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<p><b>Investment Objective</b></p>
<p>The Healthcare & Life Sciences Fund seeks to provide long-term capital appreciation.</p>
<p><b>Fees and Expenses of the Fund</b></p>
<p>The tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. 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 in the section entitled How to Buy Shares on page 13 of the Fund's Prospectus.</p>
<p><b>Shareholder Fees (fees paid directly from your investment)</b></p>
<p><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></p>
<p><b>Example of Hypothetical Fund Costs</b></p> <p> </p> <p><b>Example:</b></p>
<p>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, reinvest dividends and distributions, and then redeem all of your shares at the end of those periods.  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:</p>
<p><b>Portfolio Turnover</b></p>
<p>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.</p>
<p><b>Principal Investment Strategies</b></p>
<p>Under normal market conditions, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in equity and equity-related securities of companies in the healthcare and life sciences sectors, including common stock, options, preferred stock and convertible debt. Healthcare and life sciences companies include those companies that derive or are expected to derive 50% or more of their revenue from healthcare and life science products and services including, but not limited to, biotechnology, pharmaceuticals, diagnostics, life science tools, medical devices, healthcare information technology, healthcare services, synthetic biology, agricultural and environmental management, and pharmaceutical manufacturing products and services. These companies may include companies whose securities may have legal or contractual restrictions on resale or are otherwise illiquid (“Restricted Securities”).  The Fund will not invest more than 15% of the Fund’s net assets in these Restricted Securities. These companies may include development stage companies. The Fund may invest without limitation in securities of companies domiciled outside the United States either directly or through American Depositary Receipts (“ADRs”).   The Fund may invest in securities of companies of any market capitalization.</p> <p> </p> <p>            The Fund’s advisor, Eventide Asset Management, LLC (“Eventide” or the “Advisor”) utilizes a fundamental “bottom-up” analysis to evaluate investments for inclusion in the Fund’s portfolio. The Advisor seeks to invest in attractively valued securities that, in its opinion, represent above-average long-term investment opportunities or have significant near-term appreciation potential. The Advisor favors investments that it believes will have relatively low correlation to the overall market.  The valuation of these investments may respond dramatically to clinical trial outcomes or regulatory decisions, providing atypical upside or downside volatility.</p> <p> </p> <p>The Advisor may engage in short selling with up to 10% of the Fund’s assets or use options strategies, such as calls, covered calls, and puts on individual securities, as well as options on securities indices, to enhance returns, generate income, to reduce portfolio volatility, or to reduce downside risk when the Advisor believes adverse market, political or other conditions are likely.  The Advisor may also utilize a combination of puts and/or calls regarding the same security (sometimes referred to as “straddles,” “collars” or “spreads”) or utilize puts and calls on related securities.  The Advisor will only make use of these derivative strategies where the derivatives’ underlying security is within or related to the sectors in which the Fund normally invests.</p> <p> </p> <p>            The Advisor analyzes the performance of potential investments not only for financial strengths and outlook, but also for the company’s ability to operate with integrity and create value for customers, shareholders and society. While few companies may reach these ideals in every area of their business, these principles articulate the Advisor’s highest expectations for corporate behavior.  There is no guarantee that the Advisor will be able to successfully screen out all companies that are inconsistent with its principles. The Advisor seeks to invest in companies that reflect the following values:</p> <p> </p> <p>- 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.</p> <p> </p> <p>- Demonstrating a concern for justice and peace through fair and ethical relationships with customers, suppliers and business partners and through avoidance of products and services that promote weapons production and proliferation.</p> <p> </p> <p>- Promoting family and community; this includes protecting children from violent forms of entertainment and also includes serving low income communities.</p> <p> </p> <p>- Exhibiting responsible management practices, including 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 promoting products and services that improve the lives of people.</p> <p> </p> <p>- Practicing environmental stewardship.</p> <p> </p> <p>Consistent with the Advisor’s values, the Fund may also invest in community development institutions that serve the financial needs of low-to-moderate income families and communities. </p> <p> </p> <p>            The Advisor may engage in frequent buying and selling of the Fund’s investments to achieve the Fund’s objective. Securities may be sold when the Advisor believes that they no longer represent relatively attractive investment opportunities or when the Advisor believes the underlying company’s practices are no longer consistent with the Advisor’s principles.   </p> <p> </p> <p>The Fund is classified as “non-diversified” for purposes of the Investment Company Act of 1940 (the “1940 Act”), which means that it is not limited by the 1940 Act with regard to the portion of its assets that may be invested in the securities of a single issuer.</p>
<p><b>Principal Risks of Investing in the Fund</b></p>
<p>As with any mutual fund, the Fund may not achieve its investment objective.  The Fund’s returns will vary and you could lose money on your investment in the Fund.  The following summarizes the principal risks of the Fund. These risks could adversely affect the net asset value, total return and the value of the Fund and your investment.</p> <p> </p> <p><b>Development Stage Company Risk.</b> The Fund may invest a substantial portion of the portfolio in development stage companies that are not generating meaningful revenue.</p> <p> </p> <p><b>Ethical Investment Risk.</b>  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.</p> <p> </p> <p><b>Foreign Exposure Risk.</b>  Special risks associated with investments in foreign companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards.</p> <p> </p> <p><b>Healthcare & Life Sciences Sector Risk.</b> Companies in the healthcare and life sciences sectors 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.</p> <p> </p> <p><b>Sector Concentration Risk. </b>The risk that there will be overall problems affecting a particular sector. Because the Fund normally invests at least 80% of its assets in the healthcare and life science sectors, the Fund’s performance largely depends—for better or for worse—on the overall condition of these sectors.</p> <p> </p> <p><b>Liquidity Risk.</b>  Some securities held by the Fund may be difficult to sell, or illiquid, particularly during times of market turmoil. Illiquid securities 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.</p> <p> </p> <p><b>Limited History of Operations.</b> The Fund is a new or relatively new mutual fund and has a limited history of operations.</p> <p> </p> <p><b>Management Risk.</b>  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’ judgments will produce the desired results.</p> <p> </p> <p><b>Market Risk.</b>  Overall stock or bond market volatility 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.</p> <p> </p> <p><b>Non-diversification Risk.</b> The Fund's portfolio may focus on a limited number of investments and will be subject to potential for volatility than a diversified fund.</p> <p> </p> <p><b>Options Risk.</b>    Purchased options may expire worthless and may have imperfect correlation to the value of the hedged asset.  Written call options expose the Fund to potential large losses, including potentially unlimited losses when the Fund does not own the reference asset.  Written call options on portfolio securities will prevent the Fund from participating in gains on the reference asset.  Written options may also have imperfect correlation to the value of assets they are intended to hedge.  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.  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.</p> <p> </p> <p><b>Short Selling Risk.</b> If the price of the security sold short increases between the time of the short sale and the time the Fund covers its short position, the Fund will incur a loss which may be unlimited. Also, the Fund is required to deposit collateral in connection with such short sales and may have to pay a fee to borrow particular securities.</p> <p> </p> <p><b>Security Risk.</b>  The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund’s portfolio.  There can be no guarantee the securities held by the Fund will appreciate in value.</p> <p> </p> <p><b>Smaller Capitalization Stock Risk.</b>  Smaller-sized companies may experience higher failure rates than larger 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 and companies may have limited markets, product lines or financial resources and lack management experience.</p> <p> </p> <p><b>Stock Value Risk.</b>  Stocks involve the risk that they may never reach what the Advisor believes is their full market value, either because the market fails to recognize the stock’s intrinsic worth or the Advisor misgauged that worth. They also may decline in price, even though, in theory, they are already undervalued.</p> <p> </p> <p><b>Turnover Risk.</b>  A higher portfolio turnover will result in higher transactional and brokerage costs.  The prospects of companies in the healthcare and life sciences industries can change substantially in short periods of time and this may cause the Fund’s portfolio to have higher turnover in response to these changes.</p>
<p><b>Performance</b></p>
<p>Because the Fund is a new fund and does not yet have a full calendar year of investment operations, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of this Prospectus. Updated performance information will be available at no cost by calling 1-877-771-3836 and on the Fund’s website at www.EventideFunds.com.</p>
<font style="font-size:12.0pt; font-family:Times New Roman">The Fund’s returns will vary and you could lose money on your investment in the Fund.</font>
<font style="font-size:12.0pt; font-family:Times New Roman">877-771-3836 </font>
<font style="font-size:12.0pt; font-family:Times New Roman">www.EventideFunds.com</font>
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Estimated for the current fiscal year.
Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The 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.
The Advisor has contractually agreed to waive fees and/or reimburse expenses of the Fund through December 31, 2013. This agreement may only be terminated by the Fund's Board of Trustees on 60 days' written notice to the Advisor.