# EDGAR Filing Document

**Accession Number:** 0001355064
**File Stem:** 0001580642-25-007042
**Filing Date:** 2025-11
**Character Count:** 38728
**Document Hash:** efb55448d09991971090bc3e76cf7ca9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-007042.hdr.sgml**: 20251105

**ACCESSION NUMBER**: 0001580642-25-007042

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251105

**DATE AS OF CHANGE**: 20251105

**EFFECTIVENESS DATE**: 20251105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MUTUAL FUND SERIES TRUST
- **CENTRAL INDEX KEY:** 0001355064

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-132541
- **FILM NUMBER:** 251455138

**BUSINESS ADDRESS:**
- **STREET 1:** C/O GEMINI FUND SERVICES LLC
- **STREET 2:** 4221 NORTH 203RD STREET, SUITE 100
- **CITY:** ELKHORN
- **STATE:** NE
- **ZIP:** 68022-3474
- **BUSINESS PHONE:** 631 549 1859

**MAIL ADDRESS:**
- **STREET 1:** C/O GEMINI FUND SERVICES LLC
- **STREET 2:** 4221 NORTH 203RD STREET, SUITE 100
- **CITY:** ELKHORN
- **STATE:** NE
- **ZIP:** 68022-3474

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CATALYST FUNDS
- **DATE OF NAME CHANGE:** 20060303

## Series and Classes Contracts Data

### Eventide Limited-Term Bond Fund (Series ID: S000062486)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000202730 | Eventide Limited-Term Bond Fund Class A | ETABX           |
| C000202731 | Eventide Limited-Term Bond Fund Class C | ETCBX           |
| C000202732 | Eventide Limited-Term Bond Fund Class I | ETIBX           |
| C000202733 | Eventide Limited-Term Bond Fund Class N | ETNBX           |

![](image_001.jpg)

Limited-Term Bond Fund <br> Summary Prospectus November 1, 2025

ETABX Class A Shares ETCBX Class C Shares <br> ETNBX Class N Shares ETIBX Class I Shares

Before you invest, you may want to review the Fund's complete prospectus, which contains more information about the Fund and its risks. You can find the Fund's prospectus and other information about the Fund at www.eventidefunds.com. You can also get this information at no cost by calling 1-877-771-3836, emailing <u>info@eventidefunds.com</u> or by asking any financial intermediary that offers shares of the Fund. The Fund's prospectus and statement of additional information, both dated November 1, 2025, are incorporated by reference into this summary prospectus and may be obtained, free of charge, at the website or phone number noted above.

**EVENTIDE**<sub>1</sub>

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| | |
|:---|:---|
| **LIMITED-TERM BOND FUND SUMMARY PROSPECTUS** | **November 1, 2025** |

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<u>Eventide Limited-Term Bond Fund </u> <u>Fund Summary</u>

**Investment Objective.** The investment objective of the Eventide Limited-Term Bond Fund (the "Limited-Term Bond Fund" or the "Fund") is income.

**Fees and Expenses of the Fund.** The tables describe 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 114 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 70, and **Waivers of Up-Front Sales Charge on Class A Shares** on page 71.

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| | | | | |
|:---|:---|:---|:---|:---|
| Shareholder Fees<br> Fees paid directly from your investment | *Class A* | *Class C* | *Class N* | *Class I* |
| Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) | 5.75% |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a % of the lesser of the NAV of the shares redeemed or the original purchase price) | 1.00%<sup>1</sup> | 1.00%<sup>2</sup> |  |  |
| Maximum Sales Charge (Load) Imposed<br> on Reinvested Dividends and other Distributions |  |  |  |  |
| Redemption Fee for Shares Redeemed by Wire Transfer | $15 | $15 | $15 | $15 |
| Annual Fund Operating Expenses<br> *Expenses that you pay each year as a percentage of the value of your investment* | Annual Fund Operating Expenses<br> *Expenses that you pay each year as a percentage of the value of your investment* | Annual Fund Operating Expenses<br> *Expenses that you pay each year as a percentage of the value of your investment* | Annual Fund Operating Expenses<br> *Expenses that you pay each year as a percentage of the value of your investment* | Annual Fund Operating Expenses<br> *Expenses that you pay each year as a percentage of the value of your investment* |
| Management Fees | 0.31% | 0.31% | 0.31% | 0.31% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% | 0.20% |  |
| Other Expenses | 0.29% | 0.29% | 0.29% | 0.29% |
| Total Annual Fund Operating Expenses | 0.85% | 1.60% | 0.80% | 0.60% |
| Fee Waiver and/or Expense Reimbursement<sup>3,4</sup> | (0.15)% | (0.15)% | (0.15)% | (0.15)% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>3,4</sup> | 0.70% | 1.45% | 0.65% | 0.45% |

---

&nbsp;&nbsp;&nbsp;&nbsp;1. The maximum deferred
 sales charge on Class A shares (as a % of NAV at the time of purchase) applies only to purchases of
 $250,000 or more and applies to shares sold within 18 months of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;2. The maximum deferred sales charge on Class C shares
 (as a % of the lesser of NAV of the shares redeemed or the original purchase price) applies
 to shares sold within 12 months of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;3. Restated to reflect
 current fees.

&nbsp;&nbsp;&nbsp;&nbsp;4. The Fund's
 adviser has contractually agreed to waive fees and/or reimburse expenses of the Fund to the extent necessary
 to limit operating expenses (excluding front-end or contingent deferred loads, taxes, leverage interest,
 brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense
 on securities sold short, underlying fund fees and expenses or extraordinary expenses such as litigation)
 at 0.70%, 1.45%, 0.65% and0.45% for Class A shares, Class C shares, Class N shares, and Class I shares,
 respectively, through October 31, 2026. This agreement may only be terminated by the Trust's Board
 of Trustees on 60 days' written notice to the adviser and upon the termination of the advisory
 agreement between the Trust and the adviser. Fee waivers and expense reimbursements are subject to possible
 recoupment by the adviser from the Fund in future years on a rolling three-year basis (within the three
 years after the fees have been waived or reimbursed) if, after the recoupment is taken into account,
 such recoupment can be achieved within the lesser of the expense limitation in place at the time of
 waiver/reimbursement and the expense limitation in place at the time of recapture.

**Example of Hypothetical Fund Costs.** 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 through its expiration period, October 31, 2026, and then depicts the

**EVENTIDE**<sub>2</sub>

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|:---|:---|
| **LIMITED-TERM BOND FUND SUMMARY PROSPECTUS** | **November 1, 2025** |

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Fund's total expense 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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | *1 Year* | *3 Years* | *5 Years* | *10 Years* |
| Class A | $642 | $817 | $1006 | $1552 |
| Class C – no redemption | $148 | $491 | $857 | $1888 |
| Class C – with redemption | $248 | $491 | $857 | $1888 |
| Class N | $67 | $241 | $430 | $977 |
| Class I | $46 | $177 | $320 | $737 |

---

**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 rate 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 June 30, 2025, was 7% of the average value of its portfolio.

Principal Investment Strategies

The Fund seeks to achieve its objective through investments in income-producing securities issued by entities deemed by the Fund's investment adviser, Eventide Asset Management, LLC ("Eventide" or the "Adviser") to be serving well the needs of customers, employees, suppliers, communities, the environment, and society broadly using the Adviser's faith-based screening criteria as more fully described below under "Faith-Based Screening." Income-producing securities that the Fund may invest in include, but are not limited to, corporate bonds; preferred stocks, convertible debt and other hybrid securities that have debt and equity characteristics but are predominantly debt in nature; agency and non-agency residential and commercial mortgage-backed securities; asset-backed securities (including auto loans and leases, equipment loans and leases, and credit cards); green bonds (i.e., bonds that allow issuers to use proceeds for environmental projects); social bonds (i.e., bonds that allow issuers to use proceeds for social projects); sustainable bonds (i.e. bonds that are a combination of green and social bonds); government agency debt instruments; and municipal bonds (collectively, "Bonds"). Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in Bonds.

Fixed income investments may be of any maturity, but the Fund's weighted average effective portfolio duration will not exceed five years. Duration is a measure of the expected life of a fixed income instrument that is used to determine the sensitivity of a security's price to changes in interest rates. Effective duration is a measure of the Fund's portfolio duration adjusted for the anticipated effect of interest rate changes on bond and mortgage pre-payment 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. For example, if a bond has a duration of 5 years, a 1% rise in rates would result in approximately a 5% decline in the bond's price. If a bond has a duration of 10 years, a 1% rise in interest rates would result in approximately a 10% decline in the bond's price. The Fund may invest in bonds of any credit quality, including, without limitation, non-investment grade bonds rated below Baa3 by Moody's or below BBB- by S&P (also known as "junk" bonds) but expects to invest predominantly in investment grade securities. With respect to both fixed income and equity securities, the Fund may invest in the securities of foreign entities and may invest in companies of any market capitalization. The Fund may invest in private and other issuers whose securities may have legal or contractual restrictions on resale or are otherwise illiquid ("Illiquid

**EVENTIDE**<sub>3</sub>

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|:---|:---|
| **LIMITED-TERM BOND FUND SUMMARY PROSPECTUS** | **November 1, 2025** |

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Investments"), which can impact their valuation. The Fund will not invest more than 15% of the Fund's net assets in Illiquid Investments.

**Faith-Based Screening.** The Adviser uses its proprietary screening methodology to analyze all potential investments for the company's ability to operate with integrity and to create value for customers, employees, and other stakeholders by reflecting the values described below. The values assessed in the Adviser's screening process are inspired by the Christian faith and rooted in a biblical worldview. While few companies may reach these ideals in every area of their business, these principles articulate the Adviser's highest expectations for the companies in which the Fund invests. The Adviser uses its screening process in connection with other fundamental research processes to establish the Fund's eligible investment universe. Securities are generally ineligible within the Fund's portfolio unless the Adviser believes that the faith-based screens are met. If the Adviser's research identifies events and/or business changes suggesting that a portfolio company no longer meets the faith-based criteria, the Fund may hold the company's securities while the Adviser performs additional research, including possible direct engagement with the company to assess practices. The Adviser's faith-based screening process for potential investments does not apply relative weights between values-based factors and financial factors. There is no guarantee that the Adviser will be able to successfully screen out all companies that are inconsistent with the following principles which help to guide the Adviser's research and investment framework. Specifically, the Adviser seeks to invest in companies that reflect the following values:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Respecting the value and freedom of all people: this includes the right
to life at all stages and freedom from addictive behaviors caused by gambling, pornography, tobacco, and alcohol.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Demonstrating a concern for justice and peace: this includes fair and
ethical relationships with customers, suppliers, and business partners and avoiding products and services that promote weapons production
and proliferation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Promoting family and community: this includes protecting children from
violent forms of entertainment and serving low-income communities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Exhibiting responsible management practices: this includes fair dealing
with employees, communities, competitors, suppliers, and customers as demonstrated by a company's record regarding litigation, regulatory
actions against the company, and its record of providing products and services that improve the lives of people.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Practicing environmental stewardship: this includes practices considered
more sustainable than those of industry peers, reduction in environmental impact when compared to previous periods, and/or the use of
more efficient and cleaner energy sources.

Consistent with the Adviser's values, the Fund may invest in domestic and/or foreign fixed-income securities, such as notes (including standalone notes not rated by any agency), to help fund community development institutions and projects aimed at serving human needs such as those of low-to-moderate income families and communities.

Investments that meet the Adviser's faith-based criteria are analyzed by the Fund's investment sub-adviser, Boyd Watterson Asset Management, LLC (the "Sub-Adviser") for possible inclusion in the Fund's portfolio. The Sub-Adviser builds the Fund's portfolio based on macroeconomic trends and forecasts in economic growth, inflation expectations, and monetary policy. The Sub-Adviser strives to generate excess return through sector allocation (adjusting allocations across major sectors of the bond market based on assessments of fundamentals and current versus historical valuation relationships), duration management (holding securities to optimize interest rates), yield curve positioning (adjusting holdings to capitalize on expected changes in the Treasury yield curve), and security

**EVENTIDE**<sub>4</sub>

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|:---|:---|
| **LIMITED-TERM BOND FUND SUMMARY PROSPECTUS** | **November 1, 2025** |

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selection. The ability of the Sub-Adviser to deliver returns varies according to the economic and market environment. The Sub-Adviser's methods are intended to accumulate value over a full market cycle.

Securities may be sold when the Adviser or the Sub-Adviser believes that they no longer represent relatively attractive investment opportunities or when the Adviser believes the underlying company's practices are no longer consistent with the Adviser's faith-based values.

Principal Risks of Investing in the Fund

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 the value of the Fund and your investment.

**Asset-Backed and Mortgage-Backed Security Risk.** When the Fund invests in asset-backed securities, mortgage-backed securities or collateralized mortgage obligations, the Fund is subject to the risk that, if the issuer fails to pay interest or repay principal, the assets backing these securities may not be sufficient to support payments on the securities.

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 a 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.

Commercial mortgage-backed securities ("CMBS") are subject to credit risk because underlying loan borrowers may default. Subordinate tranches of CMBS are more sensitive to defaults. Previously non-defaulting borrowers may not be able to refinance their loans when due, resulting in higher default rates. CMBS, in general, may become illiquid. Recently, hospitality, retail, and office properties have become subject to heightened vacancy rates and an accompanying increase in the risk of default.

Mortgage-backed securities issued or guaranteed by private issuers are also known as "non-agency MBS." Non-agency MBS generally are a greater credit risk than MBS issued by the U.S. government, and the market for non-agency MBS is smaller and may be less liquid that the market for government MBS.

**Convertible Securities Risk.** Convertible securities are hybrid securities that have characteristics of both fixed income and equity securities, and are therefore subject to the risks associated with both fixed income and equity securities. The market value of convertible securities and other debt securities tends to fall when prevailing interest rates rise. The market value of convertible securities also tends to change whenever the market value of the underlying common or preferred stock fluctuates.

**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. The Fund may invest in high-yield, unrated or otherwise high-risk securities,

**EVENTIDE**<sub>5</sub>

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|:---|:---|
| **LIMITED-TERM BOND FUND SUMMARY PROSPECTUS** | **November 1, 2025** |

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commonly called "junk bonds," that are not investment grade and are generally considered speculative because they present a greater risk of loss, including default, than higher quality debt securities.

**Duration Risk.** Longer-term securities may be more sensitive to interest rate changes. Rising interest rates pose a heightened risk to the Fund's 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.

**Ethical Investment Risk**. The Fund's ethical values screening criteria could cause it to underperform similar funds that do not have such screening criteria. This could be due to ethically acceptable companies falling out of favor with investors or failing to perform as well as companies that do not meet the Fund's ethical screening guidelines.

To supplement its efforts in ethical investing, the Adviser may engage with portfolio companies to encourage consideration of corporate strategies aligned with the Adviser's values, including pricing and/or business practices that may be beneficial within particular industries. The Adviser believes these activities will help promote ethical and effective corporate governance and long-term strategy for companies, and potentially create a positive effect on the particular businesses and/or industries, their consumers, and the Fund. There is no guarantee that the Adviser's corporate engagements and related-activities will achieve their intended results. There is a risk that the Adviser's activities in this regard could limit the Fund's investment universe and reduce the amount of profits that could be realized by affected companies, limiting the Fund's investment returns. Furthermore, the U.S. government or any agency thereof, may enact rules or legislation that, directly or indirectly, materially impacts the Adviser's activities in this regard, or materially affects the value of companies or opportunities for investment within particular industries.

**Extension Risk.** If interest rates rise, repayments of principal on certain debt securities, including, but not limited to, floating rate loans and mortgage-related securities, may occur at a slower rate than expected and the expected maturity of those securities could lengthen as a result. Securities that are subject to extension risk generally have a greater potential for loss when prevailing interest rates rise, which could cause their values to fall sharply.

**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), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), 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 Securities 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 as U.S. companies thereby resulting in less publicly available information about these companies. In addition, foreign investing involves other risks not typically associated with U.S. investments, including adverse political, social and

**EVENTIDE**<sub>6</sub>

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|:---|:---|
| **LIMITED-TERM BOND FUND SUMMARY PROSPECTUS** | **November 1, 2025** |

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economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing accounting, auditing, financial reporting and legal standards.

**Income Risk.** Income risk is the risk that the income from the Fund's portfolio will decline because of falling market interest rates. This can result when the Fund invests the proceeds from new share sales, or from matured or called bonds, at market interest rates that are below the portfolio's current earnings rate.

**Interest Rate Risk.** Changes in short-term market interest rates will directly affect the yield on the shares of a fund whose investments are normally invested in floating rate debt. If short-term market interest rates fall, the yield on the Fund's shares will also fall. Conversely, when short-term market interest rates rise, because of the lag between changes in such short-term rates and the resetting of the floating rates on the floating rate debt in the Fund's portfolio, the impact of rising rates will be delayed to the extent of such lag. Rising interest rates pose a heightened risk to any longer-term fixed income securities held by the Fund.

**Junk Bond Risk.** Lower-quality or unrated 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.

**Liquidity Risk.** Some investments held by the Fund may be difficult to sell, or illiquid, particularly during times of market turmoil. Illiquid investments may also lack a readily observable or market-corroborated price and 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 an unexpected loss.

**Management Risk.** The portfolio managers' 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 managers' judgment will produce the desired results.

**Market Risk.** Overall stock or bond market risks may also affect the value of the Fund. Factors such as domestic and/or foreign economic growth and market conditions, interest rate levels, political events and terrorism affect the securities markets.

**Medium (Mid) Capitalization Company Risk.** To the extent the Fund invests in the stocks of 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. 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. Mid-sized companies may also have limited markets, product lines or financial resources and may lack management experience.

**EVENTIDE**<sub>7</sub>

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|:---|:---|
| **LIMITED-TERM BOND FUND SUMMARY PROSPECTUS** | **November 1, 2025** |

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**Municipal Bond Risk.** The value of municipal bonds may fluctuate as a result of changes in the cash flows generated by the revenue source(s), changes in the priority of the municipal obligation to receive the cash flows generated by the revenue source(s), or changes in federal tax laws or the activity of an issuer which may adversely affect the tax-exempt status of municipal bonds.

**Preferred Stock Risk.** Dividends on preferred stocks are generally payable at the discretion of the issuer's board of directors and Fund shareholders may lose money if dividends are not paid. Preferred stock prices may fall if interest rates rise or the issuer's creditworthiness becomes impaired.

**Prepayment Risk.** The Fund may invest in debt securities that may be paid off early when the issuer of a debt security can repay the principal prior to a security's maturity. If interest rates are falling, the Fund may have to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income.

**Security Risk.** The value of the Fund may decrease in response to the activities and financial prospects of individual securities or group of securities in the Fund's portfolio. There can be no guarantee the securities held by the Fund will appreciate in value.

**Small 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 companies may have limited markets, product lines or financial resources and lack management experience.

**Sovereign Debt Risk.** The Fund may invest in sovereign debt obligations. Investment in sovereign debt obligations involves special risks not present in corporate debt obligations. The issuer of the sovereign 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 the Fund may have limited recourse in the event of a default.

**U.S. Government Obligations Risk.** The Fund's investments in 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.

Performance

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 A shares for the past ten years and includes the performance of the Fund's Predecessor Fund (as defined below). Although Class C, Class N 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, Class N and Class I shares are different than Class A shares because Class C, Class N and Class I shares have different expenses than Class A shares. The performance table compares the performance of the Fund's Class A, Class C, Class N and Class I shares over time to the performance of a broad-based market index and a supplemental index (strategy benchmark) that the Adviser believes is more representative of the Fund's investment universe. You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.

The Fund acquired all of the assets and liabilities of Epiphany FFV Strategic Income Fund, a series of Epiphany Funds (the "Predecessor Fund"), in a tax-free reorganization on December 14, 2018. In connection with this acquisition, shares of the Predecessor Fund's Class A Shares and Class I Shares were exchanged for Class A Shares and Class I

**EVENTIDE**<sub>8</sub>

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|:---|:---|
| **LIMITED-TERM BOND FUND SUMMARY PROSPECTUS** | **November 1, 2025** |

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Shares of the Fund, respectively. Prior to May 31, 2017, the Predecessor Fund's Class I shares were called Class C shares, and the fee structure was different. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The performance information set forth below prior to December 14, 2018, reflects the historical performance of the Predecessor Fund. Updated performance information is available at no cost by calling 1-877-771-3836 and on the Fund's website at www.eventidefunds.com.

Eventide Limited-Term Bond Fund Class A Annual Total Returns for the Years Ended December 31

![](image_002.jpg)

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Figures do not reflect sales charges. If they did, returns would be lower.

During the period shown in the bar chart, the highest return for a quarter was 3.54% (quarter ended December 31, 2023), and the lowest return for a quarter was (3.39)% (quarter ended March 31, 2022). The Fund's Class A year-to-date return as of September 30, 2025, was 4.85%.

Prior to May 31, 2017, the Fund's Class I shares were called Class C shares, and the fee structure was different. Those shares sold before May 31, 2017, were subject to a contingent deferred sales load, which is not reflected in returns set forth in the table below. If the contingent deferred sales load was included, the returns would be less than those shown.

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| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns *(for the periods ended December 31, 2024)*<br> Class A Shares | *1 Year* | *5 Years* | *10 Years* |
| Return Before Taxes | (2.38)% | (0.19)% | 0.88% |
| Return After Taxes on Distributions | (3.66)% | (0.90)% | 0.10% |
| Return After Taxes on Distributions and Sale of Fund Shares | (1.42)% | (0.44)% | 0.33% |
| *Class I Shares* |  |  |  |
| *Return Before Taxes* | *3.90%* | *1.25%* | *1.49%* |
| *Class C Shares* | *1 Year* | *5 Years* | *Since inception (12/14/2018)* |
| Return Before Taxes | 2.88% | 0.25% | 1.11% |

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**EVENTIDE**<sub>9</sub>

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| | |
|:---|:---|
| **LIMITED-TERM BOND FUND SUMMARY PROSPECTUS** | **November 1, 2025** |

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| | | | |
|:---|:---|:---|:---|
| *Class N Shares* |  |  |  |
| Return Before Taxes | 3.69% | 1.04% | 1.91% |
|  | *1 Year* | *5 Years* | *10 Years* |
| Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 1.25% | (0.33)% | 1.35% |
|  |  |  | *Since inception (12/14/2018)* |
|  |  |  | 1.27% |
| Bloomberg 1-5 Year Government/Credit Index (reflects no deduction for fees, expenses or taxes) | 3.76% | 1.29% | 1.66% |
|  |  |  | *Since inception (12/14/2018)* |
|  |  |  | 2.00% |

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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 Class C, Class N and Class I shares will vary.

**Adviser.** Eventide Asset Management, LLC is the Fund's investment adviser.

**Sub-Adviser.** Boyd Watterson Asset Management, LLC is the Fund's investment sub-adviser.

**Portfolio Managers.** Christopher Grogan, CFA, Director of Investment Consulting and Portfolio Manager of the Adviser, serves as a Co-Portfolio Manager of the Fund. Mr. Grogan has served the Fund in this capacity since April 2023. Mr. Grogan provides oversight of the Sub-Adviser and manages those assets allocated to domestic and/or foreign fixed-income securities to help fund community development institutions and projects aimed at serving human needs such as those of low-to-moderate income families and communities. The Sub-Adviser manages assets of the Fund at the direction of the Adviser.

David M. Dirk, CFA, Director of Portfolio Management and Trading of the Sub-Adviser, has served as a Co-Portfolio Manager of the Fund since May 2020.

Mr. Grogan and Mr. Dirk are jointly and primarily responsible for the day-to-day management of the Fund.

**Purchase and Sale of Fund Shares.** The minimum initial investment in Class A, Class C and Class N Shares of the Fund, as well as Class I shares purchased directly from the Fund, is $1,000 for a regular account and for an IRA account, or $100 for an automatic investment plan account. The minimum initial investment in Class I shares purchased through a financial intermediary is $100,000 for all accounts. You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open. Redemptions requests may be made in writing, online, by telephone or through a financial intermediary to the Fund or the Fund's transfer agent and will be paid by check or wire transfer.

**Tax Information.** Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred plan. If you are investing in a tax-deferred plan, distributions may be taxable upon withdrawal from the plan.

**EVENTIDE**<sub>10</sub>

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| | |
|:---|:---|
| **LIMITED-TERM BOND FUND SUMMARY PROSPECTUS** | **November 1, 2025** |

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**Payments to Broker-Dealers and Other Financial Intermediaries.** If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**EVENTIDE**<sub>11</sub>