are invested in the same portfolio of securities, the returns for Class C shares and Class I shares are different from Class A shares because Class C shares and Class I shares have different expenses than Class A shares. The accompanying table shows how the Fund’s average annual returns compare over time with those of a broad-based market index and a supplemental index. Sales charges are reflected in the information shown below in the table, but the information shown in the bar chart does not reflect sales charges, and, if it did, returns would be lower. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available at no cost by calling 1-844-ACFUNDS (844-223-8637). Effective August 1, 2022, the Fund changed its strategy. Performance information for periods prior to August 1, 2022, does not reflect the current investment strategy. The bar chart shown below provides an indication of the risks of investing in the Fund by showing the total return of its Class A shares for each full calendar year since inception. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. 1-844-ACFUNDS (844-223-8637) AlphaCentric Robotics and Automation Fund Annual Total Returns <div id="xdx_A8C_eoef--BarChartTableTextBlock_z34bLPdxXhnd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zkHC1NtGhlEk" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: left"> <td style="width: 12%"> </td> <td id="xdx_497_20180101__20181231_z4Y8Z3m136j1" style="width: 11%">2018</td> <td id="xdx_497_20190101__20191231_zROxgdbWnyba" style="width: 11%">2019</td> <td id="xdx_497_20200101__20201231_z88UTw83DdYi" style="width: 11%">2020</td> <td id="xdx_497_20210101__20211231_zf8ZL7U1hewj" style="width: 11%">2021</td> <td id="xdx_497_20220101__20221231_zJDjJ5mKWhG2" style="width: 11%">2022</td> <td id="xdx_497_20230101__20231231_zksKMCMuib1h" style="width: 11%">2023</td> <td id="xdx_497_20240101__20241231_z3EWhkNrUBxh" style="width: 11%">2024</td> <td id="xdx_497_20250101__20251231_z4hWTmj0gnYa" style="width: 11%">2025</td></tr> <tr id="xdx_40D_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000057714Member__oef--ClassAxis__custom--C000186116Member_z9GDeJgUTHc8" style="vertical-align: top; text-align: left"> <td> </td> <td>-19.02%</td> <td>27.68%</td> <td>39.87%</td> <td>5.67%</td> <td>-32.62%</td> <td>7.05%</td> <td>24.55%</td> <td>22.36%</td></tr> </table> <img alt="(BAR CHAT)" src="al005_v1.jpg"/> -0.1902 0.2768 0.3987 0.0567 -0.3262 0.0705 0.2455 0.2236 During the period shown in the bar chart, the highest return for a quarter was 31.88% (quarter ended June 30, 2020), and the lowest return for a quarter was (24.11)% (quarter ended June 30, 2022). The Fund’s Class A shares year-to-date return for the period ended June 30, 2026 was (1.82)%. the highest return for a quarter was 0.3188 2020-06-30 the lowest return for a quarter was -0.2411 2022-06-30 The Fund’s Class A shares year-to-date return for the period 2026-06-30 -0.0182 AlphaCentric Robotics and Automation Fund Average Annual Total Returns (for the periods ended December 31, 2025) <div id="xdx_A87_eoef--PerformanceTableTextBlock_zOJtIy2v1j73"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zP4dNPgZq4Of" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #D9D9D9"> <td style="border: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 50%">Class A Shares</td> <td id="xdx_495_20250101__20251231_zhVKo0wijZ1" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; width: 12%; text-align: center">1 Year</td> <td id="xdx_49E_20210101__20251231_zKjT05BPoEI1" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; width: 12%; text-align: center">5 Year</td> <td id="xdx_49F_20170531__20251231_zz9PlNfBFJs2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; width: 16%; text-align: center">Since Inception (5/31/17)</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000057714Member__oef--ClassAxis__custom--C000186116Member_zSndXBsXg9O4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Return Before Taxes</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; text-align: center">15.31%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">1.82%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">8.02%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000057714Member__oef--ClassAxis__custom--C000186116Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zf99Mwf1rWl5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Return After Taxes on Distributions</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; text-align: center">14.98%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">1.32%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">7.47%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000057714Member__oef--ClassAxis__custom--C000186116Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zhSFl59GvXmf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; text-align: center">9.30%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">1.31%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">6.28%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #D9D9D9"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Class C Shares</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; text-align: center"> </td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000057714Member__oef--ClassAxis__custom--C000186117Member_zjm8UHqOEia7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Return Before Taxes</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; text-align: center">21.43%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">2.27%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">7.96%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #D9D9D9"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Class I Shares</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000057714Member__oef--ClassAxis__custom--C000186118Member_zQoyxaVDq18f" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Return Before Taxes</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; text-align: center">22.70%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">3.31%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">9.06%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000057714Member__oef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zpJaA7dXahai" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #D9D9D9"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">S&P 500 Total Return Index (reflects no deduction for fees, expenses or taxes)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; text-align: center">17.88%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">14.42%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">14.81%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000057714Member__oef--PerformanceMeasureAxis__custom--MSCIACWorldIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zh73u6xOtzo9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #D9D9D9"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">MSCI AC World Index (reflects no deduction for fees, expenses or taxes)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; text-align: center">22.87%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">11.70%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">11.96%</td></tr> </table> 2017-05-31 2017-05-31 2017-05-31 Return Before Taxes 0.1531 0.0182 0.0802 0.1498 0.0132 0.0747 0.0930 0.0131 0.0628 Return Before Taxes 0.2143 0.0227 0.0796 Return Before Taxes 0.2270 0.0331 0.0906 reflects no deduction for fees, expenses or taxes 0.1788 0.1442 0.1481 reflects no deduction for fees, expenses or taxes 0.2287 0.1170 0.1196 After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold Fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are only shown for Class A shares. After-tax returns for other share classes will vary. After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold Fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are only shown for Class A shares. After-tax returns for other share classes will vary. FUND SUMMARY: ALPHACENTRIC SYMMETRY STRATEGY FUND Investment Objective: The Fund’s investment objective is capital appreciation. Fees and Expenses of the Fund: This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and is included in the section of the Fund’s prospectus entitled How to Buy Shares on page 73 and “Appendix A – Intermediary-Specific Sales Charge Reductions and Waivers” and in the sections of the Fund’s Statement of Additional Information entitled Reduction of Up-Front Sales Charge on Class A Shares on page 62 and Waiver of Up-Front Sales Charge on Class A Shares on page 63. You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A86_eoef--ShareholderFeesTableTextBlock_zJetrjGNr2I4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zmuRe9N0soie" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #E0E0E0"> <td style="border: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; width: 60%">Shareholder Fees (fees paid directly from your investment)</td> <td id="xdx_496_20260728__20260728__dei--LegalEntityAxis__custom--S000066020Member__oef--ClassAxis__custom--C000213451Member_zcZ0FwA9fgl8" style="border-top: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 10%; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Class A</td> <td id="xdx_49A_20260728__20260728__dei--LegalEntityAxis__custom--S000066020Member__oef--ClassAxis__custom--C000213452Member_ziec4qp0iC4d" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; vertical-align: bottom; width: 10%; text-align: center">Class C</td> <td id="xdx_492_20260728__20260728__dei--LegalEntityAxis__custom--S000066020Member__oef--ClassAxis__custom--C000213450Member_z0CShhCsbJU2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; vertical-align: bottom; width: 10%; text-align: center">Class I</td></tr> <tr id="xdx_401_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zMgw5JDZp77j" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid">Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">5.75%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">None</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_401_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_zrhsdyTZB3zg" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid">Maximum Deferred Sales Charge (Load)</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">1.00%1</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">None</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_401_eoef--MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther_dpn_zOYXwRmGR8m" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid">Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">None</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">None</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_401_eoef--RedemptionFeeOverRedemption_dn_zvXJxRO2YzXj" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid">Redemption Fee</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">None</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">None</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">None</td></tr> </table> 0.0575 0 0 0.0100 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zU0p62ShqRpg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zI5ShMBn8pvh" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #E0E0E0"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 60%">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_496_20260728__20260728__dei--LegalEntityAxis__custom--S000066020Member__oef--ClassAxis__custom--C000213451Member_zDHOFuA4sEDa" style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; width: 10%"> </td> <td id="xdx_493_20260728__20260728__dei--LegalEntityAxis__custom--S000066020Member__oef--ClassAxis__custom--C000213452Member_zNIWpv7aukVe" style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; vertical-align: bottom; text-align: center; width: 10%"> </td> <td id="xdx_49E_20260728__20260728__dei--LegalEntityAxis__custom--S000066020Member__oef--ClassAxis__custom--C000213450Member_zU2fNLPyxtWb" style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; vertical-align: bottom; text-align: center; width: 10%"> </td></tr> <tr id="xdx_403_eoef--ManagementFeesOverAssets_dpn_zWvM0UI0rfqf" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid">Management Fees</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">1.35%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">1.35%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">1.35%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dpn_zJQB3zU2V9Sb" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid">Distribution and Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">0.25%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">1.00%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dpn_zv5V2NP97fcb" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid">Other Expenses</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">0.60%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">0.60%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">0.60%</td></tr> <tr id="xdx_40F_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zLWtGaal69Ye" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid">Acquired Fund Fees and Expenses 2</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">0.13%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">0.13%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">0.13%</td></tr> <tr id="xdx_40A_eoef--ExpensesOverAssets_dpn_zlBgtiXXrtxi" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">2.33%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">3.08%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">2.08%</td></tr> <tr id="xdx_40A_eoef--FeeWaiverOrReimbursementOverAssets_dp_zelH3W4slcFl" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid">Fee Waiver and/or Expense Reimbursement3</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">(0.35)%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">(0.35)%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">(0.35)%</td></tr> <tr id="xdx_404_eoef--NetExpensesOverAssets_dpn_zBNyH5pQEj31" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement1</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">1.98%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">2.73%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">1.73%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">1.</td><td style="text-align: justify">The 1.00% maximum deferred sales charge may be assessed in the case of investments at or above the $1 million breakpoint (where you do not pay an initial sales charge) on shares redeemed within eighteen months of purchase.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">2.</td><td style="text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The total annual fund operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">3.</td><td style="text-align: justify">AlphaCentric Advisors LLC (the “Advisor”)has contractually agreed to waive advisory fees and/or reimburse expenses of the Fund to the extent necessary to limit total annual fund 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 1.85%, 2.60% and 1.60% of the Class A shares, Class C shares and Class I shares, respectively, through July 31, 2027. This agreement may be terminated by the Trust’s Board of Trustees only on 60 days’ written notice to the Advisor, by the Advisor with the consent of the Board of Trustees, or upon the termination of the advisory agreement between the Trust and the Advisor. Fee waivers and expense reimbursements are subject to possible recoupment by the Advisor from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed), so long as such recoupment does not cause the Fund’s expense ratio (after the repayment is taken into account) to exceed both: (i) the Fund’s expense limitation at the time such expenses were waived, and (ii) the Fund’s current expense limitation at the time of recoupment.</td> </tr></table> 0.0135 0.0135 0.0135 0.0025 0.0100 0.0000 0.0060 0.0060 0.0060 0.0013 0.0013 0.0013 0.0233 0.0308 0.0208 -0.0035 -0.0035 -0.0035 0.0198 0.0273 0.0173 The total annual fund operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. July 31, 2027 Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then hold or redeem all of your shares at the end of those periods. The Example only accounts for the Fund’s expense limitation in place through its expiration period, July 31, 2027, and then depicts the Fund’s total annual expenses thereafter. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zSr4s16Vbi3g"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zENh3rzfB5Uh" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; width: 15%; text-align: center; text-indent: 0in">Year</td> <td id="xdx_49C_20260728__20260728__dei--LegalEntityAxis__custom--S000066020Member__oef--ClassAxis__custom--C000213451Member_zV4RYdj0TZ3i" style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; width: 15%; text-align: center; text-indent: 0in">Class A</td> <td id="xdx_498_20260728__20260728__dei--LegalEntityAxis__custom--S000066020Member__oef--ClassAxis__custom--C000213452Member_ztbSKQbqPAsb" style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; width: 15%; text-align: center; text-indent: 0in">Class C</td> <td id="xdx_496_20260728__20260728__dei--LegalEntityAxis__custom--S000066020Member__oef--ClassAxis__custom--C000213450Member_zrbbe6D8XeT8" style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; width: 15%; text-align: center; text-indent: 0in">Class I</td></tr> <tr id="xdx_40F_eoef--ExpenseExampleYear01_zO64coiY4NW3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center; text-indent: 0in">1</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center; text-indent: 0in">$764</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center; text-indent: 0in">$276</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center; text-indent: 0in">$176</td></tr> <tr id="xdx_409_eoef--ExpenseExampleYear03_zRD3UPgpcTfk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center; text-indent: 0in">3</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center; text-indent: 0in">$1,229</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center; text-indent: 0in">$918</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center; text-indent: 0in">$618</td></tr> <tr id="xdx_407_eoef--ExpenseExampleYear05_z1T4VAygu1Ii" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center; text-indent: 0in">5</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center; text-indent: 0in">$1,719</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center; text-indent: 0in">$1,585</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center; text-indent: 0in">$1,087</td></tr> <tr id="xdx_403_eoef--ExpenseExampleYear10_z5G4BMyo0FG5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center; text-indent: 0in">10</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center; text-indent: 0in">$3,062</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center; text-indent: 0in">$3,368</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center; text-indent: 0in">$2,383</td></tr> </table> 764 276 176 1229 918 618 1719 1585 1087 3062 3368 2383 Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The portfolio turnover rate of the Fund for the fiscal year ended March 31, 2026 was 574% of the average value of its portfolio. 5.74 Principal Investment Strategies: The Fund’s investment sub-advisor, Mount Lucas Management LP (the “Sub-Advisor”), seeks to achieve the Fund’s investment objective by employing two complementary strategies: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.25in; padding-right: 0pt; padding-bottom: 0pt"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.25in; padding-right: 0pt; padding-bottom: 0pt">●</td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; text-align: justify; padding-right: 0pt; padding-bottom: 0pt">Traditional Component Strategy</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.25in; padding-right: 0pt; padding-bottom: 0pt"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; width: 0.25in; padding-right: 0pt; padding-bottom: 0pt">●</td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; text-align: justify; padding-right: 0pt; padding-bottom: 0pt">Alternative Component Strategy</td></tr></table> The Traditional Component Strategy seeks to capture returns that have been historically associated with risk premiums for investing in equity and debt securities. Risk premiums are the difference between the expected return on an investment and the return on a risk-free investment. The Sub-Advisor executes this strategy by investing in: (A) common stocks, and (B) exchange traded funds (“ETFs”) that hold (i) preferred stock, (ii) corporate bonds, (iii) corporate loans, (iv) dividend paying common stock, (v) emerging market securities, (vi) sovereign debt, (vii) income producing mortgage REITS, (viii) convertible bonds, (ix) municipal bonds, (x) inflation linked bonds, (xi) credit default linked instruments, and (xii) equity linked contracts. The Sub-Advisor expects this strategy to benefit from periods of economic growth. The Alternative Component Strategy seeks to capture returns from what the Sub-Advisor believes are short term dislocations in currency, interest rate and commodity markets. The Sub-Advisor executes this strategy by investing in: (A) futures contracts, (B) forward contracts, (C) swap contracts, and (D) options on futures contracts. The Sub-Advisor expects this strategy to benefit from periods of economic uncertainty and risk. The Fund segregates the full notional amount of any written credit default swap to cover its obligations. The Sub-Advisor uses a quantitative investment process for selecting portfolios of securities primarily in, but not limited to, the U.S., Europe, and Japan. The Sub-Advisor invests without restriction as to capitalization, country, credit quality, and debt maturity. The Fund may invest in below investment grade debt instruments (commonly known as “junk” bonds), including securities that are in default. The Sub-Advisor invests up to 80% of Fund assets under the Traditional Component Strategy and invests up to 50% of Fund assets under the Alternative Component Strategy. The Sub-Advisor adjusts allocations between the strategies, and instruments within each strategy, based on its view of the expected returns associated with the relevant risk premium. The Sub-Advisor executes a portion of the Alternative Component Strategy by investing up to 25% of Fund assets in a wholly-owned and controlled subsidiary (the “Subsidiary”). The Subsidiary is designed to enhance the ability of the Fund to obtain exposure to the commodities market through commodity linked investments consistent with the limits of the U.S. federal tax law requirements applicable to registered investment companies. The Subsidiary is subject to the same investment restrictions as the Fund, when viewed on a consolidated basis. The Fund actively trades its portfolio investments, which may lead to higher transaction costs that may affect the Fund’s performance. As with any mutual fund, there is no guarantee that the Fund will achieve its objective. Investment markets are unpredictable and there will be certain market conditions where the Fund will not meet its investment objective and will lose money. The Fund’s net asset value (“NAV”) and returns will vary and you could lose money on your investment in the Fund, and those losses could be significant. The following summarizes the principal risks of investing in the Fund. These risks could adversely affect the net asset value, total return and value of the Fund and your investment. Acquired Funds Risk. Because the Fund may invest in other investment companies, the value of your investment will fluctuate in response to the performance of the acquired funds. Investing in acquired funds involves certain additional expenses and certain tax results that would not arise if you invested directly in the securities of the acquired funds. Commodity Risk: Investing in the commodities markets may subject the Fund to greater volatility than investments in traditional securities. Commodity prices may be influenced by unfavorable weather, animal and plant disease, and geological and environmental factors, as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditDefaultSwapIndexProductsRiskMember_z1gdvU4l8Acf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Credit Default Swap Index Products Risk: Credit default swap index products (“CDSIPs”) are typically two-party financial contracts that transfer the credit exposure of the constituents of an index between the two parties (for example, between an exchange and the Fund). Under a typical CDSIP, one party (the “seller”) receives pre-determined periodic payments from the other party (the “buyer”). The seller agrees to make compensating specific payments to the buyer if a negative credit event occurs, such as the bankruptcy or default by the issuer of the underlying debt instrument. The use of CDSIPs involves investment techniques and risks different from those associated with ordinary portfolio security transactions, such as potentially heightened counterparty, concentration and exposure risks. Credit Risk. Credit risk is the risk that an issuer of a security will fail to pay principal and interest in a timely manner, reducing the Fund’s total return. Credit risk may be substantial for the Fund. Derivatives Risk. Even a small investment in derivatives (which include options, futures contracts and other transactions) may give rise to leverage risk (which can increase volatility and magnify the Fund’s potential for loss) and can have a significant impact on the Fund’s performance. Derivatives are also subject to credit risk (the counterparty may default) and liquidity risk (the Fund may not be able to sell the security or otherwise exit the contract in a timely manner). Emerging Markets Risk. Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems with fewer security holder rights. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default. Emerging market securities also tend to be less liquid. Due to this relative lack of liquidity, the Fund may have to accept a lower price or may not be able to sell a portfolio security at all. There may be less reliable or publicly available information about emerging markets due to non-uniform regulatory, auditing or financial recordkeeping standards (including material limits on PCAOB inspection, investigation and enforcement), which could cause errors in the implementation of the Fund’s investment strategy. Equity Security Risk. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in, and perceptions of, their issuers change. Investor perceptions are based on various and unpredictable factors, including expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic and banking crises. Exchange-Traded Funds (“ETFs”) Risk. The ETFs (“Underlying Funds”) in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the Underlying Funds and may be higher than other mutual funds that invest directly in stocks and bonds. Each of the Underlying Funds is subject to its own specific risks, but the Sub-Advisor expects the principal investment risks of such Underlying Funds will be similar to the risks of investing in the Fund. Like an open-end investment company (mutual fund), the value of an ETF can fluctuate based on the prices of the securities owned by the ETF, and ETFs are also subject to the following additional risks: (i) the ETF’s market price may be less than its net asset value; (ii) an active market for the ETF may not develop; and (iii) market trading in the ETF may be halted under certain circumstances. Fixed Income Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund 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 Fund. 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. Federal Reserve policy changes may expose fixed income and related markets to heightened volatility and may reduce liquidity for certain Fund investments, which could cause the value of the Fund’s investments and share price to decline. 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 Fund 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. Foreign Investment Risk. Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability, and differing auditing and legal standards. Investing in emerging markets imposes risks different from, or greater than, risks of investing in foreign developed countries. Forwards Contract Risk. Forwards contracts are individually negotiated and privately traded, so they are dependent upon the creditworthiness of the counterparty and subject to counterparty default risk and liquidity risk. If a counterparty defaults and fails to deliver or settle a forward trade, replacing the transaction may be costly. Liquidity risk exists because no organized secondary market exists to trade or dispose of forward obligations. Futures Contract Risk. The successful use of futures contracts draws upon the Advisor’s and Sub-Advisor’s skill and experience with respect to such instruments and is 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 futures contract; (b) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Advisor and Sub-Advisor’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. Inflation-Indexed Bond Risk. Inflation-indexed bonds are fixed income securities whose principal values are periodically adjusted according to a measure of inflation. If the index measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. With regard to municipal inflation-indexed bonds and certain corporate inflation-indexed bonds, the inflation adjustment is reflected in the semi-annual coupon payment. As a result, the principal value of municipal inflation-indexed bonds and such corporate inflation indexed bonds does not adjust according to the rate of inflation. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-indexed bonds. Inflation-indexed bonds may cause a potential cash flow mismatch to investors, because an increase in the principal amount of an inflation-indexed bond will be treated as interest income currently subject to tax at ordinary income rates even though investors will not receive repayment of principal until maturity. If the Fund invests in such bonds, it will be required to distribute such interest income in order to qualify for treatment as a regulated investment company and eliminate the Fund-level tax, without a corresponding receipt of cash, and therefore may be required to dispose of portfolio securities at a time when it may not be desirable. Interest Rate Risk. Overall bond prices, including the prices of securities held by the Fund, may decline over short or even long periods of time due to rising interest rates. Bonds with longer maturities tend to be more sensitive to interest rates than bonds with shorter maturities. For example, if interest rates go up by 1.0%, the price of a 4% coupon bond will decrease by approximately 1.0% for a bond with 1 year to maturity and approximately 4.4% for a bond with 5 years to maturity. Rising interest rates pose a heightened risk to the Fund’s longer-term fixed income securities. Junk Bond Risk. Lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund’s ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Fund’s share price. Leverage Risk. Using derivatives like futures contracts and options to increase the Fund’s combined long and short exposure creates leverage, which can magnify the Fund’s potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund’s share price. Liquidity Risk. Liquidity risk exists when particular 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. When the Fund holds illiquid investments, the Fund’s investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these investments to meet redemptions or for other cash needs, the Fund may suffer a loss. In addition, when there is illiquidity in the market for certain securities, the Fund, due to limitations on investments in illiquid investments, may be unable to achieve its desired level of exposure to a certain sector. 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. If the Fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, the Fund may be forced to sell at a loss. Management Risk. The portfolio managers’ judgments about the attractiveness, value and potential appreciation of particular asset classes, securities and derivatives in which the Fund invests may prove to be incorrect, and there is no guarantee that the portfolio managers’ judgment will produce the desired results. Market Risk. Overall securities and derivatives market risks may affect the value of individual instruments in which the Fund invests. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, tariffs and trade wars, international conflicts, and political events affect the securities and derivatives markets. When the value of the Fund’s investments goes down, your investment in the Fund decreases in value and you could lose money. Model and Data Risk. Like all quantitative analysis, the investment models utilized by the Sub-Advisor carry the risk that the ranking system, valuation results and predictions might be based on one or more incorrect assumptions, insufficient historical data, inadequate design, or may not be suitable for the purpose intended. In addition, models may not perform as intended for many reasons, including errors, omissions, imperfections or malfunctions. Because the use of models is usually based on data supplied by third parties, the success of the Sub-Advisor’s use of such models is dependent on the accuracy and reliability of the supplied data. Historical data inputs may be subject to revision or corrections, which may diminish data reliability and quality of predictive results. Changing and unforeseen market dynamics could also lead to a decrease in the short-term or long-term effectiveness of a model. Models may lose their predictive validity and incorrectly forecast future market behavior and asset prices, leading to potential losses. No assurance can be given that a model will be successful under all or any market conditions. Municipal Securities Risk. The value of municipal bonds that depend on a specific revenue source or general revenue source to fund their payment obligations may fluctuate as a result of changes in the cash flows generated by the revenue source(s) or changes in the priority of the municipal obligation to receive the cash flows generated by the revenue source(s). In addition, tax laws are subject to change. Changes in federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal bonds. Investments in inverse floating rate securities typically involve greater risk than investments in municipal bonds of comparable maturity and credit quality and their values are more volatile than municipal bonds due to the leverage they entail. Options Risk. There are risks associated with the sale and purchase of call and put options. As the seller (writer) of a call option, the Fund 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. Because they are unhedged, the Fund’s written calls expose the Fund to potentially unlimited losses. As a seller (writer) of a put option, the Fund will lose money if the value of the underlying reference instrument falls below the strike price. The Fund’s losses are potentially large in a written put transaction. Options Market Risk. Markets for options and options on futures contracts may not always operate on a fair and orderly basis. At times, prices for options and options on futures contracts may not represent fair market value and prices may be subject to manipulation, which may be extreme under some circumstances. The dysfunction and manipulation of volatility and options markets may make it difficult for the Fund to effectively implement its investment strategy and achieve its objectives, and could potentially lead to significant losses. Preferred Stock Risk. The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments. Real Estate and REIT Risk. The Fund is subject to the risks of the real estate market as a whole, such as taxation, regulations and economic and political factors that negatively impact the real estate market and the direct ownership of real estate. These may include decreases in real estate values, overbuilding, rising operating costs, interest rates and property taxes. In addition, some real estate-related investments are not fully diversified and are subject to the risks associated with financing a limited number of projects. REITs are heavily dependent upon the management team and are subject to heavy cash flow dependency, defaults by borrowers and self-liquidation. Regulatory Risk. Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund. Sovereign Debt Risk. The issuer of the foreign debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and a Fund may have limited recourse in the event of a default. The market prices of sovereign debt, and the Fund’s net asset value, may be more volatile than prices of U.S. debt obligations, and certain emerging markets may encounter difficulties in servicing their debt obligations. Swaps Risk. Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Taxation Risk. By investing in commodities indirectly through the Subsidiary, the Fund will obtain exposure to the commodities markets within the federal tax requirements that apply to the Fund. However, because the Subsidiary is a controlled foreign corporation, any income received from its investments will be passed through to the Fund as ordinary income, which may be taxed at less favorable rates than capital gains. Turnover Risk. High portfolio turnover causes the Fund to incur higher transactional and brokerage costs, which may adversely affect the Fund’s performance. Volatility Risk. Using derivatives can create leverage, which can amplify the effects of market volatility on the Fund’s share price and make the Fund’s returns more volatile, which means that the Fund’s performance may be subject to substantial short-term changes up or down. Wholly-Owned Subsidiary Risk. The Subsidiary is not registered under the Investment Company Act of 1940 (“1940 Act”) and, unless otherwise noted in this Prospectus, is not 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 the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders. Your cost of investing in the Fund is higher because you indirectly bear the expenses of the Subsidiary. Shareholders of the Fund are indirectly subject to the principal risks of the Subsidiary by virtue of the Fund’s investment in the Subsidiary. The Fund and the Subsidiary are “commodity pools” under the U.S. Commodity Exchange Act, as amended, and the Advisor is a “commodity pool operator” registered with and regulated by the Commodity Futures Trading Commission (“CFTC”). As a result, additional CFTC-mandated disclosure, reporting and recordkeeping obligations apply with respect to the Fund and the Subsidiary and subject each to CFTC penalties if reporting was found to be deficient. Acquired Funds Risk. Because the Fund may invest in other investment companies, the value of your investment will fluctuate in response to the performance of the acquired funds. Investing in acquired funds involves certain additional expenses and certain tax results that would not arise if you invested directly in the securities of the acquired funds.<div id="xdx_C06_gRBRTB-CYYP_zHWfm5O97jJ9"> </div> Commodity Risk: Investing in the commodities markets may subject the Fund to greater volatility than investments in traditional securities. Commodity prices may be influenced by unfavorable weather, animal and plant disease, and geological and environmental factors, as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions.<div id="xdx_C09_gRBRTB-CYYP_zYzEG0iNlYcc"> </div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditDefaultSwapIndexProductsRiskMember_z1gdvU4l8Acf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Credit Default Swap Index Products Risk: Credit default swap index products (“CDSIPs”) are typically two-party financial contracts that transfer the credit exposure of the constituents of an index between the two parties (for example, between an exchange and the Fund). Under a typical CDSIP, one party (the “seller”) receives pre-determined periodic payments from the other party (the “buyer”). The seller agrees to make compensating specific payments to the buyer if a negative credit event occurs, such as the bankruptcy or default by the issuer of the underlying debt instrument. The use of CDSIPs involves investment techniques and risks different from those associated with ordinary portfolio security transactions, such as potentially heightened counterparty, concentration and exposure risks. Credit Risk. Credit risk is the risk that an issuer of a security will fail to pay principal and interest in a timely manner, reducing the Fund’s total return. Credit risk may be substantial for the Fund.<div id="xdx_C02_gRBRTB-CYYP_zjWhUfxINkUi"> </div> Derivatives Risk. Even a small investment in derivatives (which include options, futures contracts and other transactions) may give rise to leverage risk (which can increase volatility and magnify the Fund’s potential for loss) and can have a significant impact on the Fund’s performance. Derivatives are also subject to credit risk (the counterparty may default) and liquidity risk (the Fund may not be able to sell the security or otherwise exit the contract in a timely manner).<div id="xdx_C07_gRBRTB-CYYP_zUTmi9yMjSpl"> </div> Emerging Markets Risk. Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems with fewer security holder rights. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default. Emerging market securities also tend to be less liquid. Due to this relative lack of liquidity, the Fund may have to accept a lower price or may not be able to sell a portfolio security at all. There may be less reliable or publicly available information about emerging markets due to non-uniform regulatory, auditing or financial recordkeeping standards (including material limits on PCAOB inspection, investigation and enforcement), which could cause errors in the implementation of the Fund’s investment strategy.<div id="xdx_C09_gRBRTB-CYYP_zic15GldrV43"> </div> Equity Security Risk. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in, and perceptions of, their issuers change. Investor perceptions are based on various and unpredictable factors, including expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic and banking crises.<div id="xdx_C01_gRBRTB-CYYP_ziSgI1GGMJH2"> </div> Exchange-Traded Funds (“ETFs”) Risk. The ETFs (“Underlying Funds”) in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the Underlying Funds and may be higher than other mutual funds that invest directly in stocks and bonds. Each of the Underlying Funds is subject to its own specific risks, but the Sub-Advisor expects the principal investment risks of such Underlying Funds will be similar to the risks of investing in the Fund. Like an open-end investment company (mutual fund), the value of an ETF can fluctuate based on the prices of the securities owned by the ETF, and ETFs are also subject to the following additional risks: (i) the ETF’s market price may be less than its net asset value; (ii) an active market for the ETF may not develop; and (iii) market trading in the ETF may be halted under certain circumstances.<div id="xdx_C04_gRBRTB-CYYP_zttZlclaxuE7"> </div> Fixed Income Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund 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 Fund. 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. Federal Reserve policy changes may expose fixed income and related markets to heightened volatility and may reduce liquidity for certain Fund investments, which could cause the value of the Fund’s investments and share price to decline.<div id="xdx_C00_gRBRTB-CYYP_zba51A5SPnY2"> </div> 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.<div id="xdx_C05_gRBRTB-CYYP_zvfU2sjueh84"> </div> Foreign Exchanges Risk. A portion of the derivatives trades made by the Fund 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.<div id="xdx_C0A_gRBRTB-CYYP_zLlQYHm948v6"> </div> Foreign Investment Risk. Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability, and differing auditing and legal standards. Investing in emerging markets imposes risks different from, or greater than, risks of investing in foreign developed countries.<div id="xdx_C0F_gRBRTB-CYYP_zXOPM4rVmxm7"> </div> Forwards Contract Risk. Forwards contracts are individually negotiated and privately traded, so they are dependent upon the creditworthiness of the counterparty and subject to counterparty default risk and liquidity risk. If a counterparty defaults and fails to deliver or settle a forward trade, replacing the transaction may be costly. Liquidity risk exists because no organized secondary market exists to trade or dispose of forward obligations. Futures Contract Risk. The successful use of futures contracts draws upon the Advisor’s and Sub-Advisor’s skill and experience with respect to such instruments and is 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 futures contract; (b) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Advisor and Sub-Advisor’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.<div id="xdx_C02_gRBRTB-CYYP_zYKSlRDoDpTh"> </div> Inflation-Indexed Bond Risk. Inflation-indexed bonds are fixed income securities whose principal values are periodically adjusted according to a measure of inflation. If the index measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. With regard to municipal inflation-indexed bonds and certain corporate inflation-indexed bonds, the inflation adjustment is reflected in the semi-annual coupon payment. As a result, the principal value of municipal inflation-indexed bonds and such corporate inflation indexed bonds does not adjust according to the rate of inflation. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-indexed bonds. Inflation-indexed bonds may cause a potential cash flow mismatch to investors, because an increase in the principal amount of an inflation-indexed bond will be treated as interest income currently subject to tax at ordinary income rates even though investors will not receive repayment of principal until maturity. If the Fund invests in such bonds, it will be required to distribute such interest income in order to qualify for treatment as a regulated investment company and eliminate the Fund-level tax, without a corresponding receipt of cash, and therefore may be required to dispose of portfolio securities at a time when it may not be desirable.<div id="xdx_C06_gRBRTB-CYYP_zklZxFB7w8Ja"> </div> Interest Rate Risk. Overall bond prices, including the prices of securities held by the Fund, may decline over short or even long periods of time due to rising interest rates. Bonds with longer maturities tend to be more sensitive to interest rates than bonds with shorter maturities. For example, if interest rates go up by 1.0%, the price of a 4% coupon bond will decrease by approximately 1.0% for a bond with 1 year to maturity and approximately 4.4% for a bond with 5 years to maturity. Rising interest rates pose a heightened risk to the Fund’s longer-term fixed income securities.<div id="xdx_C08_gRBRTB-CYYP_z52odyqnLAf6"> </div> Junk Bond Risk. Lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund’s ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Fund’s share price.<div id="xdx_C0D_gRBRTB-CYYP_zqTMvln6eWyb"> </div> Leverage Risk. Using derivatives like futures contracts and options to increase the Fund’s combined long and short exposure creates leverage, which can magnify the Fund’s potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund’s share price.<div id="xdx_C0D_gRBRTB-CYYP_zeXOaI9uJswl"> </div> Liquidity Risk. Liquidity risk exists when particular 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. When the Fund holds illiquid investments, the Fund’s investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these investments to meet redemptions or for other cash needs, the Fund may suffer a loss. In addition, when there is illiquidity in the market for certain securities, the Fund, due to limitations on investments in illiquid investments, may be unable to achieve its desired level of exposure to a certain sector. 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. If the Fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, the Fund may be forced to sell at a loss.<div id="xdx_C07_gRBRTB-CYYP_zLLFIs79pTO7"> </div> Management Risk. The portfolio managers’ judgments about the attractiveness, value and potential appreciation of particular asset classes, securities and derivatives in which the Fund invests may prove to be incorrect, and there is no guarantee that the portfolio managers’ judgment will produce the desired results.<div id="xdx_C0A_gRBRTB-CYYP_zzx3cHHZqqEh"> </div> Market Risk. Overall securities and derivatives market risks may affect the value of individual instruments in which the Fund invests. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, tariffs and trade wars, international conflicts, and political events affect the securities and derivatives markets. When the value of the Fund’s investments goes down, your investment in the Fund decreases in value and you could lose money. Model and Data Risk. Like all quantitative analysis, the investment models utilized by the Sub-Advisor carry the risk that the ranking system, valuation results and predictions might be based on one or more incorrect assumptions, insufficient historical data, inadequate design, or may not be suitable for the purpose intended. In addition, models may not perform as intended for many reasons, including errors, omissions, imperfections or malfunctions. Because the use of models is usually based on data supplied by third parties, the success of the Sub-Advisor’s use of such models is dependent on the accuracy and reliability of the supplied data. Historical data inputs may be subject to revision or corrections, which may diminish data reliability and quality of predictive results. Changing and unforeseen market dynamics could also lead to a decrease in the short-term or long-term effectiveness of a model. Models may lose their predictive validity and incorrectly forecast future market behavior and asset prices, leading to potential losses. No assurance can be given that a model will be successful under all or any market conditions.<div id="xdx_C00_gRBRTB-CYYP_zZ3p8hc6a2R1"> </div> Municipal Securities Risk. The value of municipal bonds that depend on a specific revenue source or general revenue source to fund their payment obligations may fluctuate as a result of changes in the cash flows generated by the revenue source(s) or changes in the priority of the municipal obligation to receive the cash flows generated by the revenue source(s). In addition, tax laws are subject to change. Changes in federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal bonds. Investments in inverse floating rate securities typically involve greater risk than investments in municipal bonds of comparable maturity and credit quality and their values are more volatile than municipal bonds due to the leverage they entail.<div id="xdx_C09_gRBRTB-CYYP_zJr7NEpWr61a"> </div> Options Risk. There are risks associated with the sale and purchase of call and put options. As the seller (writer) of a call option, the Fund 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. Because they are unhedged, the Fund’s written calls expose the Fund to potentially unlimited losses. As a seller (writer) of a put option, the Fund will lose money if the value of the underlying reference instrument falls below the strike price. The Fund’s losses are potentially large in a written put transaction.<div id="xdx_C05_gRBRTB-CYYP_zY9Mc5SBiODl"> </div> Options Market Risk. Markets for options and options on futures contracts may not always operate on a fair and orderly basis. At times, prices for options and options on futures contracts may not represent fair market value and prices may be subject to manipulation, which may be extreme under some circumstances. The dysfunction and manipulation of volatility and options markets may make it difficult for the Fund to effectively implement its investment strategy and achieve its objectives, and could potentially lead to significant losses.<div id="xdx_C0D_gRBRTB-CYYP_zFf7ljW3hPDj"> </div> Preferred Stock Risk. The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.<div id="xdx_C03_gRBRTB-CYYP_zVw75hr7tnTh"> </div> Real Estate and REIT Risk. The Fund is subject to the risks of the real estate market as a whole, such as taxation, regulations and economic and political factors that negatively impact the real estate market and the direct ownership of real estate. These may include decreases in real estate values, overbuilding, rising operating costs, interest rates and property taxes. In addition, some real estate-related investments are not fully diversified and are subject to the risks associated with financing a limited number of projects. REITs are heavily dependent upon the management team and are subject to heavy cash flow dependency, defaults by borrowers and self-liquidation.<div id="xdx_C0E_gRBRTB-CYYP_z0KqJKhuVvs7"> </div> Regulatory Risk. Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund.<div id="xdx_C07_gRBRTB-CYYP_zphdagiJkXy5"> </div> Sovereign Debt Risk. The issuer of the foreign debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and a Fund may have limited recourse in the event of a default. The market prices of sovereign debt, and the Fund’s net asset value, may be more volatile than prices of U.S. debt obligations, and certain emerging markets may encounter difficulties in servicing their debt obligations.<div id="xdx_C0D_gRBRTB-CYYP_zp1tqguMqz73"> </div> Swaps Risk. Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.<div id="xdx_C02_gRBRTB-CYYP_z7sObDs5zk3g"> </div> Taxation Risk. By investing in commodities indirectly through the Subsidiary, the Fund will obtain exposure to the commodities markets within the federal tax requirements that apply to the Fund. However, because the Subsidiary is a controlled foreign corporation, any income received from its investments will be passed through to the Fund as ordinary income, which may be taxed at less favorable rates than capital gains.<div id="xdx_C05_gRBRTB-CYYP_zPYwWTUqvBHj"> </div> Turnover Risk. High portfolio turnover causes the Fund to incur higher transactional and brokerage costs, which may adversely affect the Fund’s performance.<div id="xdx_C0D_gRBRTB-CYYP_zcpA4ieuNkxf"> </div> Volatility Risk. Using derivatives can create leverage, which can amplify the effects of market volatility on the Fund’s share price and make the Fund’s returns more volatile, which means that the Fund’s performance may be subject to substantial short-term changes up or down. Wholly-Owned Subsidiary Risk. The Subsidiary is not registered under the Investment Company Act of 1940 (“1940 Act”) and, unless otherwise noted in this Prospectus, is not 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 the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders. Your cost of investing in the Fund is higher because you indirectly bear the expenses of the Subsidiary. Shareholders of the Fund are indirectly subject to the principal risks of the Subsidiary by virtue of the Fund’s investment in the Subsidiary. The Fund and the Subsidiary are “commodity pools” under the U.S. Commodity Exchange Act, as amended, and the Advisor is a “commodity pool operator” registered with and regulated by the Commodity Futures Trading Commission (“CFTC”). As a result, additional CFTC-mandated disclosure, reporting and recordkeeping obligations apply with respect to the Fund and the Subsidiary and subject each to CFTC penalties if reporting was found to be deficient. Performance: 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 Sub-Advisor was the adviser to the Predecessor Fund. The performance information set forth below includes the historical performance of the Predecessor Fund shares. The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund’s Class I shares for each of the last ten full calendar years. Although Class A shares and Class C shares have similar annual returns to Class I shares because the classes are invested in the same portfolio of securities, the returns for Class A shares, and Class C shares are different from Class I shares because Class A shares and Class C shares have different expenses than Class I shares. The performance table compares the performance of the Fund’s shares over time to those of a broad-based market index and a blended index. You should be aware that the Fund’s and Predecessor Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. The Fund’s performance provided below for periods prior to the commencement of the Fund’s operations is that of the Predecessor Fund, which includes all of the Predecessor Fund’s gross fees and expenses over various periods ended December 31, 2019, as adjusted to include the applicable sales loads of each class of shares of the Fund. The performance of the Predecessor Fund has not been restated to reflect the fees, estimated expenses and fee waivers and/or expense limitations applicable to each class of shares of the Fund. If the performance of the Predecessor Fund had been restated to reflect the applicable fees and expenses of each class of shares of the Fund, the performance would have been lower. The Predecessor Fund did not have a distribution policy. It was a limited partnership, did not qualify as a regulated investment company for federal income tax purposes, and it did not pay dividends and distributions. As a result of the different tax treatment, we are unable to show the after-tax returns for the Predecessor Fund prior to its operations as the Fund. The Predecessor Fund was not registered under the 1940 Act and, therefore, was not subject to certain investment restrictions, limitations and diversification requirements that are imposed by the 1940 Act. If the Predecessor Fund had been registered under the 1940 Act, the Predecessor Fund’s performance may have been adversely affected. The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. You should be aware that the Fund’s and Predecessor Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. AlphaCentric Symmetry Strategy Fund Annual Total Returns <div id="xdx_A83_eoef--BarChartTableTextBlock_zc4eSspztja2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zlMBREsxDLTf" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: left"> <td style="width: 10%"> </td> <td id="xdx_496_20160101__20161231_zTPxg0tP7hN6" style="width: 9%">2016</td> <td id="xdx_496_20170101__20171231_zrMQPW8VfZEf" style="width: 9%">2017</td> <td id="xdx_496_20180101__20181231_z9H6diXrrOi2" style="width: 9%">2018</td> <td id="xdx_496_20190101__20191231_zUtDMVQW4Wi7" style="width: 9%">2019</td> <td id="xdx_496_20200101__20201231_zN9ENtYOIdR4" style="width: 9%">2020</td> <td id="xdx_496_20210101__20211231_zOhlEcOFyFxc" style="width: 9%">2021</td> <td id="xdx_496_20220101__20221231_zrYMaMlwbfB9" style="width: 9%">2022</td> <td id="xdx_496_20230101__20231231_znO5JJYenqz7" style="width: 9%">2023</td> <td id="xdx_496_20240101__20241231_zcPGFhatJdO9" style="width: 9%">2024</td> <td id="xdx_496_20250101__20251231_z08UA3aV8ks5" style="width: 9%">2025</td></tr> <tr id="xdx_401_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000066020Member__oef--ClassAxis__custom--C000213450Member_zxJ9ooDm0nmf" style="vertical-align: top; text-align: left"> <td> </td> <td>-3.15%</td> <td>7.39%</td> <td>-7.37%</td> <td>-0.48%</td> <td>-2.61%</td> <td>14.07%</td> <td>6.08%</td> <td>0.93%</td> <td>7.61%</td> <td>12.36%</td></tr> </table> <img alt="(BAR CHAT)" src="al006_v1.jpg"/> -0.0315 0.0739 -0.0737 -0.0048 -0.0261 0.1407 0.0608 0.0093 0.0761 0.1236 During the period shown in the bar chart, the highest return for a quarter was 9.89% (quarter ended December 31, 2020), and the lowest return for a quarter was (11.28)% (quarter ended March 31, 2020). The Fund’s Class I shares year-to-date returns for the period ended June 30, 2026 was 6.22%. the highest return for a quarter was 0.0989 2020-12-31 the lowest return for a quarter was -0.1128 2020-03-31 The Fund’s Class I shares year-to-date returns for the period 2026-06-30 0.0622 AlphaCentric Symmetry Strategy Fund Average Annual Total Returns (for the periods ended December 31, 2025) <div id="xdx_A8E_eoef--PerformanceTableTextBlock_zqWoeU01NSge"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zOKHxBKdWZgg" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #D9D9D9"> <td style="border: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 50%">Class I Shares</td> <td id="xdx_494_20250101__20251231_zIxCHpw649g2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; width: 12%; text-align: center">1 Year</td> <td id="xdx_49E_20210101__20251231_zjOExrsWVwVk" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; width: 12%; text-align: center">5 Year</td> <td id="xdx_494_20160101__20251231_zgelJqDFFpl9" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; width: 16%; text-align: center">10 Year 1</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000066020Member__oef--ClassAxis__custom--C000213450Member_zQ0KAGXrlw9g" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Return Before Taxes</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; text-align: center">12.36%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">8.11%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">3.26%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000066020Member__oef--ClassAxis__custom--C000213450Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zgzA3Qh07xPf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Return After Taxes on Distributions</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; text-align: center">12.36%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">7.21%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">2.70%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000066020Member__oef--ClassAxis__custom--C000213450Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zWb6HW47QK94" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; text-align: center">7.32%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">6.00%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">2.32%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #D9D9D9"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Class A Shares2</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; text-align: center"> </td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000066020Member__oef--ClassAxis__custom--C000213451Member_zwVvvRHBtjLe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Return Before Taxes2</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; text-align: center">5.65%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">6.61%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">3.03%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #D9D9D9"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Class C Shares</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000066020Member__oef--ClassAxis__custom--C000213452Member_zWZTAmPDv33i" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Return Before Taxes</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; text-align: center">11.23%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">7.04%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">2.26%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000066020Member__oef--PerformanceMeasureAxis__custom--SAndP500TRIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zHz4N9xFhXJk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #D9D9D9"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">S&P 500 TR Index (reflects no deduction for fees, expenses or taxes)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; text-align: center">17.88%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">14.42%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">14.82%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000066020Member__oef--PerformanceMeasureAxis__custom--MSCIWorldBloombergUSAggregateBondBlendedIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zbkyUtLUSBpj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #D9D9D9"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">MSCI World/Bloomberg US Aggregate Bond Blended Index3 (reflects no deduction for fees, expenses or taxes)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; text-align: center">15.51%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">7.13%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">8.23%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">1</td><td style="text-align: justify">Includes the effect of performance fees paid by the investors of the Predecessor Fund.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">2</td><td style="text-align: justify">Includes the effect of the maximum sales load.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">3</td><td style="text-align: justify">MSCI World/Bloomberg US 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.</td> </tr></table> Return Before Taxes 0.1236 0.0811 0.0326 0.1236 0.0721 0.0270 0.0732 0.0600 0.0232 Return Before Taxes 0.0565 0.0661 0.0303 Return Before Taxes 0.1123 0.0704 0.0226 reflects no deduction for fees, expenses or taxes 0.1788 0.1442 0.1482 reflects no deduction for fees, expenses or taxes 0.1551 0.0713 0.0823 After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold Fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns for other share classes will vary. Updated performance information and daily net asset value per share are available at no cost by calling toll-free 1-844-223-8637. After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold Fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns for other share classes will vary. 1-844-223-8637 FUND SUMMARY: AlphaCentric real INCOME Fund Investment Objective: The Fund’s investment objective is total return through current income and capital appreciation. Fees and Expenses of the Fund: This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and is included in the section of the Fund’s prospectus entitled How to Buy Shares on page 73 and “Appendix A – Intermediary-Specific Sales Charge Reductions and Waivers” and in the sections of the Fund’s Statement of Additional Information entitled Reduction of Up-Front Sales Charge on Class A Shares on page 62 and Waiver of Up-Front Sales Charge on Class A Shares on page 63. You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8D_eoef--ShareholderFeesTableTextBlock_zomhKXaaWqq3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zHVJslBKnYxe" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #E0E0E0"> <td style="border: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 60%">Shareholder Fees (fees paid directly from your investment)</td> <td id="xdx_49D_20260728__20260728__dei--LegalEntityAxis__custom--S000071674Member__oef--ClassAxis__custom--C000227117Member_z1PM35rbycmg" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; vertical-align: bottom; width: 10%; text-align: center">Class A</td> <td id="xdx_490_20260728__20260728__dei--LegalEntityAxis__custom--S000071674Member__oef--ClassAxis__custom--C000227118Member_zwIcltwAbakc" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; vertical-align: bottom; width: 10%; text-align: center">Class C</td> <td id="xdx_490_20260728__20260728__dei--LegalEntityAxis__custom--S000071674Member__oef--ClassAxis__custom--C000227116Member_z3dYE5da8PZa" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; vertical-align: bottom; width: 10%; text-align: center">Class I</td></tr> <tr id="xdx_403_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zrBst7RPoYQ6" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid">Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">4.75%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">None</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_40F_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_zlUh38VHQXvh" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid">Maximum Deferred Sales Charge (Load)</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">1.00%1</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">None</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_406_eoef--MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther_dpn_zI3yOuyzsZX7" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid">Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">None</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">None</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_402_eoef--RedemptionFeeOverRedemption_dn_zxA0aQjQ5KXa" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid">Redemption Fee</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">None</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">None</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">None</td></tr> </table> 0.0475 0 0 0.0100 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zRXMODbkvlf3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_z8Ta1fuGhoVb" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #E0E0E0"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 60%">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49D_20260728__20260728__dei--LegalEntityAxis__custom--S000071674Member__oef--ClassAxis__custom--C000227117Member_zNmAq1BAvY2f" style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; width: 10%"> </td> <td id="xdx_490_20260728__20260728__dei--LegalEntityAxis__custom--S000071674Member__oef--ClassAxis__custom--C000227118Member_zmYwvy1012ei" style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; width: 10%"> </td> <td id="xdx_490_20260728__20260728__dei--LegalEntityAxis__custom--S000071674Member__oef--ClassAxis__custom--C000227116Member_z5HeR4BNQRlc" style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; width: 10%"> </td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dpn_zgGGCFCZYh3e" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid">Management Fees</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">1.50%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">1.50%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">1.50%</td></tr> <tr id="xdx_405_eoef--DistributionAndService12b1FeesOverAssets_dpn_z25WwasK0yNh" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid">Distribution and Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">0.25%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">1.00%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_z9HzurJsYG3k" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid">Other Expenses</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">0.76%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">0.76%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">0.76%</td></tr> <tr id="xdx_401_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_z1w82YKs9r1g" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">0.02%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">0.02%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">0.02%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_z47K8ZW5rgk8" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">2.53%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">3.28%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">2.28%</td></tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_dp_zOOY9zKw1LU5" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid">Fee Waiver and/or Expense Reimbursement3</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">(0.77)%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">(0.77)%</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">(0.77)%</td></tr> <tr id="xdx_40B_eoef--NetExpensesOverAssets_dpn_zy1FYXui25Mf" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement1</td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid">1.76% </td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid">2.51% </td> <td style="border-right: black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid">1.51% </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">1</td><td style="text-align: justify">The 1.00% maximum deferred sales charge may be assessed in the case of investments at or above the $1 million breakpoint (where you do not pay an initial sales charge) on shares redeemed within eighteen months of purchase.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">2</td><td style="text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The total annual fund operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">3</td><td style="text-align: justify">AlphaCentric Advisors LLC (the “Advisor”) has contractually agreed to waive advisory fees and/or reimburse expenses of the Fund to the extent necessary to limit total annual fund 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 1.74%, 2.49% and 1.49% of the Fund’s Class A shares, Class C shares, and Class I shares, respectively, through July 31, 2027. This agreement may be terminated by the Trust’s Board of Trustees only on 60 days’ written notice to the Advisor, by the Advisor with the consent of the Board of Trustees, or upon the termination of the advisory agreement between the Trust and the Advisor. Fee waivers and expense reimbursements are subject to possible recoupment by the Advisor from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed), so long as such recoupment does not cause the Fund’s expense ratio (after the repayment is taken into account) to exceed both: (i) the Fund’s expense limitation at the time such expenses were waived, and (ii) the Fund’s current expense limitation at the time of recoupment.</td> </tr></table> 0.0150 0.0150 0.0150 0.0025 0.0100 0.0000 0.0076 0.0076 0.0076 0.0002 0.0002 0.0002 0.0253 0.0328 0.0228 -0.0077 -0.0077 -0.0077 0.0176 0.0251 0.0151 The total annual fund operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. July 31, 2027 Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then hold or redeem all of your shares at the end of those periods. The Example only accounts for the Fund’s expense limitation in place through its expiration period, July 31, 2027, and then depicts the Fund’s total annual expenses thereafter. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zUu4ZknxRL04"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zML7TB0wZPf8" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; width: 15%">Year</td> <td id="xdx_49C_20260728__20260728__dei--LegalEntityAxis__custom--S000071674Member__oef--ClassAxis__custom--C000227117Member_zLZlpqIpRSR4" style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; width: 15%; text-align: center">Class A</td> <td id="xdx_495_20260728__20260728__dei--LegalEntityAxis__custom--S000071674Member__oef--ClassAxis__custom--C000227118Member_zdJJRHnMwEw1" style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; width: 15%; text-align: center">Class C</td> <td id="xdx_49F_20260728__20260728__dei--LegalEntityAxis__custom--S000071674Member__oef--ClassAxis__custom--C000227116Member_zBD2fvFMVRk2" style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; width: 15%; text-align: center">Class I</td></tr> <tr id="xdx_409_eoef--ExpenseExampleYear01_zmjqe0BLZgX8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt">1</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">$645</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">$254</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">$154</td></tr> <tr id="xdx_40B_eoef--ExpenseExampleYear03_z2gXPJ1nyZE7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt">3</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">$1,155</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">$938</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">$638</td></tr> <tr id="xdx_402_eoef--ExpenseExampleYear05_zeQKWgnlxDy6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: justify">5</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">$1,691</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">$1,646</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">$1,150</td></tr> <tr id="xdx_40F_eoef--ExpenseExampleYear10_zmKguGgcKoEi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: justify">10</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">$3,149</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">$3,524</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; text-align: center">$2,556</td></tr> </table> 645 254 154 1155 938 638 1691 1646 1150 3149 3524 2556 Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The portfolio turnover rate of the Fund for the fiscal year ended March 31, 2026 was 152% of the average value of its portfolio. 1.52 Principal Investment Strategies: CrossingBridge Advisors, LLC, the Fund’s investment sub-advisor (the “Sub-Advisor”), seeks undervalued investments and endeavors to identify overlooked factors that lead to price appreciation. The Sub-Advisor uses a research driven approach to detect market inefficiencies and to identify what it perceives to be attractive risk adjusted return potential. The Sub-Advisor’s framework typically incorporates a “bottom up,” value oriented evaluation of an investment’s potential. For fixed income securities, analysis is focused on understanding credit risks, as well as structural nuances that could affect value. For equity securities, the focus revolves around asset-based analysis to uncover overlooked sources of value. The Sub-Advisor endeavors to purchase securities at a discount to their actual value based on the Sub-Advisor’s assessment of quantitative and qualitative factors (i.e., “intrinsic value”). The Sub-Advisor generally sells a security when it is at or near its intrinsic value or to facilitate the purchase of a security with a more attractive risk-adjusted return potential. Ultimately, investment decisions rely on the judgement and experience of the Sub-Advisor. The Fund seeks to achieve its investment objective by investing primarily in fixed income and income-oriented securities and instruments, such as loans, bonds, convertible bonds, preferred stock, common and dividend paying equity securities in real estate, real estate-related services, and entities with significant tangible assets including, but not limited to, real estate services and hard assets. The Fund focuses its investments in agency and non-agency residential and commercial mortgage-backed securities (“MBS”), including MBS secured by sub-prime mortgages; and debt and equity securities of companies engaged in real estate and mortgage related businesses, including, but not limited to, mortgage originators, mortgage servicers and real estate investment trusts (mortgage and equity) (“REITs”), and may also include debt and equity securities of companies with hard assets, infrastructure, or other real assets. The Fund may also invest in senior and subordinate collateralized debt obligations (“CDOs”) and collateralized loan obligations (“CLOs”), and the senior and subordinate debt securities and equity securities of businesses unrelated to real estate and mortgages. The Fund’s CDO or CLO investments will be concentrated in debt tranches, a portion of which could be subordinate debt tranches rated below investment grade. The Fund may invest in domestic and foreign entities. The Fund concentrates its investments (i.e., invests more than 25% of its net assets) in securities of real estate industry companies. Real estate industry companies are defined by the Fund as REITs, MBS and companies that derive a majority of their revenue from real estate or mortgage related businesses or have a majority of their assets invested in real estate or mortgages. The Fund may invest in debt securities of any maturity or duration. Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates. The more sensitive a security is to changes in interest rates, the higher its volatility risk. The Fund may invest in distressed asset backed securities and other below investment grade securities (commonly referred to as “junk”) without limitation. Below investment grade securities are rated below Baa3 by Moody’s Investor Services or equivalently by another nationally recognized statistical rating organization, as well as non-rated securities. The equity securities in which the Fund may invest include the common stock, preferred stock and American Depository Receipts (“ADRs”) of companies of any capitalization. The Fund may hold up to 15% of its net assets in illiquid investments. The Fund may invest in derivative instruments, specifically options, interest rate-linked futures contracts, swap agreements, credit default swaps and forward currency contracts to reduce exposure to, or “hedge” against, market volatilities and other risks. The Fund may also use Derivatives rather than investing directly in an underlying asset class, as a low-cost, effective means to gain exposure to such asset class. Distribution Policy: The Fund’s distribution policy is to make monthly distributions to shareholders. The Fund may, at the discretion of management, target a specific level of monthly distributions (including any return of capital) from time to time. Shareholders receiving periodic payments from the Fund may be under the impression that they are receiving net profits. For more information about the Fund’s distribution policy, please turn to “Additional Information About the Fund’s Principal Investment Strategies and Related Risks – Principal Investment Strategies – AlphaCentric Real Income Fund - Distribution Policy and Goals” section in the Fund’s Prospectus. The Fund actively trades its portfolio investments, which may lead to higher transaction costs that may affect the Fund’s performance. As with any mutual fund, there is no guarantee that the Fund will achieve its objective. Investment markets are unpredictable and there will be certain market conditions where the Fund will not meet its investment objective and will lose money. The Fund’s net asset value and returns will vary and you could lose money on your investment in the Fund, and those losses could be significant. The following summarizes the principal risks of investing in the Fund. These risks could adversely affect the net asset value, total return and value of the Fund and your investment. Acquired Funds Risk. Because the Fund may invest in other investment companies, the value of your investment will fluctuate in response to the performance of the acquired funds. Investing in acquired funds involves certain additional expenses and certain tax results that would not arise if you invested directly in the securities of the acquired funds. ADRs Risk. ADRs, which are typically issued by a bank, are certificates that evidence ownership of shares of a foreign company and are alternatives to purchasing foreign securities directly in their national markets and currencies. ADRs are subject to the same risks as direct investment in foreign companies and involve risks that are not found in investments in U.S. companies. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetBackedAndMortgageBackedSecurityRiskMember_z5y1hzb2aLH9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Asset-Backed and Mortgage-Backed Security Risk. When the Fund invests in mortgage-backed securities and asset-backed securities, including CLOs and CDOs, the Fund is subject to the risk that, if the underlying borrowers fail to pay interest or repay principal, the assets backing these securities may not be sufficient to support payments on the securities. Subordinate security classes (tranches) are highly sensitive to default and recovery rates on the underlying pool of assets because the more senior classes are generally entitled to receive payment before the subordinate classes. The liquidity of these assets may decrease over time. Mortgage-backed securities represent participating interests in pools of residential mortgage loans, some of which are guaranteed by the U.S. government, its agencies or instrumentalities. However, the guarantee of these types of securities relates to the principal and interest payments and not the market value of such securities. In addition, the guarantee only relates to the mortgage-backed securities held by the Fund and not the purchase of shares of the Fund. Mortgage-backed securities do not have a fixed maturity and their expected maturities may vary when interest rates rise or fall. An increased rate of prepayments on the Fund’s mortgage-backed securities will result in an unforeseen loss of interest income to the Fund, as the Fund may be required to reinvest assets at a lower interest rate. A decreased rate of prepayments lengthens the expected maturity of a mortgage-backed security. The prices of mortgage-backed securities may decrease more than prices of other fixed-income securities when interest rates rise. The liquidity of mortgage-backed securities may change over time. Call Risk. Call risk is the risk that a security may be redeemed prior to its anticipated maturity. Call risk may impact the Fund’s profits and/or require it to reinvest at lower yields than were expected. CDOs and CLOs Risk: CDOs and CLOs are securities backed by an underlying portfolio of debt and loan obligations, respectively. CDOs and CLOs issue classes, or “tranches,” that vary in risk and yield and may experience substantial losses due to actual defaults, decrease of market value due to collateral defaults and removal of subordinate tranches, market anticipation of defaults, and investor aversion to CDO and CLO securities as a class. The risks of investing in CDOs and CLOs depend largely on the tranche invested in and the type of the underlying debts and loans in the tranche of the CDO or CLO, respectively, in which the Fund invests. Losses incurred by a CDO or CLO are borne first by holders of equity and the most subordinate tranches. CDOs and CLOs also carry risks, including, but not limited to, interest rate risk and credit risk. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChangingFixedIncomeMarketConditionsRiskMember_zNmb2ditsK7k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Changing Fixed Income Market Conditions Risk. Interest rate increases by the Federal Reserve could cause the value of the Fund to decrease to the extent that it invests in fixed rate fixed income securities. Federal Reserve policy changes may expose fixed income and related markets to heightened volatility and may reduce liquidity for certain Fund investments, which could cause the value of the Fund’s investments and share price to decline. If the Fund invests in derivatives tied to fixed-income markets, the Fund may be more substantially exposed to these risks than a fund that does not invest in derivatives. To the extent the Fund experiences high redemptions because of these policy changes, the Fund may experience increased portfolio turnover, which will increase the costs the Fund incurs and may lower its performance. Furthermore, if rising interest rates cause the Fund to lose enough value, the Fund could also face increased shareholder redemptions, which could force the Fund to liquidate investments at disadvantageous times or prices, thereby adversely affecting the Fund. In addition, decreases in fixed income dealer market-making capacity may persist in the future, potentially leading to decreased liquidity and increased volatility in the fixed income markets. Convertible Securities Risk. Convertible bonds are hybrid securities that have characteristics of both bonds and common stocks and are subject to fixed income security risks and conversion value-related equity risk. Convertible bonds are similar to other fixed-income securities because they usually pay a fixed interest rate and are obligated to repay principal on a given date in the future. The market value of fixed-income securities tends to decline as interest rates increase. Convertible bonds are particularly sensitive to changes in interest rates when their conversion to equity feature is small relative to the interest and principal value of the bond. Convertible issuers may not be able to make principal and interest payments on the bond as they become due. Convertible bonds may also be subject to prepayment or redemption risk. Convertible securities have characteristics similar to common stocks, especially when their conversion value is greater than the interest and principal value of the bond. When a convertible bond’s value is more closely tied to its conversion to stock feature, it is sensitive to the underlying stock’s price. Counterparty Risk. A counterparty to a financial instrument held by the Fund or by a special purpose or structured vehicle invested in by the Fund may become insolvent or otherwise fail to perform its obligations, and the Fund may obtain no or limited recovery of its investment, and any recovery may be significantly delayed. Credit Risk. The issuer of a security and other instruments may not be able to make principal and interest payments when due. Credit risk may be substantial for the Fund, particularly with respect to the non-agency residential mortgage-backed securities in which the Fund invests. Derivatives Risk. The Fund may use derivatives (including options, interest-rate linked futures contracts, and swap agreements, credit default swaps and forward currency contracts) to hedge against market declines and rising default rates. The 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) the risk of mispricing or improper valuation; and (iii) the risk that changes in the 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. Distribution Policy Risk. The Fund may, at the discretion of management, target a specific level of monthly distributions (including any return of capital) from time to time. Shareholders receiving periodic payments from the Fund may be under the impression that they are receiving net profits. However, all or a portion of a distribution may consist of a return of capital (i.e., from your original investment). Shareholders should not assume that the source of a distribution from the Fund is net profit. Shareholders should note that return of capital will reduce the tax basis of their shares and potentially increase the taxable gain, if any, upon disposition of their shares. Dividend Yield Risk. While the Fund may hold securities of companies that have historically paid a dividend, those companies may reduce or discontinue their dividends, thus reducing the yield of the Fund. Lower priced securities in the Fund may be more susceptible to these risks. Past dividend payments are not a guarantee of future dividend payments. Also, the market return of high dividend yield securities, in certain market conditions, may be worse than the market return of other investment strategies or the overall stock market. Duration Risk. Longer-term securities may be more sensitive to interest rate changes. Rising interest rates pose a risk to funds whose portfolios include longer-term fixed income securities. Effective duration estimates price changes for relatively small changes in rates. If rates rise significantly, effective duration may tend to understate the drop in a security’s price. If rates drop significantly, effective duration may tend to overstate the rise in a security’s price. Equity Security Risk. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. Warrants and rights may expire worthless if the price of a common stock is below the conversion price of the warrant or right. Investor perceptions are based on various and unpredictable factors, including expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic and banking crises. Fixed Income Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund 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 Fund. 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. Federal Reserve policy changes may expose fixed income and related markets to heightened volatility and may reduce liquidity for certain Fund investments, which could cause the value of the Fund’s investments and share price to decline. 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). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Foreign Investment Risk. Since the Fund’s investments may include ADRs and foreign securities, the Fund is subject to risks beyond those associated with investing in domestic securities. Foreign companies are generally not subject to the same regulatory requirements of U.S. companies, thereby resulting in less publicly available information about these companies. In addition, foreign accounting, auditing and financial reporting standards generally differ from those applicable to U.S. companies. Industry Concentration Risk. A fund that concentrates its investments in an industry or group of industries is more vulnerable to adverse market, economic, regulatory, political or other developments affecting such industry or group of industries than a fund that invests its assets more broadly. Interest Rate Risk. Overall bond prices, including the prices of securities held by the Fund, may decline over short or even long periods of time due to rising interest rates. Bonds with longer maturities tend to be more sensitive to interest rates than bonds with shorter maturities. For example, if interest rates go up by 1.0%, the price of a 4% coupon bond will decrease by approximately 1.0% for a bond with 1 year to maturity and approximately 4.4% for a bond with 5 years to maturity. From time to time, the maturity and effective duration of the Fund’s bond portfolio may vary. Rising interest rates pose a heightened risk to the Fund’s longer-term fixed income securities. Issuer Specific Risk. The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than those of larger issuers. The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments. The value of each underlying fund will be dependent on the success of the strategies used by its manager or managers. Certain managers may be dependent upon a single individual or small group of individuals, the loss of which could adversely affect their success. Junk Bond Risk. Lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund’s ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Fund’s share price. Large Capitalization Company Risk. Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller capitalization companies. During different market cycles, the performance of large capitalization companies has trailed the overall performance of the broader securities markets. Legislative Risk. Legislative changes can adversely affect the value of the Fund’s portfolio. Legal, tax and other regulatory changes can be expected to occur over time that may adversely affect the Fund. The regulatory environment with respect to investment funds and their managers is evolving, and changes in regulations that affect investment funds and asset managers may result in an adverse effect on the value of the investments made by the Fund and on the ability of the Fund to pursue its investment objectives. Liquidity Risk. Liquidity risk exists when particular 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. When the Fund holds illiquid investments, the Fund’s investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these investments to meet redemptions or for other cash needs, the Fund may suffer a loss. In addition, when there is illiquidity in the market for certain securities, the Fund, due to limitations on investments in illiquid investments, may be unable to achieve its desired level of exposure to a certain sector. 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. If the Fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, the Fund may be forced to sell at a loss. Management Risk. The portfolio managers’ judgments about the attractiveness, value and potential appreciation of particular stocks or other securities in which the Fund invests or sells short may prove to be incorrect, and there is no guarantee that the portfolio managers’ judgment will produce the desired results. Market Risk. Overall market risks may also affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, tariffs and trade wars, international conflicts, and political events affect the securities markets. Model and Data Risk. Like all quantitative analysis, the investment models utilized by the Sub-Advisor carry the risk that the ranking system, valuation results and predictions might be based on one or more incorrect assumptions, insufficient historical data, inadequate design, or may not be suitable for the purpose intended. In addition, models may not perform as intended for many reasons, including errors, omissions, imperfections or malfunctions. Because the use of models is usually based on data supplied by third parties, the success of the Sub-Advisor’s use of such models is dependent on the accuracy and reliability of the supplied data. Historical data inputs may be subject to revision or corrections, which may diminish data reliability and quality of predictive results. Changing and unforeseen market dynamics could also lead to a decrease in the short-term or long-term effectiveness of a model. Models may lose their predictive validity and incorrectly forecast future market behavior and asset prices, leading to potential losses. No assurance can be given that a model will be successful under all or any market conditions. Preferred Stock Risk. The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments. Prepayment and Extension Risk. Prepayment risk is the risk that principal on a debt obligation may be repaid earlier than anticipated. Extension risk is the risk that principal on a debt obligation may be repaid later than anticipated. Prepayment and extension risk may impact the Fund’s profits. Real Estate and REIT Risk. The Fund is subject to the risks of the real estate market as a whole, such as taxation, regulations and economic and political factors that negatively impact the real estate market and the direct ownership of real estate. These may include decreases in real estate values, overbuilding, rising operating costs, interest rates and property taxes. In addition, some real estate-related investments are not fully diversified and are subject to the risks associated with financing a limited number of projects. Investing in REITs involves certain unique risks in addition to those associated with the real estate sector generally. REITs whose underlying properties are concentrated in a particular industry or region are also subject to risks affecting such industries and regions. REITs (especially mortgage REITs) are also subject to interest rate risks. By investing in REITs through the Fund, a shareholder will bear expenses of the REITs in addition to Fund expenses. Regulatory Risk. Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund. Sector Exposure Risk. Securities within the same sector may decline in price due to sector-specific market or economic developments. If the Fund invests more heavily in a particular sector, the value of its shares may be especially sensitive to factors and economic risks that specifically affect that sector. As a result, the Fund’s share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors. Additionally, some sectors could be subject to greater government regulation than other sectors. Therefore, changes in regulatory policies for those sectors may have a material effect on the value of securities issued by companies in those sectors. Security Risk. The value of the Fund may decrease in response to the activities and financial prospects of an individual security or group of securities in the Fund’s portfolio. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMediumCapitalizationCompanyRiskMember_zm2pzDW4Ugjl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Small and Medium Capitalization Company Risk. To the extent the Fund invests in the stocks of smaller-sized companies, the Fund may be subject to additional risks. The earnings and prospects of these companies may be more volatile than larger companies. Smaller-sized companies may experience higher failure rates than larger companies. The trading volume of securities of smaller-sized companies is normally less than that of larger companies and, therefore, may disproportionately affect their market price, tending to make them fall more in response to selling pressure than is the case with larger companies. Smaller-sized companies may have limited markets, product lines or financial resources and may lack management experience. Sub-Prime Mortgage Risk. Lower-quality notes, such as those considered “sub-prime” are more likely to default than those considered “prime” by a rating evaluation agency or service provider. An economic downturn or period of rising interest rates could adversely affect the market for “sub-prime” notes and reduce the Fund’s ability to sell these securities. The lack of a liquid market for these securities could decrease the Fund’s share price. Additionally, borrowers may seek bankruptcy protection which would delay resolution of security holder claims and may eliminate or materially reduce liquidity. Turnover Risk. High portfolio turnover causes the Fund to incur higher transactional and brokerage costs, which may adversely affect the Fund’s performance. Acquired Funds Risk. Because the Fund may invest in other investment companies, the value of your investment will fluctuate in response to the performance of the acquired funds. Investing in acquired funds involves certain additional expenses and certain tax results that would not arise if you invested directly in the securities of the acquired funds.<div id="xdx_C08_gRBRTB-ASQ_zR42tk9kqQqi"> </div> ADRs Risk. ADRs, which are typically issued by a bank, are certificates that evidence ownership of shares of a foreign company and are alternatives to purchasing foreign securities directly in their national markets and currencies. ADRs are subject to the same risks as direct investment in foreign companies and involve risks that are not found in investments in U.S. companies.<div id="xdx_C03_gRBRTB-ASQ_zZwS8RdTz0I2"> </div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetBackedAndMortgageBackedSecurityRiskMember_z5y1hzb2aLH9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Asset-Backed and Mortgage-Backed Security Risk. When the Fund invests in mortgage-backed securities and asset-backed securities, including CLOs and CDOs, the Fund is subject to the risk that, if the underlying borrowers fail to pay interest or repay principal, the assets backing these securities may not be sufficient to support payments on the securities. Subordinate security classes (tranches) are highly sensitive to default and recovery rates on the underlying pool of assets because the more senior classes are generally entitled to receive payment before the subordinate classes. The liquidity of these assets may decrease over time.<div id="xdx_C05_gRBRTB-ASQ_zXsOwSdr98Gb"> </div> <div id="xdx_C0B_gRBRTB-ASQ_zJmee6ht5Cx5">Mortgage-backed securities represent participating interests in pools of residential mortgage loans, some of which are guaranteed by the U.S. government, its agencies or instrumentalities. However, the guarantee of these types of securities relates to the principal and interest payments and not the market value of such securities. In addition, the guarantee only relates to the mortgage-backed securities held by the Fund and not the purchase of shares of the Fund.</div> <div id="xdx_C06_gRBRTB-ASQ_zq02nelfXsjd"> </div> <div id="xdx_C0E_gRBRTB-ASQ_z55NjRgDvalj">Mortgage-backed securities do not have a fixed maturity and their expected maturities may vary when interest rates rise or fall. An increased rate of prepayments on the Fund’s mortgage-backed securities will result in an unforeseen loss of interest income to the Fund, as the Fund may be required to reinvest assets at a lower interest rate. A decreased rate of prepayments lengthens the expected maturity of a mortgage-backed security. The prices of mortgage-backed securities may decrease more than prices of other fixed-income securities when interest rates rise. The liquidity of mortgage-backed securities may change over time.</div> <div id="xdx_C06_gRBRTB-ASQ_zC4h0EUsmdQ9"> </div> Call Risk. Call risk is the risk that a security may be redeemed prior to its anticipated maturity. Call risk may impact the Fund’s profits and/or require it to reinvest at lower yields than were expected.<div id="xdx_C09_gRBRTB-ASQ_zaoFv5Ddpkgb"> </div> CDOs and CLOs Risk: CDOs and CLOs are securities backed by an underlying portfolio of debt and loan obligations, respectively. CDOs and CLOs issue classes, or “tranches,” that vary in risk and yield and may experience substantial losses due to actual defaults, decrease of market value due to collateral defaults and removal of subordinate tranches, market anticipation of defaults, and investor aversion to CDO and CLO securities as a class. The risks of investing in CDOs and CLOs depend largely on the tranche invested in and the type of the underlying debts and loans in the tranche of the CDO or CLO, respectively, in which the Fund invests. Losses incurred by a CDO or CLO are borne first by holders of equity and the most subordinate tranches. CDOs and CLOs also carry risks, including, but not limited to, interest rate risk and credit risk.<div id="xdx_C0F_gRBRTB-ASQ_zuShWzQQawHf"> </div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChangingFixedIncomeMarketConditionsRiskMember_zNmb2ditsK7k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Changing Fixed Income Market Conditions Risk. Interest rate increases by the Federal Reserve could cause the value of the Fund to decrease to the extent that it invests in fixed rate fixed income securities. Federal Reserve policy changes may expose fixed income and related markets to heightened volatility and may reduce liquidity for certain Fund investments, which could cause the value of the Fund’s investments and share price to decline. If the Fund invests in derivatives tied to fixed-income markets, the Fund may be more substantially exposed to these risks than a fund that does not invest in derivatives. To the extent the Fund experiences high redemptions because of these policy changes, the Fund may experience increased portfolio turnover, which will increase the costs the Fund incurs and may lower its performance. Furthermore, if rising interest rates cause the Fund to lose enough value, the Fund could also face increased shareholder redemptions, which could force the Fund to liquidate investments at disadvantageous times or prices, thereby adversely affecting the Fund. In addition, decreases in fixed income dealer market-making capacity may persist in the future, potentially leading to decreased liquidity and increased volatility in the fixed income markets.<div id="xdx_C0E_gRBRTB-ASQ_zEvuLUJJgJAd"> </div> Convertible Securities Risk. Convertible bonds are hybrid securities that have characteristics of both bonds and common stocks and are subject to fixed income security risks and conversion value-related equity risk. Convertible bonds are similar to other fixed-income securities because they usually pay a fixed interest rate and are obligated to repay principal on a given date in the future. The market value of fixed-income securities tends to decline as interest rates increase. Convertible bonds are particularly sensitive to changes in interest rates when their conversion to equity feature is small relative to the interest and principal value of the bond. Convertible issuers may not be able to make principal and interest payments on the bond as they become due. Convertible bonds may also be subject to prepayment or redemption risk. Convertible securities have characteristics similar to common stocks, especially when their conversion value is greater than the interest and principal value of the bond. When a convertible bond’s value is more closely tied to its conversion to stock feature, it is sensitive to the underlying stock’s price. Counterparty Risk. A counterparty to a financial instrument held by the Fund or by a special purpose or structured vehicle invested in by the Fund may become insolvent or otherwise fail to perform its obligations, and the Fund may obtain no or limited recovery of its investment, and any recovery may be significantly delayed.<div id="xdx_C0E_gRBRTB-ASQ_zC4kVjQrFgsi"> </div> Credit Risk. The issuer of a security and other instruments may not be able to make principal and interest payments when due. Credit risk may be substantial for the Fund, particularly with respect to the non-agency residential mortgage-backed securities in which the Fund invests.<div id="xdx_C08_gRBRTB-ASQ_zbStzPpWFPC"> </div> Derivatives Risk. The Fund may use derivatives (including options, interest-rate linked futures contracts, and swap agreements, credit default swaps and forward currency contracts) to hedge against market declines and rising default rates. The 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) the risk of mispricing or improper valuation; and (iii) the risk that changes in the 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.<div id="xdx_C0D_gRBRTB-ASQ_zUL0FnjNYid"> </div> Distribution Policy Risk. The Fund may, at the discretion of management, target a specific level of monthly distributions (including any return of capital) from time to time. Shareholders receiving periodic payments from the Fund may be under the impression that they are receiving net profits. However, all or a portion of a distribution may consist of a return of capital (i.e., from your original investment). Shareholders should not assume that the source of a distribution from the Fund is net profit. Shareholders should note that return of capital will reduce the tax basis of their shares and potentially increase the taxable gain, if any, upon disposition of their shares.<div id="xdx_C01_gRBRTB-ASQ_zcummwGA2NFh"> </div> Dividend Yield Risk. While the Fund may hold securities of companies that have historically paid a dividend, those companies may reduce or discontinue their dividends, thus reducing the yield of the Fund. Lower priced securities in the Fund may be more susceptible to these risks. Past dividend payments are not a guarantee of future dividend payments. Also, the market return of high dividend yield securities, in certain market conditions, may be worse than the market return of other investment strategies or the overall stock market.<div id="xdx_C05_gRBRTB-ASQ_zNCFe7AWyvm1"> </div> Duration Risk. Longer-term securities may be more sensitive to interest rate changes. Rising interest rates pose a risk to funds whose portfolios include longer-term fixed income securities. Effective duration estimates price changes for relatively small changes in rates. If rates rise significantly, effective duration may tend to understate the drop in a security’s price. If rates drop significantly, effective duration may tend to overstate the rise in a security’s price.<div id="xdx_C03_gRBRTB-ASQ_zlgO677Cl8wg"> </div> Equity Security Risk. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. Warrants and rights may expire worthless if the price of a common stock is below the conversion price of the warrant or right. Investor perceptions are based on various and unpredictable factors, including expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic and banking crises.<div id="xdx_C03_gRBRTB-ASQ_zRv8y1JjmU5j"> </div> Fixed Income Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund 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 Fund. 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. Federal Reserve policy changes may expose fixed income and related markets to heightened volatility and may reduce liquidity for certain Fund investments, which could cause the value of the Fund’s investments and share price to decline. 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). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.<div id="xdx_C0C_gRBRTB-ASQ_zehjrAbKnuZ6"> </div> Foreign Investment Risk. Since the Fund’s investments may include ADRs and foreign securities, the Fund is subject to risks beyond those associated with investing in domestic securities. Foreign companies are generally not subject to the same regulatory requirements of U.S. companies, thereby resulting in less publicly available information about these companies. In addition, foreign accounting, auditing and financial reporting standards generally differ from those applicable to U.S. companies.<div id="xdx_C0E_gRBRTB-ASQ_zAU1PD1VBybg"> </div> Industry Concentration Risk. A fund that concentrates its investments in an industry or group of industries is more vulnerable to adverse market, economic, regulatory, political or other developments affecting such industry or group of industries than a fund that invests its assets more broadly. Interest Rate Risk. Overall bond prices, including the prices of securities held by the Fund, may decline over short or even long periods of time due to rising interest rates. Bonds with longer maturities tend to be more sensitive to interest rates than bonds with shorter maturities. For example, if interest rates go up by 1.0%, the price of a 4% coupon bond will decrease by approximately 1.0% for a bond with 1 year to maturity and approximately 4.4% for a bond with 5 years to maturity. From time to time, the maturity and effective duration of the Fund’s bond portfolio may vary. Rising interest rates pose a heightened risk to the Fund’s longer-term fixed income securities.<div id="xdx_C01_gRBRTB-ASQ_z7eg0kJzZQJ6"> </div> Issuer Specific Risk. The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than those of larger issuers. The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments. The value of each underlying fund will be dependent on the success of the strategies used by its manager or managers. Certain managers may be dependent upon a single individual or small group of individuals, the loss of which could adversely affect their success.<div id="xdx_C08_gRBRTB-ASQ_z9SBRS9HpAFd"> </div> Junk Bond Risk. Lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund’s ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Fund’s share price.<div id="xdx_C02_gRBRTB-ASQ_zS7uEdUCOFud"> </div> Large Capitalization Company Risk. Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller capitalization companies. During different market cycles, the performance of large capitalization companies has trailed the overall performance of the broader securities markets.<div id="xdx_C0F_gRBRTB-ASQ_zUcLRLQpdebj"> </div> Legislative Risk. Legislative changes can adversely affect the value of the Fund’s portfolio. Legal, tax and other regulatory changes can be expected to occur over time that may adversely affect the Fund. The regulatory environment with respect to investment funds and their managers is evolving, and changes in regulations that affect investment funds and asset managers may result in an adverse effect on the value of the investments made by the Fund and on the ability of the Fund to pursue its investment objectives.<div id="xdx_C0C_gRBRTB-ASQ_zenUEagYnv5c"> </div> Liquidity Risk. Liquidity risk exists when particular 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. When the Fund holds illiquid investments, the Fund’s investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these investments to meet redemptions or for other cash needs, the Fund may suffer a loss. In addition, when there is illiquidity in the market for certain securities, the Fund, due to limitations on investments in illiquid investments, may be unable to achieve its desired level of exposure to a certain sector. 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. If the Fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, the Fund may be forced to sell at a loss.<div id="xdx_C07_gRBRTB-ASQ_zR977a6a6Tjf"> </div> Management Risk. The portfolio managers’ judgments about the attractiveness, value and potential appreciation of particular stocks or other securities in which the Fund invests or sells short may prove to be incorrect, and there is no guarantee that the portfolio managers’ judgment will produce the desired results.<div id="xdx_C0B_gRBRTB-ASQ_zUkprrtbeoCa"> </div> Market Risk. Overall market risks may also affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, tariffs and trade wars, international conflicts, and political events affect the securities markets.<div id="xdx_C0E_gRBRTB-ASQ_zZ4Xt262SBq9"> </div> Model and Data Risk. Like all quantitative analysis, the investment models utilized by the Sub-Advisor carry the risk that the ranking system, valuation results and predictions might be based on one or more incorrect assumptions, insufficient historical data, inadequate design, or may not be suitable for the purpose intended. In addition, models may not perform as intended for many reasons, including errors, omissions, imperfections or malfunctions. Because the use of models is usually based on data supplied by third parties, the success of the Sub-Advisor’s use of such models is dependent on the accuracy and reliability of the supplied data. Historical data inputs may be subject to revision or corrections, which may diminish data reliability and quality of predictive results. Changing and unforeseen market dynamics could also lead to a decrease in the short-term or long-term effectiveness of a model. Models may lose their predictive validity and incorrectly forecast future market behavior and asset prices, leading to potential losses. No assurance can be given that a model will be successful under all or any market conditions.<div id="xdx_C02_gRBRTB-ASQ_z4FCoVL7NWL"> </div> Preferred Stock Risk. The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments. Prepayment and Extension Risk. Prepayment risk is the risk that principal on a debt obligation may be repaid earlier than anticipated. Extension risk is the risk that principal on a debt obligation may be repaid later than anticipated. Prepayment and extension risk may impact the Fund’s profits.<div id="xdx_C06_gRBRTB-ASQ_zm2EXNNxQzrb"> </div> Real Estate and REIT Risk. The Fund is subject to the risks of the real estate market as a whole, such as taxation, regulations and economic and political factors that negatively impact the real estate market and the direct ownership of real estate. These may include decreases in real estate values, overbuilding, rising operating costs, interest rates and property taxes. In addition, some real estate-related investments are not fully diversified and are subject to the risks associated with financing a limited number of projects. Investing in REITs involves certain unique risks in addition to those associated with the real estate sector generally. REITs whose underlying properties are concentrated in a particular industry or region are also subject to risks affecting such industries and regions. REITs (especially mortgage REITs) are also subject to interest rate risks. By investing in REITs through the Fund, a shareholder will bear expenses of the REITs in addition to Fund expenses.<div id="xdx_C01_gRBRTB-ASQ_zLY9L6saEGAf"> </div> Regulatory Risk. Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund.<div id="xdx_C0F_gRBRTB-ASQ_zf5wwSgWsCpi"> </div> Sector Exposure Risk. Securities within the same sector may decline in price due to sector-specific market or economic developments. If the Fund invests more heavily in a particular sector, the value of its shares may be especially sensitive to factors and economic risks that specifically affect that sector. As a result, the Fund’s share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors. Additionally, some sectors could be subject to greater government regulation than other sectors. Therefore, changes in regulatory policies for those sectors may have a material effect on the value of securities issued by companies in those sectors.<div id="xdx_C0C_gRBRTB-ASQ_zObUs5enLJil"> </div> Security Risk. The value of the Fund may decrease in response to the activities and financial prospects of an individual security or group of securities in the Fund’s portfolio.<div id="xdx_C07_gRBRTB-ASQ_zDb8APf1CAd2"> </div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMediumCapitalizationCompanyRiskMember_zm2pzDW4Ugjl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Small and Medium Capitalization Company Risk. To the extent the Fund invests in the stocks of smaller-sized companies, the Fund may be subject to additional risks. The earnings and prospects of these companies may be more volatile than larger companies. Smaller-sized companies may experience higher failure rates than larger companies. The trading volume of securities of smaller-sized companies is normally less than that of larger companies and, therefore, may disproportionately affect their market price, tending to make them fall more in response to selling pressure than is the case with larger companies. Smaller-sized companies may have limited markets, product lines or financial resources and may lack management experience.<div id="xdx_C0F_gRBRTB-ASQ_zoieDrOoT8Ld"> </div> Sub-Prime Mortgage Risk. Lower-quality notes, such as those considered “sub-prime” are more likely to default than those considered “prime” by a rating evaluation agency or service provider. An economic downturn or period of rising interest rates could adversely affect the market for “sub-prime” notes and reduce the Fund’s ability to sell these securities. The lack of a liquid market for these securities could decrease the Fund’s share price. Additionally, borrowers may seek bankruptcy protection which would delay resolution of security holder claims and may eliminate or materially reduce liquidity.<div id="xdx_C01_gRBRTB-ASQ_zOS8nqFCi0hh"> </div> Turnover Risk. High portfolio turnover causes the Fund to incur higher transactional and brokerage costs, which may adversely affect the Fund’s performance. Performance: The Fund acquired all 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 objective, policies, restrictions, and guidelines are, in all material respects, equivalent to the Predecessor Fund’s investment objective, policies, restrictions, and guidelines. The performance information set forth below reflects the historical performance of the Predecessor Fund shares. The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund’s Class I shares for each of the last ten full calendar years. Although Class A shares and Class C shares have similar annual returns to Class I shares because the classes are invested in the same portfolio of securities, the returns for Class A shares and Class C shares are different from Class I shares because Class A shares and Class C shares have different expenses than Class I shares. Class A sales charges are reflected in the information shown below in the average annual total return table. The performance table compares the performance of the Fund’s shares over time to the performance of a broad-based securities market index and supplemental broad-based securities market index composed of U.S. REITs. You should be aware that the Fund’s and Predecessor Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. The Fund’s performance provided below for periods prior to the commencement of the Fund’s operations is that of the Predecessor Fund, which includes all the Predecessor Fund’s gross fees and expenses and, in the case of the performance table, as adjusted to include the applicable sales loads of each class of shares of the Fund. The performance of the Predecessor Fund has not been restated to reflect the fees, estimated expenses and fee waivers and/or expense limitations applicable to each class of shares of the Fund. If the performance of the Predecessor Fund had been restated to reflect the applicable fees and expenses of each class of shares of the Fund, the performance would have been lower. The Predecessor Fund did not have a distribution policy. It was a limited partnership, did not qualify as a regulated investment company for federal income tax purposes, and did not pay dividends or distributions. As a result of the different tax treatment, we are unable to show the after-tax returns for the Predecessor Fund. The Predecessor Fund was not registered under the 1940 Act and, therefore, was not subject to certain investment restrictions, limitations and diversification requirements that are imposed by the 1940 Act. If the Predecessor Fund had been registered under the 1940 Act, the Predecessor Fund’s performance may have been adversely affected. The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. You should be aware that the Fund’s and Predecessor Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. AlphaCentric Real Income Fund Annual Total Returns <div id="xdx_A8F_eoef--BarChartTableTextBlock_ziryTaPRzctj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zGfAUp6RQpq8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: left"> <td style="width: 10%"> </td> <td id="xdx_492_20160101__20161231_zVA0Rr6R5b8" style="width: 9%">2016</td> <td id="xdx_492_20170101__20171231_zhSUGv4mktyj" style="width: 9%">2017</td> <td id="xdx_492_20180101__20181231_zVuxs8EjSCi" style="width: 9%">2018</td> <td id="xdx_492_20190101__20191231_zLONL6ltMtz1" style="width: 9%">2019</td> <td id="xdx_492_20200101__20201231_z6CfO1DdBa52" style="width: 9%">2020</td> <td id="xdx_492_20210101__20211231_zGhmH1lFnzN7" style="width: 9%">2021</td> <td id="xdx_492_20220101__20221231_zPA5bInsYAX8" style="width: 9%">2022</td> <td id="xdx_492_20230101__20231231_zaMrRH0mRCa9" style="width: 9%">2023</td> <td id="xdx_492_20240101__20241231_zZcFRJkkLLx9" style="width: 9%">2024</td> <td id="xdx_492_20250101__20251231_zoVYZwXPPyy8" style="width: 9%">2025</td></tr> <tr id="xdx_40C_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000071674Member__oef--ClassAxis__custom--C000227116Member_zC3CVdKHQ703" style="vertical-align: top; text-align: left"> <td> </td> <td>4.40%</td> <td>19.13%</td> <td>4.44%</td> <td>6.58%</td> <td>50.45%</td> <td>15.66%</td> <td>-14.84%</td> <td>17.01%</td> <td>9.04%</td> <td>5.66%</td></tr> </table> <img alt="(BAR CHAT)" src="al007_v1.jpg"/> 0.0440 0.1913 0.0444 0.0658 0.5045 0.1566 -0.1484 0.1701 0.0904 0.0566 During the period shown in the bar chart, the highest return for a quarter was 24.17% (quarter ended June 30, 2020), and the lowest return for a quarter was (10.93)% (quarter ended June 30, 2022). The Fund’s Class I shares year-to-date returns for the period ended June 30, 2026 was 5.38%. the highest return for a quarter was 0.2417 2020-06-30 the lowest return for a quarter was -0.1093 2022-06-30 The Fund’s Class I shares year-to-date returns for the period ended 2026-06-30 0.0538 AlphaCentric Real Income Fund Average Annual Total Returns (for the periods ended December 31, 2025) <div id="xdx_A86_eoef--PerformanceTableTextBlock_z1PO052Vkjcl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zQG9sD2wzhA4" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #D9D9D9"> <td style="border: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 50%">Class I Shares</td> <td id="xdx_493_20250101__20251231_zDX8qia9k0Q6" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; width: 12%; text-align: center">1 Year</td> <td id="xdx_492_20210101__20251231_zKEFPdxUJGsi" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; width: 12%; text-align: center">5 Year1</td> <td id="xdx_495_20160101__20251231_z9LSnfGWbm6j" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; width: 16%; text-align: center">10 Year1</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000071674Member__oef--ClassAxis__custom--C000227116Member_zio6t07mfZK4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Return Before Taxes</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; text-align: center">5.66%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">5.83%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">10.71%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000071674Member__oef--ClassAxis__custom--C000227116Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zFdTdEQEC3Ef" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Return After Taxes on Distributions</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; text-align: center">3.45%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">3.80%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">9.64%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000071674Member__oef--ClassAxis__custom--C000227116Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zwdRGec5pHP2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; text-align: center">3.75%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">3.76%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">8.43%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #D9D9D9"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Class A Shares2</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; text-align: center"> </td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000071674Member__oef--ClassAxis__custom--C000227117Member_zb2Qo7uFBqd2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Return Before Taxes</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; text-align: center">0.19%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">4.50%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">9.87%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #D9D9D9"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Class C Shares</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000071674Member__oef--ClassAxis__custom--C000227118Member_zqq9oAb6Uwch" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Return Before Taxes</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; text-align: center">4.44%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">4.75%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">9.60%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000071674Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zaH9vQ0hazY" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #D9D9D9"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Bloomberg U.S Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; text-align: center">7.30%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">(0.36)%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">2.01%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000071674Member__oef--PerformanceMeasureAxis__custom--SAndPUSREITNetTRIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zkySIn49hw1l" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #D9D9D9"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">S&P U.S. REIT Net TR Index (reflects no deduction for fees, expenses or taxes)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; text-align: center">3.01%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">6.58%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">5.59%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000071674Member__oef--PerformanceMeasureAxis__custom--SAndP500TRIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zhNHGoRRWgNh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #D9D9D9"> <td style="border-right: Black 1pt solid; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid">S&P 500 TR Index3 (reflects no deduction for fees, expenses or taxes)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 5.4pt; white-space: nowrap; text-align: center">17.88%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">14.42%</td> <td style="border-right: Black 1pt solid; white-space: nowrap; padding: 0pt 0pt 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">14.82%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">1.</td><td style="text-align: justify">Includes the effect of performance fees paid by the investors of the Predecessor Fund.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">2.</td><td style="text-align: justify">Includes the effect of the maximum sales load.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">3.</td><td style="text-align: justify">The Fund has changed its primary benchmark from the S&P 500 TR Index to the Bloomberg U.S. Aggregate Bond Index to more closely align with the portfolio positioning.</td> </tr></table> Return Before Taxes 0.0566 0.0583 0.1071 0.0345 0.0380 0.0964 0.0375 0.0376 0.0843 Return Before Taxes 0.0019 0.0450 0.0987 Return Before Taxes 0.0444 0.0475 0.0960 reflects no deduction for fees, expenses or taxes 0.0730 -0.0036 0.0201 reflects no deduction for fees, expenses or taxes 0.0301 0.0658 0.0559 reflects no deduction for fees, expenses or taxes 0.1788 0.1442 0.1482 After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold Fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns for other share classes will vary. Updated performance information and daily net asset value per share are available at no cost by calling toll-free 1-844-223-8637. After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold Fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns for other share classes will vary. 1-844-223-8637 The 1.00% maximum deferred sales charge may be assessed in the case of investments at or above the $1 million breakpoint (where you do not pay an initial sales charge) on shares redeemed within eighteen months of purchase. AlphaCentric Advisors LLC (the “Advisor”) has contractually agreed to waive advisory fees and/or reimburse expenses of the Fund to the extent necessary to limit total annual fund 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 1.74%, 2.49% and 1.49% of the Class A shares, Class C shares and Class I shares, respectively, through July 31, 2027. This agreement may be terminated by the Trust’s Board of Trustees only on 60 days’ written notice to the Advisor, by the Advisor with the consent of the Board of Trustees, or upon the termination of the advisory agreement between the Trust and the Advisor. Fee waivers and expense reimbursements are subject to possible recoupment by the Advisor from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed), so long as such recoupment does not cause the Fund’s expense ratio (after the repayment is taken into account) to exceed both: (i) the Fund’s expense limitation at the time such expenses were waived, and (ii) the Fund’s current expense limitation at the time of recoupment. The 1.00% maximum deferred sales charge may be assessed in the case of investments at or above the $1 million breakpoint (where you do not pay an initial sales charge) on shares redeemed within eighteen months of purchase. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The total annual fund operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. AlphaCentric Advisors LLC (the “Advisor”) has contractually agreed to waive advisory fees and/or reimburse expenses of the Fund to the extent necessary to limit total annual fund 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 1.65%, 2.40% and 1.40% of the Class A shares, Class C shares and Class I shares, respectively, through July 31, 2027. This agreement may be terminated by the Trust’s Board of Trustees only on 60 days’ written notice to the Advisor, by the Advisor with the consent of the Board of Trustees, or upon the termination of the advisory agreement between the Trust and the Advisor. Fee waivers and expense reimbursements are subject to possible recoupment by the Advisor from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed), so long as such recoupment does not cause the Fund’s expense ratio (after the repayment is taken into account) to exceed both: (i) the Fund’s expense limitation at the time such expenses were waived, and (ii) the Fund’s current expense limitation at the time of recoupment. The 1.00% maximum deferred sales charge may be assessed in the case of investments at or above the $1 million breakpoint (where you do not pay an initial sales charge) on shares redeemed within eighteen months of purchase. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The total annual fund operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. AlphaCentric Advisors LLC (the “Advisor”) has contractually agreed to waive advisory 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, 2027. This agreement may be terminated by the Trust’s Board of Trustees only on 60 days’ written notice to the Advisor, by the Advisor with the consent of the Board of Trustees, or upon the termination of the advisory agreement between the Trust and the Advisor. Fee waivers and expense reimbursements are subject to possible recoupment by the Advisor from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed), so long as such recoupment does not cause the Fund’s expense ratio (after the repayment is taken into account) to exceed both: (i) the Fund’s expense limitation at the time such expenses were waived, and (ii) the Fund’s current expense limitation at the time of recoupment. Includes the effect of performance fees paid by the investors of the Predecessor Fund. Includes the effect of the maximum sales load. The 1.00% maximum deferred sales charge may be assessed in the case of investments at or above the $1 million breakpoint (where you do not pay an initial sales charge) on shares redeemed within eighteen months of purchase. AlphaCentric Advisors LLC (the “Advisor”) has contractually agreed to waive advisory fees and/or reimburse expenses of the Fund to the extent necessary to limit total annual fund 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 1.65%, 2.40% and 1.40% for Class A shares, Class C shares and Class I shares, respectively, through July 31, 2027. This agreement may be terminated by the Trust’s Board of Trustees only on 60 days’ written notice to the Advisor, by the Advisor with the consent of the Board of Trustees, or upon the termination of the advisory agreement between the Trust and the Advisor. Fee waivers and expense reimbursements are subject to possible recoupment by the Advisor from the Fund in future years on a rolling three-year basis (within the three fiscal years after the fees have been waived or reimbursed), so long as such recoupment does not cause the Fund’s expense ratio (after the repayment is taken into account) to exceed both: (i) the Fund’s expense limitation at the time such expenses were waived, and (ii) the Fund’s current expense limitation at the time of recoupment. The 1.00% maximum deferred sales charge may be assessed in the case of investments at or above the $1 million breakpoint (where you do not pay an initial sales charge) on shares redeemed within eighteen months of purchase. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The total annual fund operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. AlphaCentric Advisors LLC (the “Advisor”)has contractually agreed to waive advisory fees and/or reimburse expenses of the Fund to the extent necessary to limit total annual fund 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 1.85%, 2.60% and 1.60% of the Class A shares, Class C shares and Class I shares, respectively, through July 31, 2027. This agreement may be terminated by the Trust’s Board of Trustees only on 60 days’ written notice to the Advisor, by the Advisor with the consent of the Board of Trustees, or upon the termination of the advisory agreement between the Trust and the Advisor. Fee waivers and expense reimbursements are subject to possible recoupment by the Advisor from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed), so long as such recoupment does not cause the Fund’s expense ratio (after the repayment is taken into account) to exceed both: (i) the Fund’s expense limitation at the time such expenses were waived, and (ii) the Fund’s current expense limitation at the time of recoupment. Includes the effect of performance fees paid by the investors of the Predecessor Fund. Includes the effect of the maximum sales load. MSCI World/Bloomberg US 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 1.00% maximum deferred sales charge may be assessed in the case of investments at or above the $1 million breakpoint (where you do not pay an initial sales charge) on shares redeemed within eighteen months of purchase. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The total annual fund operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. AlphaCentric Advisors LLC (the “Advisor”) has contractually agreed to waive advisory fees and/or reimburse expenses of the Fund to the extent necessary to limit total annual fund 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 1.74%, 2.49% and 1.49% of the Fund’s Class A shares, Class C shares, and Class I shares, respectively, through July 31, 2027. This agreement may be terminated by the Trust’s Board of Trustees only on 60 days’ written notice to the Advisor, by the Advisor with the consent of the Board of Trustees, or upon the termination of the advisory agreement between the Trust and the Advisor. Fee waivers and expense reimbursements are subject to possible recoupment by the Advisor from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed), so long as such recoupment does not cause the Fund’s expense ratio (after the repayment is taken into account) to exceed both: (i) the Fund’s expense limitation at the time such expenses were waived, and (ii) the Fund’s current expense limitation at the time of recoupment. Includes the effect of performance fees paid by the investors of the Predecessor Fund. Includes the effect of the maximum sales load. The Fund has changed its primary benchmark from the S&P 500 TR Index to the Bloomberg U.S. Aggregate Bond Index to more closely align with the portfolio positioning.