Fact sheets (compare and contrast before and after):
http://web.archive.org/web/20190411093154/http://alphacentricfunds.com/funds/IncomeOpp/FactSheet.pdf (4Q2018)
http://alphacentricfunds.com/funds/IncomeOpp/FactSheet.pdf (1Q2020)
A few things stand out to me. One concerns investments in asset-backed securities (ABS).
The current (August 2019) prospectus (see Lewis' link) says that "The Fund seeks to achieve its investment objective by primarily investing in asset-backed fixed income securities ... and non-agency residential and commercial mortgages". Yet in both late 2018 and early 2020 the fund had less than ½% in ABS. For that matter, no commercial mortgages at all.
But there was a change in how the fact sheet described the fund's investments.
4Q2018: overlooked segments of RMBS, ABS, and securitized markets
1Q2020: primarily non-agency RBMS and other residential housing debt (ABS is omitted)
Risk/reward changes also stood out.
4Q2018: Sharpe ratio 2.22, std dev 3.81%
1Q2020: Sharpe ratio: 0.03, std dev 17.86%
current (M*): Sharpe ratio: , std dev 23.38%
Finally, here's the main supplement, dated March 23, to the current prospectus. (There are two others; one is for change of address, the other is for load waivers.)
https://www.sec.gov/Archives/edgar/data/1355064/000158064220001282/alphacentric497s.htm
To the section on liquidity risk, it added two sentences, saying that the coronavirus affected liquidity in fixed income markets "including many of the securities the Fund holds." It went on to say that "it is more likely" (than before, I guess) that the fund will conduct fire sales to meet redemptions.
To the market risk section, it added two paragraphs of boilerplate about war, terrorism, public health, depressions, etc. This addition, unlike the first, applied to all AlphaCentric funds.

I've included a link for all of the IOFIX SEC filings.
https://www.sec.gov/cgi-bin/browse-edgar?CIK=C000153407&action=getcompany&scd=filings
http://www.garpc.com/iofix/

Does anyone have a copy or link to pre-Covid meltdown marketing materials or prospectus to above mentioned fund(s)?

Analysis at the end, after the performance.

Performance......One month...YTD as of 5/29/2020
Multi
PDIIX…3.1....-2.35
PUCZX…3.8…-3.7
JMUTX....4.0....-5.1
TSIIX.....3.1….-0.1
PTIAX….1.9….-0.2
Multi(high % securitized)
PIMIX.....2.3….-3.4
EIXIX…..3.1….-0.4
VCFAX...2.8....-10.8
IOFIX.....6.3....-26.3
HY Munis
PHMIX…..3.4.....-3.1
NHMAX....4.6.....-7.3
OPTAX.....3.2.....0.15.
ORNAX….3.9…-5.25
BSNIX....2.8....3.4
GWMEX….5.0…..-3.1 (IG Munis but BBB+A rating)
NVHAX…1.5…-6.2 (ST duration HY Munis-lower SD than the above)
Inter Term CORe/CORE PLUS
SAMFX.......0.7.....8.0
BCOIX......1.3…...4.4
SCCIX.....1.3....11.2
ANBEX……1.6....12..9
BND….......0.7…...5.7
Bank Loans/Floating rate
EIFAX.......4.3.....-8.2
Uncontrain/Nontrad
IISIX..........3.0....-6.3
PMZIX......1.5….-0.1
JSIAX……1.5….-0.3
HY +EM
HYG.........2.95.....-4.5
PHIYX.......4.0.....-4.1
FNMIX……7.5……-6.4
Corporate
PIGIX….…1.7.….0.1
VCIT……..2.7…..3.5
Preferred
PFINX…...2.7……-6.0
OTHER
FXAIX.…..3.8..…-5.0 (SP500)
PCI………7.0... -23.7 (CEF)
Observations:
Last month was another rebound month. Several bond funds made as much money as stocks.
Multi- did great. TSIIX(multi) + EIXIX(Multi securitized continues to show the best risk/reward. JMUTX shows good momo. IOFIX shows the best momo but I can’t forget its meltdown
HY Munis had a great rebound in May. BSNIX had the best risk/reward. GWMEX had the best momo.
Inter term – did well. If you doubt about finding better funds then look at ANBEX.
Bank loans – Good rebound but still big losses YTD
Uncontrain/Nontrad-PMZIX with great risk/reward but if you want to make money look at IISIX,JSIAX.
HY+EM – Good rebound in May.
Corp – In a tough market VCIT beat PIGIX.
SP500-Just -5% for YTD. The price crossed the 200 moving average, that means to start buying if you were out.
PCI-CEF got crushed more than stocks YTD and are still behind. If markets stabilize they will make more money than stocks.
===========================
My own portfolio
As expected from a trader I go where I see momentum but still look at risk/reward. The market looks better than before and why I start taking more risks.
Early in the month, I had 3 holdings but mostly in ANBEX(core plus)+BSNIX(HY Munis) but I switched to GWMEX(HY Munis)+TSIIX(Multi) + EIXIX. I have over 50% in GWMEX, a smaller position in TSIIX, and a much smaller in EIXIX.
Stats: My portfolio made over 8% YTD.
For 3 years I made over 9% average annually with SD lower than 2 (remember, my goals were 6+% and SD lower than 3). My portfolio never lost more than 1% from any last top. So, when they tell you that bonds (I also trade stocks,CEFs) are boring with no future I keep chuckling and the unbelievers will continue to dismiss the numbers.
FUND...3 YR...SD
SPY.....10.15...16.9
VBINX...8......10.7
VWIAX...6.4...6.9
Mine.....9+....under 2
It looks better after the rebound but at the end of March(see below), it was so much worse. See PV(link)
FUND...3 YR...SD
SPY.....5......14.9
VBINX...4.45....9.3
VWIAX...4.17...6
Mine.....not far from the above
The above is not a recommendation, you must do your own due diligence. My holdings can change at any time :-)

I "love" when someone says averages. You can do better than the average and/or find better than average funds. It also depends on when you start and end the results.
Any time you start before a crash and end after a crash, "safer" higher-credit bonds look better.
So, if I compare PIMIX to BND from 01/2010 to 01/2018(link). PIMIX did 3 times better and why PIMIX was a major % of my portfolio. Since 01/2018 it wasn't as good but IOFIX was great until end of 02/2020 when I sold it.
Basically, it depends what kind of investor are you, style, goals, retiree or accumulator and more.

@davidrmoran Yes, trailing S&P500 by "only" 9% or so YTD. I've added DSEEX to my "good until it wasn't" list (along with PONAX, IOFIX, just about anything AQR, etc.), but will hold this one.

Thanks for that link, @msf. The problem faced by IOFIX is not disssimilar to the complete collapse of the financial system in 2007-2008. Michael Lewis’s « The Big Short » explains in painful detail how CDOs and other exotic instruments were a bet on a low rate of failure to repay mortgages issued to people who had no way of paying unless housing prices continued to rise. When housing prices started to decline, the borrowers started defaulting and the house of cards collapsed. « Lower-rated tranches » are nothing more than the dreck or the absolutely riskiest loans. One way Lewis explains these « tranches » is to compare them to the lowest floors of a building built on a flood plain. The top floors represent the highest rated loans (triple A) and thus the least likely to suffer from a flood. As for the bottom floors, it’s merely when they flood, not if.
« The fund focused on lower-rated tranches of residential mortgage-backed securities, with about 60% of its holdings rated BBB or lower, according to Morningstar, which had a five-star rating on the fund. »
Have we learned nothing from the past? For the record, I suffered a big loss on IOFAX.

Just another way of saying that it was goosing returns by investing too much ("many of the securities the Fund holds") in high risk sectors of the market that no one would want when the market turned south.
Barron's, March 23:

The $2.3 billion mortgage-focused AlphaCentric Income Opportunities Fund (IOFIX) lost 31% last week alone, and reportedly put $1 billion of securities up for sale on Sunday.
The fund focused on lower-rated tranches of residential mortgage-backed securities, with about 60% of its holdings rated BBB or lower, according to Morningstar, which had a five-star rating on the fund.
It was also said to have relatively high exposure to “credit risk transfer securities,” or CRTs, a type of mortgage-backed security introduced after the financial crisis. Those CRTs face especially high risk for losses tied to loan modifications. For example, if a distressed borrower negotiates a lower interest rate with an agency, that interest reduction would be passed along to the CRT holder at a loss, according to Goldman Sachs.
AlphaCentric said in a statement that “like many other funds, [the income opportunities fund] is moving expeditiously to address the unprecedented market conditions. With the lack of liquidity in the marketplace, the most effective way to obtain favorable prices is to offer a wider range of securities for bid instead of a smaller number of specific securities. This broadens the potential universe of buyers to try and obtain the most favorable prices.”

https://www.barrons.com/articles/mortgage-backed-securities-get-hammered-feds-move-may-not-be-enough-51584980932
(I was able to read w/o subscription)

@Charles. I hope you have an article on IOFIX in the May issue. Like you did earlier. People need to know.

I believe that active managers can bring value to the bond fund arena and I've done well with Pimco Income (PIMIX) as a core bond holding over the years. PIMIX has done poorly recently and index funds, such as Vanguard Total Bond (BND) have done well.
I almost purchased AlphaCentric Bond (IOFIX), but it seemed too good to be true and we all know what happened there. Guggenheim Total Return (GIBIX) has done consistently well, but its manager seems to be a little unconventional with investing ideas. I don't think GIBIX will become the next IOFIX, but I'm wondering how much longer GIBIX can continue to outperform. Performance Trust (PTIAX) also seems like it might be a good choice.
Although I don't like to make sector bets (even in the bond market), I'd like to consider active managers and not just a plain vanilla bond index fund.
Any ideas? Thanks!

It's so tempting to buy now IOFIX,VCFAX and especially EIXIX which I think is "safer" but I don't dare. These broken MBS might have a problem
[and later ...]
Corp bonds rated invested grade were down 13% from the top. Black swan is unknown ... Pimco top ones PCI, PDI lost 30-40%.

The funds you look at do seem broken. As corporates and MBSs recovered, these funds continued going down. Which is why, as Baseball_Fan wrote, it's important to know what you own, not just what their "stats" are.
Every once in awhile, a picture really is worth a thousand words.

Here's a graph showing YTD curves for MBB (iShares MBS), PTRIX (Pimco MBS fund), VTC (Vanguard Total Corporate ETF), VCFAX, and SEMRX.
All dipped to varying degrees, but the first three recovered and are positive on the year.
VCFAX flattened and is down 13%; SEMRX continued to plunge and is down 22%.
SEMMX is negative over 1, 3, and 5 years. (It has not been around for a decade yet.) Next to that, DODIX looks pretty good. A problem with putting too much faith in volatility figures over a generally quiescent period is that one is blinded to latent risks.
These "black swan" events come almost like clockwork. 2020, 2009, 2000, 1987, 1974. Pandemic risk is unknown? That sounds like a politician.
"Over the past quarter century, warnings have been clear and consistent from both US government leaders, scientists, and global health officials: A pandemic was coming—and whenever it arrived, it would be catastrophic to the global economy."
https://www.wired.com/story/an-oral-history-of-the-pandemic-warnings-trump-ignored/

politician? not really. As retiree that wants to make more without the volatility the numbers show it. If you don't understand how and what you do like most then just invest like most. Buy and Hold stocks and high rated bonds for ballast.
You can see in 20 years black swan happened every 10 years.
My thread was a proof of what I did, see (this)
You can also see (this) and what I did, using trades.
BTW, Today at 10 AM I sold all my stocks(all in QQQ) that I bought earlier in April and posted at M*. I'm not predicting it's the top, I sold sold because I made money the way I do by trading.
But, you are not the first or last that tried to dismiss it :-) and it looks to me that every post I make you think it's your obligation to criticize.

It's so tempting to buy now IOFIX,VCFAX and especially EIXIX which I think is "safer" but I don't dare. These broken MBS might have a problem
[and later ...]
Corp bonds rated invested grade were down 13% from the top. Black swan is unknown ... Pimco top ones PCI, PDI lost 30-40%.

The funds you look at do seem broken. As corporates and MBSs recovered, these funds continued going down. Which is why, as Baseball_Fan wrote, it's important to know what you own, not just what their "stats" are.
Every once in awhile, a picture really is worth a thousand words. Here's a graph showing YTD curves for MBB (iShares MBS), PTRIX (Pimco MBS fund), VTC (Vanguard Total Corporate ETF), VCFAX, and SEMRX.
All dipped to varying degrees, but the first three recovered and are positive on the year.
VCFAX flattened and is down 13%; SEMRX continued to plunge and is down 22%.
SEMMX is negative over 1, 3, and 5 years. (It has not been around for a decade yet.) Next to that, DODIX looks pretty good. A problem with putting too much faith in volatility figures over a generally quiescent period is that one is blinded to latent risks.
These "black swan" events come almost like clockwork. 2020, 2009, 2000, 1987, 1974. Pandemic risk is unknown? That sounds like a politician.
"Over the past quarter century, warnings have been clear and consistent from both US government leaders, scientists, and global health officials: A pandemic was coming—and whenever it arrived, it would be catastrophic to the global economy."
https://www.wired.com/story/an-oral-history-of-the-pandemic-warnings-trump-ignored/

@Charles - no doubt small comfort but IOFIX is up 10% over the last month.
With respect to the SEC filing against Semper this is an old issue about pricing of odd-lot MBS securities in 2013-2014.
The SEC states that 126 odd lots were priced according to round lot prices, leading to an overstatement of approx 3.5% of their value, and thus an elevated NAV during that period.
SEC alleges willful violation and other funds were cited as well (Pimco etc.)
It is not related to the most recent fund collapse.

@carew388. You're in good company.
@NormPeterson. I found the sub-adviser for IOFIX, the folks at Garrison Point, to be of high character. I was never crazy about the AlphaCentric adviser, but the GP folks said they were left alone. I suspect that's true except for letting AUM grow. But only speculation on my part. Have not been in touch since it's (relative) collapse. Still hurts.
@FD100. Wouldn't CEFs be a more transparent and ultimately safer play in this space? While they may (and have) experienced deep NAV drops and deeper discounts, the fund managers don't need to sell the holdings at fire sale prices. So, leaving assets in tact for a rebound during better times.

It's so tempting to buy now IOFIX,VCFAX and especially EIXIX which I think is "safer" but I don't dare. These broken MBS might have a problem

What are the odds IOFIX did the same thing?

It's so tempting to buy now IOFIX,VCFAX and especially EIXIX which I think is "safer" but I don't dare. These broken MBS might have a problem

@LewisBraham
What you said is mostly correct BUT index works best for US LC. I have done very nicely by having a list of great risk/reward funds and selecting the one with the best momentum. Basically, I call them my NBA team. I want my team to go to the playoff every year. Even a superstar (like PIMIX) will be out if I can find a better performer (in my case IOFIX). This guarantees my funds to be a top performer. I also care a lot about volatility.
In 2000-2009 I mostly held 3 funds SGENX,FAIRX,OAKBX. After 2010 and preparing for retirement I held PRWCX and PIMIX and then IOFIX.
===============
@MikeM
long term FMIJX looks better but I only care what happened in the last 1-3 years. See my answer above.
I also look at my fund managers as my contractors, I employ the ones that give me the best work for the money. If they don't perform, I just switch them.

Now they tell me!!!!
This summary prospectus change just came in my email. It is very specific for just a summary prospectus. More than I can ever recall. Seems more appropriate in a commentary or letter from the fund rather than a summary prospectus.
March 23, 2020
This information supplements certain disclosures contained in the Summary Prospectus of the
AlphaCentric Income Opportunities Fund, dated August 1, 2019, and the Prospectus and
Statement of Additional Information (“SAI”) for the Funds, each dated August 1, 2019, as
supplemented January 24, 2020.
____________________________________________________________________
AlphaCentric Income Opportunities Fund - Only
The paragraph under the section of the AlphaCentric Income Opportunities Fund’s
Summary Prospectus and Prospectus entitled “FUND SUMMARY - Principal Risks of
Investing in the Fund – Liquidity Risk” is replaced in its entirety with the following:
Liquidity Risk. Liquidity risk exists 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 global impact of the coronavirus
on the economic and financial markets have caused severe market dislocations and liquidity
constraints in fixed income markets including many of the securities the Fund holds. To satisfy
shareholder redemptions, it is more likely the Fund will be required to dispose of portfolio
investments at unfavorable prices compared to their intrinsic value.
All Funds
The section of the Funds’ Prospectus entitled “ADDITIONAL INFORMATION ABOUT
THE FUNDS’ PRINCIPAL INVESTMENT STRATEGIES AND RELATED RISKS -
Principal and Non-Principal Investment Risks – Market Risk” is replaced with the following:
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 and political events affect the
securities markets. Local, regional or global events such as war, acts of terrorism, the spread of
infectious illnesses or other public health issues, recessions and depressions, or other events could
have a significant impact on the Fund and its investments and could result in increased premiums
or discounts to the Fund’s net asset value, and may impair market liquidity, thereby increasing
liquidity risk. The Fund could lose money over short periods due to short-term market movements
and over longer periods during more prolonged market downturns. During a general market
downturn, multiple asset classes may be negatively affected. Changes in market conditions and
interest rates can have the same impact on all types of securities and instruments. In times of severe
market disruptions you could lose your entire investment.
An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19
was first detected in China in December 2019 and has now been detected globally. This
coronavirus has resulted in travel restrictions, closed international borders, enhanced health
screenings at ports of entry and elsewhere, disruption of and delays in healthcare service
preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and
lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19,
and other infectious illness outbreaks that may arise in the future, could adversely affect the
economies of many nations or the entire global economy, individual issuers and capital markets in
ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging
market countries may be greater due to generally less established healthcare systems. Public health
crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and
economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its
effects cannot be determined with certainty.

@Old_Skeet: Thank you for posting. Will you be adding to your two real estate funds that are down more than IOFIX or selling them off & deploying else where ? Yesterday IOFIX paid their normal dividend of $.05. Would it be time to buy a piece of this fund or wait for another two or three months ?
Thanks for your time, Derf

"not exactly behaved as expected"
Isn't that a rather common theme these days in almost all areas of the markets?
cf: IOFIX