N-CSR 1 eventidencsr.htm N-CSR

united states
securities and exchange commission
washington, d.c. 20549

form n-csr

certified shareholder report of registered management
investment companies

Investment Company Act file number 811-21872

 

Mutual Fund Series Trust

(Exact name of registrant as specified in charter)

 

225 Pictoria Drive, Suite 450, Cincinnati, OH 45246

(Address of principal executive offices) (Zip code)

 

CT CORPORATION SYSTEM

1300 EAST NINTH STREET, CLEVELAND, OH 44114

(Name and address of agent for service)

 

Registrant's telephone number, including area code: 631-470-2619

 

Date of fiscal year end: 6/30

 

Date of reporting period: 6/30/2021

 

ITEM 1. REPORTS TO SHAREHOLDERS.

 

 

(EVENTIDE LOGO)

 

 

 

Annual Report June 30, 2021
   
   

 

 

 

  Eventide Core Bond Fund
   
  Eventide Dividend Opportunities Fund
   
  Eventide Exponential Technologies Fund
   
  Eventide Gilead Fund
   
  Eventide Healthcare & Life Sciences Fund
   
  Eventide Limited-Term Bond Fund
   
  Eventide Multi-Asset Income Fund
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
  Eventide Asset Management, LLC
  One International Place, Suite 4210
  Boston, MA 02110
  1-877-771-3836
E V E N T I D E   1
 
A N N U A L  R E P O R TJune 30, 2021
Annual Shareholder Letter 2021 (Unaudited)

 

PREAMBLE

 

How are we to make sense of a year filled with so much noise?

 

The cultural atmosphere of this past year has been so convoluted with unprecedented events, societal revolutions, social unrest, political instability, and institutional skepticism that it seems impossible to weave a coherent strand of meaning through it all. And the chaotic atmosphere seems to have permeated the everyday activities of our individual lives with the same sense of disarray—leaving us craving order and meaning.

 

As investors, we have been keenly aware that the markets have also been subject to an exceptionally noisy atmosphere.

 

Entire industries were debilitated by the global pandemic, yet the stock market experienced one of the sharpest recoveries in history. We witnessed COVID-related biotech company stock prices skyrocket, disconnecting from reasonable earnings predictions as they raced to address an important and urgent need. Volition from retail investors ignited investment frenzies in struggling companies, squeezing bearish institutional investors. For six days, a 1,300-foot ship clogged one of the world’s busiest waterways, causing ripple effects through supply chains for months. Popular investment apps invited thousands of everyday people to invest at the click of a button, making it easy and even fun to speculate on trendy stocks.

 

On top of these anecdotal phenomena, macro forces that were created by enormous fiscal stimulus and accommodative monetary policy are causing fears of inflation as increased demand could outpace supply.

 

Again, how are we to make sense of all the noise?

 

Noise by itself is just sound. It has no purpose. But when fragmented noise is synthesized to form a melody and made into a song, it produces something beautiful—music. Music is the result of imbuing sound with purpose.

 

On a human level, this is intuitive. Our daily habits, weekly routines, and annual traditions are nothing more than disjointed activities that fill our time unless, that is, they culminate into a greater narrative purpose in our lives. When we imbue them with a sense of purpose, the noise becomes a lively rhythm, creating the melodies that make up the songs of our lives.

 

Likewise, when the immediate market idiosyncrasies and the repetitive business cycles are imbued with a sense of purpose, they become synthesized and structured into something cohesive and meaningful rather than spontaneous and anxiety-inducing.

 

As investors, we had a choice to make this past year. We could have let the noise drown out the music. In other words, we could have pursued the immediate hype, looking to capitalize on the chaos. Or, we could have remained tied to our long-term investment theses. To be clear, numerous companies have received well-deserved hype over the past year for their ability to deliver true value in times of need. In many instances, however, the noisy atmosphere encouraged noisy investor behavior, resulting in speculating and betting on sentiment-driven bubbles.

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A N N U A L  R E P O R TJune 30, 2021

At Eventide, we chose the latter option. We continued to invest in light of our underlying thesis that businesses serve a higher purpose—to create value for society by meeting important human needs. As investors, we play the vital role of supplying the capital that fuels the success of these businesses. The result is an economic environment that promotes human flourishing. This is the “music” of investing.

 

Our team takes great care to position our portfolios to account for sustaining secular shifts, but we have not deviated from our underlying investment process, which acts as a consistent rhythm to our song. We remain confident in the secular themes of human flourishing that we believe are addressing the long-term needs of our society. These themes were important before the pandemic and remain important now, and thus remain in demand. Our deep, company-specific research enables us to invest in companies we believe are best suited to weather the short-term challenges and deliver long-term value to you, our shareholders, and to broader society.

 

Fund Returns
as of 6/30/2021		                
Eventide Core Bond Fund YTD 3-month 1-year 3-year 5-year 10-year Inception    Inception Date
Class I -1.95 1.80 — — — — -2.24 7/31/2020
Class A without load -1.94 1.82 — — — — -2.28 7/31/2020
Class A with 5.75% load -7.62 -4.01 — — — — -7.90 7/31/2020
Class C -2.45 1.60 — — — — -3.02 7/31/2020
Class N -2.04 1.75 — — — — -2.39 7/31/2020
Benchmark                
Bloomberg U.S. Aggregate Bond Index -1.60 1.83 — — — — -1.80 7/31/2020
                 
Eventide Dividend Opportunities Fund                
Class I 15.75 8.21 47.49 19.89 — — 15.09 9/29/2017
Class A without load 15.66 8.17 47.22 19.63 — — 14.80 9/29/2017
Class A with 5.75% load 9.01 1.93 38.79 17.29 — — 13.00 9/29/2017
Class C 15.16 7.90 45.93 18.70 — — 13.96 9/29/2017
Class N 15.66 8.17 47.21 19.67 — — 14.87 9/29/2017
Benchmarks                
Russell Midcap Value Index 19.45 5.66 53.06 11.86 — — 10.90 9/29/2017
Russell Midcap Core Total Return Index 16.25 7.50 49.80 16.45 — — 15.45 9/29/2017
                 
Eventide Exponential Technologies Fund YTD 3-month 1-year 3-year 5-year 10-year Inception Inception Date
Class I 21.01 14.08 91.40 — — — 91.40 6/30/2020
Class A without load 20.91 14.05 91.00 — — — 91.00 6/30/2020
Class A with 5.75% load 13.98 7.49 80.02 — — — 80.02 6/30/2020
Class C 20.46 13.81 89.80 — — — 89.80 6/30/2020
Class N 20.91 14.05 91.00 — — — 91.00 6/30/2020
Benchmarks                
S&P 500 Total Return Index 15.25 8.55 40.79 — — — 40.79 6/30/2020
Exponential Technologies Fund Blend 15.66 11.00 51.17 — — — 51.17 6/30/2020
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A N N U A L  R E P O R TJune 30, 2021
Fund Returns (Continued)
as of 6/30/2021		                
Eventide Gilead Fund                
Class I 10.81 11.09 49.76 26.86 27.08 18.87 19.28 2/2/2010
Class A without load 10.68 11.02 49.39 26.55 26.76 18.57 20.33 10/28/2009
Class A with 5.75% load 4.32 4.64 40.80 24.07 25.27 17.87 19.72 10/28/2009
Class C 10.26 10.80 48.23 25.59 25.81 17.67 19.41 10/28/2009
Class N 10.70 11.04 49.43 26.60 26.82 18.63 17.91 7/8/2008
Benchmarks                
S&P 500 Total Return Index 15.25 8.55 40.79 18.67 17.65 14.84 12.13 7/8/2008
Russell Midcap Growth Index 10.44 11.07 43.77 22.39 20.52 15.13 13.40 7/8/2008
                 
Eventide Healthcare & Life Sciences Fund                
Class I -15.21 -8.27 10.54 15.22 23.47 — 22.10 12/27/2012
Class A without load -15.30 -8.33 10.28 14.92 23.14 — 21.78 12/27/2012
Class A with 5.75% load -20.17 -13.61 3.93 12.67 21.69 — 20.94 12/27/2012
Class C -15.62 -8.49 9.45 14.07 22.22 — 20.88 12/27/2012
Class N -15.29 -8.32 10.34 14.99 23.22 — 21.87 12/27/2012
Benchmarks                
S&P 500 Total Return Index 15.25 8.55 40.79 18.67 17.65 — 16.22 12/27/2012
S&P Biotechnology Select Industry Index -3.66 -0.05 21.19 12.63 20.36 — 19.98 12/27/2012
                 
Eventide Limited-Term Bond Fund                
Class I -0.43 0.47 0.65 3.36 1.92 2.01 2.32 7/28/2010
Class A without load -0.56 0.32 0.45 3.11 1.86 2.33 2.72 7/28/2010
Class A with 5.75% load -6.30 -5.44 -5.33 1.09 0.65 1.73 2.16 7/28/2010
Class C -1.02 0.13 -0.38 — — — 2.88 12/14/2018
Class N -0.54 0.43 0.48 — — — 3.72 12/14/2018
Benchmarks                
Bloomberg 1-5 Year Government/Credit Index -0.30 0.27 0.40 3.70 2.18 1.98 2.02 7/28/2010
Bloomberg U.S. Intermediate Aggregate Bond Index -0.84 0.78 0.04 4.41 2.53 2.74 2.81 7/28/2010
                 
Eventide Multi-Asset Income Fund                
Class I 8.29 4.49 27.12 13.34 10.08 — 9.28 7/15/2015
Class A without load 8.16 4.43 26.84 13.11 9.83 — 9.02 7/15/2015
Class A with 5.75% load 1.92 -1.55 19.59 10.92 8.53 — 7.94 7/15/2015
Class C 7.74 4.18 25.85 12.23 8.98 — 8.20 7/15/2015
Class N 8.11 4.37 26.81 13.10 9.86 — 9.06 7/15/2015
Benchmarks                
Russell Midcap Value Index 19.45 5.66 53.06 11.86 11.79 — 10.25 7/15/2015
Multi-Asset Income Blend 9.00 3.22 24.28 8.87 7.57 — 6.95 7/15/2015
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A N N U A L  R E P O R TJune 30, 2021

EXPENSES AND DISCLOSURES

 

Performance is historical and does not guarantee future results. Investment return and principal value will fluctuate with changing market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the data quoted. Investors cannot directly invest in an index, and unmanaged index returns do not reflect any fees, expenses, or sales charges. The volatility of an index may be materially different than that of the Fund, and investors should not expect the Fund to achieve the same results as a listed index. Performance data current to the most recent month-end may be obtained by calling 1-877-771-EVEN (3836).

 

Eventide Core Bond Fund

 

Expenses: Class I, Gross Expenses 1.25%, Net Expenses 0.58%; Class A, Gross Expenses 1.50%, Net Expenses 0.83%; Class C, Gross Expenses 2.25%, Net Expenses 1.58%; Class N, Gross Expenses 1.45%, Net Expenses 0.78%. The manager has contractually agreed to waive fees and/or reimburse expenses of the Fund through 10/31/2021. The agreement may only be terminated by the Fund’s Board of Trustees on 60 days’ written notice. Class A is subject a maximum sales charge of 5.75% and Class A and Class C are subject to a maximum deferred sales charge of 1.00%. The Bloomberg U.S. Aggregate Bond Index is a broad based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. This includes Treasuries, government-related and corporate securities, mortgage backed securities, asset-backed securities and collateralized mortgage-backed securities. The benchmark is not an investment product. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.

 

Eventide Dividend Opportunities Fund

 

Expenses: Class I, Gross Expenses 1.30%, Net Expenses 0.95%; Class A, Gross Expenses 1.55%, Net Expenses 1.20%; Class C, Gross Expenses 2.30%, Net Expenses 1.95%; Class N, Gross Expenses 1.50%, Net Expenses 1.15%. The manager has contractually agreed to waive fees and/or reimburse expenses of the Fund through 10/31/2021. The agreement may only be terminated by the Fund’s Board of Trustees on 60 days’ written notice. Class A is subject to a maximum sales charge of 5.75% and Class A and Class C are subject to a maximum deferred sales charge of 1.00%. The Russell Midcap Value Index measures the performance of the U.S. equity mid-cap value segment. The Russell Midcap Index measures the performance of the mid-cap segment of the U.S. equity universe. Neither benchmark is an investment product. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.

 

Eventide Exponential Technologies Fund

 

Expenses: Class I, Gross Expenses 2.50%, Net Expenses 1.43%; Class A, Gross Expenses 2.75%, Net Expenses 1.68%; Class C, Gross Expenses 3.50%, Net Expenses 2.43%; Class N, Gross Expenses 2.70%, Net Expenses 1.63%. The manager has contractually agreed to waive fees and/or reimburse expenses of the Fund through 10/31/2021. The agreement may only be terminated by the Fund’s Board of Trustees on 60 days’ written notice. Class A is subject to a maximum sales charge of 5.75% and Class A and Class C are subject to a maximum deferred sales charge of 1.00%. The S&P 500 is an index created by Standard & Poor’s of American stocks with the largest market capitalization. The Exponential Technologies Fund Blend is a proprietary Eventide benchmark composed of 50% S&P North American Technology Software Index, 20% S&P Technology Hardware Select Industry Index, 20% Philadelphia Stock Exchange Semiconductor Index, and 10% S&P500 Communications Services. The S&P North American Technology Software Index imposes capped weights on the index constituents included in the S&P 500® that are classified in the Global Industry Classification Standard (GICS®) information technology sector. The S&P Technology Hardware Select Industry Index comprises stocks in the S&P Total Market Index that are classified in the GICS® technology hardware, storage & peripherals, electronic equipment & instruments, and electronic components sub-industries. The Philadelphia Stock Exchange Semiconductor Index is a modified market capitalization-weighted index composed of companies primarily involved in the design, distribution, manufacture, and sale of semiconductors. The S&P500 Communications Services comprises those companies included in the S&P 500 that are classified as members of the GICS® communication services sector. Neither benchmark is an investment product. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.

 

Eventide Gilead Fund

 

Total annual fund operating expenses: Class I: 1.18%; Class A: 1.43%; Class C: 2.18%; Class N: 1.38%. Class A is subject to a maximum sales charge of 5.75% and Class A and Class C are subject to a maximum deferred sales charge of 1.00%. The Fund’s share classes have different inception dates. Class N has an inception date of 7/8/2008. Class A and Class C have an inception date of 10/28/2009. Class I has an inception date of 2/2/2010. The indices assume an inception date of 7/8/2008. The S&P 500 is an index created by Standard & Poor’s of American stocks with the largest market capitalization. The Russell Midcap Growth Index measures the performance of the U.S. equity mid-cap growth segment. Neither benchmark is an investment product. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.

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A N N U A L  R E P O R TJune 30, 2021

Eventide Healthcare & Life Sciences Fund

 

Total annual fund operating expenses: Class I: 1.31%; Class A: 1.56%; Class C: 2.31%; Class N: 1.51%. Class A is subject to a maximum sales charge of 5.75% and Class A and Class C are subject to a maximum deferred sales charge of 1.00%. The S&P 500 Total Return Index is an index created by Standard & Poor’s of American stocks with the largest market capitalization. The S&P Biotechnology Select Industry Index represents the biotechnology sub-industry portion of the S&P Total Markets Index. Neither benchmark is an investment product. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.

 

Eventide Limited-Term Bond Fund

 

Expenses: Class I, Gross Expenses 0.91%, Net Expenses 0.55%; Class A, Gross Expenses 1.16%, Net Expenses 0.80%; Class C, Gross Expenses 1.91%, Net Expenses 1.55%; Class N, Gross Expenses 1.11%, Net Expenses 0.75%. The manager has contractually agreed to waive fees and/or reimburse expenses of the Fund through 10/31/2021. The agreement may only be terminated by the Fund’s Board of Trustees on 60 days’ written notice. Class A is subject to a maximum sales charge of 5.75% and Class A and Class C are subject to a maximum deferred sales charge of 1.00%. The Fund acquired the assets and liabilities of the Epiphany FFV Strategic Income Fund (“Predecessor Fund”) on 12/14/2018. The Predecessor Fund’s Class A shares were reclassified from Class N shares on 6/1/2015 and its Class I shares were reclassified from Class C shares on 5/30/2017, and the fee structure was different. The Fund’s share classes have different inception dates. Annualized since inception returns assume the Predecessor Fund’s inception date of 7/28/2010 unless otherwise noted. The Bloomberg 1-5 Year Government/Credit Index includes investment grade, U.S. dollar-denominated, fixed-rate treasuries, government-related and corporate securities that have a remaining maturity of greater than or equal to one year and less than five years. The Bloomberg U.S. Intermediate Aggregate Bond Index is a market capitalization-weighted index, meaning the securities in the index are weighted according to the market size of each bond type. Most U.S.-traded investment grade bonds are represented. Municipal bonds and Treasury Inflation-Protected Securities are excluded. The index includes Treasury securities, Government agency bonds, mortgage-backed bonds, corporate bonds, and a small amount of foreign bonds traded in the U.S. Neither benchmark is an investment product. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.

 

Eventide Multi-Asset Income Fund

 

Expenses: Class I, Gross Expenses 0.86%, Net Expenses 0.82%; Class A, Gross Expenses 1.11%, Net Expenses 1.07%; Class C, Gross Expenses 1.86%, Net Expenses 1.82%; Class N, Gross Expenses 1.06%, Net Expenses 1.02%. The manager has contractually agreed to waive fees and/or reimburse expenses of the Fund through 10/31/2021. The agreement may only be terminated by the Fund’s Board of Trustees on 60 days’ written notice. Class A is subject to a maximum sales charge of 5.75% and Class A and Class C are subject to a maximum deferred sales charge of 1.00%. The Multi-Asset Income Blend is a proprietary Eventide benchmark composed of 50% Russell Midcap Value Index and 50% Bloomberg U.S. Intermediate Aggregate Bond Index. The Russell Midcap Value Index measures the performance of the U.S. equity mid-cap value segment. The Bloomberg U.S. Intermediate Aggregate Bond Index is a market capitalization-weighted index, meaning the securities in the index are weighted according to the market size of each bond type. Most U.S.-traded investment grade bonds are represented. Municipal bonds and Treasury Inflation-Protected Securities are excluded. The index includes Treasury securities, Government agency bonds, mortgage-backed bonds, corporate bonds, and a small amount of foreign bonds traded in the U.S. Please refer to the Fund’s Prospectus for additional index details. The benchmark is not an investment product. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.

 

FUND REVIEWS

 

Eventide Core Bond Fund

 

Eventide Core Bond Fund (Class I) posted a total return of -2.24% since inception (7/31/2020) for the period ended on 6/30/2021 compared to the Bloomberg U.S. Aggregate Bond Index of -1.80%.

 

The Fund benefited from its exposure to housing related municipal and mortgage backed passthrough securities, and from not owning US treasuries which underperformed. It was negatively impacted by the weaker performance of government agency and investment grade corporate securities. The fixed income market was challenged over the last 12 months due to rising interest rates with an aggressive economic reopening, fiscal and monetary stimulus, and COVID-19 vaccine roll out. Longer duration fixed income securities were hurt more by the rise in interest rates and a steeper yield curve than shorter duration fixed income securities, particularly in 1Q2021. In addition, higher quality, investment grade bonds also performed worse over the past year than lower quality and higher risk bonds during the economic reopening and COVID-19 vaccine roll-out.

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A N N U A L  R E P O R TJune 30, 2021

Eventide Dividend Opportunities Fund

 

The Eventide Dividend Opportunities Fund (Class I) posted a total return of 47.49% for the 12-month period ended 6/30/2021, compared with the Russell Midcap Value Index of 53.06% and the Russell Midcap Index of 49.80%.

 

The Fund benefited from positive positioning and stock selection in renewable energy utilities, financials, consumer discretionary, semiconductors, and industrials, but underperformed its primary benchmark, the Russell Midcap Value Index, by 5.57% due to an underweight in lower quality, economically sensitive, and cyclical sectors, which have rallied on COVID-19 vaccine news since 4Q2020.

 

Looking at the Fund’s three-year performance gives a more complete picture of the full impact of COVID-19. For the three-year performance ended 6/30/2021, the Fund outperformed its primary benchmark by 8.03%, from an overweight in companies we believe are well-managed and well-positioned in long-term secular growth themes with attractive dividend growth. For the three years ended 6/30/2021, the Fund outperformed its primary benchmark from the Fund’s renewable energy utilities, technology infrastructure REITs, financials, consumer names benefiting from enterprise value and strong housing trends, and semi cap equipment. Positive performance in these periods was offset somewhat by an underweight in more economically- sensitive and cyclical sectors, such as communication services and basic materials.

 

Contributors

 

Hannon Armstrong Sustainable Infrastructure Capital, Inc.,1 which finances sustainable infrastructure and clean energy projects, benefitted from increased opportunities in clean energy and energy efficiency financing projects. Trane Technologies PLC,2 which manufactures HVAC systems for energy efficiency and reduced greenhouse emissions, saw its non-residential business recover as secular trends in energy efficiency, reduced greenhouse gas emissions and indoor air quality remained strong. Agilent Technologies, Inc.,3 which provides tools, research, and services for the life science industry, outperformed due to strength in its analytical instrumentation and lab services for pharmaceutical, biotech, and food-testing customers. NextEra Energy Partners LP,4 which contracts clean energy projects, including wind and solar, performed well from industry leading growth and competitive positioning in U.S.-contracted renewable power. DR Horton, Inc.,5 a nationwide builder of affordable new homes, benefitted from strong demand for and limited supply of new, affordable homes.

 

Detractors

 

Ciena Corp.,6 which provides communications network platforms, software, and professional services, underperformed as customers prioritized continuity of service over equipment upgrades given the pandemic-induced surge in bandwidth demand and increased complexity of on-site installations. Neurocrine Biosciences, Inc.,7 which focuses on therapies for neurological, psychiatric, and endocrine disorders, saw its sales for its lead asset lag due to COVID-19. KB Home,8 a nationwide builder of affordable new homes, along with other homebuilders, faced concerns about moderating order growth due to industry supply constraints. TCF Financial

 

12.91% of net assets

 

23.20% of net assets

 

33.82% of net assets

 

44.03% of net assets

 

53.22% of net assets

 

60.01% of net assets

 

70.33% of net assets

 

80.12% of net assets
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A N N U A L  R E P O R TJune 30, 2021

Corp.,9 a multi-bank holding company, along with other banks, experienced volatility in the summer of 2020 before rebounding on an improved macro outlook and steeper yield curve. Jack Henry & Associates, Inc.,10 which provides integrated computer systems for financial institutions, underperformed as banks delayed spending on software projects during the pandemic.

 

Eventide Exponential Technologies Fund

 

The Eventide Exponential Technologies Fund (Class I) posted a total return of 91.40% for the 12-month period ended 6/30/2021 compared to the S&P 500 Total Return Index of 40.79% and the Exponential Technologies Fund Blend of 51.17%.

 

The Fund outperformed its benchmarks due to strong security selection positioned within key themes that combine secular growth with human flourishing, such as Cybersecurity, Evolution to the Cloud, Beyond Moore’s Law, and Customer Convenience. Many of the invested securities benefited from accelerating fundamentals that were enhanced by the need for digital transformation across various industries and enterprises due to the COVID-19 pandemic. The Fund saw robust performance across its software, internet, semiconductor, and semiconductor equipment manufacturers exposures.

 

Contributors

 

Fiverr International Ltd.,11 an online global marketplace for individuals and companies looking for freelancers, benefitted as more freelancers and freelance projects moved online, allowing the company to deliver outstanding revenue growth and operating leverage. Sprout Social, Inc.,12 a global provider of social media management tools, benefitted significantly in the last year as they led the charge in social media management software, enabling customers to better understand their customers and improve engagement, leading to accelerated revenue growth with some leverage. Crowdstrike Holdings, Inc.,13 an enterprise cybersecurity platform used to prevent endpoint attacks, delivered outstanding revenue growth and margins as it began to cement itself as the leader in next-generation cybersecurity. Entegris, Inc.,14 which provides advanced materials and equipment for semiconductor manufacturing, benefited from the surge in semiconductor demand as the pandemic accelerated technology adoption. Five9, Inc.,15 a cloud-based contact center software company, executed with accelerating revenue growth with strong margins as cloud contact centers became a key focus area for enterprises post-pandemic.

 

Detractors

 

Jack Henry & Associates, Inc.,16 which provides integrated computer systems for financial institutions, underperformed as banks delayed spending on software projects during the pandemic. Ciena Corp.,17 which provides communications network platforms, software, and professional services, underperformed as customers prioritized continuity of service over equipment upgrades given the pandemic-induced surge in bandwidth demand and increased complexity of on-site installations. Splunk, Inc.,18 which provides web applications for automating operational intelligence and big data interpretation, misexecuted through changes in their go-to-

 

90.29% of net assets

 

101.82% of net assets

 

116.40% of net assets

 

123.28% of net assets

 

134.50% of net assets

 

144.68% of net assets

 

154.92% of net assets

 

160.86% of net assets

 

170.81% of net assets

 

181.19% of net assets
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A N N U A L  R E P O R TJune 30, 2021

market and innovation strategies. Vital Farms, Inc.,19 a sustainably-farmed food products company, along with other consumer staples companies, faced concerns about input cost inflation in the first half of 2021. Compass, Inc.,20 a real-estate broker focused on next-generation real-estate technology, saw investor sentiment taper as a hot housing market showed signs of deceleration.

 

Eventide Gilead Fund

 

The Eventide Gilead Fund (Class I) posted a total return of 49.76% for the 12-month period ended 6/30/2021 compared to the S&P 500 Total Return Index of 40.79% and the Russell Midcap Growth Index of 43.77%.

 

The Fund’s largest sector contributors to its performance over the past year came from the Information Technology and Consumer Discretionary sectors. Cybersecurity is a theme that we have identified in the Information Technology sector as meeting an important human need and the increased dependence on online connectivity over the past year contributed to the performance of companies positioned within this theme. Our Business 360® process, which examines a company’s relationships with each of its stakeholders, led us to identify companies with high customer satisfaction rates, which drove the performance of many of our Consumer Discretionary investments.

 

As we look across the portfolio of companies in the Fund and how they behaved during one of the most unprecedented periods in recent history, we are incredibly pleased with their performance but remain humble as we understand that circumstances can change quickly. For this reason, we continue to be vigilant in our analyses and investment allocations.

 

Contributors

 

Crowdstrike Holdings, Inc.,21 an enterprise cybersecurity platform used to prevent endpoint attacks, delivered outstanding revenue growth and margins as it began to cement itself as the leader in next-generation cybersecurity. The Trade Desk, Inc.,22 a digital advertising platform for display, social, and video campaigns, saw an accelerating shift from linear to CTV, which accompanied with better than expected revenues and margins, led to strong stock performance. Five9, Inc.,23 a cloud-based contact center software company, executed with accelerating revenue growth with strong margins as cloud contact centers became a key focus area for enterprises post-pandemic. Fiverr International Ltd.,24 an online global marketplace for individuals and companies looking for freelancers, benefitted as more freelancers and freelance projects moved online, allowing the company to deliver outstanding revenue growth and operating leverage. HubSpot, Inc.,25 an inbound sales and marketing platform, delivered outstanding revenue growth, profitability, and new product launches, which drove stock performance.

 

Detractors

 

Praxis Precision Medicines, Inc.,26 a clinical-stage neuroscience company focused on therapies for brain disorders, saw its shares decline because its main competitor, SAGE, announced positive but underwhelming Phase 3 data that was viewed as a negative readthrough to Praxis’s lead drug, which is currently in Phase 2/3 for

 

191.12% of net assets

 

200.46% of net assets

 

213.83% of net assets

 

224.28% of net assets

 

234.20% of net assets

 

242.12% of net assets

 

252.14% of net assets

 

260.08% of net assets
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the same indication (Major Depressive Disorder). Ascendis Pharma, Inc.,27 a company focused on biopharmaceuticals for rare-diseases, had its lead drug’s approval delayed by the FDA due to COVID-19. Pliant Therapeutics, Inc.,28 a clinical-stage biopharmaceutical company focused on therapies for fibrotic diseases, has not had any data on its programs since its initial public offering (“IPO”). Vital Farms, Inc.,29 a sustainably-farmed food products company, along with other Consumer Staples companies, faced concerns about input cost inflation in the first half of 2021. Sarepta Therapeutics, Inc.,30 a biotechnology company focused on precision genetic medicines to treat rare neuromuscular diseases, gave an update on its lead gene therapy candidate for Duchenne Muscular Dystrophy, which was encouraging but raised some questions around the overall clinical profile of the drug.

 

Eventide Healthcare & Life Sciences Fund

 

The Eventide Healthcare & Life Sciences Fund (Class I) posted a total return of 10.54% for the 12-month period ended 6/30/2021 compared to the S&P 500 Total Return Index of 40.79% and the S&P Biotechnology Select Industry Index of 21.19%.

 

The Fund’s relative underperformance was primarily driven by its underexposure to COVID-related stocks. As data- and science-based investors in the space, we did not have enough fundamental data or evidence on these programs to justify investment in these companies early on. As the year progressed and data for vaccine and treatment candidates started to be presented, we were thrilled from a humanitarian perspective regarding the data that was showing phenomenal efficacy and safety for multiple vaccine programs, yet we remained disciplined to our process. Since we were not comfortable with the valuations the market was assigning to these companies, we remained largely on the sidelines.

 

The sector has also had an unprecedented number of IPOs and capital raises, which has the effect of adding supply to the investible space. This adds to the importance of security selection amid a period of low merger and acquisition activity, which typically drives investor interest in the space. Fundamentally, both of these activities are a healthy part of the investment cycle—IPOs and follow-on offerings provide cash to fund their clinical trials and ongoing operations. They also provide some downside protection in the case of clinical setbacks. The recent lack of mergers and acquisitions (“M&A”) activity has been somewhat offset by robust licensing activity, but it also provides the opportunity for more M&A activity down the road as large biotechnology and pharmaceutical companies need to add to their product portfolios while facing patent and revenue risks.

 

Contributors

 

MyoKardia, Inc.,31 a biopharmaceutical company focused on developing precision drugs for cardiovascular diseases, was acquired at a very attractive premium by Bristol Myers Squibb. Rocket Pharmaceuticals, Inc.,32 which focuses on gene therapies to treat rare diseases, revealed very positive data for its lead product, which was very well received by the market. Momenta Pharmaceuticals, Inc.,33 which develops drugs for patients with autoimmune diseases, was acquired for an attractive premium by Johnson and Johnson. Essa Pharma, Inc.,34 which develops small-molecule drugs for treatment of prostate cancer, revealed very positive data for its lead

 

274.07% of net assets

 

280.51% of net assets

 

290.77% of net assets

 

301.22% of net assets

 

311.4% of net assets

 

321.12% of net assets

 

330.38% of net assets

 

341.37% of net assets
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product, which was very well received by the market. Prometheus Biosciences, Inc.,35 which develops precision drugs to treat patients with inflammatory bowel syndrome, had a successful IPO in Q1 2021.

 

Detractors

 

Cardiff Oncology, Inc.,36 a biotechnology company that develops therapies for solid tumor and hematologic cancers, updated the market with incremental data on its mCRC and mCRPC drugs, which, while positive, did not meet expectations. Immunovant, Inc.,37 which develops drugs for patients with autoimmune diseases, updated the market for its lead and only drug, IMVT-1401, revealing that it may have some safety/tolerability effects that may negatively affect the competitiveness of the drug across all indications. This was a bad outcome for the company and the stock was severely punished. Satsuma Pharmaceuticals, Inc.,38 which develops intranasal drugs to treat migraine headaches, had its lead and only asset fail in its Phase 3 study for migraines. ChemoCentryx, Inc.,39 which researches oral, small-molecule therapies for inflammatory diseases, in Q2 2021, had an FDA advisory committee meeting to discuss approval of its lead drug, Avocopan, for a rare disease called ANCA vasculitis. Unfortunately, despite a positive and statistically-significant randomized Phase 3 trial, the FDA reviewers had a negative view of the drug, leading to a split 10-8 vote in favor of approval. A decision on its approval is expected on July 7th. The market did not like the tone of the FDA Advisory Committee, and, consequently, the stock was severely punished. Sarepta Therapeutics, Inc.,40 a biopharmaceutical company that develops precision genetic medicines to treat rare neuromuscular diseases, gave an update on its lead gene therapy candidate for Duchenne Muscular Dystrophy, which was encouraging but raised some questions around the overall clinical profile of the drug.

 

Eventide Limited-Term Bond Fund

 

Eventide Limited-Term Bond Fund (Class I) posted a total return of 0.65% for the 12-month period ended 6/30/2021 compared to the Bloomberg 1-5 year U.S. Government/Credit Index of 0.40%, and the Bloomberg U.S. Intermediate Aggregate Bond Index of 0.04%.

 

The Fund benefited from its exposure to corporate, municipal, agency, mortgage-backed securities, and not owning treasuries. It was negatively impacted by the performance of asset-backed securities. The fixed income market was challenged over the last 12 months due to rising interest rates with an aggressive economic reopening, fiscal and monetary stimulus, and COVID-19 vaccine roll out.

 

Eventide Multi-Asset Income Fund

 

The Eventide Multi-Asset Income Fund (Class I) posted a total return of 27.12% for the 12-month period ended 6/30/2021, compared with the Multi-Asset Income Blend total return of 24.28%.

 

The Fund, which is balanced between equity and fixed income securities, outperformed its 50%/50% custom blend benchmark by 2.84% for the 12-month period ended 6/30/2021. The Fund’s equity positions for the year ended 6/30/2021 benefited from strong performance in renewable energy utilities, financials, high-technology-oriented auto suppliers, semiconductors, and industrials, but lagged their component of the custom blend

 

350.78% of net assets

 

360.43% of net assets

 

371.84% of net assets

 

380.3% of net assets

 

391% of net assets

 

402.89% of net assets
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benchmark, the Russell Midcap Value Index, as it performed better in the lower quality and more cyclically oriented market recovery following positive news of COVID-19 vaccines. The Fund’s fixed income positions outperformed their component of the custom blend benchmark, the Bloomberg U.S. Intermediate Aggregate Bond Index, for year ended 6/30/2021 from outperformance in corporate, municipal, mortgage-backed, and agency bonds and in not owning U.S. treasuries, which underperformed in the rising interest rate environment offset by underperformance in asset-backed and commercial mortgage-backed securities.

 

Contributors

 

Hannon Armstrong Sustainable Infrastructure Capital, Inc.,41 which finances sustainable infrastructure and clean energy projects, benefitted from increased opportunities in clean energy and energy efficiency financing projects. Trane Technologies PLC,42 which manufactures HVAC systems for energy efficiency and reduced greenhouse emissions, saw its non-residential business recover as secular trends, which were focused on energy efficiency, reduced greenhouse gas emissions and indoor air quality remained strong. NextEra Energy Partners LP,43 which contracts clean energy projects, including wind and solar, performed well from industry leading growth and competitive positioning in U.S.-contracted renewable power. Agilent Technologies, Inc.,44 which provides tools, research, and services for the life sciences industry, outperformed due to strength in its analytical instrumentation and lab services for pharmaceutical, biotech, and food-testing customers. First Republic Bank,45 which offers private banking, private business banking, and private wealth management, saw strong loan growth due to its exceptional customer service and credit quality.

 

Detractors

 

OKTA, Inc.,46 which provides identity-based software security solutions, underperformed due to investor concerns around a major acquisition. KB Home,47 a nationwide builder of affordable new homes, along with other homebuilders, faced concerns about moderating order growth due to industry supply constraints. Neurocrine Biosciences, Inc.,48 which focuses on therapies for neurological, psychiatric, and endocrine disorders, saw its sales for its lead asset lag due to COVID-19. TCF Financial Corp.,49 a multi-bank holding company, along with other banks, experienced volatility in the summer of 2020 before rebounding on an improved macro outlook and steeper yield curve. Jack Henry & Associates, Inc.,50 which provides integrated computer systems for financial institutions, underperformed as banks delayed spending on software projects during the pandemic.

 

CIO OUTLOOK

 

We organize our macro market analysis into three major categories: sentiment, valuation, and leading economic indicators. Bullish sentiment remains elevated across both retail and institutional investor groups. Historically, sentiment has typically proven to be a contrary indicator, meaning we should be cautious in approaching broad markets when sentiment is high. Equity valuations remain expensive when comparing current prices to historical prices, but it is equally, if not more, important to compare equity valuations with current fixed income rates. Since interest rates are low and we expect the Federal Reserve to remain accommodative as it espouses the “new

 

411.91% of net assets

 

422.17% of net assets

 

432.82% of net assets

 

442.20% of net assets

 

452.04% of net assets

 

460.43% of net assets

 

470.05% of net assets

 

480.90% of net assets

 

490.21% of net assets

 

500.84% of net assets
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A N N U A L  R E P O R TJune 30, 2021

framework” for managing inflation, setting a goal for an average inflation of 2% over time, we anticipate equities will remain attractive in comparison to bonds. Other positive catalysts for the markets include strong leading economic indicators as measured by positive trends in employment, housing, and business activity, as well as likely congressional support for an infrastructure bill and other fiscal policies focused on driving money into the economy.

 

As we examine the macro environment of the markets, it is important to remember that markets are made up of sectors, sectors are made up of industries, and industries are made up of companies. As fundamental, values-based investors, our process is primarily concerned with evaluating the likelihood of individual companies to succeed by creating value for society. We are seeing a lot of company dispersion within equity sectors and industries. The Biotech industry, for example, represents less than 3% of the market cap of the Russell 3000 and contains about 300 companies. These companies have exhibited huge return dispersions over the past year, with the top quartile having returns of 32% or better and the bottom quartile having returns of -32% or worse. In the areas we cover, we have seen stocks trading up to all-time highs based on internet memes and retail interest, while others that we believe to be in long-term competitive positions are trading at valuations less than the cash on their balance sheets. Distressed valuations of excellent companies are often a prelude to big rallies. We expect many of our portfolio companies to benefit when these trends normalize and a more disciplined approach prevails.

 

Of course, there are risks to consider. The market could stay irrational for longer, challenging some of our portfolio holdings and our investors. The Delta variant could pose a threat, although the current data reveals reasons to be optimistic, especially for largely vaccinated populations. Cyclical trends in commodity-driven areas of the market could cause our strategies to underperform over short-term periods. Our strategy as long-term investors seeks to take advantage of long-term secular trends by investing in high-quality companies that excel at creating value for others and trade at a discount to intrinsic value. It is with this approach in mind that we continue to see many opportunities for investing in companies that we believe are resilient, can achieve sustainable growth by meeting society’s greatest needs, and can achieve attractive long-term capital appreciation while having a positive impact on the world.

 

CONCLUSION

 

The data and performance descriptions in this report tell a one-year piece of Eventide’s story. We are long-term investors—meaning we look for our thesis to prove itself over three-, five-, and ten-year periods, and our track record tends to reflect this. In many instances, this past year highlighted our purpose-driven thesis as it became abundantly clear that businesses are important to people. For example, many companies experienced great success because they were meeting important societal needs, like many of our cybersecurity companies that thrived as they became essential teammates to a society heavily dependent on online connectivity.

 

Further, it became clear that people are important to businesses. Businesses that had already established trust with their employees were able to rely on their employees with reciprocating trust. Businesses that had built up a loyal base of valued customers saw that loyalty turn into resilience as customers adopted new behaviors to support the businesses they loved. And businesses that had built a reliable rapport with their suppliers were in a much better position to depend on their relational capital to develop flexible solutions as supply chains became immensely stressed. As a result, our comprehensive stakeholder analysis, which we call Business 360®, proved to be extremely helpful to our performance.

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While the pandemic drew attention to the value of many companies the Funds are invested in, other companies in the Funds’ portfolios, especially those in the biotech industry, became underappreciated as attention was diverted from prominent long-term themes to COVID-related themes.

 

Consequently, the Funds’ biotech companies, chosen for their long-term value, suffered short-term underperformance as we cheered for the success of the COVID-related companies seeking to address our most urgent needs. Our process guided us to remain largely on the sidelines as the stock prices of these COVID-related companies became disconnected from our calculated intrinsic value. Just as important however, our process is revealing great opportunities to invest in underappreciated companies that we believe are trading at a discount. We remain excited about the future.

 

We opened this letter by recognizing how much noise has filled the cultural and market atmospheres of the past year. It is easy to become distracted and forget to recognize the transformative power that purpose has to turn the noise into music. As anecdotal events spark market abnormalities and macro forces induce systemic fears, we at Eventide continue to take a step back and remember the foundational, long-term drivers of successful investing— driven by its true purpose.

 

Investing is powerful and important. And when imbued with purpose, it can yield something beautiful—music that makes the world rejoice.

 

Grateful for your trust,

 

Finny Kuruvilla, MD, PhD
Dolores Bamford, CFA
Anant Goel

 

The opinions expressed herein are those of the Funds’ portfolio management team as of 6/30/2021 and are subject to change. There is no guarantee that such views are correct or that the outlook opinions will come to pass. Specific companies mentioned are for performance attribution informational purposes only and should not be construed as buy or sell advice. Reliance upon the views expressed herein is at the sole discretion of the reader.

 

Mutual funds involve risk including the possible loss of principal. Past performance does not guarantee future results. The Funds’ ethical values screening criteria could cause it to under-perform similar funds that do not have such screening criteria.

 

Investors in the Eventide Core Bond Fund should be aware that interest rates may change at any time based on government policy. In general, the price of a fixed income security falls when interest rates rise. Longer term securities may be more sensitive to changes in interest rates. A rise in interest rates may result in volatility and increased redemptions, which in turn could result in the Fund being forced to liquidate portfolio securities at disadvantageous prices. Interest rates are sensitive to changes in inflation, and investing in bonds exposes investors to inflation risk. Bonds may be subject to default, causing loss of invested capital. Fixed income investments may be of any maturity or credit quality, but the Fund’s weighted average effective portfolio duration will be between three years and nine years. The Fund may invest, directly or indirectly, in “junk bonds.” Such securities are speculative investments that carry greater risks than higher quality debt securities. The Fund can invest in smaller-sized companies which may experience higher failure rates than larger companies and normally have a lower trading volume than larger companies. There are unique risks associated with asset backed securities, convertible securities, credit, duration, extension, foreign securities, income, mortgage back securities, municipal bonds, preferred stocks, pre-payment, securities, sovereign debt, and U.S. Agency securities that are covered in the Fund’s prospectus and SAI.

 

The Eventide Dividend Opportunities Fund can have risk related to option investing. Companies in the utilities sector are subject to interest rate risk and cash flow risk. Companies in the technology industries have different risks including but not limited to products becoming obsolete, and entrance of competing products. Companies in the industrial sector carry various risks including, but not limited to, risk related to debt loads, intense competition, and sensitivity to economic cycles. The Fund can invest in smaller-sized companies which may experience higher failure rates than larger companies and normally have a lower trading volume than

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A N N U A L  R E P O R TJune 30, 2021

larger companies. There are unique risks associated with convertible securities, foreign securities, hedging, MLPs, preferred stocks, REITs, securities, and yieldcos that are covered in the Fund’s prospectus and SAI.

 

The Eventide Exponential Technologies Fund typically invests at least 80% of its net assets in technology companies defined as those in the information technology, communications, and healthcare technology and devices industries. The Fund invests primarily in companies that Eventide believes are participating in and benefitting from technologies, innovations, themes, or trends that have long-term exponential characteristics. The term “exponential” means the potential for accelerated advancements in underlying technologies that can positively impact capabilities and development cycles of a company’s products and services. Not every company in the Fund’s portfolio will experience exponential growth, and the Fund is not expected to deliver exponential returns. The Fund can invest in smaller-sized companies which may experience higher failure rates than larger companies and normally have a lower trading volume than larger companies. The Fund may experience higher volatility than the general market due to being concentrated in the technology industries. Companies in the technology industries have different risks including but not limited to products becoming obsolete, and entrance of competing products. The Fund has non-diversification risk as a high percentage of Fund assets may be invested in a limited number of companies. The Fund can have risk related to option investing. There are special risks associated with investments in foreign companies including exposure to currency fluctuations, less efficient trading markets, political instability and differing auditing and legal standards. The Fund can invest in private companies. Private investments include various risks including but not limited to lack of liquidity, capital commitment risk, and valuation risk. Private companies may not be financially profitable and have uncertain futures, subjecting them to additional risks.

 

The Eventide Gilead Fund can invest in smaller-sized companies which may experience higher failure rates than larger companies and normally have a lower trading volume than larger companies. The Fund can have risk associated with the biotechnology and pharmaceutical industry in which these companies may be heavily dependent on clinical trials with uncertain outcomes and decisions made by the U.S. Food and Drug Administration. Companies in the technology industries have different risks including but not limited to products becoming obsolete, and entrance of competing products. Companies in the Industrial Sector carry various risks including, but not limited to, risk related to debt loads, intense competition, and sensitivity to economic cycles. The Fund can have risk related to option investing. There are special risks associated with investments in foreign companies including exposure to currency fluctuations, less efficient trading markets, political instability and differing auditing and legal standards. The Fund can invest in private companies. Private investments include various risks including but not limited to lack of liquidity, capital commitment risk, and valuation risk. Private companies may not be financially profitable and have uncertain futures, subjecting them to additional risks.

 

The Eventide Healthcare & Life Sciences Fund can invest in smaller-sized companies which may experience higher failure rates than larger companies and normally have a lower trading volume than larger companies. The Fund can have risk associated with the biotechnology and pharmaceutical industry in which these companies may be heavily dependent on clinical trials with uncertain outcomes and decisions made by the U.S. Food and Drug Administration. The Fund can have risk related to option investing. There are special risks associated with investments in foreign companies including exposure to currency fluctuations, less efficient trading markets, political instability and differing auditing and legal standards. The Fund can invest in private companies. Private investments include various risks including but not limited to lack of liquidity, capital commitment risk, and valuation risk. Private companies may not be financially profitable and have uncertain futures, subjecting them to additional risks.

 

Investors in the Eventide Limited-Term Bond Fund should be aware that interest rates may change at any time based on government policy. In general, the price of a fixed income security falls when interest rates rise. A rise in interest rates may result in volatility and increased redemptions, which in turn could result in the Fund being forced to liquidate portfolio securities at disadvantageous prices. Longer term securities may be more sensitive to changes in interest rates. Interest rates are sensitive to changes in inflation, and investing in bonds exposes investors to inflation risk. Bonds may be subject to default, causing loss of invested capital. Fixed income investments may be of any maturity or credit quality, but the Fund’s weighted average effective portfolio duration will not exceed five years. The Fund may invest, directly or indirectly, in “junk bonds.” Such securities are speculative investments that carry greater risks than higher quality debt securities. The Fund can invest in smaller-sized companies which may experience higher failure rates than larger companies and normally have a lower trading volume than larger companies. There are unique risks associated with asset-backed securities, convertible securities, credit, foreign securities, income, interest rates, mortgage-backed securities, municipal bonds, preferred stocks, prepayment, REITs, securities, sovereign debt, and U.S. Agency securities that are covered in the Fund’s prospectus and SAI.

 

The Eventide Multi-Asset Income Fund can have risk related to option investing. Investors in the Fund should be aware that interest rates may change at any time based on government policy. In general, the price of a fixed income security falls when interest rates rise. Longer term securities may be more sensitive to changes in interest rates. The intermediate-term bond portion of the Fund’s portfolio may represent 0% to 100% of the Fund’s portfolio with an average duration of between two and eight years. The Fund may invest, directly or indirectly, in “junk bonds.” Such securities are speculative investments that carry greater risks than higher quality debt securities. The Fund can invest in smaller-sized companies which may experience higher failure rates than larger companies and normally have a lower trading volume than larger companies. There are unique risks associated with asset-backed securities, convertible securities, credit, foreign securities, hedging, income, MLPs, mortgage-backed securities, preferred stocks, prepayment, REITs, securities, U.S. Agency securities, and yieldcos that are covered in the Fund’s prospectus and SAI.

 

Investors should consider a Fund’s investment objectives, risks, charges and expenses carefully before investing or sending money. This and other important information can be found in the prospectus, which can be obtained at https://www.eventidefunds.com/prospectus or by calling 1-877-771-EVEN (3836). Please read the prospectus carefully before investing. Eventide Mutual Funds are distributed by Northern Lights Distributors, LLC, Member FINRA/SIPC, which is not affiliated with Eventide Asset Management, LLC.

 

7098-NLD-08042021

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Eventide Core Bond Fund  
Portfolio Review (Unaudited) June 30, 2021

 

Average Annual Total Return Since
Through June 30, 2021, 1 as compared to its benchmark: Inception 3
Class N -2.39%
Class A without load -2.28%
Class A with 5.75% load -7.90%
Class C -3.02%
Class I -2.24%
Bloomberg U.S. Aggregate Bond Index 2 -1.80%

 

1.The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods greater than 1 year are annualized. The Fund’s manager 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 expenses on securities sold short, underlying fund fees and expenses or extraordinary expenses such as litigation) at 0.83%, 1.58%, 0.78% and 0.58% for Class A shares, Class C shares, Class N shares and Class I shares, respectively, through October 31, 2021. Per the Fund’s most recent prospectus, total annual Fund estimated expenses before waiver are 1.50%, 2.25%, 1.45% and 1.25% for Class A, Class C, Class N, and Class I, respectively. Class A shares are subject to a maximum sales charge of 5.75% imposed on purchases and have a maximum deferred sales charge of 1.00% on purchases of $1 million or more made without an initial sales charge and applies to shares sold within 18 months. Class C shares are subject to a maximum deferred sales charge of 1.00% on shares sold within 12 months. For performance information current to the most recent month-end, please call toll-free 1-877-771-3836.

 

2.The Bloomberg U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate pass-throughs), ABS and CMBS (agency and non-agency). Investors cannot invest directly in an index.

 

3.Eventide Core Bond Fund commenced operations on July 31, 2020.

 

Comparison of the Change in Value of a $100,000 Investment   Comparison of the Change in Value of a $10,000 Investment
     
(LINE GRAPH)   (LINE GRAPH)
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A N N U A L  R E P O R TJune 30, 2021
Eventide Core Bond Fund  
Portfolio Review (Unaudited) (Continued) June 30, 2021

 

Holdings by Industry  % of Net Assets 
Agency Fixed Rate   20.0%
Electric Utilities   11.8%
Banking   9.0%
Real Estate Investment Trusts   8.0%
Institutional Financial Services   4.8%
Auto Loan   4.7%
Government Sponsored   4.4%
Insurance   4.3%
Engineering & Construction   2.8%
Automotive   2.5%
Other / Cash & Cash Equivalents   27.7%
    100.0%

 

Please refer to the Schedule of Investments in this annual report for a detailed listing of the Fund’s holdings.

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Eventide Dividend Opportunities Fund  
Portfolio Review (Unaudited) June 30, 2021

 

Average Annual Total Return   Since
Through June 30, 2021, 1 as compared to its benchmarks: 1 Year Return Inception 4
Class N 47.21% 14.87%
Class A without load 47.22% 14.80%
Class A with 5.75% load 38.79% 13.00%
Class C 45.93% 13.96%
Class I 47.49% 15.09%
Russell Midcap Value Index 2 53.06% 10.90%
Russell Midcap Core Total Return Index 3 49.80% 15.45%

 

1.The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods greater than 1 year are annualized. The Fund’s manager 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 expenses on securities sold short, underlying fund fees and expenses or extraordinary expenses such as litigation) at 1.20%, 1.95%, 1.15% and 0.95% for Class A shares, Class C shares, Class N shares and Class I shares, respectively, through October 31, 2021. Per the Fund’s most recent prospectus, total annual Fund expenses before waiver are 1.55%, 2.30%, 1.50% and 1.30% for Class A, Class C, Class N, and Class I, respectively. Class A shares are subject to a maximum sales charge of 5.75% imposed on purchases and have a maximum deferred sales charge of 1.00% on purchases of $1 million or more made without an initial sales charge and applies to shares sold within 18 months. Class C shares are subject to a maximum deferred sales charge of 1.00% on shares sold within 12 months. For performance information current to the most recent month-end, please call toll-free 1-877-771-3836.

 

2.The Russell Midcap Value Index measures the performance of the mid-capitalization U.S. equities that exhibit value characteristics. It includes those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index.

 

3.The Russell Midcap CoreTotal Return Index measures the performance of the mid-cap segment of the US equity universe. It is a subset of the Russell 1000 Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership, representing approximately 31% of the total market capitalization of the Russell 1000 companies. It is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set. Investors cannot invest directly in an index.

 

4.Eventide Dividend Opportunities Fund commenced operations on September 29, 2017.

 

Comparison of the Change in Value of a $100,000 Investment   Comparison of the Change in Value of a $10,000 Investment
     
(LINE GRAPH)   (LINE GRAPH)
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A N N U A L  R E P O R TJune 30, 2021
Eventide Dividend Opportunities Fund  
Portfolio Review (Unaudited) (Continued) June 30, 2021

 

Holdings by Industry  % of Net Assets 
Banking   10.4%
Electrical Equipment   9.0%
Medical Equipment & Devices   8.8%
Electric Utilities   7.8%
Semiconductors   6.6%
Software   5.6%
Automotive   5.0%
Infrastructure REIT   4.8%
Home Construction   4.0%
Transportation & Logistics   3.6%
Other / Cash & Cash Equivalents   34.4%
    100.0%

 

Please refer to the Schedule of Investments in this annual report for a detailed listing of the Fund’s holdings.

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Eventide Exponential Technologies Fund  
Portfolio Review (Unaudited) June 30, 2021

 

Average Annual Total Return   Since
Through June 30, 2021, 1 as compared to its benchmarks: 1 Year Return Inception 5
Class N 91.00% 91.00%
Class A without load 91.00% 91.00%
Class A with 5.75% load 80.02% 80.02%
Class C 89.80% 89.80%
Class I 91.40% 91.40%
S&P 500 Total Return Index 2 40.79% 40.79%
S&P North American Technology Sector Industry Index 3 46.07% 46.07%
Exponential Technologies Blended Index 4 51.17% 51.17%

 

1.The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods greater than 1 year are annualized. The Fund’s manager 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 expenses on securities sold short, underlying fund fees and expenses or extraordinary expenses such as litigation) at 1.68%, 2.43%, 1.63% and 1.43% for Class A shares, Class C shares, Class N shares and Class I shares, respectively, through October 31, 2021. Per the Fund’s most recent prospectus, total annual Fund expenses before waiver are 2.75%, 3.50%, 2.70% and 2.50% for Class A, Class C, Class N, and Class I, respectively. Class A shares are subject to a maximum sales charge of 5.75% imposed on purchases and have a maximum deferred sales charge of 1.00% on purchases of $1 million or more made without an initial sales charge and applies to shares sold within 18 months. Class C shares are subject to a maximum deferred sales charge of 1.00% on shares sold within 12 months. Redemptions within 180 days of purchase are subject to a redemption fee of 1.00%. For performance information current to the most recent month-end, please call toll-free 1-877-771-3836.

 

2.The S&P 500 Total Return Index, a registered trademark of McGraw-Hill Co., Inc., is a market capitalization-weighted index of 500 widely held common stocks. Investors cannot invest directly in an index.

 

3.The S&P North American Technology Sector Index provides investors with a benchmark that represents U.S. securities classified under the GICS® information technology sector as well as the internet & direct marketing retail, interactive home entertainment, and interactive media & services sub-industries. Investors cannot invest directly in an index.

 

4.The Exponential Technologies Blended Index is comprised of 50% of the S&P North American Technology Software Index, 20% of the S&P Technology Hardware Select Industry Index, 20% of the Philadelphia Stock Exchange Semiconductor Index and 10% of the S&P500 Communications Services Sector. The Eventide Exponential Technologies Blended Index rebalances its weightings on a monthly frequency. Investors cannot invest directly in an index.

 

5.Eventide Exponential Technologies Fund commenced operations on June 30, 2020.

 

Comparison of the Change in Value of a $100,000 Investment   Comparison of the Change in Value of a $10,000 Investment
     
(LINE GRAPH)   (LINE GRAPH)
E V E N T I D E   20
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Exponential Technologies Fund  
Portfolio Review (Unaudited) (Continued) June 30, 2021

 

Holdings by Industry  % of Net Assets 
Software   42.4%
Semiconductors   18.0%
Internet Media & Services   9.4%
Advertising & Marketing   8.7%
Renewable Energy   4.4%
Technology Services   3.5%
E-Commerce Discretionary   2.5%
Biotech & Pharma   2.1%
Short-Term Investments   1.9%
Technology Hardware   1.8%
Other / Cash & Cash Equivalents   5.3%
    100.0%

 

Please refer to the Schedule of Investments in this annual report for a detailed listing of the Fund’s holdings.

E V E N T I D E   21
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Gilead Fund  
Portfolio Review (Unaudited) June 30, 2021

 

Average Annual Total Return       Since Since Since
Through June 30, 2021, 1 as compared to its benchmarks: 1 Year Return 5 Year Return 10 Year Return Inception 4 Inception 5 Inception 6
Class N 49.43% 26.82% 18.63% 17.91% N/A N/A
Class A without load 49.39% 26.76% 18.57% N/A 20.33% N/A
Class A with 5.75% load 40.80% 25.27% 17.87% N/A 19.72% N/A
Class C 48.23% 25.81% 17.67% N/A 19.41% N/A
Class I 49.76% 27.08% 18.87% N/A N/A 19.28%
S&P 500 Total Return Index 2 40.79% 17.65% 14.84% 12.13% 15.22% 14.98%
Russell Midcap Growth Index 3 43.77% 20.52% 15.13% 13.40% 17.03% 16.51%

 

1.The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods greater than 1 year are annualized. Per the Fund’s most recent prospectus, total annual Fund expenses are 1.43%, 2.18%, 1.38%, and 1.18% for Class A, Class C, Class N, and Class I, respectively. Class A shares are subject to a maximum sales charge of 5.75% imposed on purchases and have a maximum deferred sales charge of 1.00% on purchases of $1 million or more made without an initial sales charge and applies to shares sold within 18 months. Class C shares are subject to a maximum deferred sales charge of 1.00% on shares sold within 12 months. For performance information current to the most recent month-end, please call toll-free 1-877-771-3836.

 

2.The S&P 500 Total Return Index, a registered trademark of McGraw-Hill Co., Inc., is a market capitalization-weighted index of 500 widely held common stocks. Investors cannot invest directly in an index.

 

3.The Russell Midcap Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index.

 

4.Class N commenced operations on July 8, 2008.

 

5.Class A and Class C commenced operations on October 28, 2009.

 

6.Class I commenced operations on February 2, 2010.

 

Comparison of the Change in Value of a $100,000 Investment   Comparison of the Change in Value of a $10,000 Investment
     
(LINE GRAPH)   (LINE GRAPH)
E V E N T I D E   22
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Gilead Fund  
Portfolio Review (Unaudited) (Continued) June 30, 2021

 

Holdings by Industry  % of Net Assets 
Software   24.0%
Medical Equipment & Devices   9.3%
Electric Equipment   9.0%
Semiconductors   7.8%
Biotech & Pharma   7.7%
Advertising & Marketing   5.9%
Commercial Support Services   4.2%
Electric Utilities   3.7%
Internet Media & Services   3.2%
Automotive   2.8%
Other / Cash & Cash Equivalents   22.4%
    100.0%

 

Please refer to the Schedule of Investments in this annual report for a detailed listing of the Fund’s holdings.

E V E N T I D E   23
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Healthcare & Life Sciences Fund  
Portfolio Review (Unaudited) June 30, 2021

 

Average Annual Total Return     Since
Through June 30, 2021, 1 as compared to its benchmarks: 1 Year Return 5 Year Return Inception 4
Class N 10.34% 23.22% 21.87%
Class A without load 10.28% 23.14% 21.78%
Class A with 5.75% load 3.93% 21.69% 20.94%
Class C 9.45% 22.22% 20.88%
Class I 10.54% 23.47% 22.10%
S&P 500 Total Return Index 2 40.79% 17.65% 16.22%
S&P Biotechnology Select Industry Index 3 21.19% 20.36% 19.98%

 

1.The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods greater than 1 year are annualized. Per the Fund’s most recent prospectus, total annual Fund expenses, including acquired fund fees, are 1.56%, 2.31%, 1.51% and 1.31% for Class A, Class C, Class N, and Class I, respectively. Class A shares are subject to a maximum sales charge of 5.75% imposed on purchases and have a maximum deferred sales charge of 1.00% on purchases of $1 million or more made without an initial sales charge and applies to shares sold within 18 months. Class C shares are subject to a maximum deferred sales charge of 1.00% on shares sold within 12 months. For performance information current to the most recent month-end, please call toll-free 1-877-771-3836.

 

2.The S&P 500 Total Return Index, a registered trademark of McGraw-Hill Co., Inc., is a market capitalization-weighted index of 500 widely held common stocks. Investors cannot invest directly in an index.

 

3.The S&P Biotechnology Select Industry Index is designed to measure the performance of narrow GICS® sub-industries and is comprised of stock in the S&P Total Market Index that are classified in the GICS biotechnology sub-industry. Investors cannot invest directly in an index.

 

4.Eventide Healthcare & Life Sciences Fund commenced operations on December 27, 2012.

 

Comparison of the Change in Value of a $100,000 Investment   Comparison of the Change in Value of a $10,000 Investment
     
(LINE GRAPH)   (LINE GRAPH)
E V E N T I D E   24
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Healthcare & Life Sciences Fund  
Portfolio Review (Unaudited) (Continued) June 30, 2021

 

Holdings by Industry  % of Net Assets 
Biotech & Pharma   82.3%
Medical Equipment & Devices   8.9%
Short-Term Investments   1.1%
Health Care Facilities & Services   1.0%
Other / Cash & Cash Equivalents   6.7%
    100.0%

 

Please refer to the Schedule of Investments in this annual report for a detailed listing of the Fund’s holdings.

E V E N T I D E   25
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Limited-Term Bond Fund  
Portfolio Review (Unaudited) June 30, 2021

 

Average Annual Total Return       Since Since
Through June 30, 2021, 1 as compared to its benchmarks: 1 Year Return 5 Year Return 10 Year Return Inception 4 Inception 5
Class N 0.48% N/A N/A N/A 3.72%
Class A without load 0.45% 1.86% 2.33% 2.72% N/A
Class A with 5.75% load -5.33% 0.65% 1.73% 2.16% N/A
Class C -0.38% N/A N/A N/A 2.88%
Class I 0.65% 1.92% 2.01% 2.32% N/A
Bloomberg 1-5 Year Government/Credit Index 2 0.40% 2.18% 1.98% 2.02% 3.96%
Bloomberg U.S. Intermediate Aggregate Bond Index 3 0.04% 2.53% 2.74% 2.81% 4.82%

 

1.The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Total returns would have been lower absent the advisor fee waiver. Past performance is no guarantee of future results. Performance figures for periods greater than 1 year are annualized. The Fund’s manager 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 expenses on securities sold short, underlying fund fees and expenses or extraordinary expenses such as litigation) at 0.80%, 1.55%, 0.75% and 0.55% for Class A shares, Class C shares, Class N shares and Class I shares, respectively, through October 31, 2021. Per the Fund’s most recent prospectus, total annual Fund expenses before waiver are 1.16%, 1.91%, 1.11% and 0.91% for Class A, Class C, Class N, and Class I, respectively. Class A shares are subject to a maximum sales charge of 5.75% imposed on purchases and have a maximum deferred sales charge of 1.00% on purchases of $1 million or more made without an initial sales charge and applies to shares sold within 18 months. Class C shares are subject to a maximum deferred sales charge of 1.00% on shares sold within 12 months. For performance information current to the most recent month-end, please call toll-free 1-877-771-3836.

 

2.The Bloomberg 1-5 Year Government/Credit Index measures the performance of U.S. dollar-denominated U.S. Treasury bonds, government related bonds (i.e., U.S. and non-U.S. agencies, sovereign, quasi-sovereign, supranational and local authority debt) and investment grade U.S. corporate bonds that have a remaining maturity of greater than or equal to one year and less than five years. Investors cannot invest directly in an index.

 

3.The Bloomberg U.S. Intermediate Aggregate Bond Index is a market capitalization-weighted index, meaning the securities in the index are weighted according to the market size of each bond type. Most U.S. traded investment grade bonds are represented. Municipal bonds, and Treasury Inflation-Protected Securities are excluded, due to tax treatment issues. The index includes Treasury securities, Government agency bonds, Mortgage-backed bonds, Corporate bonds, and a small amount of foreign bonds traded in U.S. Investors cannot invest directly in an index.

 

4.Class A and Class I commenced operations on July 28, 2010.

 

5.Class N and Class C commenced operations on December 14, 2018.

 

Comparison of the Change in Value of a $100,000 Investment   Comparison of the Change in Value of a $10,000 Investment
     
(LINE GRAPH)   (LINE GRAPH)
E V E N T I D E   26
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Limited-Term Bond Fund  
Portfolio Review (Unaudited) (Continued) June 30, 2021

 

Holdings by Industry  % of Net Assets 
Electric Utilities   15.4%
Banking   10.9%
Agency Fixed Rate   10.1%
Auto Loan   8.0%
Real Estate Investment Trusts   6.3%
Government Owned, No Guarantee   6.1%
Institutional Financial Services   5.7%
Retail - Discretionary   4.1%
Government Sponsored   4.0%
Insurance   3.9%
Other / Cash & Cash Equivalents   25.5%
    100.0%

 

Please refer to the Schedule of Investments in this annual report for a detailed listing of the Fund’s holdings.

E V E N T I D E   27
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Multi- Asset Income Fund  
Portfolio Review (Unaudited) June 30, 2021

 

Average Annual Total Return     Since
Through June 30, 2021, 1  as compared to its benchmarks: 1 Year Return 5 Year Return Inception 5
Class N 26.81% 9.86% 9.06%
Class A without load 26.84% 9.83% 9.02%
Class A with 5.75% load 19.59% 8.53% 7.94%
Class C 25.85% 8.98% 8.20%
Class I 27.12% 10.08% 9.28%
Russell Midcap Value Index 2 53.06% 11.79% 10.25%
Bloomberg U.S. Intermediate Aggregate Bond Index 3 0.04% 2.53% 2.83%
Multi-Asset Income Blended Index 4 24.28% 7.57% 6.95%

 

1.The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods greater than 1 year are annualized. The Fund’s manager 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 expenses on securities sold short, underlying fund fees and expenses or extraordinary expenses such as litigation) at 1.07%, 1.82%, 1.02% and 0.82% for Class A shares, Class C shares, Class N shares and Class I shares, respectively, through October 31, 2021. Per the Fund’s most recent prospectus, total annual Fund expenses before waiver were 1.11%, 1.86%, 1.06% and 0.86% for Class A, Class C, Class N, and Class I, respectively. Class A shares are subject to a maximum sales charge of 5.75% imposed on purchases and have a maximum deferred sales charge of 1.00% on purchases of $1 million or more made without an initial sales charge and applies to shares sold within 18 months. Class C shares are subject to a maximum deferred sales charge of 1.00% on shares sold within 12 months. For performance information current to the most recent month-end, please call toll-free 1-877-771-3836.

 

2.The Russell Midcap Value Index measures the performance of the mid-capitalization U.S. equities that exhibit value characteristics. It includes those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index.

 

3.The Bloomberg U.S. Intermediate Aggregate Bond Index is a market capitalization-weighted index, meaning the securities in the index are weighted according to the market size of each bond type. Most U.S. traded investment grade bonds are represented. Municipal bonds, and Treasury Inflation-Protected Securities are excluded, due to tax treatment issues. The index includes Treasury securities, Government agency bonds, Mortgage-backed bonds, Corporate bonds, and a small amount of foreign bonds traded in U.S. Investors cannot invest directly in an index.

 

4.The Multi-Asset Income Blended Index is comprised of 50% of the Russell Midcap Value Index and 50% of the Bloomberg U.S. Intermediate Aggregate Bond Index. The Eventide Multi-Asset Income Blended Index rebalances its weightings on a monthly frequency. Investors cannot invest directly in an index.

 

5.Eventide Multi-Asset Income Fund commenced operations on July 15, 2015.

 

Comparison of the Change in Value of a $100,000 Investment   Comparison of the Change in Value of a $10,000 Investment
     
(LINE GRAPH)   (LINE GRAPH)
E V E N T I D E   28
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Multi-Asset Income Fund  
Portfolio Review (Unaudited) (Continued) June 30, 2021

 

Holdings by Industry  % of Net Assets 
Electric Utilities   9.6%
Agency Fixed Rate   9.4%
Banking   8.2%
Medical Equipment & Devices   6.0%
Electric Equipment   5.9%
Semiconductors   4.7%
Software   4.4%
Automotive   3.8%
Home Construction   3.2%
Infrastructure REIT   3.0%
Other / Cash & Cash Equivalents   41.8%
    100.0%

 

Please refer to the Schedule of Investments in this annual report for a detailed listing of the Fund’s holdings. 

E V E N T I D E   29
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Core Bond Fund
SCHEDULE OF INVESTMENTS June 30, 2021

 

Principal
Amount ($)		         Coupon Rate (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 6.6%        
     AUTO LOAN — 4.7%              
 1,925,000   CarMax Auto Owner Trust 2020-4  1.3000  08/17/26  $1,951,204 
 1,000,000   CarMax Auto Owner Trust 2021-2  1.3400  02/16/27   1,001,578 
 700,000   GM Financial Consumer Automobile Receivables Trust 2021-2  1.2800  01/19/27   702,457 
 835,000   Tesla Auto Lease Trust 2021-A1  0.5600  03/20/25   837,013 
 1,150,000   World Omni Auto Receivables Trust 2019-B  3.0300  01/15/26   1,189,870 
                  5,682,122 
     OTHER ABS — 1.9%           
 2,350,000   PFS Financing Corporation1  0.9700  02/15/26   2,367,879 
                    
     TOTAL ASSET BACKED SECURITIES (Cost $8,038,936)      8,050,001 
                    
Principal
Amount ($)		      Spread  Coupon Rate (%)  Maturity  Fair Value 
     CORPORATE BONDS — 61.9%        
     ASSET MANAGEMENT — 2.0%        
 685,000   Charles Schwab Corporation (The)2  SOFRRATE + 0.520%  0.5400  05/13/26   688,672 
 1,650,000   Charles Schwab Corporation (The)2  H15T5Y + 3.168%  4.0000  06/01/69   1,724,250 
                  2,412,922 
     AUTOMOTIVE — 2.5%           
 1,745,000   BorgWarner, Inc.  2.6500  07/01/27   1,852,930 
 1,100,000   Dana, Inc.     4.2500  09/01/30   1,133,000 
                  2,985,930 
     BANKING — 9.0%              
 2,675,000   Bank of America Corporation2  US0003M + 0.870%  2.4560  10/22/25   2,801,090 
 1,625,000   First Horizon Corporation     4.0000  05/26/25   1,793,210 
 2,800,000   JPMorgan Chase & Company2  SOFRRATE + 0.600%  0.6530  09/16/24   2,802,556 
 2,350,000   National Bank of Canada2  H15T1Y + 0.400%  0.5500  11/15/24   2,342,060 
 1,150,000   Synovus Financial Corporation     3.1250  11/01/22   1,182,814 
                  10,921,730 
     BIOTECH & PHARMA — 1.1%           
 1,050,000   Zoetis, Inc.     4.7000  02/01/43   1,355,264 
                    

See accompanying notes to financial statements.

E V E N T I D E   30
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Core Bond Fund
SCHEDULE OF INVESTMENTS (Continued) June 30, 2021

 

Principal
Amount ($)		      Spread  Coupon Rate (%)  Maturity  Fair Value 
     CORPORATE BONDS — 61.9% (Continued)        
     COMMERCIAL SUPPORT SERVICES — 0.9%        
 1,100,000   Waste Management, Inc.     2.5000  11/15/50  $1,034,286 
                    
     ELECTRIC & GAS MARKETING & TRADING — 1.0%     
 1,200,000   Southern Power Company     0.9000  01/15/26   1,179,158 
                    
     ELECTRIC UTILITIES — 11.8%        
 1,125,000   AES Corporation (The)1     1.3750  01/15/26   1,114,968 
 1,875,000   Avangrid, Inc.     3.1500  12/01/24   2,006,959 
 690,000   DTE Electric Company     3.9500  03/01/49   837,429 
 1,320,000   Duke Energy Florida, LLC     2.5000  12/01/29   1,386,801 
 245,000   Georgia Power Company     3.2500  04/01/26   265,216 
 640,000   Interstate Power and Light Company  3.5000  09/30/49   694,917 
 1,125,000   MidAmerican Energy Company     4.2500  07/15/49   1,421,040 
 2,400,000   National Rural Utilities Cooperative Finance Corporation  1.3500  03/15/31   2,231,721 
 810,000   NextEra Energy Capital Holdings, Inc.2  SOFRRATE + 0.540%  0.5650  03/01/23   814,567 
 1,250,000   NextEra Energy Capital Holdings, Inc.2  US0003M + 2.409%  4.8000  12/01/77   1,406,493 
 1,000,000   Northern States Power Company     2.9000  03/01/50   1,026,003 
 1,100,000   TerraForm Power Operating, LLC1     5.0000  01/31/28   1,167,969 
                  14,374,083 
     ELECTRICAL EQUIPMENT — 0.8%           
 1,000,000   Acuity Brands Lighting, Inc.     2.1500  12/15/30   993,790 
                    
     ENGINEERING & CONSTRUCTION — 2.8%           
 520,000   Installed Building Products, Inc.1     5.7500  02/01/28   549,281 
 875,000   MasTec, Inc.1     4.5000  08/15/28   922,976 
 1,900,000   Quanta Services, Inc. Class B     2.9000  10/01/30   1,974,743 
                  3,447,000 
     FOOD — 1.1%              
 1,000,000   Conagra Brands, Inc.     5.4000  11/01/48   1,345,277 
                    
     HEALTH CARE FACILITIES & SERVICES — 0.7%        
 850,000   Molina Healthcare, Inc.1     4.3750  06/15/28   887,825 
                    

See accompanying notes to financial statements.

E V E N T I D E   31
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Core Bond Fund
SCHEDULE OF INVESTMENTS (Continued) June 30, 2021

 

Principal
Amount ($)		      Spread  Coupon Rate (%)  Maturity  Fair Value 
     CORPORATE BONDS — 61.9% (Continued)        
     HOME CONSTRUCTION — 0.9%        
 1,100,000   Masco Corporation     1.5000  02/15/28  $1,075,776 
                    
     INSTITUTIONAL FINANCIAL SERVICES — 4.8%        
 1,400,000   Lazard Group, LLC     4.3750  03/11/29   1,593,549 
 2,800,000   Morgan Stanley2  SOFRRATE + 0.745%  0.8640  10/21/25   2,800,139 
 1,400,000   Nasdaq, Inc.     3.2500  04/28/50   1,408,029 
                  5,801,717 
     INSURANCE — 4.3%              
 1,600,000   Aflac, Inc.     1.1250  03/15/26   1,605,108 
 1,225,000   Athene Holding Ltd.     3.5000  01/15/31   1,309,523 
 1,925,000   Pacific Life Global Funding II1  1.3750  04/14/26   1,930,733 
 325,000   Reinsurance Group of America, Inc.  3.9500  09/15/26   361,400 
                  5,206,764 
     INTERNET MEDIA & SERVICES — 1.5%           
 1,663,000   VeriSign, Inc.     4.7500  07/15/27   1,766,938 
                    
     MACHINERY — 1.7%              
 2,000,000   Xylem, Inc./NY     1.9500  01/30/28   2,023,789 
                    
     REAL ESTATE INVESTMENT TRUSTS — 8.0%           
 1,450,000   Alexandria Real Estate Equities, Inc.  3.8000  04/15/26   1,618,568 
 250,000   Crown Castle International Corporation  3.6500  09/01/27   275,766 
 2,200,000   Equinix, Inc.     1.5500  03/15/28   2,166,757 
 500,000   HAT Holdings I, LLC / HAT Holdings II, LLC1  3.3750  06/15/26   504,375 
 1,515,000   Prologis, L.P.     1.2500  10/15/30   1,429,464 
 1,230,000   Public Storage2  SOFRRATE + 0.470%  0.4870  04/23/24   1,232,688 
 500,000   Sabra Health Care, L.P.     5.1250  08/15/26   563,057 
 1,875,000   Welltower, Inc.     2.7000  02/15/27   1,993,688 
                  9,784,363 
     RETAIL - DISCRETIONARY — 0.9%           
 1,000,000   AutoZone, Inc.     3.7500  04/18/29   1,116,972 
                    

See accompanying notes to financial statements.

E V E N T I D E   32
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Core Bond Fund
SCHEDULE OF INVESTMENTS (Continued) June 30, 2021

 

Principal
Amount ($)		      Spread   Coupon Rate (%)  Maturity  Fair Value 
     CORPORATE BONDS — 61.9% (Continued)            
     SEMICONDUCTORS — 2.1%               
 500,000   Amkor Technology, Inc.1      6.6250  09/15/27  $540,375 
 250,000   NVIDIA Corporation      3.5000  04/01/50   283,052 
 1,750,000   NXP BV / NXP Funding, LLC / NXP USA, Inc. B1      2.5000  05/11/31   1,776,346 
                   2,599,773 
     TECHNOLOGY SERVICES — 2.2%            
 800,000   Verisk Analytics, Inc.      5.5000  06/15/45   1,078,496 
 1,625,000   Visa, Inc.      0.7500  08/15/27   1,578,206 
                   2,656,702 
     WHOLESALE - CONSUMER STAPLES — 1.8%        
 2,125,000   Sysco Corporation      2.4000  02/15/30   2,165,377 
                     
     TOTAL CORPORATE BONDS (Cost $75,877,495)   75,135,436 
                     
Principal
Amount ($)		          Coupon Rate (%)  Maturity  Fair Value 
     MUNICIPAL BONDS — 1.5%               
     MULTI-FAMILY HOUSING — 0.7%        
 250,000   Maine State Housing Authority      0.4000  11/15/24   249,233 
 500,000   New York City Housing Development Corporation      0.6500  11/01/25   495,683 
 100,000   New York State Housing Finance Agency      0.7000  11/01/25   99,560 
                   844,476 
     SINGLE-FAMILY HOUSING — 0.8%               
 496,364   Minnesota Housing Finance Agency      1.5800  02/01/51   495,787 
 480,000   Texas Department of Housing & Community Affairs      0.5000  07/01/24   480,888 
                   976,675 
     TOTAL MUNICIPAL BONDS (Cost $1,826,364)   1,821,151 
                     
Principal
Amount ($)		          Coupon Rate (%)  Maturity  Fair Value 
     NON U.S. GOVERNMENT & AGENCIES — 1.5%     
     SUPRANATIONAL — 1.5%               
 1,700,000   European Investment Bank      2.5000  10/15/24   1,808,565 
     TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $1,817,518)   1,808,565 
                    

See accompanying notes to financial statements.

E V E N T I D E   33
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Core Bond Fund
SCHEDULE OF INVESTMENTS (Continued) June 30, 2021

 

Principal
Amount ($)		      Coupon Rate (%)  Maturity  Fair Value 
     U.S. GOVERNMENT & AGENCIES — 25.4%     
     AGENCY FIXED RATE — 20.0%           
 384,876   Fannie Mae Pool FM5377  4.0000  03/01/34  $409,387 
 1,360,071   Fannie Mae Pool MA4122  1.5000  09/01/35   1,378,227 
 1,825,010   Fannie Mae Pool MA4260  1.5000  02/01/36   1,849,958 
 1,540,520   Fannie Mae Pool BO9355  3.0000  03/01/50   1,611,868 
 1,258,381   Fannie Mae Pool BP5878  2.5000  06/01/50   1,304,361 
 2,032,643   Fannie Mae Pool MA4120  2.5000  09/01/50   2,106,311 
 1,788,618   Fannie Mae Pool FM4720  3.0000  10/01/50   1,895,259 
 1,581,042   Fannie Mae Pool MA4306  2.5000  04/01/51   1,638,343 
 1,080,451   Fannie Mae Pool MA4307  3.0000  04/01/51   1,134,143 
 2,009,167   Freddie Mac Pool QN5018  2.0000  01/01/36   2,082,367 
 1,327,000   Freddie Mac Pool SD8090  2.0000  09/01/50   1,342,952 
 1,202,035   Freddie Mac Pool SD8091  2.5000  09/01/50   1,245,836 
 1,887,191   Freddie Mac Pool SD8122  2.5000  01/01/51   1,955,588 
 2,098,020   Freddie Mac Pool SD8128  2.0000  02/01/51   2,123,289 
 2,212,672   Freddie Mac Pool SD8129  2.5000  02/01/51   2,292,864 
               24,370,753 
     GOVERNMENT OWNED, NO GUARANTEE — 1.0%     
 1,250,000   Federal Home Loan Mortgage Corporation  0.6500  10/27/25   1,239,880 
                 
     GOVERNMENT SPONSORED — 4.4%     
 1,000,000   Federal Farm Credit Banks Funding Corporation  0.4800  09/03/24   998,108 
 1,000,000   Federal Farm Credit Banks Funding Corporation  0.4000  10/15/24   994,774 
 1,600,000   Federal Farm Credit Banks Funding Corporation  0.4800  03/03/25   1,591,348 
 500,000   Federal Farm Credit Banks Funding Corporation  0.3900  07/14/25   493,473 
 1,250,000   Federal Farm Credit Banks Funding Corporation  0.8500  11/03/25   1,245,059 
               5,322,762 
     TOTAL U.S. GOVERNMENT & AGENCIES (Cost $31,234,433)   30,933,395 
                 

See accompanying notes to financial statements.

E V E N T I D E   34
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Core Bond Fund
SCHEDULE OF INVESTMENTS (Continued) June 30, 2021

 

Shares      Fair Value 
     SHORT-TERM INVESTMENTS — 1.5%     
     MONEY MARKET FUND - 1.5%     
 1,852,502   First American Government Obligations Fund, Class U, 0.03% (Cost $1,852,502)3  $1,852,502 
           
     TOTAL INVESTMENTS - 98.4% (Cost $120,647,248)  $119,601,050 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 1.6%   1,967,418 
     NET ASSETS - 100.0%  $121,568,468 
           
LLC - Limited Liability Company
   
LP - Limited Partnership
   
LTD - Limited Company
   
H15T1Y US Treasury Yield Curve Rate T Note Constant Maturity 1 Year
   
H15T5Y US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
   
SOFRRATE United States SOFR Secured Overnight Financing Rate
   
US0003M ICE LIBOR USD 3 Month
   
1.Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2021 the total market value of 144A securities is 12,599,740 or 10.4% of net assets.

 

2.Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

 

3.Rate disclosed is the seven day effective yield as of June 30, 2021.

 

See accompanying notes to financial statements.

E V E N T I D E   35
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Dividend Opportunities Fund
SCHEDULE OF INVESTMENTS June 30, 2021

 

Shares      Fair Value 
     COMMON STOCKS — 87.2%     
     APPAREL & TEXTILE PRODUCTS - 1.5%     
 60,100   VF Corporation  $4,930,604 
           
     AUTOMOTIVE - 2.0%     
 72,900   Magna International, Inc.   6,753,456 
           
     BANKING - 10.4%     
 456,400   First Horizon Corporation   7,886,592 
 59,200   First Republic Bank   11,080,464 
 62,700   Live Oak Bancshares, Inc.   3,699,300 
 22,000   Signature Bank   5,404,300 
 140,600   Synovus Financial Corporation   6,169,528 
         34,240,184 
     BIOTECH & PHARMA - 1.5%     
 26,700   Zoetis, Inc.   4,975,812 
           
     CHEMICALS - 1.0%     
 12,000   Sherwin-Williams Company (The)   3,269,400 
           
     COMMERCIAL SUPPORT SERVICES - 2.4%     
 21,100   Cintas Corporation   8,060,200 
           
     DATA CENTER REIT - 2.4%     
 9,700   Equinix, Inc.   7,785,220 
           
     DIVERSIFIED INDUSTRIALS - 2.0%     
 100,000   Pentair plc   6,749,000 
           
     ELECTRIC UTILITIES - 5.1%     
 81,200   Brookfield Renewable Corporation   3,405,528 
 154,200   Clearway Energy, Inc.   4,083,216 
 120,100   NextEra Energy Partners, L.P.   9,170,836 
         16,659,580 
     ELECTRICAL EQUIPMENT - 9.0%     
 12,800   Generac Holdings, Inc.1   5,313,920 
           

See accompanying notes to financial statements.

E V E N T I D E   36
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Dividend Opportunities Fund
SCHEDULE OF INVESTMENTS (Continued) June 30, 2021

 

Shares      Fair Value 
     COMMON STOCKS — 87.2% (Continued)     
     ELECTRICAL EQUIPMENT - 9.0% (Continued)     
 303,100   nVent Electric plc  $9,468,844 
 11,700   Roper Technologies, Inc.   5,501,340 
 52,800   Trane Technologies PLC   9,722,593 
         30,006,697 
     GAS & WATER UTILITIES - 1.7%     
 36,600   American Water Works Company, Inc.   5,641,158 
           
     HOME CONSTRUCTION - 4.0%     
 93,693   DR Horton, Inc.   8,467,036 
 115,500   KB Home   4,703,160 
         13,170,196 
     INDUSTRIAL REIT - 2.5%     
 71,600   Prologis, Inc.   8,558,348 
           
     INFRASTRUCTURE REIT - 4.8%     
 41,700   Crown Castle International Corporation   8,135,670 
 23,800   SBA Communications Corporation   7,585,060 
         15,720,730 
     INSTITUTIONAL FINANCIAL SERVICES - 1.7%     
 31,900   Nasdaq, Inc.   5,608,020 
           
     MACHINERY - 2.1%     
 31,200   IDEX Corporation   6,865,560 
           
     MEDICAL EQUIPMENT & DEVICES - 7.4%     
 89,100   Agilent Technologies, Inc.   13,169,871 
 54,300   STERIS plc   11,202,090 
         24,371,961 
     OFFICE REIT - 1.5%     
 26,800   Alexandria Real Estate Equities, Inc.   4,875,992 
           
     RESIDENTIAL REIT - 1.6%     
 70,700   Equity LifeStyle Properties, Inc.   5,253,717 
           

See accompanying notes to financial statements.

E V E N T I D E   37
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Dividend Opportunities Fund
SCHEDULE OF INVESTMENTS (Continued) June 30, 2021

 

Shares      Fair Value 
     COMMON STOCKS — 87.2% (Continued)     
     SEMICONDUCTORS - 6.6%     
 81,100   Entegris, Inc.  $9,972,867 
 20,100   KLA Corporation   6,516,621 
 11,900   NXP Semiconductors N.V.   2,448,068 
 15,000   Skyworks Solutions, Inc.   2,876,250 
         21,813,806 
     SOFTWARE - 3.8%     
 82,100   Dynatrace, Inc.1   4,796,282 
 28,700   Synopsys, Inc.1   7,915,173 
         12,711,455 
     SPECIALTY REIT - 0.7%     
 40,200   Hannon Armstrong Sustainable Infrastructure Capital, Inc.   2,257,230 
           
     TECHNOLOGY HARDWARE - 1.5%     
 34,200   Garmin Ltd.   4,946,688 
           
     TECHNOLOGY SERVICES - 2.9%     
 19,600   Jack Henry & Associates, Inc.   3,204,796 
 6,500   MSCI, Inc.   3,465,020 
 17,000   Verisk Analytics, Inc.   2,970,240 
         9,640,056 
     TRANSPORTATION & LOGISTICS - 3.6%     
 46,200   Old Dominion Freight Line, Inc.   11,725,560 
           
     WHOLESALE - CONSUMER STAPLES - 1.4%     
 59,400   Sysco Corporation   4,618,350 
           
     WHOLESALE - DISCRETIONARY - 2.1%     
 14,800   Pool Corporation   6,788,167 
           
     TOTAL COMMON STOCKS (Cost $235,046,507)   287,997,147 
           

See accompanying notes to financial statements.

E V E N T I D E   38
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Dividend Opportunities Fund
SCHEDULE OF INVESTMENTS (Continued) June 30, 2021

 

Shares      Coupon Rate (%)  Maturity  Fair Value 
     PREFERRED STOCKS — 5.7%           
     AUTOMOTIVE - 3.0%           
 55,500   Aptiv plc  5.5000  06/15/23  $9,845,700 
                 
     ELECTRIC UTILITIES - 2.7%           
 53,100   AES Corporation (The)2  6.8750  02/15/24   5,711,967 
 64,150   Algonquin Power & Utilities Corporation2  7.7500  06/15/24   3,185,554 
               8,897,521 
                 
     TOTAL PREFERRED STOCKS (Cost $16,610,516)   18,743,221 
                 
Principal
Amount ($)		      Coupon Rate (%)  Maturity  Fair Value 
     CONVERTIBLE BONDS — 3.2%           
     MEDICAL EQUIPMENT & DEVICES — 1.4%     
 3,815,000   Exact Sciences Corporation  0.3750  03/01/28   4,735,369 
                 
     SOFTWARE — 1.8%           
 3,945,000   Palo Alto Networks, Inc.  0.7500  07/01/23   5,759,700 
                 
     TOTAL CONVERTIBLE BONDS (Cost $10,007,159)   10,495,069 
                 
Principal
Amount ($)		      Coupon Rate (%)  Maturity  Fair Value 
     CORPORATE BOND — 0.3%           
     ASSET MANAGEMENT — 0.3%           
 1,100,000   Calvert Impact Capital, Inc.2  0.5000  11/15/21   1,100,000 
                 
     TOTAL CORPORATE BOND (Cost $1,100,000)   1,100,000 

 

Shares      Fair Value 
     SHORT-TERM INVESTMENTS — 2.0%     
     MONEY MARKET FUNDS - 2.0%     
 102,531   Fidelity Government Portfolio, Institutional Class, 0.01%3   102,531 
 6,623,583   First American Government Obligations Fund, Class U, 0.03%3   6,623,583 
     TOTAL MONEY MARKET FUNDS (Cost $6,726,114)   6,726,114 
           

See accompanying notes to financial statements.

E V E N T I D E   39
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Dividend Opportunities Fund
SCHEDULE OF INVESTMENTS (Continued) June 30, 2021

 

Shares      Fair Value 
     SHORT-TERM INVESTMENTS — 2.0% (Continued)     
     MONEY MARKET FUNDS - 2.0% (Continued)     
     TOTAL SHORT-TERM INVESTMENTS (Cost $6,726,114)  $6,726,114 
           
     TOTAL INVESTMENTS - 98.4% (Cost $269,490,296)  $325,061,551 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 1.6%   5,133,726 
     NET ASSETS - 100.0%  $330,195,277 
           
LP - Limited Partnership
   
LTD - Limited Company
   
MSCI - Morgan Stanley Capital International
   
NV - Naamioze Vennootschap
   
PLC - Public Limited Company
   
REIT - Real Estate Investment Trust
   
1.Non-income producing security.

 

2.Illiquid security. The total fair value of these securities as of June 30, 2021 was $9,997,521, representing 3.03% of net assets.

 

3.Rate disclosed is the seven day effective yield as of June 30, 2021.

 

See accompanying notes to financial statements.

E V E N T I D E   40
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Exponential Technologies Fund
SCHEDULE OF INVESTMENTS June 30, 2021

 

Shares      Fair Value 
     COMMON STOCKS — 96.2%     
     ADVERTISING & MARKETING - 8.7%     
 66,430   Trade Desk, Inc. (The), Class A1  $5,139,025 
 104,351   ZoomInfo Technologies, Inc.1   5,443,991 
         10,583,016 
     BIOTECH & PHARMA - 2.1%     
 77,364   TransMedics Group, Inc.1   2,566,938 
           
     E-COMMERCE DISCRETIONARY - 2.5%     
 9,562   Wayfair, Inc., Class A1   3,018,819 
           
     FOOD - 1.0%     
 58,232   Vital Farms, Inc. 1   1,162,311 
           
     INDUSTRIAL INTERMEDIATE PRODUCTS - 1.1%     
 15,000   Xometry, Inc.1   1,310,850 
           
     INTERNET MEDIA & SERVICES - 9.4%     
 31,962   Fiverr International Ltd.1   7,750,465 
 92,366   MediaAlpha, Inc.1   3,888,609 
         11,639,074 
     REAL ESTATE SERVICES - 1.3%     
 123,031   Compass, Inc.1   1,616,627 
           
     RENEWABLE ENERGY - 4.4%     
 151,460   Shoals Technologies Group, Inc.1   5,376,830 
           
     SEMICONDUCTORS - 18.0%     
 42,499   Entegris, Inc.   5,226,102 
 6,198   KLA Corporation   2,009,454 
 3,446   Lam Research Corporation   2,242,312 
 58,447   Lattice Semiconductor Corporation1   3,283,553 
 8,959   Monolithic Power Systems, Inc.   3,345,739 
 19,137   Silicon Laboratories, Inc.1   2,932,745 
 15,647   Skyworks Solutions, Inc.   3,000,312 
         22,040,217 
           

See accompanying notes to financial statements.

E V E N T I D E   41
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Exponential Technologies Fund
SCHEDULE OF INVESTMENTS (Continued) June 30, 2021

 

Shares              Fair Value 
     COMMON STOCKS — 96.2% (Continued)             
     SOFTWARE - 42.4%             
 15,285   Crowdstrike Holdings, Inc., Class A1          $3,841,273 
 31,104   Datadog, Inc.1           3,237,304 
 4,819   DocuSign, Inc.1           1,347,248 
 103,267   Dynatrace, Inc.1           6,032,858 
 29,515   Five9, Inc.1           5,412,756 
 4,404   HubSpot, Inc.1           2,566,299 
 3,355   MongoDB, Inc.1           1,212,900 
 50,500   nCino, Inc.1           3,025,960 
 57,357   Outset Medical, Inc.1           2,866,703 
 7,500   Palo Alto Networks, Inc.1           2,782,875 
 14,608   RingCentral, Inc., Class A1           4,244,793 
 62,131   Smartsheet, Inc., Class A1           4,493,314 
 50,977   Sprout Social, Inc.1           4,558,363 
 12,057   Synopsys, Inc.1           3,325,200 
 7,490   Twilio, Inc., Class A1           2,952,258 
                 51,900,104 
     TECHNOLOGY HARDWARE - 1.8%             
 38,175   Ciena Corporation1           2,171,776 
                   
     TECHNOLOGY SERVICES - 3.5%             
 46,160   Shift4 Payments, Inc.1           4,326,115 
                   
     TOTAL COMMON STOCKS (Cost $92,765,604)    117,712,677 
                   
Principal
Amount ($)		      Coupon Rate (%)  Maturity  Fair Value 
     CORPORATE BOND — 0.3%           
     ASSET MANAGEMENT — 0.3%     
 318,000   Calvert Impact Capital, Inc.2  0.5000  11/15/21   318,000 
     TOTAL CORPORATE BOND (Cost $318,000)   318,000 
                 

See accompanying notes to financial statements.

E V E N T I D E   42
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Exponential Technologies Fund
SCHEDULE OF INVESTMENTS (Continued) June 30, 2021

 

Shares                      Fair Value 
     SHORT-TERM INVESTMENTS — 1.9%          
     MONEY MARKET FUNDS - 1.9%  
 300,004   Fidelity Government Portfolio, Institutional Class, 0.01%3       $300,004 
 2,031,502   First American Government Obligations Fund, Class U, 0.03%3        2,031,502 
     TOTAL MONEY MARKET FUNDS (Cost $2,331,506)    2,331,506 
                           
     TOTAL SHORT-TERM INVESTMENTS (Cost $2,331,506)    2,331,506 
                           
          Expiration          
Contracts4      Counterparty  Date  Exercise Price  Notional Value  Fair Value 
                       
     EQUITY OPTIONS PURCHASED - 0.1%1           
     CALL OPTIONS PURCHASED - 0.1%           
 110   Alteryx, Inc.  IB  01/21/2022  $100  $946,220  $83,050 
     TOTAL CALL OPTIONS PURCHASED (Cost - $55,078)     
                       
     PUT OPTIONS PURCHASED - 0.0%5           
 60   Lemonade, Inc.  IB  01/21/2022  $80  $656,460   47,100 
     TOTAL PUT OPTIONS PURCHASED (Cost - $83,226)     
                       
     TOTAL EQUITY OPTIONS PURCHASED (Cost - $138,304)   130,150 
                       
     TOTAL INVESTMENTS - 98.5% (Cost $95,553,414)  $120,492,333 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 1.5%   1,785,960 
     NET ASSETS - 100.0%        $122,278,293 

 

IB - Interactive Brokers
   
LTD - Limited Company

 

1.Non-income producing security.

 

2.Illiquid security. The total fair value of these securities as of June 30, 2021 was $318,000, representing 0.26% of net assets.

 

3.Rate disclosed is the seven day effective yield as of June 30, 2021.

 

4.Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.

 

5.Percentage rounds to less than 0.1%.

 

See accompanying notes to financial statements.

E V E N T I D E   43
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Gilead Fund
SCHEDULE OF INVESTMENTS June 30, 2021

 

Shares      Fair Value 
     COMMON STOCKS — 95.2%     
     ADVERTISING & MARKETING - 5.9%     
 2,690,000   Trade Desk, Inc. (The), Class A1  $208,098,400 
 1,838,000   ZoomInfo Technologies, Inc.1   95,888,460 
         303,986,860 
     ASSET MANAGEMENT - 0.0%2     
 590,602   Entasis Therapeutics Holdings, Inc.1   1,576,907 
           
     AUTOMOTIVE - 2.8%     
 537,000   Aptiv plc   84,486,210 
 718,000   Magna International, Inc.   66,515,520 
         151,001,730 
     BIOTECH & PHARMA - 7.4%     
 119,000   Argenx S.E. - ADR1   35,827,330 
 1,123,000   Ascendis Pharma A/S - ADR1   147,730,650 
 765,000   Biohaven Pharmaceutical Holding Company Ltd.1   74,266,199 
 1,344,376   Collegium Pharmaceutical, Inc.1   31,781,049 
 618,646   Essa Pharma, Inc.1   17,674,722 
 600,000   Phathom Pharmaceuticals, Inc.1   20,310,000 
 1,550,892   Pliant Therapeutics, Inc.1   45,161,975 
 907,378   Praxis Precision Medicines, Inc.1   16,586,870 
         389,338,795 
     COMMERCIAL SUPPORT SERVICES - 4.2%     
 262,000   Cintas Corporation   100,084,000 
 727,500   Rollins, Inc.   24,880,500 
 804,000   Waste Connections, Inc.   96,021,720 
         220,986,220 
     E-COMMERCE DISCRETIONARY - 2.0%     
 324,000   Wayfair, Inc., Class A1   102,290,040 
           
     ELECTRIC UTILITIES - 3.7%     
 775,019   Brookfield Renewable Corporation   32,504,297 
 1,236,000   Brookfield Renewable Partners, L.P.   47,672,520 
 1,000,000   Clearway Energy, Inc.   26,480,000 
 1,135,000   NextEra Energy Partners, L.P.   86,668,600 
         193,325,417 
           

See accompanying notes to financial statements.

E V E N T I D E   44
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Gilead Fund
SCHEDULE OF INVESTMENTS (Continued) June 30, 2021

 

Shares      Fair Value 
     COMMON STOCKS — 95.2% (Continued)     
     ELECTRICAL EQUIPMENT - 9.0%     
 359,000   Cognex Corporation  $30,173,950 
 303,000   Generac Holdings, Inc.1   125,790,450 
 95,000   Lennox International, Inc.   33,326,000 
 280,000   Novanta, Inc.1   37,732,800 
 293,000   Roper Technologies, Inc.   137,768,600 
 538,000   Trane Technologies plc   99,067,320 
         463,859,120 
     FOOD - 1.6%     
 152,593   Beyond Meat, Inc.1   24,031,872 
 2,950,000   Vital Farms, Inc. 1,3   58,882,000 
         82,913,872 
     FORESTRY, PAPER & WOOD PRODUCTS - 1.7%     
 882,000   Trex Company, Inc.1   90,149,220 
           
     HOME CONSTRUCTION - 1.6%     
 902,000   DR Horton, Inc.   81,513,740 
           
     INFRASTRUCTURE REIT - 0.9%     
 235,000   Crown Castle International Corporation   45,848,500 
           
     INTERNET MEDIA & SERVICES - 3.2%     
 508,000   Fiverr International Ltd.1   123,184,920 
 1,098,246   MediaAlpha, Inc.1   46,236,157 
         169,421,077 
     LEISURE PRODUCTS - 1.2%     
 690,000   YETI Holdings, Inc.1   63,355,800 
           
     MEDICAL EQUIPMENT & DEVICES - 8.8%     
 1,037,000   Exact Sciences Corporation1   128,909,470 
 240,000   IDEXX Laboratories, Inc.1   151,572,000 
 25,000   Intuitive Surgical, Inc.1   22,991,000 
 112,000   Mettler-Toledo International, Inc.1   155,158,080 
         458,630,550 
           

See accompanying notes to financial statements.

E V E N T I D E   45
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Gilead Fund
SCHEDULE OF INVESTMENTS (Continued) June 30, 2021

 

Shares      Fair Value 
     COMMON STOCKS — 95.2% (Continued)     
     REAL ESTATE SERVICES - 0.5%     
 1,899,000   Compass, Inc.1  $24,952,860 
           
     RENEWABLE ENERGY - 0.9%     
 1,296,000   Shoals Technologies Group, Inc.1   46,008,000 
           
     RETAIL - DISCRETIONARY - 1.8%     
 489,000   Lowe’s Companies, Inc.   94,851,330 
           
     SEMICONDUCTORS - 7.8%     
 172,000   ASML Holding N.V. - ADR   118,824,480 
 492,000   Entegris, Inc.   60,501,240 
 201,000   Lam Research Corporation   130,790,700 
 68,500   Monolithic Power Systems, Inc.   25,581,325 
 117,400   Skyworks Solutions, Inc.   22,511,450 
 410,000   Taiwan Semiconductor Manufacturing Company Ltd. - ADR   49,265,600 
         407,474,795 
     SOFTWARE - 24.0%     
 876,000   Crowdstrike Holdings, Inc., Class A1   220,147,560 
 454,000   Datadog, Inc.1   47,252,320 
 2,544,941   Dynatrace, Inc.1   148,675,453 
 1,151,000   Five9, Inc.1   211,081,890 
 233,533   HubSpot, Inc.1   136,084,350 
 86,000   MongoDB, Inc.1   31,090,720 
 612,000   nCino, Inc.1   36,671,040 
 141,837   Palo Alto Networks, Inc.1   52,628,619 
 288,000   RingCentral, Inc., Class A1   83,687,040 
 634,000   Smartsheet, Inc., Class A1   45,850,880 
 960,943   Sprout Social, Inc.1   85,927,523 
 386,000   Twilio, Inc., Class A1   152,145,760 
         1,251,243,155 
     SPECIALTY REIT - 0.7%     
 635,000   Hannon Armstrong Sustainable Infrastructure Capital, Inc.   35,655,250 
           

See accompanying notes to financial statements.

E V E N T I D E   46
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Gilead Fund
SCHEDULE OF INVESTMENTS (Continued) June 30, 2021

 

Shares      Fair Value 
     COMMON STOCKS — 95.2% (Continued)     
     TECHNOLOGY HARDWARE - 0.3%     
 267,000   Ciena Corporation1  $15,189,630 
           
     TECHNOLOGY SERVICES - 0.7%     
 196,000   Verisk Analytics, Inc.   34,245,120 
           
     TRANSPORTATION & LOGISTICS - 2.4%     
 378,000   Old Dominion Freight Line, Inc.   95,936,400 
 220,000   XPO Logistics, Inc.1   30,775,800 
         126,712,200 
     WHOLESALE - DISCRETIONARY - 2.1%     
 237,000   Pool Corporation   108,702,420 
           
     TOTAL COMMON STOCKS (Cost $2,359,026,867)   4,963,232,608 
           
Shares      Fair Value 
     CONTINGENT VALUE RIGHTS — 0.1%     
     BIOTECH & PHARMA - 0.1%     
 3,982,940   Peloton Therapeutics, Inc. - CVR1,4,5,6,7   3,957,051 
           
     TOTAL CONTINGENT VALUE RIGHTS (Cost $–)   3,957,051 
           
Shares      Fair Value 
     PRIVATE INVESTMENTS — 0.7%     
     BIOTECH & PHARMA - 0.2%     
 659,330   Praxis Precision Medicines, Inc. Series C1 1,4,5   11,452,562 
           
     MEDICAL EQUIPMENT & DEVICES - 0.5%     
 179,406   Beta Bionic Series B/B21,4,5,6,7   27,269,712 
           
     TOTAL PRIVATE INVESTMENTS (Cost $35,400,033)   38,722,274 
           

See accompanying notes to financial statements.

E V E N T I D E   47
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Gilead Fund
SCHEDULE OF INVESTMENTS (Continued) June 30, 2021

 

Principal
Amount ($)		      Coupon Rate
(%)		  Maturity  Fair Value 
     CORPORATE BONDS — 1.1%           
     ASSET MANAGEMENT — 1.1%           
 27,570,000   Calvert Impact Capital, Inc.4  0.5000  11/15/21  $27,570,000 
 15,000,000   Calvert Impact Capital, Inc.4  1.7500  11/15/21   15,000,000 
 15,000,000   Calvert Impact Capital, Inc.4  1.0000  11/15/22   15,000,000 
     TOTAL CORPORATE BONDS (Cost $57,570,000)   57,570,000 
                 
Shares              Fair Value 
     SHORT-TERM INVESTMENTS — 0.2%      
     MONEY MARKET FUND - 0.2%      
 10,799,009   Fidelity Government Portfolio, Institutional Class, 0.01%
(Cost $10,799,009)8		    10,799,009 
                   
     TOTAL INVESTMENTS - 97.3% (Cost $2,462,795,909)   $5,074,280,942 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 2.7%    138,881,978 
     NET ASSETS - 100.0%          $5,213,162,920 

 

ADR - American Depositary Receipt
   
A/S - Anonim Sirketi
   
CVR - Contingent Value Rights
   
LP - Limited Partnership
   
LTD - Limited Company
   
NV - Naamioze Vennootschap
   
PLC - Public Limited Company
   
REIT - Real Estate Investment Trust
   

 

1.Non-income producing security.

 

2.Percentage rounds to less than 0.1%.

 

3.Affiliated Company – Eventide Gilead Fund holds in excess of 5% of outstanding voting securities of this security.

 

4.Illiquid security. The total fair value of these securities as of June 30, 2021 was $100,249,325, representing 1.92% of net assets.

 

5.Restricted security. See Note 6 for additional details.

 

6.The value of this security has been determined in good faith under policies of the Board of Trustees.

 

7.Private investment.

 

8.Rate disclosed is the seven day effective yield as of June 30, 2021.

 

See accompanying notes to financial statements.

E V E N T I D E   48
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Healthcare & Life Sciences Fund
SCHEDULE OF INVESTMENTS June 30, 2021

 

Shares      Fair Value 
     UNFUNDED COMMITMENT — (0.0)%1     
     ASSET MANAGEMENT — (0.0)%1     
 700,000   Montes Archimedes Acquisition Corporation2, 3, 4  $(77,000)
     UNFUNDED COMMITMENT (Cost $0)   (77,000)
           
     COMMON STOCKS — 81.6%     
     BIOTECH & PHARMA - 72.6%     
 1,137,092   89bio, Inc. 2, 5   21,263,620 
 1,311,990   ADC Therapeutics S.A.2   31,946,957 
 401,000   Allakos, Inc.2   34,233,370 
 439,950   ALX Oncology Holdings, Inc.2   24,056,466 
 1,611,055   Annexon, Inc.2   36,264,848 
 2,299,000   Aptose Biosciences, Inc.2   7,632,680 
 214,000   Argenx S.E. – ADR2   64,428,980 
 575,648   Ascendis Pharma A/S – ADR2   75,726,494 
 1,163,471   Bicycle Therapeutics plc – ADR2   35,322,980 
 1,225,797   Biohaven Pharmaceutical Holding Company Ltd.2   119,000,372 
 461,712   Blueprint Medicines Corporation2   40,612,188 
 534,000   Bolt Biotherapeutics, Inc.2   8,255,640 
 712,197   Bridgebio Pharma, Inc.2   43,415,529 
 3,575,834   Cardiff Oncology, Inc. 2, 5   23,779,296 
 2,108,908   Celldex Therapeutics, Inc. 2, 5   70,521,884 
 1,403,000   ChemoCentryx, Inc.2   18,786,170 
 1,285,217   Collegium Pharmaceutical, Inc.2   30,382,530 
 719,000   Cullinan Oncology, Inc.2   18,514,250 
 400,000   Design Therapeutics, Inc.2   7,956,000 
 1,786,522   Essa Pharma, Inc.2   51,040,942 
 1,257,352   Freeline Therapeutics Holdings plc Series C – ADR2   10,247,419 
 3,370,994   Immunovant, Inc.2   35,631,407 
 665,681   KalVista Pharmaceuticals, Inc.2   15,949,717 
 748,000   Karuna Therapeutics, Inc.2   85,264,520 
 427,414   Keros Therapeutics, Inc.2   18,152,273 
 704,000   Kura Oncology, Inc.2   14,678,400 
 129,471   Mirati Therapeutics, Inc.2   20,913,451 
 235,000   Neurocrine Biosciences, Inc.2   22,870,200 
 1,200,000   Nurix Therapeutics, Inc.2   31,836,000 
           

See accompanying notes to financial statements.

E V E N T I D E   49
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Healthcare & Life Sciences Fund
SCHEDULE OF INVESTMENTS (Continued) June 30, 2021

 

Shares      Fair Value 
     COMMON STOCKS — 81.6% (Continued)     
     BIOTECH & PHARMA - 72.6% (Continued)     
 876,948   ORIC Pharmaceuticals, Inc.2  $15,513,210 
 541,563   Pharvaris BV2   9,840,200 
 921,000   Pliant Therapeutics, Inc.2   26,819,520 
 1,231,351   Praxis Precision Medicines, Inc.2   22,509,096 
 1,250,000   Prometheus Biosciences, Inc.2   30,700,000 
 371,384   Silverback Therapeutics, Inc.2   11,472,052 
 2,370,975   Sutro Biopharma, Inc.2, 5   44,076,425 
 702,348   Syndax Pharmaceuticals, Inc.2   12,059,315 
 850,000   Talaris Therapeutics, Inc.2   12,486,500 
 9,510,000   Trillium Therapeutics, Inc. 2, 5   92,247,000 
 578,000   Turning Point Therapeutics, Inc.2   45,095,560 
 1,125,000   VectivBio Holding A.G.2   13,117,500 
 506,000   Xencor, Inc.2   17,451,940 
 1,490,000   Xenon Pharmaceuticals, Inc.2   27,743,800 
 420,400   Zentalis Pharmaceuticals, Inc.2   22,365,280 
 3,200,728   Zymeworks, Inc.2, 5   111,033,253 
         1,533,215,234 
     HEALTH CARE FACILITIES & SERVICES - 1.0%     
 870,000   Sotera Health Company2   21,080,100 
           
     MEDICAL EQUIPMENT & DEVICES - 8.0%     
 333,283   908 Devices, Inc.2   12,914,716 
 1,365,000   Butterfly Network, Inc.2   19,765,200 
 703,000   Exact Sciences Corporation2   87,389,930 
 119,000   Repligen Corporation2   23,754,780 
 651,000   Veracyte, Inc.2   26,026,980 
         169,851,606 
           
     TOTAL COMMON STOCKS (Cost $1,311,526,711)   1,724,146,940 
           

See accompanying notes to financial statements.

E V E N T I D E   50
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Healthcare & Life Sciences Fund
SCHEDULE OF INVESTMENTS (Continued) June 30, 2021

 

Shares      Fair Value 
     CONTINGENT VALUE RIGHTS — 0.1%     
     BIOTECH & PHARMA - 0.1%     
 1,528,871   Peloton Therapeutics, Inc. – CVR2, 3, 4, 6, 7  $1,518,933 
           
     TOTAL CONTINGENT VALUE RIGHTS (Cost $–)   1,518,933 
           
Shares      Fair Value 
     PRIVATE INVESTMENTS — 10.5%     
     BIOTECH & PHARMA - 9.6%     
 798,111   Annexon, Inc. Series D2, 3, 4, 5   17,067,205 
 4,643,043   Arch Oncology, Inc. Series C12, 3, 4, 6, 7   5,654,762 
 295,276   BioSplice Therapeutics2, 3, 4, 6, 7   14,250,020 
 5,000,000   Casma Therapeutics, Inc. Series2, 3, 4, 5, 6, 7   3,562,500 
 5,000,000   Casma Therapeutics, Inc. Series B22, 3, 4, 5, 6, 7   3,562,500 
 721,145   Cullinan Oncology, LLC Series C2, 3, 4   17,641,010 
 2,570,925   DiCE Molecules Series C2, 3, 4, 6, 7   6,333,332 
 1,097,561   Flare Therapeutics, Inc. Series A2, 3, 4, 6, 7   1,042,683 
 1,228,304   Freeline Therapeutics Ltd. Series C2, 3, 4, 5   9,510,144 
 5,000,000   Goldfinch Biopharma, Inc. Series A2, 3, 4, 5, 6, 7   5,600,000 
 8,474,576   Goldfinch Biopharma, Inc. Series B2, 3, 4, 5, 6, 7   9,491,525 
 763,319   Kojin Therapeutics, Inc. Series A-12, 3, 4, 6, 7   1,424,998 
 988,994   Praxis Precision Medicines, Inc. Series C12, 3, 4, 5   17,178,826 
 1,017,770   Prometheus Biosciences, Inc. Series D2, 3, 4, 5   23,746,610 
 1,446,262   Prometheus Biosciences, Inc. Series D12, 3, 4, 5   33,744,184 
 1,017,770   Prometheus Laboratories, Inc.2, 3, 4, 5, 6, 7   667,148 
 711,092   Talaris Therapeutics, Inc. Series B2, 3, 4   9,923,644 
 3,660,670   Turnstone Biologics Inc. Series D2, 3, 4, 6, 7   9,499,999 
 1,216,427   VectivBio A.G. Series A-22, 3, 4, 5   13,474,362 
         203,375,452 
     MEDICAL EQUIPMENT & DEVICES - 0.9%     
 122,828   Beta Bionic Series B/B22, 3, 4. 6, 7   18,669,856 
           
     TOTAL PRIVATE INVESTMENTS (Cost $163,495,066)   222,045,308 

 

See accompanying notes to financial statements.

E V E N T I D E   51
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Healthcare & Life Sciences Fund
SCHEDULE OF INVESTMENTS (Continued) June 30, 2021

 

Shares      Fair Value 
     SHORT-TERM INVESTMENTS — 1.1%     
     MONEY MARKET FUNDS - 1.1%     
 3,117,003   Fidelity Government Portfolio, Institutional Class, 0.01%8  $3,117,003 
 19,240,012   First American Government Obligations Fund, Class U, 0.03%8   19,240,012 
           
     TOTAL MONEY MARKET FUNDS (Cost $22,357,015)   22,357,015 
           
     TOTAL SHORT-TERM INVESTMENTS (Cost $22,357,015)   22,357,015 
           
     TOTAL INVESTMENTS - 93.3% (Cost $1,497,378,792)  $1,969,991,196 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 6.7%   142,601,951 
     NET ASSETS - 100.0%  $2,112,593,147 

 

ADR - American Depositary Receipt
   
A/S - Anonim Sirketi
   
CVR - Contingent Value Rights
   
LLC - Limited Liability Company
   
LTD - Limited Company
   
PLC - Public Limited Company
   
S.A. - Société Anonyme

 

1.Percentage rounds to less than 0.1%

 

2.Non-income producing security.

 

3.Illiquid security. The total fair value of these securities as of June 30, 2021 was $223,487,241, representing 10.58% of net assets.

 

4.Restricted security.

 

5.Affiliated Company – Eventide Healthcare & Life Sciences Fund holds in excess of 5% of outstanding voting securities of this security.

 

6.The value of this security has been determined in good faith under policies of the Board of Trustees.

 

7.Private investment.

 

8.Rate disclosed is the seven day effective yield as of June 30, 2021.

 

See accompanying notes to financial statements.

E V E N T I D E   52
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Limited-Term Bond Fund
SCHEDULE OF INVESTMENTS June 30, 2021

 

Principal
Amount ($)		          Coupon Rate (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 9.6%           
     AUTO LOAN — 8.0%           
 2,350,000   CarMax Auto Owner Trust 2020-4  1.3000  08/17/26  $2,381,990 
 1,000,000   CarMax Auto Owner Trust 2021-2  1.3400  02/16/27   1,001,578 
 1,500,000   CarMax Auto Owner Trust 2021-2 Series 21-2 D  1.5500  10/15/27   1,501,895 
 2,750,000   GM Financial Consumer Automobile Receivables Trust 2021-2  0.5100  04/16/26   2,754,965 
 1,000,000   Tesla Auto Lease Trust 2021-A1  1.1800  03/20/25   1,001,775 
 2,835,000   Toyota Auto Receivables Owner Trust 2021-B  0.2600  11/17/25   2,829,380 
 3,000,000   World Omni Auto Receivables Trust 2019-B  3.0300  01/15/26   3,104,010 
               14,575,593 
     OTHER ABS — 1.6%           
 2,950,000   PFS Financing Corporation1  0.9700  02/15/26   2,972,443 
                 
     TOTAL ASSET BACKED SECURITIES (Cost $17,540,950)     17,548,036 
                 
Principal
Amount ($)		      Coupon Rate (%)  Maturity  Fair Value 
     COLLATERALIZED MORTGAGE OBLIGATIONS — 0.4%           
     CMBS — 0.0%2           
 53,641   Freddie Mac Multifamily Structured Pass Through Certificates Series K-023 Class A-1  1.5830  04/25/22   53,911 
                 
     COLLATERALIZED MORTGAGE OBLIGATIONS — 0.4%           
 212,959   Fannie Mae REMICS  3.0000  08/25/36   218,912 
 250,000   Fannie Mae REMICS  3.0000  12/25/40   260,120 
 106,294   Fannie Mae REMICS  3.0000  10/25/42   111,490 
               590,522 
     TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $619,291)   644,433 

 

Principal
Amount ($)		          Spread  Coupon Rate (%)  Maturity  Fair Value 
     CORPORATE BONDS — 61.4%              
     ASSET MANAGEMENT — 1.9%              
 3,475,000   Charles Schwab Corporation (The)3  SOFRRATE + 0.520%  0.5400  05/13/26   3,493,629 
                    

See accompanying notes to financial statements.

E V E N T I D E   53
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Limited-Term Bond Fund
SCHEDULE OF INVESTMENTS (Continued) June 30, 2021

 

Principal
Amount ($)		          Spread  Coupon Rate (%)  Maturity  Fair Value 
     CORPORATE BONDS — 61.4% (Continued)              
     BANKING — 10.9%              
 3,550,000   Bank of America Corporation3  US0003M + 0.870%  2.4560  10/22/25  $3,717,335 
 3,300,000   First Horizon Corporation     3.5500  05/26/23   3,473,313 
 3,725,000   JPMorgan Chase & Company3  SOFRRATE + 0.600%  0.6530  09/16/24   3,728,402 
 3,500,000   National Bank of Canada3  H15T1Y + 0.400%  0.5500  11/15/24   3,488,175 
 2,700,000   Regions Financial Corporation     2.2500  05/18/25   2,815,043 
 2,476,000   Synovus Financial Corporation     3.1250  11/01/22   2,546,649 
                  19,768,917 
     BIOTECH & PHARMA — 1.7%              
 2,900,000   Zoetis, Inc.     3.2500  02/01/23   3,012,394 
                    
     ELECTRIC & GAS MARKETING & TRADING — 0.3%              
 600,000   Southern Power Company     0.9000  01/15/26   589,579 
                    
     ELECTRIC UTILITIES — 15.4%              
 1,050,000   AES Corporation (The)1     1.3750  01/15/26   1,040,637 
 3,200,000   Avangrid, Inc.     3.1500  12/01/24   3,425,209 
 1,990,000   CenterPoint Energy, Inc.3  SOFRRATE + 0.650%  0.6700  05/13/24   1,999,293 
 2,750,000   CMS Energy Corporation     3.8750  03/01/24   2,951,172 
 1,025,000   Georgia Power Company     3.2500  04/01/26   1,109,576 
 1,000,000   MidAmerican Energy Company     3.1000  05/01/27   1,094,969 
 2,700,000   National Rural Utilities Cooperative Finance     3.4000  11/15/23   2,869,257 
 800,000   NextEra Energy Capital Holdings, Inc.3  SOFRRATE + 0.540%  0.5650  03/01/23   804,510 
 2,250,000   NextEra Energy Capital Holdings, Inc.     3.1500  04/01/24   2,393,252 
 2,500,000   OGE Energy Corporation     0.7030  05/26/23   2,498,968 
 2,765,000   PPL Electric Utilities Corporation3  SOFRRATE + 0.330%  0.3800  06/24/24   2,767,240 
 1,700,000   TerraForm Power Operating, LLC1     4.2500  01/31/23   1,746,997 
 3,400,000   WEC Energy Group, Inc.     0.5500  09/15/23   3,400,135 
                  28,101,215 
     ELECTRICAL EQUIPMENT — 2.5%              
 1,100,000   Lennox International, Inc.     1.3500  08/01/25   1,108,452 
 3,250,000   Roper Technologies, Inc.     3.6500  09/15/23   3,469,318 
                  4,577,770 
                    

See accompanying notes to financial statements.

E V E N T I D E   54
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Limited-Term Bond Fund
SCHEDULE OF INVESTMENTS (Continued) June 30, 2021

 

Principal
Amount ($)		          Spread  Coupon Rate (%)  Maturity  Fair Value 
     CORPORATE BONDS — 61.4% (Continued)              
     ENGINEERING & CONSTRUCTION — 1.4%              
 1,525,000   Installed Building Products, Inc.1     5.7500  02/01/28  $1,610,872 
 850,000   MasTec, Inc.1     4.5000  08/15/28   896,606 
                  2,507,478 
     FOOD — 1.8%              
 2,875,000   Conagra Brands, Inc.     4.6000  11/01/25   3,280,159 
                    
     HOME CONSTRUCTION — 1.6%              
 2,000,000   Fortune Brands Home & Security, Inc.     4.0000  09/21/23   2,141,499 
 740,000   Meritage Homes Corporation     6.0000  06/01/25   846,238 
                  2,987,737 
     INSTITUTIONAL FINANCIAL SERVICES — 5.7%              
 3,025,000   Lazard Group, LLC     3.7500  02/13/25   3,305,521 
 3,725,000   Morgan Stanley3  SOFRRATE + 0.745%  0.8640  10/21/25   3,725,187 
 3,100,000   Nasdaq, Inc.     4.2500  06/01/24   3,392,480 
                  10,423,188 
     INSURANCE — 3.9%              
 1,800,000   Aflac, Inc.     1.1250  03/15/26   1,805,746 
 2,875,000   Brown & Brown, Inc.     4.2000  09/15/24   3,154,036 
 1,425,000   Pacific Life Global Funding II1     1.3750  04/14/26   1,429,244 
 750,000   Primerica, Inc.     4.7500  07/15/22   781,489 
                  7,170,515 
     INTERNET MEDIA & SERVICES — 1.7%              
 925,000   VeriSign, Inc.     5.2500  04/01/25   1,051,670 
 1,900,000   VeriSign, Inc.     4.7500  07/15/27   2,018,750 
                  3,070,420 
     MACHINERY — 0.6%              
 1,000,000   Xylem, Inc./NY     4.8750  10/01/21   1,010,998 
                    
     REAL ESTATE INVESTMENT TRUSTS — 6.3%              
 775,000   Alexandria Real Estate Equities, Inc.     3.8000  04/15/26   865,097 
 3,000,000   American Tower Corporation     3.3750  05/15/24   3,211,049 
 3,350,000   Equinix, Inc.     1.0000  09/15/25   3,329,866 
 500,000   HAT Holdings I, LLC / HAT Holdings II, LLC1     3.3750  06/15/26   504,375 
                    

See accompanying notes to financial statements.

E V E N T I D E   55
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Limited-Term Bond Fund
SCHEDULE OF INVESTMENTS (Continued) June 30, 2021

 

Principal
Amount ($)		          Spread  Coupon Rate (%)  Maturity  Fair Value 
     CORPORATE BONDS — 61.4% (Continued)              
     REAL ESTATE INVESTMENT TRUSTS — 6.3% (Continued)              
 1,000,000   Highwoods Realty, L.P.     3.6250  01/15/23  $1,034,056 
 2,550,000   Public Storage3  SOFRRATE + 0.470%  0.4870  04/23/24   2,555,572 
                  11,500,015 
     RETAIL - DISCRETIONARY — 4.1%              
 2,200,000   AutoZone, Inc.     2.8750  01/15/23   2,267,385 
 500,000   AutoZone, Inc.     3.2500  04/15/25   538,216 
 2,750,000   O’Reilly Automotive, Inc.     3.8500  06/15/23   2,908,935 
 1,600,000   Penske Automotive Group, Inc.     3.5000  09/01/25   1,662,440 
                  7,376,976 
     SEMICONDUCTORS — 0.3%              
 574,000   Lam Research Corporation     3.8000  03/15/25   633,095 
                    
     TECHNOLOGY SERVICES — 1.1%              
 1,325,000   Verisk Analytics, Inc.     4.0000  06/15/25   1,467,483 
 500,000   Visa, Inc.     0.7500  08/15/27   485,602 
                  1,953,085 
     TRANSPORTATION & LOGISTICS — 0.2%              
 400,000   JB Hunt Transport Services, Inc.     3.3000  08/15/22   410,540 
                    
     TOTAL CORPORATE BONDS (Cost $111,522,955)   111,867,710 
                    
Principal
Amount ($)		         Coupon Rate (%)  Maturity  Fair Value 
     MUNICIPAL BONDS — 2.4%              
     MULTI-FAMILY HOUSING — 0.6%              
 250,000   Maine State Housing Authority     0.3000  11/15/23   249,788 
 500,000   New York City Housing Development Corporation     1.9300  02/01/25   516,755 
 100,000   New York State Housing Finance Agency     0.5000  05/01/24   100,053 
 250,000   New York State Housing Finance Agency     2.2000  11/01/24   253,517 
                  1,120,113 
     OTHER — 0.3%              
 575,000   California Municipal Finance Authority     1.4860  11/01/22   581,150 
                    

See accompanying notes to financial statements.

E V E N T I D E   56
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Limited-Term Bond Fund
SCHEDULE OF INVESTMENTS (Continued) June 30, 2021

 

Principal
Amount ($)		          Coupon Rate (%)  Maturity  Fair Value 
     MUNICIPAL BONDS — 2.4% (Continued)           
     SINGLE-FAMILY HOUSING — 0.9%           
 110,000   Maryland Community Development Administration  3.2420  09/01/48  $114,454 
 110,000   Massachusetts Housing Finance Agency  4.0000  06/01/39   117,494 
 250,000   Pennsylvania Housing Finance Agency  5.0000  10/01/22   264,715 
 495,000   Texas Department of Housing & Community Affairs  0.3000  01/01/23   495,007 
 600,000   Texas Department of Housing & Community Affairs  0.3500  07/01/23   600,251 
               1,591,921 
     STATE — 0.6%           
 200,000   State of Oregon  0.5020  05/01/22   200,667 
 200,000   State of Oregon  0.6550  05/01/23   201,481 
 300,000   State of Oregon  0.7950  05/01/24   302,649 
 300,000   State of Oregon  0.8950  05/01/25   302,127 
               1,006,924 
     TOTAL MUNICIPAL BONDS (Cost $4,258,455)     4,300,108 
                 
Principal
Amount ($)		      Coupon Rate (%)  Maturity  Fair Value 
     NON U.S. GOVERNMENT & AGENCIES — 1.3%           
     SUPRANATIONAL — 1.3%           
 2,300,000   European Investment Bank  2.5000  10/15/24   2,446,882 
                 
     TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $2,460,207)     2,446,882 

 

Principal
Amount ($)		          Spread  Coupon Rate (%)  Maturity  Fair Value 
     U.S. GOVERNMENT & AGENCIES — 21.4%              
     AGENCY FIXED RATE — 10.1%              
 378,464   Fannie Mae Pool FM1944     5.5000  11/01/25   389,607 
 1,200,221   Fannie Mae Pool MA2785     3.0000  10/01/26   1,261,509 
 1,146,535   Fannie Mae Pool MA2915     3.0000  02/01/27   1,204,922 
 1,879,353   Fannie Mae Pool MA4264     2.0000  02/01/31   1,952,187 
 2,630,752   Fannie Mae Pool MA4284     1.5000  03/01/31   2,694,994 
 1,250,846   Fannie Mae Pool FM5377     4.0000  03/01/34   1,330,508 
 1,098,798   Freddie Mac Gold Pool J35981     2.5000  12/01/31   1,156,451 
 2,330,401   Freddie Mac Pool RD5050     2.0000  02/01/31   2,420,516 
 1,409,834   Freddie Mac Pool ZS9163     3.0000  09/01/33   1,510,391 
                    

See accompanying notes to financial statements.

E V E N T I D E   57
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Limited-Term Bond Fund
SCHEDULE OF INVESTMENTS (Continued) June 30, 2021

 

Principal
Amount ($)		          Spread  Coupon Rate (%)  Maturity  Fair Value 
     U.S. GOVERNMENT & AGENCIES — 21.4% (Continued)              
     AGENCY FIXED RATE — 10.1% (Continued)              
 49   Ginnie Mae I Pool 352081     7.0000  09/15/23  $51 
 307   Ginnie Mae I Pool 335228     7.5000  12/15/23   310 
 382   Ginnie Mae I Pool 352837     6.5000  01/15/24   426 
 10   Ginnie Mae I Pool 426033     6.5000  04/15/26   11 
 5,234   Ginnie Mae I Pool 460203     7.0000  04/15/28   5,347 
 2,062,371   Ginnie Mae II Pool MA6839     2.0000  09/20/35   2,136,770 
 2,183,394   Ginnie Mae II Pool MA7107     2.5000  01/20/36   2,298,017 
                  18,362,017 
     AGENCY HYBRID ARMS — 0.0%2              
 20,368   Ginnie Mae II Pool 811133  H15T1Y + 1.500%  2.1250  10/20/34   21,310 
 10,473   Ginnie Mae II Pool 829033  H15T1Y + 1.500%  2.2500  08/20/41   10,964 
                  32,274 
     AGENCY MBS OTHER — 1.2%              
 150,000   Fannie Mae Pool 468667     3.9400  07/01/21   150,005 
 939,300   Fannie Mae Pool AN7928     2.6700  01/01/25   995,712 
 966,567   Fannie Mae Pool AN2217     2.7100  07/01/26   1,023,689 
                  2,169,406 
     ARMS — 0.0%2              
 2,036   Fannie Mae Pool 7915733  H15T1Y + 2.170%  2.5450  08/01/34   2,042 
 954   Freddie Mac Non Gold Pool 8455903  H15T1Y + 2.159%  2.2770  01/01/24   958 
 1,727   Freddie Mac Non Gold Pool 8459653  H15T1Y + 2.421%  2.5930  01/01/24   1,729 
 1,124   Ginnie Mae II Pool 80623  H15T1Y + 1.500%  2.1250  10/20/22   1,129 
 1,188   Ginnie Mae II Pool 82283  H15T1Y + 1.500%  2.2500  07/20/23   1,204 
 1,131   Ginnie Mae II Pool 82593  H15T1Y + 1.500%  2.2500  08/20/23   1,145 
 996   Ginnie Mae II Pool 83753  H15T1Y + 1.500%  2.0000  02/20/24   1,016 
 993   Ginnie Mae II Pool 83953  H15T1Y + 1.500%  2.0000  03/20/24   1,013 
 535   Ginnie Mae II Pool 84103  H15T1Y + 1.500%  2.8750  04/20/24   543 
 1,333   Ginnie Mae II Pool 84213  H15T1Y + 1.500%  2.8750  05/20/24   1,362 
 1,096   Ginnie Mae II Pool 85023  H15T1Y + 1.500%  2.2500  09/20/24   1,112 
 1,840   Ginnie Mae II Pool 85033  H15T1Y + 1.500%  2.2500  09/20/24   1,872 
 1,297   Ginnie Mae II Pool 85653  H15T1Y + 1.500%  2.1250  12/20/24   1,322 
 3,211   Ginnie Mae II Pool 85673  H15T1Y + 1.500%  2.5000  12/20/24   3,248 
 6,538   Ginnie Mae II Pool 85953  H15T1Y + 1.500%  2.0000  02/20/25   6,680 
 1,519   Ginnie Mae II Pool 86603  H15T1Y + 1.500%  2.2500  07/20/25   1,564 
                    

See accompanying notes to financial statements.

E V E N T I D E   58
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Limited-Term Bond Fund
SCHEDULE OF INVESTMENTS (Continued) June 30, 2021

 

Principal
Amount ($)		          Spread  Coupon Rate (%)  Maturity  Fair Value 
     U.S. GOVERNMENT & AGENCIES — 21.4% (Continued)              
     ARMS — 0.0%2 (Continued)              
 14,115   Ginnie Mae II Pool 805243  H15T1Y + 1.500%  2.2500  07/20/31  $14,705 
 17,775   Ginnie Mae II Pool 805693  H15T1Y + 1.500%  2.0000  01/20/32   18,543 
 2,290   Ginnie Mae II Pool 806593  H15T1Y + 1.500%  2.1250  12/20/32   2,391 
                  63,578 
     GOVERNMENT OWNED, NO GUARANTEE — 6.1%              
 1,000,000   Federal Home Loan Mortgage Corporation     0.2500  08/24/23   999,977 
 1,000,000   Federal Home Loan Mortgage Corporation     0.3000  09/28/23   1,000,246 
 750,000   Federal Home Loan Mortgage Corporation     0.3200  11/02/23   749,451 
 1,000,000   Federal Home Loan Mortgage Corporation     0.3750  02/12/24   998,458 
 1,500,000   Federal Home Loan Mortgage Corporation     0.4000  02/26/24   1,496,475 
 1,650,000   Federal Home Loan Mortgage Corporation     0.3750  03/25/24   1,646,149 
 2,000,000   Federal Home Loan Mortgage Corporation     0.6500  10/27/25   1,983,807 
 1,250,000   Federal National Mortgage Association     0.3750  08/24/23   1,250,115 
 1,000,000   Federal National Mortgage Association     0.3100  02/02/24   998,376 
                  11,123,054 
     GOVERNMENT SPONSORED — 4.0%              
 1,750,000   Federal Farm Credit Banks Funding Corporation     0.2100  12/28/23   1,741,665 
 1,000,000   Federal Farm Credit Banks Funding Corporation     0.3000  03/28/24   996,145 
 2,500,000   Federal Farm Credit Banks Funding Corporation     0.4800  03/03/25   2,486,482 
 2,000,000   Federal Farm Credit Banks Funding Corporation     0.8500  11/03/25   1,992,094 
                  7,216,386 
     TOTAL U.S. GOVERNMENT & AGENCIES (Cost $39,009,770)     38,966,715 
                    
Shares               Fair Value 
     SHORT-TERM INVESTMENTS — 1.3%        
     MONEY MARKET FUND - 1.3%        
 2,354,708   First American Government Obligations Fund, Class U, 0.03% (Cost $2,354,708)4   2,354,708 
                    
     TOTAL INVESTMENTS - 97.8% (Cost $177,766,336)    $178,128,592 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 2.2%     4,007,237 
     NET ASSETS - 100.0%           $182,135,829 

 

LLC - Limited Liability Company
   
LP - Limited Partnership
   
REMIC - Real Estate Mortgage Investment Conduit
   
H15T1Y US Treasury Yield Curve Rate T Note Constant Maturity 1 Year
   
SOFRRATE United States SOFR Secured Overnight Financing Rate
   
US0003M ICE LIBOR USD 3 Month

 

1.Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2021 the total market value of 144A securities is 11,202,949 or 6.1% of net assets.

 

2.Percentage rounds to less than 0.1%.

 

3.Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

 

4.Rate disclosed is the seven day effective yield as of June 30, 2021.

 

See accompanying notes to financial statements.

E V E N T I D E   59
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Multi-Asset Income Fund
SCHEDULE OF INVESTMENTS June 30, 2021

 

Shares      Fair Value 
     COMMON STOCKS — 40.3%     
     APPAREL & TEXTILE PRODUCTS - 0.8%     
 34,900   VF Corporation  $2,863,196 
           
     AUTOMOTIVE - 0.6%     
 24,700   Magna International, Inc.   2,288,208 
           
     BANKING - 4.5%     
 314,600   First Horizon Corporation   5,436,288 
 39,400   First Republic Bank   7,374,498 
 79,600   Synovus Financial Corporation   3,492,848 
         16,303,634 
     BIOTECH & PHARMA - 0.3%     
 6,100   Zoetis, Inc.   1,136,796 
           
     COMMERCIAL SUPPORT SERVICES - 0.7%     
 6,500   Cintas Corporation   2,483,000 
           
     DATA CENTER REIT - 1.8%     
 7,993   Equinix, Inc.   6,415,182 
           
     DIVERSIFIED INDUSTRIALS - 2.1%     
 111,200   Pentair plc   7,504,888 
           
     ELECTRIC UTILITIES - 3.3%     
 52,700   Brookfield Renewable Corporation   2,210,238 
 149,200   Clearway Energy, Inc.   3,950,816 
 72,000   NextEra Energy Partners, L.P.   5,497,920 
         11,658,974 
     ELECTRICAL EQUIPMENT - 5.3%     
 257,400   nVent Electric plc   8,041,175 
 7,700   Roper Technologies, Inc.   3,620,540 
 42,700   Trane Technologies plc   7,862,778 
         19,524,493 
           

See accompanying notes to financial statements.

E V E N T I D E   60
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Multi-Asset Income Fund
SCHEDULE OF INVESTMENTS (Continued) June 30, 2021

 

Shares      Fair Value 
     COMMON STOCKS — 40.3% (Continued)     
     GAS & WATER UTILITIES - 0.5%     
 12,300   American Water Works Company, Inc.  $1,895,799 
           
     HOME CONSTRUCTION - 2.0%     
 59,800   DR Horton, Inc.   5,404,126 
 42,300   KB Home   1,722,456 
         7,126,582 
     INDUSTRIAL REIT - 2.1%     
 66,600   Prologis, Inc.   7,960,698 
           
     INFRASTRUCTURE REIT - 3.0%     
 36,400   Crown Castle International Corporation   7,101,640 
 10,800   SBA Communications Corporation   3,441,960 
         10,543,600 
     MACHINERY - 0.9%     
 14,500   IDEX Corporation   3,190,725 
           
     MEDICAL EQUIPMENT & DEVICES - 4.5%     
 62,600   Agilent Technologies, Inc.   9,252,906 
 34,400   STERIS plc   7,096,720 
         16,349,626 
     RESIDENTIAL REIT - 1.2%     
 56,500   Equity LifeStyle Properties, Inc.   4,198,515 
           
     RETAIL - DISCRETIONARY - 0.6%     
 10,400   Lowe’s Companies, Inc.   2,017,288 
           
     SEMICONDUCTORS - 4.0%     
 36,000   Entegris, Inc.   4,426,920 
 15,100   KLA Corporation   4,895,571 
 43,100   Taiwan Semiconductor Manufacturing Company Ltd. - ADR   5,178,896 
         14,501,387 
     SPECIALTY REIT - 0.4%     
 25,000   Hannon Armstrong Sustainable Infrastructure Capital, Inc.   1,403,750 
           

See accompanying notes to financial statements.

E V E N T I D E   61
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Multi-Asset Income Fund
SCHEDULE OF INVESTMENTS (Continued) June 30, 2021

 

Shares                Fair Value 
     COMMON STOCKS — 40.3% (Continued)           
     TRANSPORTATION & LOGISTICS - 1.3%           
 18,000   Old Dominion Freight Line, Inc.        $4,568,400 
                 
     WHOLESALE - CONSUMER STAPLES - 0.4%     
 17,800   Sysco Corporation         1,383,950 
                 
                 
     TOTAL COMMON STOCKS (Cost $110,457,204)   145,318,691 
                 
Shares      Coupon Rate (%)  Maturity  Fair Value 
     PREFERRED STOCKS — 4.2%           
     AUTOMOTIVE - 2.4%           
 50,200   Aptiv plc  5.5000  06/15/23   8,905,480 
                 
     ELECTRIC UTILITIES - 1.8%           
 30,100   AES Corporation (The)1  6.8750  02/15/24   3,237,857 
 64,150   Algonquin Power & Utilities Corporation1  7.7500  06/15/24   3,185,554 
               6,423,411 
                 
     TOTAL PREFERRED STOCKS (Cost $13,475,039)   15,328,891 
                 
Principal
Amount ($)		      Coupon Rate (%)  Maturity   Fair Value 
     ASSET BACKED SECURITIES — 2.5%           
     AUTO LOAN — 2.0%           
 1,425,000   CarMax Auto Owner Trust 2020-4  1.3000  08/17/26   1,444,398 
 750,000   CarMax Auto Owner Trust 2021-2  1.3400  02/16/27   751,183 
 550,000   GM Financial Consumer Automobile Receivables Trust 2021-2  1.2800  01/19/27   551,931 
 665,000   Tesla Auto Lease Trust 2021-A2  0.5600  03/20/25   666,603 
 2,300,000   Toyota Auto Receivables Owner Trust 2021-B  0.2600  11/17/25   2,295,441 
 1,500,000   World Omni Auto Receivables Trust 2019-B  3.0300  01/15/26   1,552,005 
               7,261,561 
     OTHER ABS — 0.5%           
 1,700,000   PFS Financing Corporation2  0.9700  02/15/26   1,712,934 
                 

See accompanying notes to financial statements.

E V E N T I D E   62
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Multi-Asset Income Fund
SCHEDULE OF INVESTMENTS (Continued) June 30, 2021

 

Principal
Amount ($)		          Coupon Rate (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 2.5% (Continued)           
     TOTAL ASSET BACKED SECURITIES (Cost $8,970,036)  $8,974,495 
                 
Principal
Amount ($)		      Coupon Rate (%)  Maturity  Fair Value 
     COLLATERALIZED MORTGAGE OBLIGATIONS — 0.6%           
     CMBS — 0.6%           
 1,000,000   Freddie Mac Multifamily Structured Pass Through Certificates  2.9390  04/25/29   1,106,101 
 1,000,000   Freddie Mac Multifamily Structured Pass Through Certificates Series K-G02 A-2  2.4120  08/25/29   1,069,749 
               2,175,850 
     TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $2,049,634)   2,175,850 
                 
Principal
Amount ($)		      Coupon Rate (%)  Maturity  Fair Value 
     CONVERTIBLE BONDS — 10.0%           
     BIOTECH & PHARMA — 1.0%           
 3,600,000   Bridgebio Pharma, Inc.2  2.2500  02/01/29   3,494,425 
                 
     E-COMMERCE DISCRETIONARY — 1.5%           
 5,000,000   Wayfair, Inc.2  0.6250  10/01/25   5,350,000 
                 
     INTERNET MEDIA & SERVICES — 0.6%           
 1,490,000   Fiverr International Ltd.2,3  —  11/01/25   1,994,365 
                 
     MEDICAL EQUIPMENT & DEVICES — 1.5%           
 4,480,000   Exact Sciences Corporation  0.3750  03/01/28   5,560,800 
                 
     RENEWABLE ENERGY — 1.2%           
 4,463,000   Enphase Energy, Inc.2,3  —  03/01/26   4,384,898 
                 
     SOFTWARE — 4.2%           
 2,145,000   Five9, Inc.2  0.5000  06/01/25   3,181,303 
 5,910,000   Palo Alto Networks, Inc.  0.7500  07/01/23   8,628,599 
 3,260,000   RingCentral, Inc.3  —  03/01/25   3,616,563 
                 

See accompanying notes to financial statements.

E V E N T I D E   63
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Multi-Asset Income Fund
SCHEDULE OF INVESTMENTS (Continued) June 30, 2021

 

Principal
Amount ($)		             Coupon Rate (%)  Maturity  Fair Value 
     CONVERTIBLE BONDS — 10.0% (Continued)        
     SOFTWARE — 4.2% (Continued)           
                 $15,426,465 
     TOTAL CONVERTIBLE BONDS (Cost $33,698,240)      36,210,953 
                    
Principal
Amount ($)		      Spread  Coupon Rate (%)  Maturity  Fair Value 
     CORPORATE BONDS — 24.4%              
     ASSET MANAGEMENT — 1.3%              
 1,800,000   Calvert Impact Capital, Inc.1     0.5000  11/15/21   1,800,000 
 2,725,000   Charles Schwab Corporation (The)4  SOFRRATE + 0.520%  0.5400  05/13/26   2,739,609 
                  4,539,609 
     AUTOMOTIVE — 0.8%              
 1,670,000   BorgWarner, Inc.     2.6500  07/01/27   1,773,291 
 1,150,000   Dana, Inc.     4.2500  09/01/30   1,184,500 
                  2,957,791 
     BANKING — 3.7%              
 2,925,000   Bank of America Corporation4  US0003M + 0.870%  2.4560  10/22/25   3,062,874 
 2,325,000   First Horizon Corporation     3.5500  05/26/23   2,447,107 
 3,075,000   JPMorgan Chase & Company4  SOFRRATE + 0.600%  0.6530  09/16/24   3,077,809 
 2,875,000   National Bank of Canada4  H15T1Y + 0.400%  0.5500  11/15/24   2,865,286 
 925,000   Regions Financial Corporation     2.2500  05/18/25   964,413 
 1,400,000   Synovus Financial Corporation     3.1250  11/01/22   1,439,947 
                  13,857,436 
     BIOTECH & PHARMA — 0.3%              
 1,000,000   Zoetis, Inc.     3.2500  02/01/23   1,038,757 
                    
     CONSTRUCTION MATERIALS — 0.1%              
 300,000   Advanced Drainage Systems, Inc.2     5.0000  09/30/27   312,483 
                    
     CONTAINERS & PACKAGING — 0.2%              
 650,000   TriMas Corporation2     4.1250  04/15/29   659,672 
                    
     ELECTRIC & GAS MARKETING & TRADING — 0.5%              
 2,000,000   Southern Power Company     0.9000  01/15/26   1,965,263 
                    

See accompanying notes to financial statements.

E V E N T I D E   64
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Multi-Asset Income Fund
SCHEDULE OF INVESTMENTS (Continued) June 30, 2021

 

Principal
Amount ($)		          Spread  Coupon Rate (%)  Maturity  Fair Value 
     CORPORATE BONDS — 24.4% (Continued)              
     ELECTRIC UTILITIES — 4.5%              
 1,235,000   AES Corporation (The)2     1.3750  01/15/26  $1,223,987 
 1,850,000   Avangrid, Inc.     3.1500  12/01/24   1,980,199 
 500,000   CenterPoint Energy, Inc.4  SOFRRATE + 0.650%  0.6700  05/13/24   502,335 
 2,025,000   CMS Energy Corporation     3.8750  03/01/24   2,173,136 
 350,000   Duke Energy Carolinas, LLC     3.3500  05/15/22   359,812 
 600,000   Duke Energy Florida, LLC     2.5000  12/01/29   630,364 
 1,100,000   MidAmerican Energy Company     3.1000  05/01/27   1,204,466 
 925,000   National Rural Utilities Cooperative Finance Corporation     1.3500  03/15/31   860,143 
 315,000   NextEra Energy Capital Holdings, Inc.4  SOFRRATE + 0.540%  0.5650  03/01/23   316,776 
 2,400,000   NextEra Energy Capital Holdings, Inc.     1.9000  06/15/28   2,425,397 
 1,975,000   PPL Electric Utilities Corporation4  SOFRRATE + 0.330%  0.3800  06/24/24   1,976,600 
 1,200,000   TerraForm Power Operating, LLC2     5.0000  01/31/28   1,274,148 
 1,210,000   WEC Energy Group, Inc.     0.5500  09/15/23   1,210,048 
                  16,137,411 
     ELECTRICAL EQUIPMENT — 0.6%              
 975,000   Lennox International, Inc.     1.3500  08/01/25   982,491 
 1,150,000   Roper Technologies, Inc.     3.8000  12/15/26   1,284,917 
                  2,267,408 
     ENGINEERING & CONSTRUCTION — 0.8%              
 1,250,000   Installed Building Products, Inc.2     5.7500  02/01/28   1,320,387 
 1,325,000   MasTec, Inc.2     4.5000  08/15/28   1,397,649 
                  2,718,036 
     FOOD — 0.1%              
 400,000   Conagra Brands, Inc.     4.8500  11/01/28   476,998 
                    
     FORESTRY, PAPER & WOOD PRODUCTS — 0.3%              
 1,275,000   Louisiana-Pacific Corporation2     3.6250  03/15/29   1,284,575 
                    
     HEALTH CARE FACILITIES & SERVICES — 0.4%              
 1,325,000   Molina Healthcare, Inc.2     4.3750  06/15/28   1,383,962 
                    

See accompanying notes to financial statements.

E V E N T I D E   65
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Multi-Asset Income Fund
SCHEDULE OF INVESTMENTS (Continued) June 30, 2021

 

Principal
Amount ($)		          Spread  Coupon Rate (%)  Maturity  Fair Value 
     CORPORATE BONDS — 24.4% (Continued)              
     HOME & OFFICE PRODUCTS — 0.3%              
 1,000,000   Tempur Sealy International, Inc.2     4.0000  04/15/29  $1,015,590 
                    
     HOME CONSTRUCTION — 1.2%              
 2,100,000   Fortune Brands Home & Security, Inc.     4.0000  09/21/23   2,248,573 
 1,000,000   KB Home     6.8750  06/15/27   1,193,560 
 800,000   Meritage Homes Corporation     6.0000  06/01/25   914,852 
                  4,356,985 
     INDUSTRIAL SUPPORT SERVICES — 0.5%              
 500,000   Ashtead Capital, Inc.2     4.1250  08/15/25   512,813 
 800,000   United Rentals North America, Inc.     5.8750  09/15/26   829,916 
 500,000   United Rentals North America, Inc.     4.8750  01/15/28   531,280 
                  1,874,009 
     INSTITUTIONAL FINANCIAL SERVICES — 1.5%              
 1,000,000   Lazard Group, LLC     3.7500  02/13/25   1,092,734 
 3,050,000   Morgan Stanley4  SOFRRATE + 0.745%  0.8640  10/21/25   3,050,153 
 1,000,000   Nasdaq, Inc.     4.2500  06/01/24   1,094,348 
                  5,237,235 
     INSURANCE — 1.9%              
 1,015,000   Aflac, Inc.     1.1250  03/15/26   1,018,240 
 2,000,000   Brown & Brown, Inc.     4.2000  09/15/24   2,194,112 
 2,000,000   Pacific Life Global Funding II2     1.3750  04/14/26   2,005,956 
 750,000   Reinsurance Group of America, Inc.     3.9500  09/15/26   834,000 
 1,084,000   Unum Group     4.0000  03/15/24   1,169,483 
                  7,221,791 
     INTERNET MEDIA & SERVICES — 0.6%              
 1,875,000   VeriSign, Inc.     5.2500  04/01/25   2,131,763 
                    
     MACHINERY — 0.5%              
 500,000   Mueller Water Products, Inc.2     4.0000  06/15/29   514,435 
 1,375,000   Xylem, Inc.     1.9500  01/30/28   1,391,355 
                  1,905,790 
                    

See accompanying notes to financial statements.

E V E N T I D E   66
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Multi-Asset Income Fund
SCHEDULE OF INVESTMENTS (Continued) June 30, 2021

 

Principal
Amount ($)		          Spread  Coupon Rate (%)  Maturity  Fair Value 
     CORPORATE BONDS — 24.4% (Continued)              
     MEDICAL EQUIPMENT & DEVICES — 0.3%              
 1,100,000   Hill-Rom Holdings, Inc.2     4.3750  09/15/27  $1,142,257 
                    
     REAL ESTATE INVESTMENT TRUSTS — 2.4%              
 975,000   Alexandria Real Estate Equities, Inc.     3.8000  04/15/26   1,088,347 
 2,050,000   Equinix, Inc.     1.0000  09/15/25   2,037,680 
 1,400,000   HAT Holdings I, LLC / HAT Holdings II, LLC2     3.3750  06/15/26   1,412,250 
 985,000   Prologis, L.P.     1.2500  10/15/30   929,387 
 910,000   Public Storage4  SOFRRATE + 0.470%  0.4870  04/23/24   911,988 
 2,000,000   Welltower, Inc.     2.7000  02/15/27   2,126,603 
                  8,506,255 
     RETAIL - DISCRETIONARY — 0.3%              
 925,000   Penske Automotive Group, Inc.     3.5000  09/01/25   961,098 
                    
     SEMICONDUCTORS — 0.7%              
 1,185,000   Amkor Technology, Inc.2     6.6250  09/15/27   1,280,689 
 925,000   Synaptics, Inc.2     4.0000  06/15/29   930,781 
                  2,211,470 
     SOFTWARE — 0.2%              
 700,000   Open Text Corporation2     5.8750  06/01/26   726,061 
                    
     TECHNOLOGY SERVICES — 0.2%              
 900,000   Visa, Inc.     0.7500  08/15/27   874,083 
                    
     WHOLESALE - CONSUMER STAPLES — 0.2%              
 500,000   Sysco Corporation     2.4000  02/15/30   509,500 
                    
     TOTAL CORPORATE BONDS (Cost $87,833,051)     88,273,288 
                    
Principal
Amount ($)		         Coupon Rate (%)  Maturity  Fair Value 
     MUNICIPAL BONDS — 0.9%           
     COUNTY — 0.0%5              
 150,000   City & County of Honolulu, HI  2.5180  10/01/26   160,305 
                    

See accompanying notes to financial statements.

E V E N T I D E   67
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Multi-Asset Income Fund
SCHEDULE OF INVESTMENTS (Continued) June 30, 2021

 

Principal
Amount ($)		          Coupon Rate (%)  Maturity  Fair Value 
     MUNICIPAL BONDS — 0.9% (Continued)           
     MULTI-FAMILY HOUSING — 0.2%           
 500,000   New York City Housing Development Corporation  1.3500  11/01/26  $511,739 
 100,000   New York State Housing Finance Agency  0.6500  05/01/25   99,638 
               611,377 
     OTHER — 0.1%           
 425,000   California Municipal Finance Authority  1.4860  11/01/22   429,545 
                 
     RESOURCE RECOVERY — 0.0%5           
 100,000   City of Napa, CA Solid Waste Revenue  2.3300  08/01/25   104,854 
                 
     SINGLE-FAMILY HOUSING — 0.2%           
 200,000   Pennsylvania Housing Finance Agency  5.0000  04/01/23   216,225 
 505,000   Texas Department of Housing & Community Affairs  0.4500  01/01/24   505,523 
               721,748 
     STATE — 0.3%           
 200,000   State of Oregon  0.8950  05/01/25   201,418 
 250,000   State of Oregon  1.1850  05/01/26   252,742 
 500,000   State of Oregon  1.3150  05/01/27   503,991 
               958,151 
     WATER AND SEWER — 0.1%           
 200,000   City of Los Angeles, CA Wastewater System Revenue  3.6940  06/01/32   218,694 
                 
     TOTAL MUNICIPAL BONDS (Cost $3,147,895)   3,204,674 
                 
Principal
Amount ($)		      Coupon Rate (%)  Maturity  Fair Value 
     NON U.S. GOVERNMENT & AGENCIES — 0.4%           
     SUPRANATIONAL — 0.4%           
 1,325,000   European Investment Bank  2.5000  10/15/24   1,409,617 
                 
     TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $1,395,329)   1,409,617 
                 

See accompanying notes to financial statements.

E V E N T I D E   68
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Multi-Asset Income Fund
SCHEDULE OF INVESTMENTS (Continued) June 30, 2021

 

Principal
Amount ($)		          Coupon Rate (%)  Maturity  Fair Value 
     U.S. GOVERNMENT & AGENCIES — 10.2%           
     AGENCY FIXED RATE — 9.4%           
 284,676   Fannie Mae Pool FM1944  5.5000  11/01/25  $293,058 
 644,926   Fannie Mae Pool MA2915  3.0000  02/01/27   677,768 
 1,410,484   Fannie Mae Pool MA4263  1.5000  02/01/31   1,444,916 
 1,482,788   Fannie Mae Pool MA4284  1.5000  03/01/31   1,518,996 
 949,002   Fannie Mae Pool FM3333  2.0000  06/01/35   980,243 
 757,238   Fannie Mae Pool MA4095  2.0000  08/01/35   782,166 
 1,118,499   Fannie Mae Pool MA4154  1.5000  10/01/35   1,133,447 
 1,921,063   Fannie Mae Pool MA4260  1.5000  02/01/36   1,947,324 
 616,532   Fannie Mae Pool BM5466  2.5000  10/01/43   644,519 
 105,305   Fannie Mae Pool AL7767  4.5000  06/01/44   117,028 
 661,228   Fannie Mae Pool BM5975  3.0000  12/01/45   704,726 
 582,616   Fannie Mae Pool MA2806  3.0000  11/01/46   616,548 
 567,612   Fannie Mae Pool BM5976  3.0000  02/01/47   603,522 
 1,173,067   Fannie Mae Pool BP5878  2.5000  06/01/50   1,215,930 
 1,980,835   Fannie Mae Pool MA4096  2.5000  08/01/50   2,052,625 
 1,976,302   Fannie Mae Pool MA4306  2.5000  04/01/51   2,047,928 
 1,988,891   Fannie Mae Pool MA4326  2.5000  05/01/51   2,060,973 
 1,745,366   Fannie Mae Pool MA4327  3.0000  05/01/51   1,826,097 
 2,294,093   Fannie Mae Pool MA4356  2.5000  06/01/51   2,377,237 
 2,750,000   Fannie Mae Pool MA4379  2.5000  07/01/51   2,849,668 
 141,611   Freddie Mac Gold Pool G16544  4.0000  05/01/32   150,826 
 1,148,753   Freddie Mac Pool ZS9163  3.0000  09/01/33   1,230,689 
 1,939,298   Freddie Mac Pool SB8106  1.5000  06/01/36   1,965,274 
 920,210   Freddie Mac Pool ZS9382  3.0000  09/01/43   985,544 
 915,181   Freddie Mac Pool SD8089  2.5000  07/01/50   948,350 
 1,953,243   Freddie Mac Pool SD8122  2.5000  01/01/51   2,024,033 
 600,735   Ginnie Mae II Pool MA3375  3.0000  01/20/46   636,748 
               33,836,183 
     GOVERNMENT OWNED, NO GUARANTEE — 0.5%           
 1,000,000   Federal Home Loan Mortgage Corporation  0.6500  10/27/25   991,904 
 1,000,000   Federal National Mortgage Association  0.3100  02/02/24   998,376 
               1,990,280 
     GOVERNMENT SPONSORED — 0.3%           
 1,000,000   Federal Farm Credit Banks Funding Corporation  0.4800  03/03/25   994,592 
                 

See accompanying notes to financial statements.

E V E N T I D E   69
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Multi-Asset Income Fund
SCHEDULE OF INVESTMENTS (Continued) June 30, 2021

 

Principal
Amount ($)		          Coupon Rate (%)  Maturity  Fair Value 
     U.S. GOVERNMENT & AGENCIES — 10.2% (Continued)           
     TOTAL U.S. GOVERNMENT & AGENCIES (Cost $36,724,199)  $36,821,055 
                 
Shares             Fair Value 
     SHORT-TERM INVESTMENTS — 1.4%           
     MONEY MARKET FUNDS - 1.4%           
 102,083   Fidelity Government Portfolio, Institutional Class, 0.01%6   102,083 
 4,966,115   First American Government Obligations Fund, Class U, 0.03%6   4,966,115 
     TOTAL MONEY MARKET FUNDS (Cost $5,068,198)   5,068,198 
                 
     TOTAL SHORT-TERM INVESTMENTS (Cost $5,068,198)   5,068,198 
                 
     TOTAL INVESTMENTS - 94.9% (Cost $302,818,825)  $342,785,712 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 5.1%   8,325,834 
     NET ASSETS - 100.0%        $361,111,546 

 

ADR - American Depositary Receipt
   
LLC - Limited Liability Company
   
LP - Limited Partnership
   
LTD - Limited Company
   
PLC - Public Limited Company
   
REIT - Real Estate Investment Trust
   
H15T1Y US Treasury Yield Curve Rate T Note Constant Maturity 1 Year
   
SOFRRATE United States SOFR Secured Overnight Financing Rate
   
US0003M ICE LIBOR USD 3 Month

 

1.Illiquid security. The total fair value of these securities as of June 30, 2021 was $8,223,411, representing 2.28% of net assets.

 

2.Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2021 the total market value of 144A securities is 39,182,223 or 10.9% of net assets.

 

3.Zero coupon bond.

 

4.Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

 

5.Percentage rounds to less than 0.1%.

 

6.Rate disclosed is the seven day effective yield as of June 30, 2021.

 

See accompanying notes to financial statements.

E V E N T I D E   70
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Funds  
Statements of Assets and Liabilities June 30, 2021

 

   Eventide   Eventide   Eventide       Eventide 
   Core Bond   Dividend   Exponential   Eventide   Healthcare & 
   Fund   Opportunities Fund   Technologies Fund   Gilead Fund   Life Sciences Fund 
ASSETS                    
Investment securities:                         
Unaffiliated investments at cost  $120,647,248   $269,490,296   $95,553,414   $2,382,316,727   $1,066,873,346 
Affiliated investments at cost   —    —    —    80,479,182    430,505,446 
Investments at cost   120,647,248    269,490,296    95,553,414    2,462,795,909    1,497,378,792 
Unaffiliated investments at value  $119,601,050   $325,061,551   $120,492,333   $5,015,398,942   $1,469,464,714 
Affiliated investments at value   —    —    —    58,882,000    500,526,482 
Total investments at value   119,601,050    325,061,551    120,492,333    5,074,280,942    1,969,991,196 
Cash held at custodian   2,300,000    8,400,000    2,800,000    124,821,356    100,000,000 
Cash held at broker   —    100,410    —    11,711,841    45,242,586 
Deposits with broker for options   —    —    313,832    —    — 
Receivable for securities sold   —    —    —    —    4,983,404 
Receivable for Fund shares sold   330,496    1,564,790    697,540    9,990,060    3,009,359 
Dividends and interest receivable   561,695    196,669    10,856    895,372    1,097 
Prepaid expenses and other assets   12,999    43,774    37,258    204,005    147,955 
TOTAL ASSETS   122,806,240    335,367,194    124,351,819    5,221,903,576    2,123,375,597 
                          
LIABILITIES                         
Payable for investments purchased   1,127,702    4,896,546    1,922,064    —    6,981,143 
Payable for Fund shares repurchased   39,983    88,360    77    3,426,075    1,454,685 
Management fees payable   23,066    121,322    106,348    3,902,225    1,886,859 
Distribution (12b-1) fees payable   8,624    10,512    2,529    528,758    26,360 
Payable to related parties   17,854    29,553    15,903    401,212    185,303 
Accrued expenses and other liabilities   20,543    25,624    26,605    482,386    248,100 
TOTAL LIABILITIES   1,237,772    5,171,917    2,073,526    8,740,656    10,782,450 
NET ASSETS  $121,568,468   $330,195,277   $122,278,293   $5,213,162,920   $2,112,593,147 
                          
Composition of Net Assets:                         
Paid in capital  $123,201,786   $271,059,954   $96,490,741   $2,423,299,700   $1,527,507,799 
Accumulated earnings (losses)   (1,633,318)   59,135,323    25,787,552    2,789,863,220    585,085,348 
NET ASSETS  $121,568,468   $330,195,277   $122,278,293   $5,213,162,920   $2,112,593,147 

 

See accompanying notes to financial statements.

E V E N T I D E   71
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Funds  
Statements of Assets and Liabilities (Continued) June 30, 2021

 

   Eventide   Eventide   Eventide       Eventide 
   Core Bond   Dividend   Exponential   Eventide   Healthcare & 
   Fund   Opportunities Fund   Technologies Fund   Gilead Fund   Life Sciences Fund 
Net Asset Value Per Share:                    
Class N Shares:                    
Net Assets  $56,644,070   $70,565,846   $15,730,416   $827,811,256   $227,441,349 
Shares of beneficial interest outstanding1   5,861,069    4,449,830    824,486    11,841,384    4,923,593 
Net asset value (Net Assets ÷ Shares Outstanding), offering price, and redemption price per share2  $9.66   $15.86   $19.08   $69.91   $46.19 
                          
Class A Shares:                         
Net Assets  $383,750   $17,864,861   $7,661,870   $458,726,230   $191,709,333 
Shares of beneficial interest outstanding1   39,538    1,127,167    401,569    6,597,493    4,175,912 
Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share2  $9.71   $15.85   $19.08   $69.53   $45.91 
Maximum offering price per share (net asset value plus maximum sales charge of 5.75%)  $10.30   $16.82   $20.24   $73.77   $48.71 
                          
Class C Shares:                         
Net Assets  $163,213   $4,508,154   $2,065,388   $404,272,271   $120,351,235 
Shares of beneficial interest outstanding1   16,941    285,812    108,959    6,419,799    2,813,305 
Net asset value (Net Assets ÷ Shares Outstanding), offering price, and redemption price per share2  $9.63   $15.77   $18.96   $62.97   $42.78 
                          
Class I Shares:                         
Net Assets  $64,377,435   $237,256,416   $96,820,619   $3,522,353,163   $1,573,091,230 
Shares of beneficial interest outstanding1   6,662,640    14,950,143    5,062,832    49,163,814    33,440,238 
Net asset value (Net Assets ÷ Shares Outstanding), offering price, and redemption price per share2  $9.66   $15.87   $19.12   $71.65   $47.04 

 

1.Unlimited number of shares of beneficial interest authorized, no par value.

 

2.Redemptions made in the Eventide Exponential Technologies Fund less than 180 days of purchase may be assessed a redemption fee of 1.00%.

 

See accompanying notes to financial statements.

E V E N T I D E   72
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Funds  
Statements of Assets and Liabilities (Continued) June 30, 2021

 

   Eventide   Eventide 
   Limited-Term   Multi-Asset 
   Bond Fund   Income Fund 
ASSETS        
Investment securities:          
Unaffiliated investments at cost  $177,766,336   $302,818,825 
Unaffiliated investments at value  $178,128,592   $342,785,712 
Cash held at custodian   4,400,000    14,598,912 
Cash held at broker   —    104,006 
Receivable for securities sold   86    4,066,641 
Receivable for Fund shares sold   1,709,827    1,296,632 
Dividends and interest receivable   773,872    905,990 
Prepaid expenses and other assets   42,787    76,051 
TOTAL ASSETS   185,055,164    363,833,944 
           
LIABILITIES          
Payable for investments purchased   2,793,331    2,186,637 
Payable for Fund shares repurchased   38,290    294,247 
Management fees payable   44,097    138,451 
Distribution (12b-1) fees payable   1,360    19,106 
Payable to related parties   24,799    38,691 
Accrued expenses and other liabilities   17,458    45,266 
TOTAL LIABILITIES   2,919,335    2,722,398 
NET ASSETS  $182,135,829   $361,111,546 
           
Composition of Net Assets:          
Paid in capital  $181,845,290   $306,195,265 
Accumulated earnings   290,539    54,916,281 
NET ASSETS  $182,135,829   $361,111,546 

 

See accompanying notes to financial statements.

E V E N T I D E   73
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Funds  
Statements of Assets and Liabilities (Continued) June 30, 2021

 

   Eventide   Eventide 
   Limited-Term   Multi-Asset 
   Bond Fund   Income Fund 
Net Asset Value Per Share:        
Class N Shares:        
Net Assets  $6,906,212   $39,947,221 
Shares of beneficial interest outstanding1   658,593    2,810,750 
Net asset value (Net Assets ÷ Shares Outstanding), offering price, and redemption price per share  $10.49   $14.21 
           
Class A Shares:          
Net Assets  $29,596,174   $23,139,165 
Shares of beneficial interest outstanding1   2,815,597    1,626,731 
Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share  $10.51   $14.22 
Maximum offering price per share (net asset value plus maximum sales charge of 5.75%)  $11.15   $15.09 
           
Class C Shares:          
Net Assets  $1,544,652   $18,882,743 
Shares of beneficial interest outstanding1   147,897    1,334,639 
Net asset value (Net Assets ÷ Shares Outstanding), offering price, and redemption price per share  $10.44   $14.15 
           
Class I Shares:          
Net Assets  $144,088,791   $279,142,417 
Shares of beneficial interest outstanding1   13,405,382    19,635,572 
Net asset value (Net Assets ÷ Shares Outstanding), offering price, and redemption price per share  $10.75   $14.22 

 

1.Unlimited number of shares of beneficial interest authorized, no par value.

 

See accompanying notes to financial statements.

E V E N T I D E   74
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Funds  
Statements of Operations For the Period/Year Ended June 30, 2021

 

   Eventide   Eventide   Eventide       Eventide 
   Core Bond   Dividend   Exponential   Eventide   Healthcare & 
   Fund 1   Opportunities Fund   Technologies Fund 2   Gilead Fund   Life Sciences Fund 
INVESTMENT INCOME                         
Dividend income  $—   $2,468,606   $69,415   $19,828,958   $— 
Interest   973,957    28,212    1,567    557,614    67,124 
Less: Foreign dividend withholding taxes   —    (34,337)   —    (792,275)   (71,300)
TOTAL INVESTMENT INCOME   973,957    2,462,481    70,982    19,594,297    (4,176)
                          
EXPENSES                         
Advisory fees   261,400    1,256,111    610,465    40,283,773    22,274,450 
Distribution (12b-1) fees:                         
Class N   87,414    83,091    12,529    1,415,912    499,328 
Class A   542    20,358    7,880    963,861    497,634 
Class C   546    20,291    6,045    3,536,920    1,235,776 
Shareholder servicing fees   72,611    149,333    46,151    3,441,816    1,718,779 
Administrative fees   40,693    59,797    26,834    1,140,767    557,976 
Registration fees   33,175    64,825    61,525    183,900    143,750 
Management services fees   21,142    44,264    17,642    978,123    472,069 
Legal fees   18,814    14,130    13,758    11,470    21,402 
Printing and postage expenses   16,243    23,149    11,815    230,615    131,650 
Audit fees   14,250    12,250    12,255    27,000    19,000 
Transfer agent fees   13,847    36,603    18,152    315,642    176,981 
Compliance officer fees   9,593    10,922    8,190    111,789    57,276 
Trustees fees and expenses   9,190    12,160    9,188    12,931    12,386 
Custodian fees   5,701    10,354    9,733    222,092    107,177 
Insurance expense   1,535    3,286    1,368    78,510    40,165 
Other expenses   4,704    9,556    4,826    19,889    123,708 
TOTAL EXPENSES   611,400    1,830,480    878,356    52,975,010    28,089,507 
                          
Less: Fees waived/reimbursed by the Manager   (99,512)   (64,772)   (53,115)   —    — 
                          
NET EXPENSES   511,888    1,765,708    825,241    52,975,010    28,089,507 
                          
NET INVESTMENT INCOME (LOSS)   462,069    696,773    (754,259)   (33,380,713)   (28,093,683)
                          
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS                         
Net realized gain (loss) from:                         
Unaffiliated investments   (431,580)   7,623,200    1,703,362    262,166,606    263,610,098 
Affiliated investments   —    —    —    —    (5,307,748)
Securities sold short   —    —    —    (23,531,540)   — 
Foreign currency transactions   —    3    —    —    — 
Net realized gain (loss)   (431,580)   7,623,203    1,703,362    238,635,066    258,302,350 
Net change in unrealized appreciation (depreciation) on:                         
Unaffiliated investments   (1,046,198)   50,259,158    24,938,919    1,464,994,839    (130,917,378)
Affiliated investments (See Note 5)   —    —    —    (52,422,040)   48,698,928 
Unfunded commitment (see Note 7)   —    —    —    —    (77,000)
Foreign currency translations   —    10    —    —    — 
Net change in unrealized appreciation (depreciation)   (1,046,198)   50,259,168    24,938,919    1,412,572,799    (82,295,450)
                          
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS   (1,477,778)   57,882,371    26,642,281    1,651,207,865    176,006,900 
                          
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS  $(1,015,709)  $58,579,144   $25,888,022   $1,617,827,152   $147,913,217 

 

1Eventide Core Bond Fund commenced on July 31, 2020.

 

2Eventide Exponential Technologies Fund commenced on June 30, 2020.

 

See accompanying notes to financial statements.

E V E N T I D E   75
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Funds  
Statements of Operations For the Year Ended June 30, 2021

 

   Eventide   Eventide 
   Limited-Term   Multi-Asset 
   Bond Fund   Income Fund 
INVESTMENT INCOME          
Dividend income  $—   $2,350,429 
Interest   1,210,151    1,429,156 
Less: Foreign dividend withholding taxes   —    (51,931)
TOTAL INVESTMENT INCOME   1,210,151    3,727,654 
           
EXPENSES          
Advisory fees   372,233    1,377,857 
Distribution (12b-1) fees:          
Class N   23,084    57,354 
Class A   53,743    39,464 
Class C   11,320    132,363 
Shareholder servicing fees   104,403    177,075 
Administrative fees   63,946    94,987 
Registration fees   63,925    94,475 
Management services fees   30,945    57,820 
Legal fees   23,585    16,729 
Transfer agent fees   19,475    32,231 
Printing and postage expenses   18,067    37,329 
Audit fees   14,112    14,250 
Trustees fees and expenses   12,155    12,197 
Compliance officer fees   10,340    13,779 
Custodian fees   9,311    13,788 
Insurance expense   2,464    4,024 
Other expenses   10,669    7,121 
TOTAL EXPENSES   843,777    2,182,843 
           
Less: Fees waived/reimbursed by the Manager   (133,760)   (65,335)
           
NET EXPENSES   710,017    2,117,508 
           
NET INVESTMENT INCOME   500,134    1,610,146 
           
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS          
Net realized gain (loss) from:          
Investments   1,182,506    18,930,776 
Foreign currency transactions   —    (86)
Net realized gain   1,182,506    18,930,690 
Net change in unrealized appreciation (depreciation) on:          
Investments   (1,280,595)   28,048,298 
Foreign currency translations   —    572 
Net change in unrealized appreciation (depreciation)   (1,280,595)   28,048,870 
           
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS   (98,089)   46,979,560 
           
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS  $402,045   $48,589,706 

 

See accompanying notes to financial statements.

E V E N T I D E   76
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Core Bond Fund
STATEMENT OF CHANGES IN NET ASSETS

 

   For the 
   Period Ended 
   June 30, 2021 1 
FROM OPERATIONS     
Net investment income  $462,069 
Net realized loss from investments   (431,580)
Net change in unrealized depreciation on investments   (1,046,198)
Net decrease in net assets resulting from operations   (1,015,709)
      
DISTRIBUTIONS TO SHAREHOLDERS     
Total Distributions Paid     
Class N   (322,258)
Class A   (606)
Class C   (321)
Class I   (339,359)
Return of Capital     
Class N   (222,988)
Class A   (1,108)
Class C   (283)
Class I   (147,702)
Total distributions to shareholders   (1,034,625)
      
FROM SHARES OF BENEFICIAL INTEREST     
Proceeds from shares sold:     
Class N   67,145,992 
Class A   387,003 
Class C   168,997 
Class I   82,508,830 
Net asset value of shares issued in reinvestment of distributions:     
Class N   533,346 
Class A   1,683 
Class C   604 
Class I   477,898 
Payments for shares repurchased:     
Class N   (9,857,051)
Class C   (5,000)
Class I   (17,743,503)
Net increase in net assets from shares of beneficial interest   123,618,802 
      
TOTAL INCREASE IN NET ASSETS   121,568,468 
      
NET ASSETS     
Beginning of Period   — 
End of Period  $121,568,468 

 

1.Eventide Core Bond Fund commenced on July 31, 2020.

 

See accompanying notes to financial statements.

E V E N T I D E   77
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Core Bond Fund
STATEMENT OF CHANGES IN NET ASSETS (Continued)

 

   For the 
   Period Ended 
   June 30, 2021 1 
SHARE ACTIVITY     
Class N:     
Shares Sold   6,820,749 
Shares Reinvested   55,092 
Shares Repurchased   (1,014,772)
Net increase in shares of beneficial interest outstanding   5,861,069 
      
Class A:     
Shares Sold   39,365 
Shares Reinvested   173 
Net increase in shares of beneficial interest outstanding   39,538 
      
Class C:     
Shares Sold   17,398 
Shares Reinvested   63 
Shares Repurchased   (520)
Net increase in shares of beneficial interest outstanding   16,941 
      
Class I:     
Shares Sold   8,442,537 
Shares Reinvested   49,776 
Shares Repurchased   (1,829,673)
Net increase in shares of beneficial interest outstanding   6,662,640 

 

1.Eventide Core Bond Fund commenced on July 31, 2020.

 

See accompanying notes to financial statements.

E V E N T I D E   78
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Dividend Opportunities Fund
STATEMENTS OF CHANGES IN NET ASSETS

 

   For the   For the 
   Year Ended   Year Ended 
   June 30, 2021   June 30, 2020 
FROM OPERATIONS          
Net investment income  $696,773   $337,657 
Net realized gain (loss) from investments   7,623,203    (2,115,764)
Net change in unrealized appreciation on investments   50,259,168    4,508,376 
Net increase in net assets resulting from operations   58,579,144    2,730,269 
           
DISTRIBUTIONS TO SHAREHOLDERS          
Total Distributions Paid          
Class N   (459,803)   (85,975)
Class A   (94,676)   (12,551)
Class C   (11,690)   (3,003)
Class I   (1,538,899)   (111,972)
Return of Capital          
Class N   —    (106,946)
Class A   —    (17,705)
Class C   —    (2,253)
Class I   —    (272,411)
Total distributions to shareholders   (2,105,068)   (612,816)
           
FROM SHARES OF BENEFICIAL INTEREST          
Proceeds from shares sold:          
Class N   53,167,267    16,652,395 
Class A   13,025,847    2,390,226 
Class C   3,363,245    320,594 
Class I   201,466,237    47,673,793 
Net asset value of shares issued in reinvestment of distributions:          
Class N   434,911    179,791 
Class A   89,617    27,549 
Class C   10,600    4,509 
Class I   1,388,798    263,108 
Payments for shares repurchased:          
Class N   (15,941,402)   (6,532,626)
Class A   (1,123,710)   (361,342)
Class C   (342,763)   (85,563)
Class I   (49,435,208)   (11,676,517)
Net increase in net assets from shares of beneficial interest   206,103,439    48,855,917 
           
TOTAL INCREASE IN NET ASSETS   262,577,515    50,973,370 
           
NET ASSETS          
Beginning of Year   67,617,762    16,644,392 
End of Year  $330,195,277   $67,617,762 
           

 

See accompanying notes to financial statements.

E V E N T I D E   79
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Dividend Opportunities Fund
STATEMENTS OF CHANGES IN NET ASSETS (Continued)

 

   For the   For the 
   Year Ended   Year Ended 
   June 30, 2021   June 30, 2020 
SHARE ACTIVITY          
Class N:          
Shares Sold   3,822,544    1,604,918 
Shares Reinvested   30,288    17,301 
Shares Repurchased   (1,109,803)   (615,120)
Net increase in shares of beneficial interest outstanding   2,743,029    1,007,099 
           
Class A:          
Shares Sold   908,333    232,645 
Shares Reinvested   6,142    2,660 
Shares Repurchased   (80,119)   (34,874)
Net increase in shares of beneficial interest outstanding   834,356    200,431 
           
Class C:          
Shares Sold   233,407    30,918 
Shares Reinvested   734    435 
Shares Repurchased   (24,208)   (7,730)
Net increase in shares of beneficial interest outstanding   209,933    23,623 
           
Class I:          
Shares Sold   14,366,398    4,488,755 
Shares Reinvested   94,156    25,485 
Shares Repurchased   (3,648,467)   (1,137,521)
Net increase in shares of beneficial interest outstanding   10,812,087    3,376,719 
           

 

See accompanying notes to financial statements.

E V E N T I D E   80
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Exponential Technologies Fund
STATEMENT OF CHANGES IN NET ASSETS

 

   For the 
   Year Ended 
   June 30, 20211 
FROM OPERATIONS     
Net investment loss  $(754,259)
Net realized gain from investments   1,703,362 
Net change in unrealized appreciation on investments   24,938,919 
Net increase in net assets resulting from operations   25,888,022 
      
DISTRIBUTIONS TO SHAREHOLDERS     
Total Distributions Paid     
Class N   (3,796)
Class A   (2,461)
Class C   (370)
Class I   (47,116)
Total distributions to shareholders   (53,743)
      
FROM SHARES OF BENEFICIAL INTEREST     
Proceeds from shares sold:     
Class N   13,563,942 
Class A   6,681,313 
Class C   1,760,426 
Class I   97,765,316 
Net asset value of shares issued in reinvestment of distributions:     
Class N   3,785 
Class A   2,328 
Class C   194 
Class I   46,277 
Redemption fee proceeds:     
Class N   6,474 
Class A   3,033 
Class C   534 
Class I   46,292 
Payments for shares repurchased:     
Class N   (563,492)
Class A   (410,975)
Class C   (12)
Class I   (22,461,421)
Net increase in net assets from shares of beneficial interest   96,444,014 
      
TOTAL INCREASE IN NET ASSETS   122,278,293 
      
NET ASSETS     
Beginning of Year   — 
End of Year  $122,278,293 

 

1.Eventide Exponential Technologies Fund commenced on June 30, 2020.

 

See accompanying notes to financial statements.

E V E N T I D E   81
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Exponential Technologies Fund
STATEMENT OF CHANGES IN NET ASSETS (Continued)

 

   For the 
   Year Ended 
   June 30, 20211 
SHARE ACTIVITY     
Class N:     
Shares Sold   858,364 
Shares Reinvested   240 
Shares Repurchased   (34,118)
Net increase in shares of beneficial interest outstanding   824,486 
      
Class A:     
Shares Sold   425,592 
Shares Reinvested   148 
Shares Repurchased   (24,171)
Net increase in shares of beneficial interest outstanding   401,569 
      
Class C:     
Shares Sold   108,948 
Shares Reinvested   12 
Shares Repurchased   1 
Net increase in shares of beneficial interest outstanding   108,959 
      
Class I:     
Shares Sold   6,448,395 
Shares Reinvested   2,931 
Shares Repurchased   (1,388,494)
Net increase in shares of beneficial interest outstanding   5,062,832 

 

1.Eventide Exponential Technologies Fund commenced on June 30, 2020.

 

See accompanying notes to financial statements.

E V E N T I D E   82
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Gilead Fund
STATEMENTS OF CHANGES IN NET ASSETS

 

   For the   For the 
   Year Ended   Year Ended 
   June 30, 2021   June 30, 2020 
FROM OPERATIONS          
Net investment loss  $(33,380,713)  $(15,181,574)
Net realized gain (loss) from investments, securities sold short and options written   238,635,066    (7,976,967)
Net change in unrealized appreciation on investments   1,412,572,799    468,884,941 
Net increase in net assets resulting from operations   1,617,827,152    445,726,400 
           
DISTRIBUTIONS TO SHAREHOLDERS          
Total Distributions Paid          
Class N   (5,970,623)   (15,790,226)
Class A   (3,250,044)   (8,342,448)
Class C   (3,300,616)   (8,983,382)
Class I   (22,743,540)   (47,276,336)
Total distributions to shareholders   (35,264,823)   (80,392,392)
           
FROM SHARES OF BENEFICIAL INTEREST          
Proceeds from shares sold:          
Class N   192,820,137    134,334,676 
Class A   83,212,273    52,413,566 
Class C   45,676,213    28,867,225 
Class I   1,181,762,348    673,393,422 
Net asset value of shares issued in reinvestment of distributions:          
Class N   5,589,536    14,446,702 
Class A   2,926,932    7,291,642 
Class C   3,181,501    8,577,560 
Class I   19,752,008    40,684,962 
Payments for shares repurchased:          
Class N   (186,452,826)   (296,708,818)
Class A   (73,359,102)   (66,120,145)
Class C   (65,078,369)   (43,766,605)
Class I   (716,792,666)   (436,306,119)
Net increase in net assets from shares of beneficial interest   493,237,985    117,108,068 
           
TOTAL INCREASE IN NET ASSETS   2,075,800,314    482,442,076 
           
NET ASSETS          
Beginning of Year   3,137,362,606    2,654,920,530 
End of Year  $5,213,162,920   $3,137,362,606 
           

 

See accompanying notes to financial statements.

E V E N T I D E   83
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Gilead Fund
STATEMENTS OF CHANGES IN NET ASSETS (Continued)

 

   For the   For the 
   Year Ended   Year Ended 
   June 30, 2021   June 30, 2020 
SHARE ACTIVITY        
Class N:          
Shares Sold   3,215,074    3,398,037 
Shares Reinvested   87,886    358,924 
Shares Repurchased   (3,123,395)   (7,407,929)
Net increase (decrease) in shares of beneficial interest outstanding   179,565    (3,650,968)
           
Class A:          
Shares Sold   1,368,159    1,298,125 
Shares Reinvested   46,261    182,018 
Shares Repurchased   (1,232,038)   (1,657,391)
Net increase (decrease) in shares of beneficial interest outstanding   182,382    (177,248)
           
Class C:          
Shares Sold   827,815    788,726 
Shares Reinvested   55,292    233,466 
Shares Repurchased   (1,212,358)   (1,206,250)
Net decrease in shares of beneficial interest outstanding   (329,251)   (184,058)
           
Class I:          
Shares Sold   19,100,844    16,572,379 
Shares Reinvested   303,363    989,420 
Shares Repurchased   (11,654,262)   (10,795,668)
Net increase in shares of beneficial interest outstanding   7,749,945    6,766,131 
           

 

See accompanying notes to financial statements.

E V E N T I D E   84
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Healthcare & Life Sciences Fund
STATEMENTS OF CHANGES IN NET ASSETS

 

   For the   For the 
   Year Ended   Year Ended 
   June 30, 2021   June 30, 2020 
FROM OPERATIONS          
Net investment loss  $(28,093,683)  $(16,185,121)
Net realized gain from investments   258,302,350    11,796,449 
Net change in unrealized appreciation (depreciation) on investments   (82,295,450)   312,680,177 
Net increase in net assets resulting from operations   147,913,217    308,291,505 
           
DISTRIBUTIONS TO SHAREHOLDERS          
Class N   (9,647,055)   (3,559,934)
Class A   (7,687,684)   (3,322,892)
Class C   (5,173,596)   (2,284,943)
Class I   (54,725,127)   (17,082,445)
Total distributions to shareholders   (77,233,462)   (26,250,214)
           
FROM SHARES OF BENEFICIAL INTEREST          
Proceeds from shares sold:          
Class N   76,993,620    137,084,236 
Class A   45,117,249    38,286,542 
Class C   31,524,982    16,960,832 
Class I   721,921,602    482,305,852 
Net asset value of shares issued in reinvestment of distributions:          
Class N   9,043,907    3,230,263 
Class A   6,612,901    2,890,392 
Class C   4,970,800    2,125,066 
Class I   38,688,881    12,912,269 
Redemption fee proceeds:          
Class N   11,990    95,683 
Class A   9,523    80,223 
Class C   5,389    50,592 
Class I   58,207    431,237 
Payments for shares repurchased:          
Class N   (103,035,810)   (90,766,352)
Class A   (44,660,132)   (39,110,040)
Class C   (25,096,454)   (21,406,649)
Class I   (351,928,327)   (279,342,660)
Net increase in net assets from shares of beneficial interest   410,238,328    265,827,486 
           
TOTAL INCREASE IN NET ASSETS   480,918,083    547,868,777 
           
NET ASSETS          
Beginning of Year   1,631,675,064    1,083,806,287 
End of Year  $2,112,593,147   $1,631,675,064 
           

 

See accompanying notes to financial statements.

E V E N T I D E   85
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Healthcare & Life Sciences Fund
STATEMENTS OF CHANGES IN NET ASSETS (Continued)

 

   For the   For the 
   Year Ended   Year Ended 
   June 30, 2021   June 30, 2020 
SHARE ACTIVITY        
Class N:          
Shares Sold   1,557,411    3,685,599 
Shares Reinvested   163,720    80,939 
Shares Repurchased   (2,138,910)   (2,578,490)
Net increase (decrease) in shares of beneficial interest outstanding   (417,779)   1,188,048 
           
Class A:          
Shares Sold   907,462    1,047,185 
Shares Reinvested   120,432    72,806 
Shares Repurchased   (916,229)   (1,114,696)
Net increase in shares of beneficial interest outstanding   111,665    5,295 
           
Class C:          
Shares Sold   687,765    498,801 
Shares Reinvested   96,746    56,653 
Shares Repurchased   (540,421)   (603,070)
Net increase (decrease) in shares of beneficial interest outstanding   244,090    (47,616)
           
Class I:          
Shares Sold   14,318,390    13,331,631 
Shares Reinvested   688,414    318,900 
Shares Repurchased   (7,030,013)   (7,785,089)
Net increase in shares of beneficial interest outstanding   7,976,791    5,865,442 
           

 

See accompanying notes to financial statements.

E V E N T I D E   86
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Limited-Term Bond Fund
STATEMENTS OF CHANGES IN NET ASSETS

 

   For the   For the 
   Year Ended   Year Ended 
   June 30, 2021   June 30, 2020 
FROM OPERATIONS          
Net investment income  $500,134   $667,949 
Net realized gain from investments   1,182,506    28,058 
Net change in unrealized appreciation (depreciation) on investments   (1,280,595)   1,334,256 
Net increase in net assets resulting from operations   402,045    2,030,263 
           
DISTRIBUTIONS TO SHAREHOLDERS          
Total Distributions Paid          
Class N   (133,419)   (290,729)
Class A   (265,549)   (250,954)
Class C   (8,454)   (1,851)
Class I   (1,099,179)   (189,176)
Return of Capital          
Class N   (45,054)   (70,271)
Class A   (84,255)   (22,179)
Class C   (4,468)   (648)
Class I   (302,154)   (53,761)
Total distributions to shareholders   (1,942,532)   (879,569)
           
FROM SHARES OF BENEFICIAL INTEREST          
Proceeds from shares sold:          
Class N   14,270,540    41,350,706 
Class A   31,460,204    8,999,487 
Class C   2,001,451    423,480 
Class I   155,897,030    37,139,054 
Net asset value of shares issued in reinvestment of distributions:          
Class N   168,388    327,319 
Class A   344,028    267,570 
Class C   12,608    2,168 
Class I   1,232,507    220,429 
Payments for shares repurchased:          
Class N   (45,531,212)   (5,856,973)
Class A   (14,746,081)   (10,689,609)
Class C   (847,888)   (99,440)
Class I   (40,678,757)   (12,099,715)
Net increase in net assets from shares of beneficial interest   103,582,818    59,984,476 
           
TOTAL INCREASE IN NET ASSETS   102,042,331    61,135,170 
           
NET ASSETS          
Beginning of Year   80,093,498    18,958,328 
End of Year  $182,135,829   $80,093,498 
           

 

See accompanying notes to financial statements.

E V E N T I D E   87
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Limited-Term Bond Fund
STATEMENTS OF CHANGES IN NET ASSETS (Continued)

 

   For the   For the 
   Year Ended   Year Ended 
   June 30, 2021   June 30, 2020 
SHARE ACTIVITY          
Class N:          
Shares Sold   1,344,093    3,944,452 
Shares Reinvested   15,879    31,111 
Shares Repurchased   (4,275,787)   (562,912)
Net increase (decrease) in shares of beneficial interest outstanding   (2,915,815)   3,412,651 
           
Class A:          
Shares Sold   2,965,865    855,930 
Shares Reinvested   32,464    25,445 
Shares Repurchased   (1,390,929)   (1,015,182)
Net increase (decrease) in shares of beneficial interest outstanding   1,607,400    (133,807)
           
Class C:          
Shares Sold   189,346    40,239 
Shares Reinvested   1,195    207 
Shares Repurchased   (80,469)   (9,524)
Net increase in shares of beneficial interest outstanding   110,072    30,922 
           
Class I:          
Shares Sold   14,394,806    3,453,073 
Shares Reinvested   113,884    20,477 
Shares Repurchased   (3,752,820)   (1,127,711)
Net increase in shares of beneficial interest outstanding   10,755,870    2,345,839 
           

 

See accompanying notes to financial statements.

E V E N T I D E   88
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Multi-Asset Income Fund
STATEMENTS OF CHANGES IN NET ASSETS

 

   For the   For the 
   Year Ended   Year Ended 
   June 30, 2021   June 30, 2020 
FROM OPERATIONS          
Net investment income  $1,610,146   $1,893,437 
Net realized gain (loss) from investments   18,930,690    (1,201,911)
Net change in unrealized appreciation on investments   28,048,870    8,201,833 
Net increase in net assets resulting from operations   48,589,706    8,893,359 
           
DISTRIBUTIONS TO SHAREHOLDERS          
Total Distributions Paid          
Class N   (435,050)   (227,546)
Class A   (232,854)   (113,782)
Class C   (106,698)   (55,884)
Class I   (2,941,218)   (1,115,115)
Return of Capital          
Class N   —    (250,303)
Class A   —    (132,332)
Class C   —    (66,682)
Class I   —    (1,222,038)
Total distributions to shareholders   (3,715,820)   (3,183,682)
           
FROM SHARES OF BENEFICIAL INTEREST          
Proceeds from shares sold:          
Class N   28,353,223    12,780,530 
Class A   11,815,100    4,564,245 
Class C   10,797,252    3,552,934 
Class I   167,708,325    71,655,886 
Net asset value of shares issued in reinvestment of distributions:          
Class N   377,931    386,479 
Class A   211,608    206,918 
Class C   91,156    99,981 
Class I   2,483,792    1,673,076 
Payments for shares repurchased:          
Class N   (13,962,839)   (11,564,960)
Class A   (2,705,184)   (3,361,542)
Class C   (2,714,033)   (2,003,821)
Class I   (34,717,110)   (46,827,596)
Net increase in net assets from shares of beneficial interest   167,739,221    31,162,130 
           
TOTAL INCREASE IN NET ASSETS   212,613,107    36,871,807 
           
NET ASSETS          
Beginning of Year   148,498,439    111,626,632 
End of Year  $361,111,546   $148,498,439 
           

 

See accompanying notes to financial statements.

E V E N T I D E   89
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Multi-Asset Income Fund
STATEMENTS OF CHANGES IN NET ASSETS (Continued)

 

   For the   For the 
   Year Ended   Year Ended 
   June 30, 2021   June 30, 2020 
SHARE ACTIVITY          
Class N:          
Shares Sold   2,120,840    1,145,087 
Shares Reinvested   28,652    34,811 
Shares Repurchased   (1,048,409)   (1,039,930)
Net increase in shares of beneficial interest outstanding   1,101,083    139,968 
           
Class A:          
Shares Sold   882,483    411,856 
Shares Reinvested   16,099    18,634 
Shares Repurchased   (208,786)   (302,900)
Net increase in shares of beneficial interest outstanding   689,796    127,590 
           
Class C:          
Shares Sold   819,044    315,979 
Shares Reinvested   7,020    9,040 
Shares Repurchased   (204,908)   (181,651)
Net increase in shares of beneficial interest outstanding   621,156    143,368 
           
Class I:          
Shares Sold   12,420,609    6,429,635 
Shares Reinvested   187,803    150,588 
Shares Repurchased   (2,665,175)   (4,184,893)
Net increase in shares of beneficial interest outstanding   9,943,237    2,395,330 
           

 

See accompanying notes to financial statements.

E V E N T I D E   90
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Core Bond Fund
FINANCIAL HIGHLIGHTS
 
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period Presented

 

   Class N 
   Period Ended 
   June 30, 2021 * 
Net asset value, beginning of period  $10.00 
Activity from investment operations:     
Net investment income 1   0.05 
Net realized and unrealized loss on investments   (0.29)
Total from investment operations   (0.24)
Less distributions from:     
Net investment income   (0.05)
Return of capital   (0.05)
Total distributions   (0.10)
Net asset value, end of period  $9.66 
Total return 2   (2.39)% 5
Net assets, at end of period (000s)  $56,644 
Ratio of gross expenses to average net assets before expense reimbursement 3, 4   0.89% 6
Ratio of net expenses to average net assets after expense reimbursement 4   0.78% 6
Ratio of net investment income to average net assets 4   0.53% 6
Portfolio Turnover Rate   52% 5

 

 

*Eventide Core Bond Fund commenced on July 31, 2020.

 

1.Per share amounts calculated using the average shares method.

 

2.Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the manager not waived a portion of the Fund’s expenses in certain periods, total returns would have been lower.

 

3.Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the manager.

 

4.The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

 

5.Not annualized.

 

6.Annualized.

 

See accompanying notes to financial statements.

E V E N T I D E   91
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Core Bond Fund
FINANCIAL HIGHLIGHTS
 
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period Presented

 

   Class A 
   Period Ended 
   June 30, 2021 * 
Net asset value, beginning of period  $10.00 
Activity from investment operations:     
Net investment income 1   0.05 
Net realized and unrealized loss on investments   (0.27)
Total from investment operations   (0.22)
Less distributions from:     
Net investment income   (0.02)
Return of capital   (0.05)
Total distributions   (0.07)
Net asset value, end of period  $9.71 
Total return 2   (2.28)% 5
Net assets, at end of period (000s)  $384 
Ratio of gross expenses to average net assets before expense reimbursement 3, 4   0.94% 6
Ratio of net expenses to average net assets after expense reimbursement 4   0.83% 6
Ratio of net investment income to average net assets 4   0.51% 6
Portfolio Turnover Rate   52% 5

  

 

*Eventide Core Bond Fund commenced on July 31, 2020.

 

1.Per share amounts calculated using the average shares method.

 

2.Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the manager not waived a portion of the Fund’s expenses in certain periods, total returns would have been lower.

 

3.Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the manager.

 

4.The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

 

5.Not annualized.

 

6.Annualized.

 

See accompanying notes to financial statements. 

E V E N T I D E   92
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Core Bond Fund
FINANCIAL HIGHLIGHTS
 
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period Presented

  

   Class C 
   Period Ended 
   June 30, 2021 * 
Net asset value, beginning of period  $10.00 
Activity from investment operations:     
Net investment loss 1   (0.02)
Net realized and unrealized loss on investments   (0.28)
Total from investment operations   (0.30)
Less distributions from:     
Net investment income   (0.02)
Return of capital   (0.05)
Total distributions   (0.07)
Net asset value, end of period  $9.63 
Total return 2   (3.02)% 5
Net assets, at end of period (000s)  $163 
Ratio of gross expenses to average net assets before expense reimbursement 3, 4   1.69% 6
Ratio of net expenses to average net assets after expense reimbursement 4   1.58% 6
Ratio of net investment income to average net assets 4   (0.20)% 6
Portfolio Turnover Rate   52% 5

 

 

*Eventide Core Bond Fund commenced on July 31, 2020.

 

1.Per share amounts calculated using the average shares method.

 

2.Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the manager not waived a portion of the Fund’s expenses in certain periods, total returns would have been lower.

 

3.Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the manager.

 

4.The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

 

5.Not annualized.

 

6.Annualized.

 

See accompanying notes to financial statements.

E V E N T I D E   93
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Core Bond Fund
FINANCIAL HIGHLIGHTS
 
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period Presented

  

   Class I 
   Period Ended 
   June 30, 2021 * 
Net asset value, beginning of period  $10.00 
Activity from investment operations:     
Net investment income 1   0.07 
Net realized and unrealized loss on investments   (0.29)
Total from investment operations   (0.22)
Less distributions from:     
Net investment income   (0.07)
Return of capital   (0.05)
Total distributions   (0.12)
Net asset value, end of period  $9.66 
Total return 2   (2.24)% 5
Net assets, at end of period (000s)  $64,377 
Ratio of gross expenses to average net assets before expense reimbursement 3, 4   0.69% 6
Ratio of net expenses to average net assets after expense reimbursement 4   0.58% 6
Ratio of net investment income to average net assets 4   0.80% 6
Portfolio Turnover Rate   52% 5

 

 

*Eventide Core Bond Fund commenced on July 31, 2020.

 

1.Per share amounts calculated using the average shares method.

 

2.Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the manager not waived a portion of the Fund’s expenses in certain periods, total returns would have been lower.

 

3.Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the manager.

 

4.The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

 

5.Not annualized.

 

6.Annualized.

 

See accompanying notes to financial statements. 

E V E N T I D E   94
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Dividend Opportunities Fund
FINANCIAL HIGHLIGHTS
 
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Periods Presented

  

   Class N 
   Year Ended   Year Ended   Year Ended   Period Ended 
   June 30, 2021   June 30, 2020   June 30, 2019   June 30, 2018 * 
Net asset value, beginning of period  $10.88   $10.37   $9.66   $10.00 
Activity from investment operations:                    
Net investment income 1   0.04    0.11    0.22    0.33 
Net realized and unrealized gain (loss) on investments   5.08    0.57    0.66    (0.52)
Total from investment operations   5.12    0.68    0.88    (0.19)
Less distributions from:                    
Net investment income   (0.14)   (0.04)   (0.16)   (0.14)
Net realized gains   —    —    —    (0.01)
Return of capital   —    (0.13)   (0.01)   — 
Total distributions   (0.14)   (0.17)   (0.17)   (0.15)
Net asset value, end of period  $15.86   $10.88   $10.37   $9.66 
Total return 2   47.21%   6.60%   9.20%   (1.87)% 5
Net assets, at end of period (000s)  $70,566   $18,576   $7,254   $4,929 
Ratio of gross expenses to average net assets before expense reimbursement 3, 4   1.19%   1.50%   2.00%   3.30% 6
Ratio of net expenses to average net assets after expense reimbursement 4   1.15%   1.15%   1.15%   1.15% 6
Ratio of net investment income to average net assets 4   0.27%   1.01%   2.25%   4.43% 6
Portfolio Turnover Rate   35%   90%   50%   13% 5

 

 

*Eventide Dividend Opportunities Fund commenced on September 29, 2017.

 

1.Per share amounts calculated using the average shares method.

 

2.Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the manager not waived a portion of the Fund’s expenses in certain periods, total returns would have been lower.

 

3.Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the manager.

 

4.The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

 

5.Not annualized.

 

6.Annualized.

 

See accompanying notes to financial statements.

E V E N T I D E   95
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Dividend Opportunities Fund
FINANCIAL HIGHLIGHTS
 
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Periods Presented

 

   Class A 
   Year Ended   Year Ended   Year Ended   Period Ended 
   June 30, 2021   June 30, 2020   June 30, 2019   June 30, 2018 * 
Net asset value, beginning of period  $10.87   $10.36   $9.65   $10.00 
Activity from investment operations:                    
Net investment income 1   0.03    0.09    0.22    0.27 
Net realized and unrealized gain (loss) on investments   5.08    0.58    0.65    (0.47)
Total from investment operations   5.11    0.67    0.87    (0.20)
Less distributions from:                    
Net investment income   (0.13)   (0.04)   (0.15)   (0.14)
Net realized gains   —    —    —    (0.01)
Return of capital   —    (0.12)   (0.01)   — 
Total distributions   (0.13)   (0.16)   (0.16)   (0.15)
Net asset value, end of period  $15.85   $10.87   $10.36   $9.65 
Total return 2   47.22%   6.55%   9.15%   (2.01)% 5
Net assets, at end of period (000s)  $17,865   $3,184   $957   $511 
Ratio of gross expenses to average net assets before expense reimbursement 3, 4   1.24%   1.55%   2.05%   3.35% 6
Ratio of net expenses to average net assets after expense reimbursement 4   1.20%   1.20%   1.20%   1.20% 6
Ratio of net investment income to average net assets 4   0.22%   0.89%   2.28%   3.58% 6
Portfolio Turnover Rate   35%   90%   50%   13% 5

 

 

*Eventide Dividend Opportunities Fund commenced on September 29, 2017.

 

1.Per share amounts calculated using the average shares method.

 

2.Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the manager not waived a portion of the Fund’s expenses in certain periods, total returns would have been lower.

 

3.Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the manager.

 

4.The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

 

5.Not annualized.

 

6.Annualized.

 

See accompanying notes to financial statements. 

E V E N T I D E   96
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Dividend Opportunities Fund
FINANCIAL HIGHLIGHTS
 
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Periods Presented

 

   Class C 
   Year Ended   Year Ended   Year Ended   Period Ended 
   June 30, 2021   June 30, 2020   June 30, 2019   June 30, 2018 * 
Net asset value, beginning of period  $10.86   $10.35   $9.66   $10.00 
Activity from investment operations:                    
Net investment income (loss) 1   (0.08)   0.03    0.15    0.25 
Net realized and unrealized gain (loss) on investments   5.06    0.56    0.65    (0.49)
Total from investment operations   4.98    0.59    0.80    (0.24)
Less distributions from:                    
Net investment income   (0.07)   (0.00)7   (0.10)   (0.09)
Net realized gains   —    —    —    (0.01)
Return of capital   —    (0.08)   (0.01)   — 
Total distributions   (0.07)   (0.08)   (0.11)   (0.10)
Net asset value, end of period  $15.77   $10.86   $10.35   $9.66 
Total return 2   45.93%   5.78%   8.34%   (2.37)% 5
Net assets, at end of period (000s)  $4,508   $824   $541   $299 
Ratio of gross expenses to average net assets before expense reimbursement 3, 4   1.99%   2.30%   2.80%   4.10% 6
Ratio of net expenses to average net assets after expense reimbursement 4   1.95%   1.95%   1.95%   1.95% 6
Ratio of net investment income (loss) to average net assets 4   (0.53)%   0.25%   1.53%   3.39% 6
Portfolio Turnover Rate   35%   90%   50%   13% 5

 

 

*Eventide Dividend Opportunities Fund commenced on September 29, 2017.

 

1.Per share amounts calculated using the average shares method.

 

2.Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the manager not waived a portion of the Fund’s expenses in certain periods, total returns would have been lower.

 

3.Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the manager.

 

4.The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

  

5.Not annualized.

 

6.Annualized.

 

7.Amount represents less than $0.01 per share.

 

See accompanying notes to financial statements. 

E V E N T I D E   97
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Dividend Opportunities Fund
FINANCIAL HIGHLIGHTS
 
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Periods Presented

 

   Class I 
   Year Ended   Year Ended   Year Ended   Period Ended 
   June 30, 2021   June 30, 2020   June 30, 2019   June 30, 2018 * 
Net asset value, beginning of period  $10.88   $10.37   $9.67   $10.00 
Activity from investment operations:                    
Net investment income 1   0.07    0.12    0.24    0.26 
Net realized and unrealized gain (loss) on investments   5.07    0.57    0.66    (0.43)
Total from investment operations   5.14    0.69    0.90    (0.17)
Less distributions from:                    
Net investment income   (0.15)   (0.05)   (0.19)   (0.15)
Net realized gains   —    —    —    (0.01)
Return of capital   —    (0.13)   (0.01)   — 
Total distributions   (0.15)   (0.18)   (0.20)   (0.16)
Net asset value, end of period  $15.87   $10.88   $10.37   $9.67 
Total return 2   47.49%   6.79%   9.40%   (1.68)% 5
Net assets, at end of period (000s)  $237,256   $45,034   $7,892   $5,438 
Ratio of gross expenses to average net assets before expense reimbursement 3, 4   0.99%   1.30%   1.80%   3.10% 6
Ratio of net expenses to average net assets after expense reimbursement 4   0.95%   0.95%   0.95%   0.95% 6
Ratio of net investment income to average net assets 4   0.48%   1.16%   2.47%   3.35% 6
Portfolio Turnover Rate   35%   90%   50%   13% 5

 

 

*Eventide Dividend Opportunities Fund commenced on September 29, 2017.

 

1.Per share amounts calculated using the average shares method.

 

2.Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the manager not waived a portion of the Fund’s expenses in certain periods, total returns would have been lower.

 

3.Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the manager.

 

4.The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

 

5.Not annualized.

 

6.Annualized.

 

See accompanying notes to financial statements. 

E V E N T I D E   98
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Exponential Technologies Fund
FINANCIAL HIGHLIGHTS
 
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Year Presented

 

   Class N 
   Year Ended 
   June 30, 2021 * 
Net asset value, beginning of year  $10.00 
Activity from investment operations:     
Net investment loss 1   (0.25)
Net realized and unrealized gain on investments   9.33 
Total from investment operations   9.08 
Less distributions from:     
Net realized gains   (0.02)
Total distributions   (0.02)
Paid-in-capital from redemption fees 1   0.02 
Net asset value, end of year  $19.08 
Total return 2   91.00%
Net assets, at end of year (000s)  $15,730 
Ratio of gross expenses to average net assets before expense reimbursement 3, 4   1.73%
Ratio of net expenses to average net assets after expense reimbursement 4   1.63%
Ratio of net investment loss to average net assets 4   (1.50)%
Portfolio Turnover Rate   60%

 

 

*Eventide Exponential Technologies Fund commenced on June 30, 2020.

 

1.Per share amounts calculated using the average shares method.

 

2..Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the manager not waived a portion of the Fund’s expenses in certain periods, total returns would have been lower.

 

3Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the manager.

 

4The ratios of expenses to average net assets and net investment loss to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

 

See accompanying notes to financial statements. 

E V E N T I D E   99
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Exponential Technologies Fund
FINANCIAL HIGHLIGHTS
 
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Year Presented

  

   Class A 
   Year Ended 
   June 30, 2021 * 
Net asset value, beginning of year  $10.00 
Activity from investment operations:     
Net investment loss 1   (0.26)
Net realized and unrealized gain on investments   9.34 
Total from investment operations   9.08 
Less distributions from:     
Net realized gains   (0.02)
Total distributions   (0.02)
Paid-in-capital from redemption fees 1   0.02 
Net asset value, end of year  $19.08 
Total return 2   91.00%
Net assets, at end of year (000s)  $7,662 
Ratio of gross expenses to average net assets before expense reimbursement 3, 4   1.78%
Ratio of net expenses to average net assets after expense reimbursement 4   1.68%
Ratio of net investment loss to average net assets 4   (1.55)%
Portfolio Turnover Rate   60%

 

 

*Eventide Exponential Technologies Fund commenced on June 30, 2020.

 

1.Per share amounts calculated using the average shares method.

 

2.Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the manager not waived a portion of the Fund’s expenses in certain periods, total returns would have been lower.

 

3.Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the manager.

 

4.The ratios of expenses to average net assets and net investment loss to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

 

See accompanying notes to financial statements.

E V E N T I D E   100
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Exponential Technologies Fund
FINANCIAL HIGHLIGHTS
 
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Year Presented

  

   Class C 
   Year Ended 
   June 30, 2021 * 
Net asset value, beginning of year  $10.00 
Activity from investment operations:     
Net investment loss 1   (0.38)
Net realized and unrealized gain on investments   9.35 
Total from investment operations   8.97 
Less distributions from:     
Net realized gains   (0.02)
Total distributions   (0.02)
Paid-in-capital from redemption fees 1   0.01 
Net asset value, end of year  $18.96 
Total return 2   89.80%
Net assets, at end of year (000s)  $2,065 
Ratio of gross expenses to average net assets before expense reimbursement 3, 4   2.53%
Ratio of net expenses to average net assets after expense reimbursement 4   2.43%
Ratio of net investment loss to average net assets 4   (2.30)%
Portfolio Turnover Rate   60%

 

 

*Eventide Exponential Technologies Fund commenced on June 30, 2020.

 

1.Per share amounts calculated using the average shares method.

 

2.Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the manager not waived a portion of the Fund’s expenses in certain periods, total returns would have been lower.

 

3.Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the manager.

 

4.The ratios of expenses to average net assets and net investment loss to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

 

See accompanying notes to financial statements. 

E V E N T I D E   101
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Exponential Technologies Fund
FINANCIAL HIGHLIGHTS
 
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Year Presented

  

   Class I 
   Year Ended 
   June 30, 2021 * 
Net asset value, beginning of year  $10.00 
Activity from investment operations:     
Net investment loss 1   (0.22)
Net realized and unrealized gain on investments   9.34 
Total from investment operations   9.12 
Less distributions from:     
Net realized gains   (0.02)
Total distributions   (0.02)
Paid-in-capital from redemption fees 1   0.02 
Net asset value, end of year  $19.12 
Total return 2   91.40%
Net assets, at end of year (000s)  $96,821 
Ratio of gross expenses to average net assets before expense reimbursement 3, 4   1.53%
Ratio of net expenses to average net assets after expense reimbursement 4   1.43%
Ratio of net investment loss to average net assets 4   (1.30)%
Portfolio Turnover Rate   60%

 

 

*Eventide Exponential Technologies Fund commenced on June 30, 2020.

 

1.Per share amounts calculated using the average shares method.

 

2.Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the manager not waived a portion of the Fund’s expenses in certain periods, total returns would have been lower.

 

3.Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the manager.

 

4.The ratios of expenses to average net assets and net investment loss to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

 

See accompanying notes to financial statements. 

E V E N T I D E   102
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Gilead Fund
FINANCIAL HIGHLIGHTS
 
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each of the Years Presented

  

   Class N 
   Year Ended   Year Ended   Year Ended   Year Ended   Year Ended 
   June 30, 2021   June 30, 2020   June 30, 2019   June 30, 2018   June 30, 2017 
Net asset value, beginning of year  $47.16   $41.75   $37.80   $29.99   $23.38 
Activity from investment operations:                         
Net investment loss 1   (0.51)   (0.25)   (0.14)   (0.06)   (0.02)
Net realized and unrealized gain on investments   23.77    6.98    5.80    7.87    6.63 
Total from investment operations   23.26    6.73    5.66    7.81    6.61 
Less distributions from:                         
Net realized gains   (0.51)   (1.32)   (1.71)   —    — 
Total distributions   (0.51)   (1.32)   (1.71)   —    — 
Net asset value, end of year  $69.91   $47.16   $41.75   $37.80   $29.99 
Total return 2   49.43%   16.63%   16.41%   26.04%   28.27%
Net assets, at end of year (000s)  $827,811   $549,944   $639,372   $435,526   $327,587 
Ratio of net expenses to average net assets 3   1.31%   1.38%   1.39%   1.39%   1.40%
Ratio of net investment loss to average net assets 3, 4   (0.85)%   (0.62)%   (0.37)%   (0.16)%   (0.06)%
Portfolio Turnover Rate   19%   36%   38%   24%   26%

 

 

1.Per share amounts calculated using the average shares method.

 

2.Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any.

 

3.The ratios of expenses to average net assets and net investment loss to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

 

4.Recognition of net investment loss is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

 

See accompanying notes to financial statements. 

E V E N T I D E   103
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Gilead Fund
FINANCIAL HIGHLIGHTS
 
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each of the Years Presented

  

   Class A 
   Year Ended   Year Ended   Year Ended   Year Ended   Year Ended 
   June 30, 2021   June 30, 2020   June 30, 2019   June 30, 2018   June 30, 2017 
Net asset value, beginning of year  $46.92   $41.57   $37.66   $29.89   $23.32 
Activity from investment operations:                         
Net investment loss 1   (0.54)   (0.27)   (0.16)   (0.07)   (0.03)
Net realized and unrealized gain on investments   23.66    6.94    5.78    7.84    6.60 
Total from investment operations   23.12    6.67    5.62    7.77    6.57 
Less distributions from:                         
Net realized gains   (0.51)   (1.32)   (1.71)   —    — 
Total distributions   (0.51)   (1.32)   (1.71)   —    — 
Net asset value, end of year  $69.53   $46.92   $41.57   $37.66   $29.89 
Total return 2   49.39%   16.58%   16.36%   26.00%   28.17%
Net assets, at end of year (000s)  $458,726   $301,013   $274,059   $274,257   $452,153 
Ratio of net expenses to average net assets 3   1.36%   1.43%   1.44%   1.44%   1.45%
Ratio of net investment loss to average net assets 3, 4   (0.91)%   (0.69)%   (0.44)%   (0.21)%   (0.12)%
Portfolio Turnover Rate   19%   36%   38%   24%   26%

 

 

1.Per share amounts calculated using the average shares method.

 

2.Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any, and also does not reflect the impact of sales charges.

 

3.The ratios of expenses to average net assets and net investment loss to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

 

4.Recognition of net investment loss is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

 

See accompanying notes to financial statements. 

E V E N T I D E   104
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Gilead Fund
FINANCIAL HIGHLIGHTS
 
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each of the Years Presented

  

   Class C 
   Year Ended   Year Ended   Year Ended   Year Ended   Year Ended 
   June 30, 2021   June 30, 2020   June 30, 2019   June 30, 2018   June 30, 2017 
Net asset value, beginning of year  $42.86   $38.37   $35.16   $28.12   $22.10 
Activity from investment operations:                         
Net investment loss 1   (0.89)   (0.53)   (0.41)   (0.31)   (0.21)
Net realized and unrealized gain on investments   21.51    6.34    5.33    7.35    6.23 
Total from investment operations   20.62    5.81    4.92    7.04    6.02 
Less distributions from:                         
Net realized gains   (0.51)   (1.32)   (1.71)   —    — 
Total distributions   (0.51)   (1.32)   (1.71)   —    — 
Net asset value, end of year  $62.97   $42.86   $38.37   $35.16   $28.12 
Total return 2   48.23%   15.71%   15.51%   25.04%   27.24%
Net assets, at end of year (000s)  $404,272   $289,242   $266,001   $230,290   $190,858 
Ratio of net expenses to average net assets 3   2.11%   2.18%   2.19%   2.19%   2.20%
Ratio of net investment loss to average net assets 3, 4   (1.65)%   (1.42)%   (1.17)%   (0.96)%   (0.86)%
Portfolio Turnover Rate   19%   36%   38%   24%   26%

 

 

1.Per share amounts calculated using the average shares method.

 

2.Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any.

 

3.The ratios of expenses to average net assets and net investment loss to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

 

4.Recognition of net investment loss is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

 

See accompanying notes to financial statements. 

E V E N T I D E   105
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Gilead Fund
FINANCIAL HIGHLIGHTS
 
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each of the Years Presented

  

   Class I 
   Year Ended   Year Ended   Year Ended   Year Ended   Year Ended 
   June 30, 2021   June 30, 2020   June 30, 2019   June 30, 2018   June 30, 2017 
Net asset value, beginning of year  $48.22   $42.59   $38.44   $30.43   $23.68 
Activity from investment operations:                         
Net investment income (loss) 1   (0.40)   (0.18)   (0.07)   0.01    0.04 
Net realized and unrealized gain on investments   24.34    7.13    5.93    8.00    6.71 
Total from investment operations   23.94    6.95    5.86    8.01    6.75 
Less distributions from:                         
Net realized gains   (0.51)   (1.32)   (1.71)   —    — 
Total distributions   (0.51)   (1.32)   (1.71)   —    — 
Net asset value, end of year  $71.65   $48.22   $42.59   $38.44   $30.43 
Total return 2   49.76%   16.85%   16.66%   26.32%   28.51%
Net assets, at end of year (000s)  $3,522,353   $1,997,163   $1,475,489   $968,578   $399,169 
Ratio of net expenses to average net assets 3   1.11%   1.18%   1.19%   1.19%   1.20%
Ratio of net investment income (loss) to average net assets 3, 4   (0.65)%   (0.43)%   (0.17)%   0.03%   0.14%
Portfolio Turnover Rate   19%   36%   38%   24%   26%

 

 

1.Per share amounts calculated using the average shares method.

 

2.Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any.

 

3.The ratios of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

 

4.Recognition of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

 

See accompanying notes to financial statements. 

E V E N T I D E   106
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Healthcare & Life Sciences Fund
FINANCIAL HIGHLIGHTS
 
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each of the Years Presented

  

   Class N 
   Year Ended   Year Ended   Year Ended   Year Ended   Year Ended 
   June 30, 2021   June 30, 2020   June 30, 2019   June 30, 2018   June 30, 2017 
Net asset value, beginning of year  $43.33   $35.51   $34.52   $23.41   $18.70 
Activity from investment operations:                         
Net investment loss 1   (0.72)   (0.52)   (0.46)   (0.40)   (0.30)
Net realized and unrealized gain on investments   5.52    9.19    3.39    11.87    5.01 
Total from investment operations   4.80    8.67    2.93    11.47    4.71 
Less distributions from:                         
Net realized gains   (1.94)   (0.87)   (1.98)   (0.37)   — 
Total distributions   (1.94)   (0.87)   (1.98)   (0.37)   — 
Paid-in-capital from redemption fees 1   0.00 6   0.02    0.04    0.01    0.00 6
Net asset value, end of year  $46.19   $43.33   $35.51   $34.52   $23.41 
Total return 2   10.34%   24.68%   10.38% 5   49.45% 5   25.19%
Net assets, at end of year (000s)  $227,441   $231,460   $147,468   $93,030   $37,369 
Ratio of net expenses to average net assets 3   1.48%   1.50%   1.49%   1.50% 4   1.54%
Ratio of net investment loss to average net assets 3   (1.47)%   (1.44)%   (1.38)%   (1.35)% 4   (1.42)%
Portfolio Turnover Rate   62%   33%   53%   43%   27%

 

 

1.Per share amounts calculated using the average shares method.

 

2.Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any.

 

3.The ratios of expenses to average net assets and net investment loss to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

 

4.The ratios include 0.01% for the year ended June 30, 2018 attributed to interest expense.

 

5.Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

 

6.Amount represents less than $0.01 per share.

 

See accompanying notes to financial statements. 

E V E N T I D E   107
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Healthcare & Life Sciences Fund
FINANCIAL HIGHLIGHTS
 
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each of the Years Presented

  

   Class A 
   Year Ended   Year Ended   Year Ended   Year Ended   Year Ended 
   June 30, 2021   June 30, 2020   June 30, 2019   June 30, 2018   June 30, 2017 
Net asset value, beginning of year  $43.10   $35.33   $34.40   $23.33   $18.65 
Activity from investment operations:                         
Net investment loss 1   (0.74)   (0.53)   (0.48)   (0.40)   (0.31)
Net realized and unrealized gain on investments   5.49    9.15    3.35    11.83    4.99 
Total from investment operations   4.75    8.62    2.87    11.43    4.68 
Less distributions from:                         
Net realized gains   (1.94)   (0.87)   (1.98)   (0.37)   — 
Total distributions   (1.94)   (0.87)   (1.98)   (0.37)   — 
Paid-in-capital from redemption fees 1   0.00 6   0.02    0.04    0.01    0.00 6
Net asset value, end of year  $45.91   $43.10   $35.33   $34.40   $23.33 
Total return 2   10.28%   24.67%   10.24% 5   49.45% 5   25.09%
Net assets, at end of year (000s)  $191,709   $175,151   $143,407   $133,329   $138,722 
Ratio of net expenses to average net assets 3   1.53%   1.55%   1.54%   1.55% 4   1.59%
Ratio of net investment loss to average net assets 3   (1.52)%   (1.49)%   (1.43)%   (1.40)% 4   (1.47)%
Portfolio Turnover Rate   62%   33%   53%   43%   27%

 

 

1.Per share amounts calculated using the average shares method.

 

2.Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any, and also does not reflect the impact of sales charges.

 

3.The ratios of expenses to average net assets and net investment loss to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

 

4.The ratios include 0.01% for the year ended June 30, 2018 attributed to interest expense.

 

5.Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

 

6.Amount represents less than $0.01 per share.

 

See accompanying notes to financial statements. 

E V E N T I D E   108
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Healthcare & Life Sciences Fund
FINANCIAL HIGHLIGHTS
 
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each of the Years Presented

  

   Class C 
   Year Ended   Year Ended   Year Ended   Year Ended   Year Ended 
   June 30, 2021   June 30, 2020   June 30, 2019   June 30, 2018   June 30, 2017 
Net asset value, beginning of year  $40.56   $33.54   $33.00   $22.57   $18.18 
Activity from investment operations:                         
Net investment loss 1   (1.04)   (0.76)   (0.69)   (0.60)   (0.45)
Net realized and unrealized gain on investments   5.20    8.63    3.17    11.39    4.84 
Total from investment operations   4.16    7.87    2.48    10.79    4.39 
Less distributions from:                         
Net realized gains   (1.94)   (0.87)   (1.98)   (0.37)   — 
Total distributions   (1.94)   (0.87)   (1.98)   (0.37)   — 
Paid-in-capital from redemption fees 1   0.00 6   0.02    0.04    0.01    0.00 6
Net asset value, end of year  $42.78   $40.56   $33.54   $33.00   $22.57 
Total return 2   9.45%   23.70%   9.50% 5   48.27% 5   24.15%
Net assets, at end of year (000s)  $120,351   $104,202   $87,773   $75,025   $48,916 
Ratio of net expenses to average net assets 3   2.28%   2.30%   2.29%   2.30% 4   2.34%
Ratio of net investment loss to average net assets 3   (2.27)%   (2.23)%   (2.18)%   (2.15)% 4   (2.22)%
Portfolio Turnover Rate   62%   33%   53%   43%   27%

 

 

1.Per share amounts calculated using the average shares method.

 

2.Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any.

 

3.The ratios of expenses to average net assets and net investment loss to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

 

4.The ratios include 0.01% for the year ended June 30, 2018 attributed to interest expense.

 

5.Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

 

6.Amount represents less than $0.01 per share.

 

See accompanying notes to financial statements. 

E V E N T I D E   109
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Healthcare & Life Sciences Fund
FINANCIAL HIGHLIGHTS
 
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each of the Years Presented

  

   Class I 
   Year Ended   Year Ended   Year Ended   Year Ended   Year Ended 
   June 30, 2021   June 30, 2020   June 30, 2019   June 30, 2018   June 30, 2017 
Net asset value, beginning of year  $44.02   $35.98   $34.88   $23.60   $18.82 
Activity from investment operations:                         
Net investment loss 1   (0.64)   (0.46)   (0.40)   (0.34)   (0.26)
Net realized and unrealized gain on investments   5.60    9.35    3.44    11.98    5.04 
Total from investment operations   4.96    8.89    3.04    11.64    4.78 
Less distributions from:                         
Net realized gains   (1.94)   (0.87)   (1.98)   (0.37)   — 
Total distributions   (1.94)   (0.87)   (1.98)   (0.37)   — 
Paid-in-capital from redemption fees 1   0.00 6   0.02    0.04    0.01    0.00 6
Net asset value, end of year  $47.04   $44.02   $35.98   $34.88   $23.60 
Total return 2   10.54%   24.97%   10.60% 5   49.77% 5   25.40%
Net assets, at end of year (000s)  $1,573,091   $1,120,862   $705,159   $389,458   $131,304 
Ratio of net expenses to average net assets 3   1.28%   1.30%   1.29%   1.30% 4   1.34%
Ratio of net investment loss to average net assets 3   (1.28)%   (1.24)%   (1.19)%   (1.15)% 4   (1.23)%
Portfolio Turnover Rate   62%   33%   53%   43%   27%

 

 

1.Per share amounts calculated using the average shares method.

 

2.Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any.

 

3.The ratios of expenses to average net assets and net investment loss to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

 

4.The ratios include 0.01% for the year ended June 30, 2018 attributed to interest expense.

 

5.Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

 

6.Amount represents less than $0.01 per share.

 

See accompanying notes to financial statements. 

E V E N T I D E   110
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Limited-Term Bond Fund
FINANCIAL HIGHLIGHTS
 
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each of the Periods Presented

  

   Class N 
   Year Ended   Year Ended   Period Ended 
   June 30, 2021   June 30, 2020   June 30, 2019 * 
Net asset value, beginning of period  $10.62   $10.38   $10.03 
Activity from investment operations:               
Net investment income 1   0.06    0.15    0.12 
Net realized and unrealized gain (loss) on investments   (0.01)   0.30    0.34 
Total from investment operations   0.05    0.45    0.46 
Less distributions from:               
Net investment income   (0.07)   (0.19)   (0.11)
Net realized gains   (0.07)   —    — 
Return of capital   (0.04)   (0.02)   — 
Total distributions   (0.18)   (0.21)   (0.11)
Net asset value, end of period  $10.49   $10.62   $10.38 
Total return 2   0.48%   4.37%   4.64% 4
Net assets, at end of period (000s)  $6,906   $37,973   $1,680 
Ratio of gross expenses to average net assets before expense reimbursement 3   0.86%   1.11%   2.41% 5
Ratio of net expenses to average net assets after expense reimbursement   0.75%   0.75%   0.98% 5
Ratio of net investment income to average net assets   0.54%   1.44%   2.20% 5
Portfolio Turnover Rate   72%   59%   60% 4

 

 

*Eventide Limited-Term Bond Fund Class N commenced on December 14, 2018.

 

1.Per share amounts calculated using the average shares method.

 

2.Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the manager not waived a portion of the Fund’s expenses in certain periods, total returns would have been lower.

 

3.Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements/recapture by the manager.

 

4.Not annualized.

 

5.Annualized.

 

See accompanying notes to financial statements. 

E V E N T I D E   111
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Limited-Term Bond Fund
FINANCIAL HIGHLIGHTS
 
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each of the Periods Presented

  

   Class A 
   Year   Year   Period   Year   Year   Year 
   Ended   Ended   Ended   Ended   Ended   Ended 
   June 30,   June 30,   June 30,   October 31,   October 31,   October 31, 
   2021   2020   2019*   2018   2017   2016 
Net asset value, beginning of period  $10.65   $10.41   $10.06   $10.44   $10.48   $10.45 
Activity from investment operations:                              
Net investment income 1   0.03    0.17    0.14    0.19    0.19    0.21 
Net realized and unrealized gain (loss) on investments   0.014    0.27    0.37    (0.35)   (0.04)   0.02 
Total from investment operations   0.04    0.44    0.51    (0.16)   0.15    0.23 
Less distributions from:                              
Net investment income   (0.07)   (0.18)   (0.16)   (0.20)   (0.19)   (0.20)
Net realized gains   (0.07)   —    —    (0.02)   —    — 
Return of capital   (0.04)   (0.02)   —    —    —    — 
Total distributions   (0.18)   (0.20)   (0.16)   (0.22)   (0.19)   (0.20)
Paid-in-capital from redemption fees 1   —    —    —    0.00 5   0.00 5   0.00 5
Net asset value, end of period  $10.51   $10.65   $10.41   $10.06   $10.44   $10.48 
Total return 2   0.45%   4.30%   5.08% 6   (1.52)%   1.49%   2.25%
Net assets, at end of period (000s)  $29,596   $12,873   $13,977   $17,191   $25,479   $23,962 
Ratio of gross expenses to average net assets before expense reimbursement 3   0.91%   1.16%   2.09% 7   1.62%   1.58%   1.51%
Ratio of net expenses to average net assets after expense reimbursement   0.80%   0.80%   1.08% 7   1.25%   1.25%   1.25%
Ratio of net investment income to average net assets   0.27%   1.63%   2.05% 7   1.89%   1.84%   1.99%
Portfolio Turnover Rate   72%   59%   60% 6   27%   49%   52%

 

 

*Represents the period November 1, 2018 through June 30, 2019. See Note 1.

 

1.Per share amounts calculated using the average shares method.

 

2.Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the manager not waived a portion of the Fund’s expenses in certain periods, total returns would have been lower.

 

3.Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the manager.

 

4.Due to the timing of shareholder transactions, and allocations of expenses among share classes, the per unit amounts presented may not coincide with the aggregate presentation on the Statements of Operations.

 

5.Amount represents less than $0.01 per share.

 

6.Not annualized.

 

7.Annualized.

 

See accompanying notes to financial statements. 

E V E N T I D E   112
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Limited-Term Bond Fund
FINANCIAL HIGHLIGHTS
 
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each of the Periods Presented

  

   Class C 
   Year Ended   Year Ended   Period Ended 
   June 30, 2021   June 30, 2020   June 30, 2019 * 
Net asset value, beginning of period  $10.60   $10.37   $10.03 
Activity from investment operations:               
Net investment income 1   (0.05)   (0.01)   0.07 
Net realized and unrealized gain on investments   0.01 4   0.37    0.35 
Total from investment operations   (0.04)   0.36    0.42 
Less distributions from:               
Net investment income   (0.01)   (0.10)   (0.08)
Net realized gains   (0.07)   —    — 
Return of capital   (0.04)   (0.03)   — 
Total distributions   (0.12)   (0.13)   (0.08)
Net asset value, end of period  $10.44   $10.60   $10.37 
Total return 2   (0.38)%   3.50%   4.24% 5
Net assets, at end of period (000s)  $1,545   $401   $72 
Ratio of gross expenses to average net assets before expense reimbursement 3   1.66%   1.91%   3.21% 6
Ratio of net expenses to average net assets after expense reimbursement   1.55%   1.55%   1.78% 6
Ratio of net investment income to average net assets   (0.50)%   (0.08)%   1.45% 6
Portfolio Turnover Rate   72%   59%   60% 5

 

 

*Eventide Limited-Term Bond Fund Class C commenced on December 14, 2018.

 

1.Per share amounts calculated using the average shares method.

 

2.Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the manager not waived a portion of the Fund’s expenses in certain periods, total returns would have been lower.

 

3.Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements/recapture by the manager.

 

4.Due to the timing of shareholder transactions, and allocations of expenses among share classes, the per unit amounts presented may not coincide with the aggregate presentation on the Statements of Operations.

 

5.Not annualized.

 

6.Annualized.

 

See accompanying notes to financial statements. 

E V E N T I D E   113
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Limited-Term Bond Fund
FINANCIAL HIGHLIGHTS
 
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each of the Periods Presented

  

   Class I 
   Year   Year   Period   Year   Year   Year 
   Ended   Ended   Ended   Ended   Ended   Ended 
   June 30,   June 30,   June 30,   October 31,   October 31,   October 31, 
   2021   2020   2019*   2018   2017   2016 
Net asset value, beginning of period  $10.89   $10.64   $10.27   $10.63   $10.51   $10.40 
Activity from investment operations:                              
Net investment income 1   0.05    0.17    0.16    0.22    0.15    0.13 
Net realized and unrealized gain (loss) on investments   0.014    0.31    0.38    (0.36)   (0.02)   0.02 
Total from investment operations   0.06    0.48    0.54    (0.14)   0.13    0.15 
Less distributions from:                              
Net investment income   (0.09)   (0.21)   (0.17)   (0.20)   (0.01)   (0.04)
Net realized gains   (0.07)   —    —    (0.02)   —    — 
Return of capital   (0.04)   (0.02)   —    —    —    — 
Total distributions   (0.20)   (0.23)   (0.17)   (0.22)   (0.01)   (0.04)
Paid-in-capital from redemption fees   —    —    —    (0.00) 5   (0.00) 5   (0.00) 5
Net asset value, end of period  $10.75   $10.89   $10.64   $10.27   $10.63   $10.51 
Total return 2   0.65%   4.58%   5.30% 6   (1.31)%   1.20%   1.41%
Net assets, at end of period (000s)  $144,089   $28,847   $3,230   $1,030   $889   $1,141 
Ratio of gross expenses to average net assets before expense reimbursement 3   0.66%   0.91%   1.97% 7   1.38%   1.97%   2.26%
Ratio of net expenses to average net assets after expense reimbursement   0.55%   0.55%   0.81% 7   1.00%   1.64%   2.00%
Ratio of net investment income to average net assets   0.49%   1.58%   2.30% 7   2.10%   1.41%   1.24%
Portfolio Turnover Rate   72%   59%   60% 6   27%   49%   52%

 

 

*Represents the period November 1, 2018 through June 30, 2019. See Note 1.

 

1.Per share amounts calculated using the average shares method.

 

2.Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the manager not waived a portion of the Fund’s expenses in certain periods, total returns would have been lower.

 

3.Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the manager.

 

4.Due to the timing of shareholder transactions, and allocations of expenses among share classes, the per unit amounts presented may not coincide with the aggregate presentation on the Statements of Operations.

 

5.Amount represents less than $0.01 per share.

 

6.Not annualized.

 

7.Annualized.

 

See accompanying notes to financial statements. 

E V E N T I D E   114
 
A N N U A L  R E P O R TJune 30, 2021
Eventide Multi-Asset Income Fund
FINANCIAL HIGHLIGHTS
 
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each of the Years Presented

  

   Class N 
   Year Ended   Year Ended   Year Ended   Year Ended   Year Ended 
   June 30, 2021   June 30, 2020   June 30, 2019   June 30, 2018   June 30, 2017 
Net asset value, beginning of year  $11.38   $10.90   $10.58   $11.05   $10.32 
Activity from investment operations:                         
Net investment income 1   0.08    0.17    0.28    0.34    0.26 
Net realized and unrealized gain (loss) on investments   2.95    0.59    0.39    (0.30)   0.79 
Total from investment operations   3.03    0.76    0.67    0.04    1.05 
Less distributions from:                         
Net investment income   (0.18)   (0.14)   (0.22)   (0.36)   (0.29)
Net realized gains   (0.02)   —    (0.03)   (0.15)   (0.03)
Return of capital   —    (0.14)   (0.10)   —    — 
Total distributions   (0.20)   (0.28)   (0.35)   (0.51)   (0.32)
Net asset value, end of year  $14.21   $11.38   $10.90   $10.58   $11.05 
Total return 2   26.81%   7.03%   6.61%   0.29%   10.29%
Net assets, at end of year (000s)  $39,947   $19,454   $17,104   $17,028   $10,823 
Ratio of gross expenses to average net assets before expense reimbursement 3, 4   1.05%   1.19%   1.30%   1.29% 6   1.37%
Ratio of net expenses to average net assets after expense reimbursement 4   1.02%   1.10%   1.15%   1.16% 6   1.15%
Ratio of net investment income to average net assets 4, 5   0.59%   1.44%   2.71%   3.05% 6   2.46%
Portfolio Turnover Rate   73%   110%   79%   29%   38%

 

 

1.Per share amounts calculated using the average shares method.

 

2.Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the manager not waived a portion of the Fund’s expenses in certain periods, total returns would have been lower.

 

3.Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the manager.

 

4.The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

 

5.Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

 

6.The ratios include 0.01% for the year ended June 30, 2018 attributed to interest expense.

 

See accompanying notes to financial statements. 

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Eventide Multi-Asset Income Fund
FINANCIAL HIGHLIGHTS
 
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each of the Years Presented

  

   Class A 
   Year Ended   Year Ended   Year Ended   Year Ended   Year Ended 
   June 30, 2021   June 30, 2020   June 30, 2019   June 30, 2018   June 30, 2017 
Net asset value, beginning of year  $11.38   $10.89   $10.57   $11.05   $10.32 
Activity from investment operations:                         
Net investment income 1   0.07    0.16    0.28    0.30    0.25 
Net realized and unrealized gain (loss) on investments   2.96    0.60    0.39    (0.28)   0.79 
Total from investment operations   3.03    0.76    0.67    0.02    1.04 
Less distributions from:                         
Net investment income   (0.17)   (0.14)   (0.22)   (0.35)   (0.28)
Net realized gains   (0.02)   —    (0.03)   (0.15)   (0.03)
Return of capital   —    (0.13)   (0.10)   —    — 
Total distributions   (0.19)   (0.27)   (0.35)   (0.50)   (0.31)
Net asset value, end of year  $14.22   $11.38   $10.89   $10.57   $11.05 
Total return 2   26.84%   7.07%   6.56%   0.15%   10.23%
Net assets, at end of year (000s)  $23,139   $10,659   $8,817   $11,864   $20,080 
Ratio of gross expenses to average net assets before expense reimbursement 3, 4   1.10%   1.24%   1.35%   1.34% 6   1.42%
Ratio of net expenses to average net assets after expense reimbursement 4   1.07%   1.15%   1.20%   1.21% 6   1.20%
Ratio of net investment income to average net assets 4, 5   0.55%   1.39%   2.63%   2.74% 6   2.33%
Portfolio Turnover Rate   73%   110%   79%   29%   38%

 

 

1.Per share amounts calculated using the average shares method.

 

2.Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the manager not waived a portion of the Fund’s expenses in certain periods, total returns would have been lower.

 

3.Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the manager.

 

4.The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

 

5.Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

 

6.The ratios include 0.01% for the year ended June 30, 2018 attributed to interest expense.

 

See accompanying notes to financial statements. 

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Eventide Multi-Asset Income Fund
FINANCIAL HIGHLIGHTS
 
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each of the Years Presented

  

   Class C 
   Year Ended   Year Ended   Year Ended   Year Ended   Year Ended 
   June 30, 2021   June 30, 2020   June 30, 2019   June 30, 2018   June 30, 2017 
Net asset value, beginning of year  $11.34   $10.86   $10.55   $11.03   $10.30 
Activity from investment operations:                         
Net investment income (loss) 1   (0.03)   0.07    0.20    0.24    0.18 
Net realized and unrealized gain (loss) on investments   2.95    0.60    0.38    (0.29)   0.77 
Total from investment operations   2.92    0.67    0.58    (0.05)   0.95 
Less distributions from:                         
Net investment income   (0.09)   (0.10)   (0.16)   (0.28)   (0.19)
Net realized gains   (0.02)   —    (0.03)   (0.15)   (0.03)
Return of capital   —    (0.09)   (0.08)   —    — 
Total distributions   (0.11)   (0.19)   (0.27)   (0.43)   (0.22)
Net asset value, end of year  $14.15   $11.34   $10.86   $10.55   $11.03 
Total return 2   25.85%   6.23%   5.73%   (0.49)%   9.29%
Net assets, at end of year (000s)  $18,883   $8,091   $6,194   $6,654   $5,881 
Ratio of gross expenses to average net assets before expense reimbursement 3, 4   1.85%   1.99%   2.10%   2.09% 6   2.17%
Ratio of net expenses to average net assets after expense reimbursement 4   1.82%   1.90%   1.95%   1.96% 6   1.95%
Ratio of net investment income (loss) to average net assets 4, 5   (0.21)%   0.64%   1.90%   2.19% 6   1.63%
Portfolio Turnover Rate   73%   110%   79%   29%   38%

 

 

1.Per share amounts calculated using the average shares method.

 

2.Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the manager not waived a portion of the Fund’s expenses in certain periods, total returns would have been lower.

 

3.Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the manager.

 

4.The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

 

5.Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

 

6.The ratios include 0.01% for the year ended June 30, 2018 attributed to interest expense.

 

See accompanying notes to financial statements. 

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Eventide Multi-Asset Income Fund
FINANCIAL HIGHLIGHTS
 
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each of the Years Presented

  

   Class I 
   Year Ended   Year Ended   Year Ended   Year Ended   Year Ended 
   June 30, 2021   June 30, 2020   June 30, 2019   June 30, 2018   June 30, 2017 
Net asset value, beginning of year  $11.38   $10.90   $10.58   $11.05   $10.33 
Activity from investment operations:                         
Net investment income 1   0.11    0.18    0.31    0.36    0.28 
Net realized and unrealized gain (loss) on investments   2.95    0.60    0.38    (0.31)   0.78 
Total from investment operations   3.06    0.78    0.69    0.05    1.06 
Less distributions from:                         
Net investment income   (0.20)   (0.15)   (0.23)   (0.37)   (0.31)
Net realized gains   (0.02)   —    (0.03)   (0.15)   (0.03)
Return of capital   —    (0.15)   (0.11)   —    — 
Total distributions   (0.22)   (0.30)   (0.37)   (0.52)   (0.34)
Net asset value, end of year  $14.22   $11.38   $10.90   $10.58   $11.05 
Total return 2   27.12%   7.23%   6.81%   0.47%   10.47%
Net assets, at end of year (000s)  $279,142   $110,295   $79,513   $76,764   $43,821 
Ratio of gross expenses to average net assets before expense reimbursement 3, 4   0.85%   0.99%   1.10%   1.09% 6   1.17%
Ratio of net expenses to average net assets after expense reimbursement 4   0.82%   0.90%   0.95%   0.96% 6   0.95%
Ratio of net investment income to average net assets 4, 5   0.81%   1.65%   2.92%   3.32% 6   2.62%
Portfolio Turnover Rate   73%   110%   79%   29%   38%

 

 

1.Per share amounts calculated using the average shares method.

 

2.Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the manager not waived a portion of the Fund’s expenses in certain periods, total returns would have been lower.

 

3.Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the manager.

 

4.The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

 

5.Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

 

6.The ratios include 0.01% for the year ended June 30, 2018 attributed to interest expense.

 

See accompanying notes to financial statements. 

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Eventide Funds  
Notes to Financial Statements June 30, 2021

 

(1)ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

 

Mutual Fund Series Trust (the “Trust”), was organized as an Ohio business trust on February 27, 2006. The Trust is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (“1940 Act”). The Trust currently consists of thirty-eight series. These financial statements include the following series: Eventide Core Bond Fund, Eventide Dividend Opportunities Fund, Eventide Exponential Technologies Fund, Eventide Gilead Fund, Eventide Healthcare & Life Sciences Fund, Eventide Limited-Term Bond Fund and the Eventide Multi-Asset Income Fund (each a “Fund” or collectively the “Funds”). Each Fund except Eventide Exponential Technologies Fund is a diversified series of the Trust. Eventide Exponential Technologies Fund is a non-diversified series of the Trust. The Funds’ investment manager is Eventide Asset Management, LLC (the “Manager”).

 

Eventide Core Bond Fund commenced operations on July 31, 2020. The Fund’s investment objective is total return consistent with income generation.

 

Eventide Dividend Opportunities Fund commenced operations on September 29, 2017. The Fund’s investment objectives are dividend income and long-term capital appreciation. The Fund’s secondary objective is dividend growth.

 

Eventide Exponential Technologies Fund commenced operations on June 30, 2020. The Fund’s investment objective is long-term capital appreciation.

 

Eventide Gilead Fund commenced operations on July 8, 2008. The Fund’s investment objective is long-term capital appreciation.

 

Eventide Healthcare & Life Sciences Fund commenced operations on December 27, 2012. The Fund’s investment objective is long-term capital appreciation.

 

Eventide Limited-Term Bond Fund (formerly Epiphany FFV Strategic Income Fund) Class A and Class I shares commenced operations on July 28, 2010. On March 29, 2017, the Board of Trustees of Epiphany Funds voted to reclassify (the “Conversion”) all outstanding Class C Shares of the Epiphany FFV Strategic Income Fund to Class I shares to be effective on May 30, 2017 (the “Conversion Date”). On the Conversion Date, each Class C share was reclassified as a Class I shares equal in value to the Class C shares owned by that shareholder for the respective fund. The Eventide Limited-Term Bond Fund’s Class N and Class C shares commenced operations December 14, 2018. The Fund changed its fiscal year end from October 31 to June 30. The Fund’s investment objective is income.

 

Eventide Multi-Asset Income Fund commenced operations on July 15, 2015. The Fund’s investment objective is current income while maintaining the potential for capital appreciation.

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Each Fund offers four classes of shares, Class N, Class A, Class C and Class I. Each class differs as to sales and redemption charges and ongoing fees.

 

The following is a summary of significant accounting policies consistently followed by the Funds and are in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 “Financial Services – Investment Companies” including Accounting Standards Update 2013-08.

 

a) Securities Valuation - Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ, at the NASDAQ Official Closing Price (“NOCP”). In the absence of a sale, such securities shall be valued at the last bid price on the day of valuation. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Board of Trustees (the “Board”) using methods which include current market quotations from a major market maker in the securities and based on methods which include the consideration of yields or prices of securities of comparable quality, coupon, maturity and type. The Funds may invest in portfolios of open-end or closed-end investment companies (the “underlying funds”). Open-end investment companies are valued at their respective net asset values as reported by such investment companies. The underlying funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the boards of trustees of the underlying funds. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Funds will not change. The independent pricing service does not distinguish between smaller-sized bond positions known as “odd lots” and larger institutional-sized bond positions known as “round lots”. The Funds may fair value a particular bond if the manager does not believe that the round lot value provided by the independent pricing service reflects fair value of a Fund’s holding. Short term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost, provided each such valuations represent fair value. Options are valued at their closing price on the exchange they are traded on. When no closing price is available, options are valued at their mean price.

 

In unusual circumstances, instead of valuing securities in the usual manner, the Funds may value securities at “fair value” as determined in good faith by the Board, pursuant to the procedures (the “Procedures”) approved by the Board. The Procedures consider, among others, the following factors to determine a security’s fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security. Fair value may also be used by the Board if extraordinary events occur after the close of the relevant world market but prior to the New York Stock Exchange close.

 

The Funds utilize various methods to measure the fair value of most of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

 

■Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Funds have the ability to access.
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■Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

 

■Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

 

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

 

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of June 30, 2021 for the Funds’ assets measured at fair value:

 

Eventide Core Bond Fund Assets 
  
Security Classifications  Level 1   Level 2   Level 3   Totals 
Asset Backed Securities  $—   $8,050,001   $—   $8,050,001 
Corporate Bonds   —    75,135,436    —    75,135,436 
Municipal Bonds   —    1,821,151    —    1,821,151 
Non U.S. Government & Agencies   —    1,808,565    —    1,808,565 
U.S. Government & Agencies   —    30,933,395    —    30,933,395 
Short-Term Investments   1,852,502    —    —    1,852,502 
Total  $1,852,502   $117,748,548   $—   $119,601,050 
                     
Eventide Dividend Opportunities Fund Assets 
  
Security Classifications  Level 1   Level 2   Level 3   Totals 
Common Stocks 1  $287,997,147   $—   $—   $287,997,147 
Preferred Stocks   18,743,221    —    —    18,743,221 
Convertible Bonds   —    10,495,069    —    10,495,069 
Corporate Bond   —    1,100,000    —    1,100,000 
Short-Term Investments   6,726,114    —    —    6,726,114 
Total  $313,466,482   $11,595,069   $—   $325,061,551 
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A N N U A L  R E P O R TJune 30, 2021
Eventide Exponential Technologies Fund Assets 
                 
Security Classifications  Level 1   Level 2   Level 3   Totals 
Common Stocks 1  $117,712,677   $—   $—   $117,712,677 
Corporate Bond   —    318,000    —    318,000 
Short-Term Investments   2,331,506    —    —    2,331,506 
Equity Options Purchased   130,150    —    —    130,150 
Total  $120,174,333   $318,000   $—   $120,492,333 
                     
Eventide Gilead Fund Assets 
                 
Security Classifications  Level 1   Level 2   Level 3   Totals 
Common Stocks 1  $4,963,232,608   $—   $—   $4,963,232,608 
Contingent Value Rights   —    —    3,957,051    3,957,051 
Private Investments   —    11,452,562    27,269,712    38,722,274 
Corporate Bonds   —    57,570,000    —    57,570,000 
Short-Term Investments   10,799,009    —    —    10,799,009 
Total  $4,974,031,617   $69,022,562   $31,226,763   $5,074,280,942 
                     
Eventide Healthcare & Life Sciences Fund Assets 
                 
Security Classifications  Level 1   Level 2   Level 3   Totals 
Common Stocks 1   1,724,146,940    —    —    1,724,146,940 
Contingent Value Rights   —    —    1,518,933    1,518,933 
Private Investments   —    142,285,985    79,759,323    222,045,308 
Short-Term Investments   22,357,015    —    —    22,357,015 
Total  $1,746,503,955   $142,285,985   $81,278,256   $1,970,068,196 
                     
Eventide Healthcare & Life Sciences Fund Liabilities 
                 
Security Classifications  Level 1   Level 2   Level 3   Totals 
Unfunded Commitment  $77,000   $—   $—   $77,000 
Total  $77,000   $—   $—   $77,000 
                     
Eventide Limited-Term Bond Fund Assets 
                 
Security Classifications  Level 1   Level 2   Level 3   Totals 
Asset Backed Securities  $—   $17,548,036   $—   $17,548,036 
Collateralized Mortgage Obligations   —    644,433    —    644,433 
Corporate Bonds   —    111,867,710    —    111,867,710 
Municipal Bonds   —    4,300,108    —    4,300,108 
Non U.S. Government & Agencies   —    2,446,882    —    2,446,882 
U.S. Government & Agencies   —    38,966,715    —    38,966,715 
Short-Term Investment   2,354,708    —    —    2,354,708 
Total  $2,354,708   $175,773,884   $—   $178,128,592 
                     
Eventide Multi-Asset Income Fund Assets 
                 
Security Classifications  Level 1   Level 2   Level 3   Totals 
Common Stocks 1  $145,318,691   $—   $—   $145,318,691 
Preferred Stocks   15,328,891    —    —    15,328,891 
Asset Backed Securities   —    8,974,495    —    8,974,495 
Collateralized Mortgage Obligations   —    2,175,850    —    2,175,850 
Convertible Bonds   —    36,210,953    —    36,210,953 
Corporate Bonds   —    88,273,288    —    88,273,288 
Municipal Bonds   —    3,204,674    —    3,204,674 
Non U.S. Government & Agencies   —    1,409,617    —    1,409,617 
U.S. Government & Agencies   —    36,821,055    —    36,821,055 
Short-Term Investment   5,068,198    —    —    5,068,198 
Total  $165,715,780   $177,069,932   $—   $342,785,712 

 

1.For a detailed break-out of investments by industry, please refer to the Schedule of Investments.
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The following is a reconciliation of assets in which level 3 inputs were used in determining value:

  

Eventide Gilead Fund 
             
   Contingent Value Rights   Preferred Stock   Total 
Beginning balance 6/30/2020  $3,424,532   $36,769,714   $40,194,246 
Total realized gain (loss)   —    —    — 
Change in unrealized appreciation (depreciation)   532,519    —    532,519 
Cost of purchases   —    —    — 
Proceeds from sales   —    —    — 
Net transfers in/out of level 3   —    (9,500,002)   (9,500,002)
Ending balance 6/30/2021  $3,957,051   $27,269,712   $31,226,763 
                
Eventide Healthcare & Life Sciences Fund 
             
   Contingent Value Rights   Preferred Stock   Total 
Beginning balance 6/30/2020  $1,314,523   $67,723,882   $69,038,405 
Total realized gain (loss)   —    —    — 
Change in unrealized appreciation (depreciation)   204,410    (633,444)   (429,034)
Cost of purchases   —    48,418,886    48,418,886 
Proceeds from sales   —    —    — 
Net transfers in/out of level 3   —    (35,750,001)   (35,750,001)
Ending balance 6/30/2021  $1,518,933   $79,759,323   $81,278,256 
                

   

The significant unobservable inputs used in the fair value measurement of the Funds’ Level 3 private investment in Arch Oncology, Inc. Series C1, Beta Bionic Series B/B2, BioSplice Therapeutics, Casma Therapeutics, Inc. Series B1, Casma Therapeutics, Inc. Series B2, DiCE Molecules Series C, Flare Therapeutics, Inc. Series A, Goldfinch Biopharma, Inc. Series A, Goldfinch Biopharma, Inc. Series B, Kojin Therapeutics, Inc. Series A-1, Prometheus Laboratories, Inc. and Turnstone Biologics Inc. Series D preferred stocks are as follows (1) recent investor transactions in the companies (2) updates from the companies including new clinical trials data (3) a five-percent discount based on liquidity of the securities held. A significant increase or decrease in the liquidity discount could result in a significantly lower or higher fair value, respectively.

 

The significant unobservable inputs used in the fair value measurement of the Funds’ Level 3 private investment in Peloton Therapeutics, Inc. contingent value rights are as follows (1) recent investor transactions in the company (2) updates from the company including new clinical trials data (3) a five-percent discount based on liquidity of the securities held. A significant increase or decrease in the liquidity discount could result in a significantly lower or higher fair value, respectively.

 

Fair Value at June 30, 2021 Valuation Techniques Unobservable Input Impact to Valuation
$0.99 Anticipated sale price less discounts plus discounted cash flow of contingent future payments. 2.5 - 75% range for probability of success of milestones, with a per share discounted weighted average of $0.8168. Increase (Decrease) in Rate of Success Ratio equals increases (decreases) value
       
    5% Liquidity Risk
5% Deal Risk		 Increase (Decrease) in Credit Risk/ Liquidity Risk equals Decrease (Increase) in value

 

There was a change in fair valuation measurement inputs from Level 3 to Level 2 for two preferred stocks. Level 2 valuations became available based on the Funds receiving daily valuations via the underlying common stock.

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The total change in unrealized appreciation and depreciation included in the Statements of Operations attributable to Level 3 investments still held at June 30, 2021 was $532,519 and $(429,034) for the Eventide Gilead Fund and Eventide Healthcare & Life Sciences Fund, respectively.

 

b) Accounting for Options - When the Funds write an option, an amount equal to the premium received by the Funds is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Funds on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Funds have realized gains or losses. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Funds.

 

The Manager may use options strategies, such as puts and covered calls on individual securities, as well as options on securities indices, to generate income, to reduce portfolio volatility, or to reduce downside risk when the manager believes adverse market, political or other conditions are likely. The Manager 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 Funds may purchase a call option on a stock (including securities of exchange traded funds (“ETFs”) it may purchase at some point in the future. When the Funds purchase an option, the premium paid is recorded as an asset. Each day the option contract is valued in accordance with the procedures for security valuation discussed above. When an offsetting option is written (a closing transaction) or the option contract expires, the Funds realize a gain or loss and the asset representing such option contract is eliminated. When a put option is exercised, the Funds realize a gain or loss from the sale of the underlying security and the proceeds of the sale are decreased by the premiums originally paid. When a call option is exercised, the Funds purchase the underlying security and the cost basis of such purchase is increased by the premium originally paid.

 

The notional value of the derivative instruments outstanding as of June 30, 2021 as disclosed in the Schedules of Investments and the amounts realized and changes in unrealized gains and losses on derivative instruments during the year as disclosed above and within the Statements of Operations serve as indicators of the volume of derivative activity of the Funds.

 

The effect of derivative instruments on the Statements of Assets & Liabilities for the year ended June 30, 2021 was as follows:

 

Eventide Exponential Technologies Fund 
  
Derivative  Primary Risk Exposure  Location of Derivative on Statements of Assets and Liabilities  Fair Value of Asset Derivative 
Call Options Purchased  Equity Risk  Unaffiliated investments at value  $83,050 
Put Options Purchased  Equity Risk  Unaffiliated investments at value   47,100 
Total        $130,150 
            
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The effect of derivative instruments on the Statements of Operations for the year ended June 30, 2021 was as follows:

 

Eventide Exponential Technologies Fund 
  
         Realized and Unrealized Gain 
Derivatives Not Accounted for as     Location of Gain (Loss) on Derivatives Recognized in Statements  (Loss) on Asset Derivatives 
Hedging Instruments under GAAP  Primary Risk Exposure  of Operations  Recognized in Income 
Options Purchased  Equity Risk  Net realized gain from unaffiliated investments  $2,136 
Options Purchased  Equity Risk  Net change unrealized depreciation from unaffiliated investments   (8,154)
Total        $(6,018)
            
Eventide Gilead Fund 
  
         Realized and Unrealized Gain 
Derivatives Not Accounted for as     Location of Gain (Loss) on Derivatives Recognized in Statements  (Loss) on Asset Derivatives 
Hedging Instruments under GAAP  Primary Risk Exposure  of Operations  Recognized in Income 
Options Purchased  Equity Risk  Net realized loss from unaffiliated investments  $(6,702,200)
Options Purchased  Equity Risk  Net change unrealized appreciation from unaffiliated investments   2,517,200 
Total        $(4,185,000)
            
Eventide Healthcare & Life Sciences Fund 
  
         Realized and Unrealized Gain 
Derivatives Not Accounted for as     Location of Gain (Loss) on Derivatives Recognized in Statements  (Loss) on Asset Derivatives 
Hedging Instruments under GAAP  Primary Risk Exposure  of Operations  Recognized in Income 
Options Purchased  Equity Risk  Net realized loss from unaffiliated investments  $(3,867,500)
Total        $(3,867,500)
            

   

c) Short Sales - The Funds may sell securities short. A short sale is a transaction in which the Funds sell securities they do not own in anticipation of a decline in the market price of the securities. To deliver the securities to the buyer, the Funds must arrange through a broker to borrow the securities and, in so doing, the Funds become obligated to replace the securities borrowed at their market price at the time of replacement, whatever that price may be. The Funds will make a profit or incur a loss as a result of a short sale depending on whether the price of the securities decrease or increase between the date of the short sale and the date on which the Funds purchased the securities to replace the borrowed securities that have been sold.

 

d) Federal Income Tax - The Funds have qualified and intend to continue to qualify as regulated investment companies and to comply with the applicable provisions of the Internal Revenue Code of 1986, as amended, and to distribute substantially all of their taxable income to their shareholders. Therefore, no federal income or excise tax provisions are required.

 

As of and during the year ended June 30, 2021, the Funds did not have a liability for any unrecognized tax expense. The Funds recognize interest and penalties, if any, related to unrecognized tax expense as income tax expense in the Statements of Operations. As of June 30, 2021, the Funds did not incur any interest or penalties. Management has analyzed the Fund’s tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended June 30, 2018 to June 30, 2020 or expected to be taken in the Fund’s June 30, 2021 year-end tax return.

 

e) Distributions to Shareholders - Distributions to shareholders, which are determined in accordance with income tax regulations and may differ from GAAP, are recorded on the ex-dividend date. Each Fund typically distributes substantially all of its net investment income in the form of dividends, interest and taxable capital gains to its shareholders. These distributions are automatically reinvested in the Fund unless you request cash

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distributions on your application or through a written request to the Fund. Each Fund expects that its distributions will consist of both capital gains, and net investment income. Each Fund may make distributions of its net realized capital gains (after any reductions for capital loss carry forwards) annually. The Eventide Exponential Technologies Fund, Eventide Gilead Fund and Eventide Healthcare & Life Sciences Fund intend to make annual distributions if applicable. The Eventide Core Bond Fund and Eventide Dividend Opportunities Fund intend to make quarterly distributions if applicable. The Eventide Limited-Term Bond Fund and Eventide Multi-Asset Income Fund intend to make monthly distributions if applicable.

 

f) Multiple Class Allocations - Income, non-class specific expenses and realized/unrealized gains or losses are allocated to each class based on relative net assets. Distribution fees are charged to each respective share class in accordance with the distribution plan. Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses, which are not readily identifiable to a specific fund, are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative sizes of the funds in the Trust.

 

g) Security Transactions and Investment Income - Investment and shareholder transactions are recorded on the trade date. The Funds determine the gain or loss realized from the investment transactions by comparing the specific identified cost of the security lot sold with the net sales proceeds. Dividend income is recognized on the ex-dividend date or as soon as information is available to the Funds and interest income is recognized on an accrual basis. Discounts and premiums on debt securities are amortized over their respective lives using the effective interest method, except certain callable debt securities that are held at premium and will be amortized to the earliest call date. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. Distributions received from a Fund’s investments in MLPs generally are comprised of income and return of capital. The Funds record these distributions as investment income and subsequently adjusts these distributions within the components of net assets based upon their tax treatment when the information becomes available. Distribution from REITs are initially recorded as dividend income and, to the extent such represent a return of capital or capital gain for tax purposes, are reclassified when such information becomes available.

 

h) Use of Estimates - The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

i) Indemnification – The Trust indemnifies its offers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. In the normal course of business, the Trust may enter into contracts that contain a variety of representations and warranties and provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated; however, management considers the risk of loss from such claims to be remote.

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j) Redemption Fees and Sales Charges (loads) - A $15 fee may be charged for redemptions made by wire. A maximum sales charge of 5.75% is imposed on Class A shares of the Funds. Class A shares purchased where the sales charge was waived, are subject to a CDSC of 1.00% on redemptions within 180 days of purchase. The respective shareholders pay such CDSC charges, which are not an expense of the Funds. For the year ended June 30, 2021, there were the following redemption fees paid to the fund and CDSC fees paid to the distributor:

 

Fund  Redemption Fees   CSDC Fees 
Eventide Core Bond Fund  $—   $— 
Eventide Dividend Opportunities Fund   —    41 
Eventide Exponential Technologies Fund   56,333    — 
Eventide Gilead Fund   —    851 
Eventide Healthcare & Life Sciences Fund   85,109    3,831 
Eventide Limited-Term Bond Fund   —    940 
Eventide Multi-Asset Income Fund   —    1,079 
           

  

k) Cash and cash equivalents - Cash and cash equivalents are held with a financial institution. The asset of the Funds may be placed in deposit accounts at U.S. banks and such deposits generally exceed Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The FDIC insures deposit accounts up to $250,000 for each accountholder. The counterparty is generally a single bank rather than a group of financial institutions; thus there may be a greater counterparty credit risk. The Funds place deposits only with those counterparties which are believed to be creditworthy and there has been no history of loss.

 

(2)INVESTMENT TRANSACTIONS

 

For the year ended June 30, 2021, aggregate purchases and proceeds from sales of investment securities (excluding short-term investments) for the Funds were as follows:

 

Fund  Purchases   Sales 
Eventide Core Bond Fund  $163,294,298   $43,449,779 
Eventide Dividend Opportunities Fund  $253,745,007   $58,823,008 
Eventide Exponential Technologies Fund  $126,327,263   $35,262,887 
Eventide Gilead Fund  $1,215,155,150   $768,078,542 
Eventide Healthcare & Life Sciences Fund  $1,368,523,762   $1,136,153,403 
Eventide Limited-Term Bond Fund  $151,154,686   $66,463,540 
Eventide Multi-Asset Income Fund  $297,210,479   $154,852,684 
           

  

(3)INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES

 

Eventide Asset Management, LLC acts as investment manager to the Funds pursuant to the terms of a management agreement between the Manager of the Trust (the “Management Agreement”). Since December 14, 2018, Eventide Asset Management, LLC serves as investment adviser to the Eventide Limited-Term Bond Fund. Prior to December 14, 2018, Trinity Fiduciary Partners, LLC (“Trinity”) served as the Epiphany FFV Strategic Income Fund (“Epiphany FFV Fund”) investment adviser. Boyd Watterson Asset Management, LLC serves as sub-adviser to the Eventide Limited-Term Bond Fund, the Eventide Core Bond Fund, and a portion of the Eventide Multi-Asset Income Fund’s portfolio. Under the terms of the Management Agreement, the Manager manages the investment operations of the Funds in accordance with the Funds’ investment policies and restrictions. The Manager provides the Funds with investment advice and supervision and furnishes an investment program for the Funds. The fees paid by the Funds to the Manager are described in greater detail in the table below. Prior to March 2, 2020, Eventide Multi-Asset Income Fund paid to the manager, as of the last day

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of each month, an annualized fee equal to 0.73% of its average net assets. Prio to December 14, 2018, the Eventide Limited-Term Bond Fund paid to the Manager, as of the last day of each month, an annualized fee equal to 0.45% of its average net assets. The Manager pays expenses incurred by it in connection with acting as investment manager to the Funds other than costs (including taxes and brokerage commissions, borrowing costs, costs of investing in underlying funds and extraordinary expenses, if any) of securities purchased for the Funds and certain other expenses paid by the Funds (as detailed in the Management Agreement). The Manager pays for all employees, office space and facilities required by it to provide services under the Management Agreement, with the exception of specific items of expense (as detailed in the Management Agreement). For the year ended June 30, 2021, management fees of $261,400, $1,256,111, $610,465, $40,283,773, $22,274,450, $372,233 and $1,377,857 were incurred by the Eventide Core Bond Fund, Eventide Dividend Opportunities Fund, Eventide Exponential Technologies Fund, Eventide Gilead Fund, Eventide Healthcare & Life Sciences Fund, Eventide Limited-Term Bond Fund and Eventide Multi-Asset Income Fund, respectively, before the waivers and reimbursements described below.

 

Each Fund is authorized to pay the Adviser an annual fee based on its average daily net assets. The advisory fee is paid monthly. The Adviser has contractually agreed to waive fees and/or reimburse expenses, but only to the extent necessary to maintain each Fund’s total annual operating expenses (excluding front-end or contingent deferred loads, 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 a certain level through October 31, 2021. This agreement may only be terminated by the Board on 60 days’ written notice to the Adviser and upon the termination of the Management Agreement between the Trust and the Adviser. Fee waivers and expense reimbursements are subject to possible recoupment by the Adviser from the Funds 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. Prior to December 14, 2018, Trinity had contractually agreed to waive fees and/or reimburse expenses but only to the extent necessary to maintain total annual operating expenses at 1.25% and 1.00% of the average daily net assets of Epiphany FFV Fund’s Class A and Class I. Each waiver or reimbursement by the Manager is subject to repayment by the Fund within the three years following the year in which that particular expense is incurred, if the Fund is able to make the repayment without exceeding the expense limitation in effect at that time and the repayment is approved by the Board.

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The following table lists the contractual advisory fee and the expense limitation for each Fund.

 

Fund  Contractual Advisory Fee  Expense Limitation
Eventide Core Bond Fund  0.36%  Class A:  0.83%
      Class C:  1.58%
      Class N:  0.78%
      Class I:  0.58%
          
Eventide Dividend Opportunities Fund  0.73%  Class A:  1.20%
      Class C:  1.95%
      Class N:  1.15%
      Class I:  0.95%
          
Eventide Exponential Technologies Fund  1.10%  Class A:  1.68%
      Class C:  2.43%
      Class N:  1.63%
      Class I:  1.43%
          
Eventide Gilead Fund  1.00% of the first $2 billion;  Class A:  1.67%
   0.95% on the next $1 billion;  Class C:  2.42%
   0.90% on the next $1 billion;  Class N:  1.62%
   and 0.85% thereafter  Class I:  1.42%
          
Eventide Healthcare & Life Sciences Fund  1.10%  Class A:  1.68%
      Class C:  2.43%
      Class N:  1.63%
      Class I:  1.43%
          
Eventide Limited-Term Bond Fund  0.33%  Class A:  0.80%
      Class C:  1.55%
      Class N:  0.75%
      Class I:  0.55%
          
Eventide Multi-Asset Income Fund  0.60%  Class A:  1.07%
      Class C:  1.82%
      Class N:  1.02%
      Class I:  0.82%
          

 

For the year ended June 30, 2021, the Manager waived no management fees from the Eventide Gilead Fund and Eventide Healthcare & Life Sciences Fund, waived/reimbursed fees of $99,512 from the Eventide Core Bond Fund, $64,772 from the Eventide Dividend Opportunities Fund, $53,115 from the Eventide Exponential Technologies Fund, $133,760 from the Eventide Limited-Term Bond Fund and $65,335 from the Eventide Multi-Asset Income Fund pursuant to its contractual agreement. As of June 30, 2021, the Manager has waived/reimbursed expenses that may be recovered no later than June 30 of the years indicated below:

 

   2022   2023   2024 
Eventide Core Bond Fund  $0   $0   $99,512 
Eventide Dividend Opportunities Fund  $106,626   $114,935   $64,772 
Eventide Exponential Technologies Fund  $0   $0   $53,115 
Eventide Limited-Term Bond Fund  $111,782   $148,648   $133,760 
Eventide Multi-Asset Income Fund  $164,563   $103,007   $65,335 
                

 

The Eventide Gilead Fund and Healthcare & Life Sciences Fund do not have any expenses previously waived by the Manager that are subject to recapture and did not waive any further expenses during the year ended June 30, 2021.

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The Trust has entered into a Management Services Agreement with MFund, LLC (“MFund”). Pursuant to the Management Services Agreement, MFund provides sponsorship, management and administration services. For MFund’s services to the Fund, the Fund pays MFund a base fee of $5,000 annually, an annualized asset based fee of 0.10% of average daily net assets up to $50 million, with lower fees at higher asset levels, plus reimbursement of out of pocket expenses. For the year ended June 30, 2021, the Eventide Core Bond Fund, Eventide Dividend Opportunities Fund, Eventide Exponential Technologies Fund, Eventide Gilead Fund, Eventide Healthcare & Life Sciences Fund, Eventide Limited-Term Bond Fund and Eventide Multi-Asset Income Fund incurred $21,142, $44,264, $17,642, $978,123, $472,069, $30,945 and $57,820 for such fees, respectively.

 

Effective April 2015, pursuant to the Management Services Agreements, MFund provides chief compliance officer services to the Funds. For these services, the Funds pay MFund an annual base fee plus an annual asset-based fee. In addition, the Funds reimburse MFund for any reasonable out-of-pocket expenses incurred in the performance of its duties under the Management Services Agreement.

 

The amounts due to MFund at June 30, 2021 for chief compliance officer services are listed in the Statements of Assets and Liabilities under “Payable to related parties” and the amounts accrued for the year are shown in the Statements of Operations under “Compliance officer fees.”

 

A Trustee and Officer of the Trust is also the controlling member of MFund, AlphaCentric Advisors LLC, and Catalyst Capital Advisors LLC (AlphaCentric and Catalyst each serve as an investment advisor to other series of the Trust), and is not paid any fees directly by the Trust for serving in such capacities.

 

Trustees who are not “interested persons” as that term is defined in the 1940 Act, are paid a quarterly retainer and receive compensation for each special in-person meeting attended. The fees paid to the Independent Trustees for their attendance at a meeting will be shared equally by the funds of the Trust in which the meeting relates. The Lead Independent Trustee of the Trust and the Chairman of the Trust’s Audit Committee receives an additional quarterly retainer. The “interested persons” of the Trust receive no compensation from the Funds. The Trust reimburses each Trustee and Officer for his or her travel and other expenses related to attendance at such meetings.

 

Gemini Fund Services, LLC (“GFS”), an affiliate of the distributor, provides administrative, fund accounting, and transfer agency services to the Funds’ pursuant to agreements with the Trust, for which it receives from each Fund: (i) basis points in decreasing amounts as assets reach certain breakpoints; and (ii) any related out-of-pocket expenses.

 

Blu Giant, LLC (“Blu Giant”), an affiliate of GFS and the distributor, provides EDGAR conversion and filing services as well as print management services for the Funds on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Funds.

 

Certain Officers of the Trust are also employees of GFS, and are not paid any fees directly by the Trust for serving in such capacity.

 

The Trust has adopted a distribution plan pursuant to rule 12b-1 under the 1940 Act for each class of shares except Class I, that allows the Funds to pay distribution and shareholder servicing expenses of up to 0.25% per annum for the Class N shares, up to 0.50% per annum for the Class A shares and up to 1.00% for the Class C shares based on average daily net assets of each class. The Class N shares are currently paying 0.20% per annum

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of 12b-1 fees, Class A shares are currently paying 0.25% per annum of 12b-1 fees and Class C shares are currently paying 1.00% per annum of 12b-1 fees.

 

The 12b-1 fees may be used for a variety of purposes, including compensating dealers and other financial service organizations for eligible services provided by those parties to the Funds and their shareholders and to reimburse Northern Lights Distributors, LLC. (the “Distributor”) and the Manager for distribution related expenses.

 

For the year ended June 30, 2021, the Distributor received $810, $29,553, $27,074, $312,853, $147,523, $7,496 and $37,755 in underwriter commissions from the sale of shares of the Fund from the Eventide Core Bond Fund, Eventide Dividend Opportunities Fund, Eventide Exponential Technologies, Eventide Gilead Fund, Eventide Healthcare & Life Sciences Fund, Eventide Limited-Term Bond Fund and Eventide Multi-Asset Income Fund, respectively.

 

(4)DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

 

Represents aggregate cost for federal tax purposes, including options written, for the Funds as of June 30, 2021 and differs from market value by net unrealized appreciation/depreciation which consisted of:

 

               Total Unrealized 
       Gross Unrealized   Gross Unrealized   Appreciation 
Fund  Aggregate Cost   Appreciation   Depreciation   (Depreciation) 
Eventide Core Bond Fund  $120,647,876   $239,179   $(1,286,005)  $(1,046,826)
Eventide Dividend Opportunities Fund   269,172,675    57,396,653    (1,507,777)   55,888,876 
Eventide Exponential Technologies Fund   96,610,744    25,816,192    (1,934,603)   23,881,589 
Eventide Gilead Fund   2,460,987,008    2,679,119,725    (65,825,791)   2,613,293,934 
Eventide Healthcare & Life Sciences Fund   1,555,750,187    634,795,552    (220,554,543)   414,241,009 
Eventide Limited-Term Bond Fund   177,766,336    636,878    (274,622)   362,256 
Eventide Multi-Asset Income Fund   302,301,580    41,853,752    (1,369,620)   40,484,132 

 

The tax character of fund distributions for the years ended June 30, 2021 and June 30, 2020 was as follows:

 

   For the year ended June 30, 2021:         
   Ordinary   Long-Term   Return of     
Fund  Income   Capital Gains   Capital   Total 
Eventide Core Bond Fund  $662,544   $—   $372,081   $1,034,625 
Eventide Dividend Opportunities Fund   2,119,397    442,713    —    2,562,110 
Eventide Exponential Technologies Fund   119,830    —    —    119,830 
Eventide Gilead Fund   —    46,777,382    —    46,777,382 
Eventide Healthcare & Life Sciences Fund   2,584,287    84,024,399    —    86,608,686 
Eventide Limited-Term Bond Fund   1,241,376    265,225    435,931    1,942,532 
Eventide Multi-Asset Income Fund   3,474,637    1,599,165    —    5,073,802 
                     
   For the year ended June 30, 2020:         
   Ordinary   Long-Term   Return of     
Fund  Income   Capital Gains   Capital   Total 
Eventide Dividend Opportunities Fund  $213,501   $—   $399,315   $612,816 
Eventide Gilead Fund   —    80,392,392    —    80,392,392 
Eventide Healthcare & Life Sciences Fund   7,562,297    18,687,917    —    26,250,214 
Eventide Limited-Term Bond Fund   732,710    —    146,859    879,569 
Eventide Multi-Asset Income Fund   1,463,734    48,593    1,671,355    3,183,682 
                     
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Tax equalization allows a Fund to treat as distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable and net capital gains. The table below shows equalization amounts which resulted in a difference between tax distributions and book distributions as disclosed on the Statement of Changes for the year ended June 30, 2021. Net investment income and net realized gains(losses), as disclosed on the Statements of Operations and net assets were not affected by these reclassifications.

 

Portfolio  Equalization Utilized 
Eventide Dividend Opportunities Fund  $457,042 
Eventide Exponential Technologies Fund   66,087 
Eventide Gilead Fund   11,512,559 
Eventide Healthcare & Life Sciences Fund   9,375,224 
Eventide Multi-Asset Income Fund   1,357,982 
      

  

As of June 30, 2021, the components of accumulated earnings/ (deficit) on a tax basis were as follows:

 

   Undistributed   Undistributed   Post October       Other   Unrealized     
   Ordinary   Long-Term   Loss and Late   Capital Loss   Books/Tax   Appreciation/   Total Accumulated 
Portfolio  Income   Capital Gains   Year Loss   Carry Forwards   Differences   (Depreciation)   Earnings/(Deficits) 
Eventide Core Bond Fund  $—   $—   $(558,159)  $(28,333)  $—   $(1,046,826)  $(1,633,318)
Eventide Dividend Opportunities Fund   609,823    2,636,624    —    —    —    55,888,876    59,135,323 
Eventide Exponential Technologies Fund   1,905,963    —    —    —    —    23,881,589    25,787,552 
Eventide Gilead Fund   —    189,082,229    (12,512,943)   —    —    2,613,293,934    2,789,863,220 
Eventide Healthcare & Life Sciences Fund   13,393,599    157,450,740    —    —    —    414,241,009    585,085,348 
Eventide Limited-Term Bond Fund   —    —    (71,717)   —    —    362,256    290,539 
Eventide Multi-Asset Income Fund   5,756,665    8,675,302    —    —    —    40,484,314    54,916,281 
                                    

 

The difference between book basis and tax basis undistributed net investment income/(loss), accumulated net realized gain/(loss), and unrealized appreciation/(depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales, passive foreign investment companies, and adjustments for partnerships, real estate investment trusts, C-Corporation return of capital, perpetual bonds, trust preferred securities, paydowns and deemed distributions.

 

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Funds incurred and elected to defer such late year losses as follows:

 

Fund  Late Year Losses 
Eventide Gilead Fund  $12,512,943 
      

 

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Funds incurred and elected to defer such capital losses as follows:

 

Portfolio  Post October Losses 
Eventide Core Bond Fund  $558,159 
Eventide Limited-Term Bond Fund   71,717 
      
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At June 30, 2021, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, utilized capital loss carryforwards as follows:

 

   Non-Expiring         

Portfolio

  Short-Term   Long-Term   Total   CLCF Utilized 
Eventide Core Bond Fund  $28,333   $—   $ 28,333   $ — 
Eventide Dividend Opportunities Fund   —    —    —    379,812 
Eventide Limited-Term Bond Fund   —    —    —    170,193 
                     

 

Permanent book and tax differences, primarily attributable to the book/tax basis treatment of net operating losses, distribution reclasses, non-deductible expenses and equalization credits, resulted in reclassifications for the Funds for the fiscal year ended June 30, 2021 as follows:

 

Portfolio  Paid In Capital   Accumulated Earnings (Losses) 
Eventide Core Bond Fund  $(44,935)  $44,935 
Eventide Dividend Opportunities Fund   450,125    (450,125)
Eventide Exponential Technologies Fund   46,727    (46,727)
Eventide Gilead Fund   (13,696,387)   13,696,387 
Eventide Healthcare & Life Sciences Fund   9,375,224    (9,375,224)
Eventide Multi-Asset Income Fund   1,343,029    (1,343,029)
           

  

(5)INVESTMENTS IN AFFILIATED COMPANIES

 

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Companies which are affiliates of the Eventide Gilead Fund and Eventide Healthcare & Life Sciences Fund at June 30, 2021 are noted in the Fund Schedule of Investments. Transactions during the period with companies which are affiliates are as follows:

 

Eventide Gilead Fund 
                                        
                       Dividends   Net Increase/             
       Share Balance               Credited   Decrease in           Share Balance 
   Market Value at   at June 30,               to   Appreciation   Realized Gains   Market Value at   at June 30, 
Description  June 30, 2020   2020   Purchases   Sales Proceeds   Corporate Actions   Income   (Depreciation)   (Losses)   June 30, 2021   2021 
Vital Farms, Inc.  $—    —   $80,479,182   $—   $—   $—   $(21,597,182)  $—   $58,882,000    2,950,000 
Total  $—    —   $80,479,182   $—   $—   $—   $(21,597,182)  $—   $58,882,000    2,950,000 
                                                   
Eventide Gilead Fund 
                                                   
Investments no longer affiliated as of June 30, 2021 
  
                       Dividends   Net Increase/             
       Share Balance               Credited   Decrease in           Share Balance 
   Market Value at   at June 30,               to   Appreciation   Realized Gains   Market Value at   at June 30, 
Description  June 30, 2020   2020   Purchases   Sales Proceeds   Corporate Actions   Income   (Depreciation)   (Losses)   June 31, 2021   2021 
Pliant Therapeutics Series B 1  $31,327,555    1,015,908   $—   $—   $(9,999,999)  $—   $(21,327,556)  $—   $—    — 
Pliant Therapeutics Series C 1   16,497,301    534,984    —    —    (6,999,999)   —    (9,497,302)   —    —    — 
Total  $47,824,856    1,550,892   $—   $—   $(16,999,998)  $—   $(30,824,858)  $—   $—    — 
                                                   
   $47,824,856    1,550,892   $80,479,182   $—   $(16,999,998)  $—   $(52,422,040)  $—           
                                                   

 

1.Reorganization of private investment to the publicly traded common stock.
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Eventide Healthcare & Life Sciences Fund

 

                           Net Increase/             
       Share Balance               Dividends   Decrease in           Share Balance 
   Market Value at   at June 30,               Credited   Appreciation   Realized Gains   Market Value at   at June 30, 
Description  June 30, 2020   2020   Purchases   Sales Proceeds   Corporate Actions   to Income   (Depreciation)   (Losses)   June 30, 2021   2021 
89bio, Inc.1  $11,459,750    575,000   $17,441,939   $(2,633,877)  $—   $—   $(4,543,807)  $(460,385)  $21,263,620    1,137,092 
Annexon, Inc. Series D1, 2   9,499,999    7,031,359    —    —    —    —    7,567,206    —    17,067,205    798,111 
Cardiff Oncology, Inc.   —    —    62,620,798    (14,525,926)   —    —    (13,546,413)   (10,769,163)   23,779,296    3,575,834 
Casma Therapeutics, Inc. Series B1   —    —    3,750,000    —    —    —    (187,500)   —    3,562,500    5,000,000 
Casma Therapeutics, Inc. Series B2   —    —    3,750,000    —    —    —    (187,500)   —    3,562,500    5,000,000 
Celldex Therapeutics, Inc1   6,246,682    480,514    31,140,444    (69,631)   —    —    33,159,672    44,717    70,521,884    2,108,908 
Freeline Therapeutics Ltd. Series C 1, 2   14,962,500    7,720,588    —    —    —    —    (5,452,356)   —    9,510,144    1,228,304 
Goldfinch Biopharma, Inc. Series A   5,600,000    5,000,000    —    —    —    —    —    —    5,600,000    5,000,000 
Goldfinch Biopharma, Inc. Series B   9,491,525    8,474,576    —    —    —    —    —    —    9,491,525    8,474,576 
Praxis Precision Medicines, Inc. Series C1   —    —    11,999,999    (8)   —    —    5,178,835    —    17,178,826    988,994 
Prometheus Biosciences, Inc. Series D 3   —    —    7,692,308    —    (702,262)   —    16,756,564    —    23,746,610    1,017,770 
Prometheus Biosciences, Inc. Series D1 3   —    —    12,307,692    —    —    —    21,436,492    —    33,744,184    1,446,262 
Prometheus Laboratories, Inc. 3   —    —    —    —    702,262    —    (35,114)   —    667,148    1,017,770 
Sutro Biopharma, Inc.   15,411,166    1,985,975    8,197,200    —    —    —    20,468,059    —    44,076,425    2,370,975 
Trillium Therapeutics, Inc.   20,605,230    2,547,000    81,081,637    —    —    —    (9,439,867)   —    92,247,000    9,510,000 
VectivBio A.G. Series A-2   —    —    7,000,002    —    —    —    6,474,360    —    13,474,362    1,216,427 
Zymeworks, Inc.   —    —    119,258,770    —    —    —    (8,225,517)   —    111,033,253    3,200,728 
TOTAL  $93,276,852   $33,815,012   $366,240,789   $(17,229,442)  $—   $—   $69,423,114   $(11,184,831)  $500,526,482   $53,090,751 
                                                   

Eventide Healthcare & Life Sciences Fund

 

Investments no longer affiliated as of June 30, 2021

 

                           Net Increase/             
       Share Balance               Dividends   Decrease in           Share Balance 
   Market Value at   at June 30,               Credited   Appreciation   Realized Gains   Market Value at   at June 30, 
Description  June 30, 2020   2020   Purchases   Sales Proceeds   Corporate Actions   to Income   (Depreciation)   (Losses)   June 30, 2021   2021 
ESSA Pharma, Inc.  $8,196,066    1,391,522    $ 3, 840,000   $—   $—   $—   $39,004,876   $—   $51,040,942    1,786,522 
Kala Pharmaceuticals, Inc.   36,259,500    3,450,000    —    (21,961,082)   —    —    (10,855,378)   (3,443,040)   —    — 
Pharmaceuticals, Inc.   20,328,000    1,680,000    —    (28,554,500)   —    —    14,856,094    9,320,123    15,949,717    665,681 
Satsuma Pharmaceuticals, Inc.   28,282,066    983,382    —    (6,559,839)   —    —    (16,907,067)   (4,815,160)   —    — 
Total   93,065,632    7,504,904    3,840,000    (57,075,421)   —    —    26,098,525    1,061,923    66,990,659    2,452,203 
                                                   
   $186,342,484    41,319,916   $370,080,789   $(74,304,863)  $—   $—   $95,521,639   $(5,307,748)          
                                                   
1.Not affiliated June 30, 2020.

 

2.Reverse stock split.

 

3.Spin-Off.

 

(6)INVESTMENT IN RESTRICTED SECURITIES

 

Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. Each Fund may invest in restricted securities that are consistent with the Fund’s investment objectives and investment strategies. A Fund will not invest in a restricted security if, immediately after and as a result of the investment in such security, more than 15% of the

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Fund’s net assets would be invested in illiquid securities. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer’s expense either upon demand by the Funds or in connection with another registered offering of the securities. Investments in restricted securities are valued at fair value as determined in good faith in accordance with procedures adopted by the Board. It is possible that the estimated value may differ significantly from the amount that might ultimately be realized in the near term, and the difference could be material.

 

As of June 30, 2021, the Eventide Gilead Fund and Eventide Healthcare & Life Sciences Fund were invested in the following restricted securities:

 

Eventide Gilead Fund

 

Security  Initial Acquisition Date  Shares   Cost   Value   % of Net Assets
Beta Bionic Series B/B2 1  8/31/18   179,406   $27,400,031   $27,269,712   0.5%
Peloton Therapeutics, Inc. – CVR 1  2/14/19   3,982,940    —    3,957,051   0.1%
Praxis Precision Medicines, Inc. Series C1 1  7/24/20   659,330    8,000,001    11,452,562   0.2%

 

 

Eventide Healthcare & Life Sciences Fund

 

Security  Initial Acquisition Date  Shares   Cost   Value   % of Net Assets
Annexon, Inc. Series D  6/30/20   798,111   $9,999,999   $17,067,205   0.8%
Arch Oncology, Inc. Series C1  4/26/21   4,643,043    5,952,381    5,654,762   0.9%
Beta Bionic Series B/B2  8/31/18   122,828    19,000,015    18,669,856   0.9%
BioSplice Therapeutics  3/5/21   295,276    15,000,021    14,250,020   0.7%
Casma Therapeutics, Inc. Series B1  8/26/20   5,000,000    3,750,000    3,562,500   0.2%
Casma Therapeutics, Inc. Series B2  6/7/21   5,000,000    3,750,000    3,562,500   0.2%
Cullinan Oncology, LLC Series C  12/16/20   721,145    10,000,000    17,641,010   0.8%
DiCE Molecules Series C  12/18/20   2,570,925    6,666,666    6,333,332   0.3%
Flare Therapeutics Series A  4/22/21   1,097,561    1,097,561    1,042,683   0.0%
Freeline Therapeutics Ltd. Series C  6/29/20   1,228,304    15,750,000    9,510,144   0.5%
Goldfinch Biopharma, Inc. Series A  3/15/19   5,000,000    5,000,000    5,600,000   0.3%
Goldfinch Biopharma, Inc. Series B  6/29/20   8,474,576    10,000,000    9,491,525   0.4%
Kojin Therapeutics, Inc. Series A-1  6/2/21   763,319    1,499,998    1,424,998   0.1%
Montes Archimedes Acquisition Corporation  4/29/21   700,000    —    (77,000)  (0.0)%
Peloton Therapeutics, Inc. – CVR  2/14/19   1,528,871    —    1,518,933   0.1%
Praxis Precision Medicines, Inc. Series C1  7/24/20   988,994    11,999,991    17,178,826   0.8%
Prometheus Biosciences, Inc. Series D  10/30/20   1,017,770    6,990,046    23,746,610   1.1%
Prometheus Biosciences, Inc. Series D1  1/29/21   1,446,262    12,307,692    33,744,184   1.6%
Prometheus Laboratories, Inc.  12/31/20   1,017,770    702,262    667,148   0.0%
Talaris Therapeutics Series B  9/22/20   711,092    7,028,433    9,923,644   0.5%
Turnstone Biologics Inc. Series D  6/29/21   3,660,670    9,999,999    9,499,999   0.4%
VectivBio A.G. Series A-2  9/25/20   1,216,427    7,000,000    13,474,362   0.6%

 

(7)UNFUNDED COMMITMENT

 

As of June 30, 2021, the Eventide Healthcare & Life Sciences Fund had an unfunded commitment for the below listed security:

 

Montes Archimedes Acquisition Corporation  $(77,000)

 

The payment is contingent on the successful closing of the Business Combination Agreement between Montes

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Archimedes Acquisition Corporation (“MAAC”) and Roivant Sciences Ltd. The payment will be required to be wired in upon receipt of the “Closing Notice” from MAAC to be held in escrow until the official close.

 

(8)PORTFOLIO CONCENTRATION RISK

 

The Eventide Healthcare & Life Sciences Fund invests primarily in equity and equity-related securities of companies in the healthcare and life sciences sectors 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. Because of its focus on healthcare and life science companies, the Eventide Healthcare & Life Sciences Fund’s investment performance will be closely tied to many factors which affect those companies. As a result, the Eventide Healthcare & Life Sciences Fund’s net asset value is more likely to have greater fluctuations than that of a fund which invests in other industries.

 

(9)OPTIONS RISK

 

There are risks associated with the sale and purchase of call and put options. The seller (writer) of a call option which is covered (e.g., the writer holds the underlying security) assumes the risk of a decline in the market price of an underlying security below the purchase price of an underlying security less the premium received, and gives up the opportunity for gain on the underlying security above the exercise price of the option. The seller of an uncovered call option assumes the risk of a theoretical unlimited increase in the market price of an underlying security above the exercise price of the option. The securities necessary to satisfy the exercise of the call option may be unavailable for purchase except at much higher prices. Purchasing securities to satisfy the exercise of the call option can itself cause the price of securities to rise further, sometimes by a significant amount, thereby exacerbating the loss. The buyer of a call option assumes the risk of losing its entire premium invested in the call option. The seller (writer) of a put option which is covered (e.g., the writer has a short position in the underlying security) assumes the risk of an increase in the market price of the underlying security above the sales price (in establishing the short position) of the underlying security plus the premium received, and gives up the opportunity for gain on the underlying security below the exercise price of the option. The seller of an uncovered put option assumes the risk of a decline in the market price of the underlying security below the exercise price of the option. The buyer of a put option assumes the risk of losing his entire premium invested in the put option.

 

(10)MARKET RISK

 

Overall market risks may also affect the value of the Funds. The market values of securities or other investments owned by the Funds will go up or down, sometimes rapidly or unpredictably. Factors such as economic growth and market conditions, interest rate levels, exchange rates and political events affect the securities markets. Changes in market conditions and interest rates generally do not have the same impact on all types of securities and instruments. Unexpected local, regional or global events and their aftermath, such as war; acts of terrorism; financial, political or social disruptions; natural, environmental or man-made disasters; the spread of infectious illnesses or other public health issues; recessions and depressions; or other tragedies, catastrophes and events could have a significant impact on the Funds and their investments and could result in increased premiums or discounts to a Fund’s net asset value, and may impair market liquidity, thereby increasing liquidity risk. Such events can cause investor fear and panic, which can adversely affect the economies of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen. The Funds could lose money over short periods due to short-term market movements and over longer periods during more prolonged

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market downturns. During a general market downturn, multiple asset classes may be negatively affected. 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 December 2019 and subsequently spread globally. This coronavirus has resulted in, among other things, 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, significant disruptions to business operations, market closures, cancellations and restrictions, supply chain disruptions, lower consumer demand, and significant volatility and declines in global financial markets, as well as general concern and uncertainty. The impact of COVID-19 has adversely affected, and other infectious illness outbreaks that may arise in the future could adversely affect, the economies of many nations and 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.

 

(11)BENEFICIAL OWNERSHIP

 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of June 30, 2021, Charles Schwab & Co, Inc. Special Custody Account for the Exclusive Benefit of Customers held 57.93% of the Eventide Core Bond Fund. As of June 30, 2021, TD Ameritrade, Inc. Special Custody Account for the Exclusive Benefit of Customers held 27.37% of the Eventide Limited-Term Bond Fund.

 

(12)SUBSEQUENT EVENTS

 

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

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(BBD LOGO)

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Board of Trustees of Mutual Fund Series Trust

and the Shareholders of Eventide Core Bond Fund, Eventide Dividend Opportunities Fund, Eventide Exponential Technologies Fund, Eventide Gilead Fund, Eventide Healthcare & Life Sciences Fund, Eventide Limited-Term Bond Fund, and Eventide Multi-Asset Income Fund

 

Opinion on the Financial Statements

 

We have audited the accompanying statements of assets and liabilities of Eventide Dividend Opportunities Fund, Eventide Gilead Fund, Eventide Healthcare & Life Sciences Fund, Eventide Limited-Term Bond Fund, and Eventide Multi-Asset Income Fund, each a series of shares of beneficial interest in Mutual Fund Series Trust (the “Funds”), including the schedules of investments, as of June 30, 2021, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, the financial highlights as noted in the table below, and the related notes. In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of June 30, 2021, and the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended and their financial highlights as noted in the table below, in conformity with accounting principles generally accepted in the United States of America. For Eventide Limited-Term Bond Fund, the financial highlights for each of the years in the two-year period ended October 31, 2017 were audited by other auditors, whose report dated December 20, 2017 expressed an unqualified opinion on such financial highlights.

 

We have also audited the statements of assets and liabilities of Eventide Core Bond Fund and Eventide Exponential Technologies Fund, each a series of shares of beneficial interest in the Funds, including the schedules of investments, as of June 30, 2021, and the related statements of operations, the statements of changes in net assets and the financial highlights as noted in the table below, and the related notes to the financial statements (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of June 30, 2021, and the results of their operations for the year then ended, the changes in their net assets and their financial highlights as noted in the table below, in conformity with accounting principles generally accepted in the United States of America.

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Fund  Statement of Operations, Statement of Changes in Net Assets and Financial Highlights Presented
Eventide Dividend Opportunities Fund  Financial Highlights for each of the years in the three-year period ended June 30, 2021 and for the period from September 29, 2017 (commencement of operations) through June 30, 2018
Eventide Gilead Fund  Financial Highlights for each of the years in the five-year period ended June 30, 2021
Eventide Healthcare & Life Sciences Fund  Financial Highlights for each of the years in the five-year period ended June 30, 2021
Eventide Limited-Term Bond Fund  Financial Highlights for Class N and Class C: each of the years in the two-year period ended June 30, 2021 and the period from December 14, 2018 through June 30, 2019 and for Class A and Class I: each of the years in the two-year period ended June 30, 2021 and the period from November 1, 2018 through June 30, 2019 and the year ended October 31, 2018
Eventide Multi-Asset Income Fund Financial Highlights for each of the years in the five-year period ended June 30, 2021
Eventide Core Bond Fund  The statements of operations, changes in net assets and the financial highlights for the period July 31, 2020 (commencement of operations) to June 30, 2021
Eventide Exponential Technologies Fund

The statements of operations, changes in net assets and the financial highlights for the year-ended June 30, 2021

 

 

Basis for Opinion

 

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities law and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

 

Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2021 by correspondence with the custodian, issuers, transfer agent and brokers, or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 

(-s- BBD, LLP)

 

BBD, LLP

 

We have served as the auditor of one or more of the Funds in the Mutual Fund Series Trust since 2006.

 

Philadelphia, Pennsylvania

August 30, 2021

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Eventide Renewal Funds

 

Consideration and Renewal of the Management Agreement between Mutual Fund Series Trust and Eventide Asset Management, LLC with respect to the Eventide Dividend Opportunities Fund (“Eventide DO”), Eventide Gilead Fund (“Eventide Gilead”), Eventide Healthcare and Life Sciences Fund (“Eventide HLS”), Eventide Limited-Term Bond Fund (“Eventide LTB”), and Eventide Multi-Asset Income Fund (“Eventide MAI”) (collectively, the “Eventide Renewal Funds”)

 

At a meeting held on May 10-11, and May 20, 2021, the Board of Trustees (the “Board”) of Mutual Fund Series Trust (the “Trust”), including a majority of the Trustees who are not “interested persons” as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of a management agreement (“Management Agreement”) between the Trust and Eventide Asset Management, LLC (“Eventide”) with respect to the Eventide Renewal Funds:

 

The Board was assisted by legal counsel throughout the review process. The Board relied upon the advice of legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Management Agreement and the weight to be given to each factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the renewal of the Management Agreement.

 

The Board reviewed Eventide’s response to a series of questions, regarding among other things, Eventide’s services provided to the Eventide Renewal Funds, comparative fee and expense information, and Eventide’s profitability from managing the Eventide Renewal Funds. In connection with its deliberations regarding the renewal of the Management Agreement, the Board reviewed materials prepared by Eventide.

 

Nature, Extent and Quality of Services. The Board reviewed Eventide’s management team, noting that Eventide continued to invest in personnel and acquire additional human resources to support its team. The Board acknowledged that Eventide generally sought individuals with specific training or advanced degrees to join its portfolio manager and analyst teams. The Board noted that Eventide provided continuous portfolio management services to each Eventide Renewal Fund and that Eventide’s investment decision process relied heavily on research. The Board recognized that Eventide was effective in monitoring compliance with each Eventide Renewal Fund’s investment limitations and providing ethical screening services for each Eventide Renewal Fund through its proprietary screening system and third-party data. The Board discussed that the portfolio management team divided sector responsibilities among the portfolio managers and analysts to allow each analyst to focus on company specific risks and opportunities, as well as industry specific risks. The Board noted that Eventide selected broker-dealers to obtain best execution in terms of share price, quality of service, and commissions paid while implementing each Eventide Renewal Fund’s investment strategy. The Board acknowledged that Eventide used a third-party proxy voting firm to vote proxies on behalf of each Eventide Renewal Fund. The Board observed that Eventide reported no SEC, FINRA, CFTC or other regulatory examinations in the past year, nor any material litigation or administrative action involving Eventide or its affiliates. The Board agreed that Eventide’s team members had demonstrated a strong, collaborative working relationship with the Trust. The Board concluded that Eventide had the potential to continue providing high quality service to each Eventide Renewal Fund and its shareholders.

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Performance. The Board reviewed the performance of each Eventide Renewal Fund relative to its peer group and Morningstar category. After discussion, the Board concluded that the performance of each Eventide Renewal Fund was acceptable.

 

■Eventide DO—The Board noted that Eventide DO outperformed its peer group, Morningstar category and the Russell Mid Cap Value TR Index for the 3-year and since inception periods but trailed each for the 1-year period. The Board remarked that Eventide DO posted double-digit positive returns for the 1-year period. The Board noted that Eventide attributed its positive performance over the past year to its allocation to the financials, renewable energy, technology, consumer discretionary and consumer staples sectors and explained its lag to its benchmarks due to its underweight in more cyclical-oriented sectors.

 

■Eventide Gilead—The Board discussed that Eventide Gilead outperformed its peer group, Morningstar category, and the Russell Mid-Cap Growth Index across all time periods with very strong performance for the 1-year period. The Board noted that Eventide Gilead’s performance over the 1-year period was driven by the consumer discretionary and information technology sectors.

 

■Eventide HLS—The Board remarked that Eventide HLS significantly outperformed its peer group and Morningstar category over all periods and that it outperformed the S&P Biotechnology Select Industry TR Index over the 3-year, 5-year and since inception periods. The Board noted that Eventide HLS’ underperformance to the index over the 1- year period was due to lack of exposure to biotechnology companies developing vaccines and testing products in response to the COVID-19 pandemic. The Board discussed that Eventide adhered to a “science first” approach and there was no reliable data in the early stages of the pandemic to support investing in those companies.

 

■Eventide LTB—The Board remarked that Eventide LTB underperformed its peer group and Morningstar category over the 1-year, 3-year and 5- year periods, but outperformed the Bloomberg Barclays U.S. Government Credit 1-5 Year Float Adjusted TR Index for the 1-year and 5-year periods, and outperformed the peer group, Morningstar category and index for the 10-year period. The Board recalled that a new sub-advisor took over management of Eventide LTB in May 2020. The Board noted Eventide attributed Eventide LTB’s underperformance to its peer group and Morningstar category over the 1-year period to the slightly longer duration of Eventide LTB’s positions and its restrictions to high yield bonds.

 

■Eventide MAI—The Board observed that Eventide MAI outperformed its peer group and Morningstar category across all periods and outperformed a blended benchmark comprised of 50% Russell Mid-Cap Value Index and 50% Barclays Intermediate Aggregate Index over the 1-year, 3-year and 5-year periods. The Board discussed that Eventide believed Eventide Main’s strong performance over the past year was due to strong sector allocation and stock selection in equities.

 

Fees and Expenses. The Board reviewed the management fee for each Eventide Renewal Fund, and the average fees charged by each Eventide Renewal Fund’s peer group and Morningstar category. The Board considered the soft dollar benefits received by Eventide, and the indirect benefits of Rule 12b-1 fees paid with respect to the distribution of the Eventide Renewal Funds. The Board concluded that the management fee for each Eventide Renewal Fund was not unreasonable.

 

■Eventide DO—The Board commented that the management fee and net expense ratio for Eventide DO were on par with the average and median management fees and net expense ratios of its peer group and Morningstar category.
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■Eventide Gilead—The Board observed that Eventide Gilead’s management fee and net expense ratio were above the averages and medians of its peer group and Morningstar category, but well below the highs of each. The Board considered the expertise and skill of Eventide Gilead’s portfolio management team, and that funds in its peer group did not have the same commitment to socially responsible investing as Eventide Gilead. The Board noted that Eventide Gilead had breakpoints in its fee schedule.

 

■Eventide HLS—The Board remarked that Eventide HLS’ management fee and net expense ratio were higher than the medians and averages of its peer group and Morningstar category, but lower than the highs of each. The Board noted that Eventide employed a highly differentiated values-based screening process to align Eventide HLS’ holdings with its stated objective and required investment personnel with specific training and educational degrees.

 

■Eventide LTB—The Board acknowledged that Eventide LTB’s management fee was lower than the averages and medians of its peer group and Morningstar category. The Board discussed that Eventide LTB’s net expense ratio was lower than the average of its peer group and in line with the average of its Morningstar category. The Board discussed the allocation of fees between Eventide and Eventide LTB’s sub-advisor relative to their respective duties and agreed that the fee allocation was appropriate.

 

■Eventide MAI—The Board discussed that Eventide MAI’s management fee was equal to the average of its peer group and lower than the high of its Morningstar category. The Board noted that Eventide MAI’s net expense ratio was equal to the average of its Morningstar category, and lower than the average of its peer group. The Board reviewed Eventide’s explanation that comparison to the Morningstar category was inappropriate due to the significant number of fund of funds or allocation funds in the category, 10% of which had a management fee of 0%. The Board noted that Eventide MAI’s peer group did not have funds with the same values-based screening process across a multi-asset base. The Board discussed the allocation of fees between Eventide and Eventide MAI’s sub-advisor relative to their respective duties and agreed that the fee allocation was appropriate.

 

Profitability. The Board discussed Eventide’s profitability from its relationship with each Eventide Renewal Fund based on the information that Eventide provided. The Board discussed that Eventide calculated its indirect expenses for each Eventide Renewal Fund based on the Fund’s percentage of Eventide’s gross revenue. The Board noted that Eventide was managing Eventide DO and Eventide MAI and Eventide LTB at a loss and earned only a slim profit managing Eventide DO. The Board therefore concluded that excessive profitability of Eventide with respect any of Eventide DO, Eventide MAI or Eventide LTB was not an issue at this time.

 

The Board remarked that Eventide earned a profit from managing Eventide Gilead and Eventide HLS. The Board discussed that these profits, in addition to a salary and bonus, were used to compensate owner personnel of Eventide that provided services to the Eventide Funds. The Board recognized that Eventide’s net profits would be reduced if those payments were taken into account. The Board also considered that because Eventide was organized as a limited liability company, certain tax liabilities paid by its members for income and certain payroll related items was not reported as an Eventide expense, thereby inflating its profitability estimate. After further discussion, the Board determined that Eventide’s profit in connection with Eventide Gilead and Eventide HLS was not excessive.

 

Economies of Scale. The Board noted that the Eventide Gilead had breakpoints in its management fee schedule, but that the other Eventide Renewal Funds did not. The Board discussed that each Eventide Renewal Fund had an expense cap and that shareholders benefitted from economies of scale from being in a family of funds. The Board discussed the breakpoints on the fee schedule of the sub-advisor to Eventide MAI and Eventide LTB and how such breakpoints could benefit Eventide. The Board agreed to revisit the issue of breakpoints at the Management Agreement’s next renewal.

 

Conclusion. Having requested and received such information from Eventide as the Board believed to be reasonably necessary to evaluate the terms of the Management Agreement, and as assisted by the advice of counsel, the Board concluded that renewal of the Management Agreement was in the best interests of each Eventide Renewal Fund and its respective shareholders.

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A N N U A L  R E P O R TJune 30, 2021
Eventide Limited-Term Bond Fund
Eventide Multi-Asset Income Fund

 

Consideration and Renewal of the Sub-Advisory Agreement between Eventide Asset Management, LLC and Boyd Watterson Asset Management, LLC with respect to the Eventide Limited-Term Bond Fund and Eventide Multi-Asset Income Fund.

 

In connection with a meeting held on May 10, 11 and May 20, 2021 the Board of Trustees (the “Board”) of Mutual Fund Series Trust, including a majority of the Trustees who are not “interested persons” as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of a sub-advisory agreement (the “Sub-Advisory Agreement”) between Eventide Asset Management, LLC (“Eventide”) and Boyd Watterson Asset Management, LLC (“Boyd”) with respect to Eventide Limited-Term Bond Fund (“Eventide LTB”) and Eventide Multi Asset Income Fund (“Eventide MAI”).

 

The Board was assisted by legal counsel throughout the review process. The Board relied upon the advice of legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Sub-Advisory Agreement and the weight to be given to each factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the renewal of the Sub-Advisory Agreement.

 

The Board reviewed Boyd’s responses to a series of questions regarding, among other things, Boyd’s services provided to the Eventide LTB and Eventide MAI, comparative fee and expense information, and Eventide’s profitability from managing Eventide LTB and Eventide MAI.

 

Nature, Extent and Quality of Services. The Board noted that there were no recent departures or additions to Boyd’s key personnel servicing Eventide MAI or Eventide LTB. The Board acknowledged the portfolio manager’s expertise and Eventide’s confidence in Boyd as the sub-advisor to Eventide LTB and Eventide MAI’s fixed income component. The Board reviewed Boyd’s investment philosophy and noted that it conducted research throughout the investment process. The Board discussed that quantitative and qualitative measures were applied to identify, measure and manage portfolio risk. The Board commented that Boyd used a comprehensive risk management system to ensure portfolios were properly constructed and that it built a number of risk controls into its credit assessment and buy/sell processes. The Board remarked that Boyd used a proprietary information technology system to monitor compliance with Eventide LTB’s and Eventide MAI’s investment strategies and limitations. The Board noted that Boyd selected broker-dealers on the basis of best execution and acknowledged that Boyd had reported no material compliance or litigation issues in the past year. After further discussion, the Board concluded that Boyd had the ability to continue providing high quality service to Eventide LTB, Eventide MAI, and their respective shareholders.

 

Performance. The Board reviewed the performance of each of Eventide LTB and Eventide MAI relative to its peer group and Morningstar category. The Board recalled that Boyd sub-advised the fixed income sleeve of Eventide MAI and that it assumed the role of sub-advisor for the entirety of Eventide LTB’s portfolio in May 2020. After discussion, the Board concluded that the performance of Eventide LTB and Eventide MAI were acceptable.

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■Eventide LTB—The Board recalled that Boyd took over management of Eventide LTB in May 2020 and therefore focused on short-term performance. The Board noted Eventide attributed Eventide LTB’s underperformance to its peer group and Morningstar category over the 1-year period to the slightly longer duration of Eventide LTB’s positions and its restrictions to high yield bonds.

 

■Eventide MAI—The Board discussed Eventide’s commentary regarding performance, which noted that Boyd contributed positively to Eventide MAI’s performance, primarily due to its allocation into corporate bonds.

 

Fees and Expenses. The Board discussed Boyd’s sub-advisory fee schedule for Eventide LTB and Eventide MAI, including the levels at which breakpoints would reduce the fee. The Board reviewed the allocation of fees between Eventide and Boyd relative to their respective duties and other factors and agreed the allocations for Eventide LTB and Eventide MAI were appropriate. They also considered the sub-advisory fee breakpoints. The Board concluded that the sub-advisory fees for Eventide LTB and Eventide MAI were not unreasonable.

 

Profitability. The Board recognized that Boyd earned a reasonable profit from sub-advising each of Eventide LTB and Eventide MAI. The Board determined that Boyd’s profits were not excessive.

 

Economies of Scale. The Board considered whether Boyd had realized economies of scale with respect to the sub-advisory services provided to either of Eventide LTB or Eventide MAI. The Board agreed that this was primarily an advisor-level issue and should be considered with respect to the overall management agreement taking into consideration the impact of the sub-advisory expense. The Board concluded that, based on the current size of Eventide LTB, Eventide MAI, and the other Eventide Funds, it was unlikely that Boyd was benefitting from any material economies of scale.

 

Conclusion. Having requested and received such information from Boyd as the Board believed to be reasonably necessary to evaluate the terms of the sub-advisory agreement between the Eventide and Boyd, and as assisted by the advice of counsel, the Board concluded that renewal of the Sub-Advisory Agreement was in the best interests of Eventide LTB, Eventide MAI, and their shareholders.

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A N N U A L  R E P O R TJune 30, 2021
Eventide Funds  
Supplemental Information (Unaudited) June 30, 2021

 

The Funds have adopted and implemented a written liquidity risk management program as required by Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act. The program is reasonably designed to assess and manage the Funds’ liquidity risk, taking into consideration, among other factors, the Funds’ investment strategies and the liquidity of their portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources.

 

During the year ended June 30, 2021, the Board and the Trust’s Liquidity Risk Management Program Committee (the “Committee”) reviewed the Funds’ investments and they determined that the Funds held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. Accordingly, the Board and Committee concluded that (i) the Funds’ liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Funds’ liquidity risk management program has been effectively implemented.

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Eventide Funds  
Expense Examples (Unaudited) June 30, 2021

 

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases of Class A shares; (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

 

The example for Eventide Core Bond Fund, Eventide Dividend Opportunities Fund, Eventide Exponential Technologies Fund, Eventide Gilead Fund, Eventide Healthcare & Life Sciences Fund, Eventide Limited-Term Bond Fund and Eventide Multi-Asset Income Fund is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2021 through June 30, 2021.

 

Actual Expenses

 

The “Actual” columns in the table below provide information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

 

Hypothetical Example for Comparison Purposes

 

The “Hypothetical” columns in the table below provide information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each of Eventide Core Bond Fund, Eventide Exponential Technologies Fund, Eventide Dividend Opportunities Fund, Eventide Gilead Fund, Eventide Healthcare & Life Sciences Fund, Eventide Limited-Term Bond Fund and Eventide Multi-Asset Income Fund and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

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Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or redemption fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

               Hypothetical
         Actual  (5% return before expenses)
         Ending            
   Funds’  Beginning  Account  Expenses  Beginning  Ending  Expenses
   Annualized  Account Value  Value  Paid During  Account Value  Account Value  Paid During
   Expense Ratio  1/1/21  6/30/21  Period*  1/1/21  6/30/21  Period
Eventide Core Bond Fund - Class N  0.78%  $1,000.00  $979.60  $3.83  $1,000.00  $1,020.93  $3.91
Eventide Core Bond Fund – Class A  0.83%  $1,000.00  $980.60  $4.08  $1,000.00  $1,020.68  $4.16
Eventide Core Bond Fund – Class C  1.58%  $1,000.00  $975.50  $7.74  $1,000.00  $1,016.96  $7.90
Eventide Core Bond Fund – Class I  0.58%  $1,000.00  $980.50  $2.85  $1,000.00  $1,021.92  $2.91
Eventide Dividend Opportunities Fund - Class N  1.15%  $1,000.00  $1,156.60  $6.15  $1,000.00  $1,019.09  $5.76
Eventide Dividend Opportunities Fund – Class A  1.20%  $1,000.00  $1,156.60  $6.42  $1,000.00  $1,018.84  $6.01
Eventide Dividend Opportunities Fund – Class C  1.95%  $1,000.00  $1,151.60  $10.40  $1,000.00  $1,015.12  $9.74
Eventide Dividend Opportunities Fund – Class I  0.95%  $1,000.00  $1,157.50  $5.08  $1,000.00  $1,020.08  $4.76
Eventide Exponential Technologies Fund - Class N  1.63%  $1,000.00  $1,209.10  $8.91  $1,000.00  $1,016.73  $8.13
Eventide Exponential Technologies Fund – Class A  1.68%  $1,000.00  $1,209.10  $9.18  $1,000.00  $1,016.48  $8.38
Eventide Exponential Technologies Fund – Class C  2.43%  $1,000.00  $1,204.60  $13.28  $1,000.00  $1,012.74  $12.13
Eventide Exponential Technologies Fund – Class I  1.43%  $1,000.00  $1,210.10  $7.82  $1,000.00  $1,017.72  $7.14
Eventide Gilead Fund – Class N  1.31%  $1,000.00  $1,107.00  $6.86  $1,000.00  $1,018.29  $6.57
Eventide Gilead Fund – Class A  1.36%  $1,000.00  $1,106.80  $7.12  $1,000.00  $1,018.04  $6.82
Eventide Gilead Fund – Class C  2.11%  $1,000.00  $1,102.60  $11.01  $1,000.00  $1,014.32  $10.55
Eventide Gilead Fund – Class I  1.11%  $1,000.00  $1,108.10  $5.82  $1,000.00  $1,019.27  $5.58
Eventide Healthcare & Life Sciences Fund – Class N  1.48%  $1,000.00  $847.10  $6.78  $1,000.00  $1,017.46  $7.40
Eventide Healthcare & Life Sciences Fund – Class A  1.53%  $1,000.00  $847.00  $7.01  $1,000.00  $1,017.21  $7.65
Eventide Healthcare & Life Sciences Fund – Class C  2.28%  $1,000.00  $843.80  $10.42  $1,000.00  $1,013.49  $11.38
Eventide Healthcare & Life Sciences Fund – Class I  1.28%  $1,000.00  $847.90  $5.85  $1,000.00  $1,018.46  $6.39
Eventide Limited-Term Bond Fund – Class N  0.75%  $1,000.00  $994.60  $3.71  $1,000.00  $1,021.08  $3.76
Eventide Limited-Term Bond Fund – Class A  0.80%  $1,000.00  $994.40  $3.96  $1,000.00  $1,020.83  $4.01
Eventide Limited-Term Bond Fund – Class C  1.55%  $1,000.00  $989.80  $7.65  $1,000.00  $1,017.11  $7.75
Eventide Limited-Term Bond Fund – Class I  0.55%  $1,000.00  $995.70  $2.72  $1,000.00  $1,022.07  $2.76
Eventide Multi-Asset Income Fund – Class N  1.02%  $1,000.00  $1,081.10  $5.26  $1,000.00  $1,019.74  $5.11
Eventide Multi-Asset Income Fund – Class A  1.07%  $1,000.00  $1,081.60  $5.52  $1,000.00  $1,019.49  $5.36
Eventide Multi-Asset Income Fund – Class C  1.82%  $1,000.00  $1,077.40  $9.37  $1,000.00  $1,015.77  $9.10
Eventide Multi-Asset Income Fund – Class I  0.82%  $1,000.00  $1,082.90  $4.23  $1,000.00  $1,020.73  $4.11
                      

 

*Expenses are equal to the average account value over the period, multiplied by the Funds’ annualized expense ratio, multiplied by the number of days in the period (181) divided by the number of days in the fiscal year.
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Eventide Funds  
Additional Information (Unaudited) June 30, 2021

 

Reference is made to the Prospectus and the Statement of Additional Information for more detailed descriptions of the Management Agreement, Services Agreement and Distribution and/or Service (12b-1) Plan, tax aspects of each Fund and the calculation of the net asset value of shares of each Fund.

 

Funds file a complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available at the SEC’s website at www.sec.gov. The information on Form N-PORT is available without charge, upon request, by calling 1-877-771-3836.

 

Information regarding how each Fund voted proxies relating to portfolio securities during the twelve month period ended June 30 as well as a description of the policies and procedures that each Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-877-771-3836; and on the SEC’s website at http://www.sec.gov.

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Eventide Funds  
Independent Trustees June 30, 2021

 

Name, Address
Year of Birth		 Position(s)
Held
with
Registrant		 Term and
Length Served1		 Principal Occupation(s)
During Past 5 Years		 Number of
Portfolios
Overseen in
the Fund
Complex2		 Other Directorships Held During Past 5
Years
Tobias Caldwell
c/o Mutual Fund Series Trust
36N New York Avenue,
Huntington, NY 11743
Year of Birth: 1967		 Trustee Since 6/2006 Manager of Genovese Family Enterprises LLC, a real estate firm, since 1999. Managing Member of PTL Real Estate LLC, a real estate/investment firm, since 2000. Managing Member of Bear Properties, LLC, a real estate firm, since 2006. President of Genovese Imports, an importer/ distributor of wine, from 2005 to 2011. 52 Trustee of Variable Insurance Trust since 2010; Chairman of the Board of Mutual Fund and Variable Insurance Trust since 2016; Chairman of the Board of Strategy Shares since 2016; Trustee of M3Sixty Funds Trust since 2016; Chairman of the Board of AlphaCentric Prime Meridian Income Fund since 2018
Tiberiu Weisz
c/o Mutual Fund Series Trust
36N New York Avenue,
Huntington, NY 11743
Year of Birth: 1949		 Trustee Since 6/2006 Retired, Attorney with and shareholder of Gottlieb, Rackman & Reisman, P.C., from 1994 to 2015. 38 Trustee of Variable Insurance Trust since 2010
Dr. Bert Pariser
c/o MITCU Corporation
860 East Broadway, Suite
2D, Long Beach, NY 11561
Year of Birth: 1940		 Trustee Since 5/2007 Managing Partner of The MITCU Corporation, a technology consulting firm since 2004. Retired Faculty Member Technical Career Institutes, from 1991 to 2017. 38 Trustee of Variable Insurance Trust since 2010
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A N N U A L  R E P O R TJune 30, 2021
Eventide Funds
Interested Trustee3 and Officers June 30, 2021

 

Name, Address,
Year of Birth		 Position(s)
Held
with
Registrant		 Term and
Length Served1		 Principal Occupation(s)
During Past 5 Years		 Number of
Portfolios
Overseen In
The Fund
Complex2		 Other Directorships
Held
During Past 5 Years
Jerry Szilagyi
53 Palmeras St. Suite 601
San Juan, PR 00901
Year of Birth: 1962		 Chairman of the Board and President Trustee since 7/2006; President since 2/2012 President, Rational Advisors, Inc., 1/2016 - present; Chief Executive Officer, Catalyst Capital Advisors LLC, 1/2006- present; Member, AlphaCentric Advisors LLC, 2/2014 to Present; Managing Member, MFund Distributors LLC, 10/2012-present; Managing Member, MFund Services LLC, 1/2012 – Present; CEO, Catalyst Capital International, LLC 2017-present; President, USA Mutuals, Inc., 3/2011 to 7/2016; President, Cross Sound LLC, 6/11 to 7/2016; CEO, Catalyst International Advisors LLC, 11/2019 to present; CEO, Insights Media LLC, 11/2019 to present; CEO, MFund Management LLC, 11/2019 to present. 38 Variable Insurance Trust since 2010
Erik Naviloff
4221 North 203rd Street,
Suite 100, Elkhorn,
Nebraska, 68022
Year of Birth: 1968		 Treasurer Since 4/2012 Vice President – Fund Administration, Gemini Fund Services, LLC, since 2011. N/A N/A
Aaron Smith
4221 North 203rd Street,
Suite 100, Elkhorn,
Nebraska, 68022
Year of Birth: 1974		 Assistant Treasurer Since 11/2013 Assistant Vice President, Gemini Fund Services, LLC, since 2017. Manager - Fund Administration, Gemini Fund Services, LLC, 2012-2017. N/A N/A
Brian Curley
4221 North 203rd Street,
Suite 100, Elkhorn,
Nebraska, 68022
Year of Birth: 1970		 Assistant Treasurer Since 11/2013 Vice President, Gemini Fund Services, LLC since 1/2015. N/A N/A
Sam Singh
4221 North 203rd Street,
Suite 100, Elkhorn,
Nebraska, 68022
Year of Birth: 1976		 Assistant Treasurer Since 2/2015 Vice President, Gemini Fund Services, LLC since 1/2015. N/A N/A
Frederick J. Schmidt
36 N. New York Avenue
Huntington, NY 11743
Year of Birth: 1959		 Chief Compliance Officer Since 5/2015 Director, MFund Services LLC since 5/2015. N/A N/A
Jennifer A. Bailey
36 N. New York Avenue
Huntington, NY 11743
Year of Birth: 1968		 Secretary Secretary since 4/2014 Director of Legal Services, MFund Services LLC, since 2012. N/A N/A
Michael Schoonover
53 Palmeras St. Suite 601
San Juan, PR 00901
Year of Birth: 1983		 Vice President Since 6/2018 Chief Operating Officer, Catalyst Capital Advisors LLC & Rational Advisors, Inc., June 2017 to present; Portfolio Manager, Catalyst Capital Advisors LLC 12/2013 to present; Portfolio Manager, Rational Advisors, Inc. 1/2016 to 5/2018; President, MFund Distributors LLC, 1/2020 to present; COO, Catalyst International Advisors LLC, 11/2019 to present; COO, Insights Media LLC, 11/2019 to present; COO, MFund Management LLC, 11/2019 to present; COO, AlphaCentric Advisors LLC, since 1/2021. N/A N/A

 

1.The term of office of each Trustee is indefinite.

 

2.The ‘Fund Complex’ includes the Trust, Variable Insurance Trust, Mutual Fund and Variable Insurance Trust, Strategy Shares, and AlphaCentric Prime Meridian Income Fund, each a registered investment company.

 

3.The Trustee who is an “interested person” of the Trust as defined in the 1940 Act is an interested person by virtue of being an officer of the advisor to certain series of the Trust.
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A N N U A L  R E P O R TJune 30, 2021
Privacy Notice
Mutual Fund Series Trust Revised July 2017  1 of 2

 

FACTS WHAT DOES MUTUAL FUND SERIES TRUST DO WITH YOUR PERSONAL INFORMATION?

 

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

 

What?

The types of personal information we collect and share depends on the product or service that you have with us. This information can include:

 

■         Social Security number and wire transfer instructions

 

■         account transactions and transaction history

 

■         investment experience and purchase history

 

When you are no longer our customer, we continue to share your information as described in this notice.

 

How? All financial companies need to share customers’ personal information to run their everyday business.  In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Mutual Fund Series Trust chooses to share; and whether you can limit this sharing.

 

Reasons we can share your personal
information:		 Does Mutual Fund Series
Trust share information?		 Can you limit this sharing?
     
For our everyday business purposes such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus. YES NO
     
For our marketing purposes to offer our products and services to you. NO We don’t share
     
For joint marketing with other financial companies. NO We don’t share
     
For our affiliates’ everyday business purposes - information about your transactions and records. NO We don’t share
     
For our affiliates’ everyday business purposes - information about your credit worthiness. NO We don’t share
     
For our affiliates to market to you NO We don’t share
     
For non-affiliates to market to you NO We don’t share
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A N N U A L  R E P O R TJune 30, 2021
Privacy Notice
Mutual Fund Series Trust Revised July 2017  2 of 2

 

What we do:

How does Mutual Fund Series Trust protect my personal information?

To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.

 

Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.

How does Mutual Fund Series Trust collect my personal information?

We collect your personal information, for example, when you:

■     open an account or deposit money

 

■     direct us to buy securities or direct us to sell your securities

 

■     seek advice about your investments

 

We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.

Why can’t I limit all sharing?

Federal law gives you the right to limit only:

■     sharing for affiliates’ everyday business purposes – information about your creditworthiness.

 

■     affiliates from using your information to market to you.

 

■     sharing for non-affiliates to market to you.

 

State laws and individual companies may give you additional rights to limit sharing.

 

Definitions
Affiliates

Companies related by common ownership or control. They can be financial and non-financial companies.

 

■     Mutual Fund Series Trust does not share with affiliates.

   
Non-affiliates

Companies not related by common ownership or control. They can be financial and non-financial companies.

 

■     Mutual Fund Series Trust doesn’t share with non-affiliates so they can market to you.

   
Joint marketing

A formal agreement between nonaffiliated financial companies that together market financial products or services to you.

 

■     Mutual Fund Series Trust doesn’t jointly market.

 

QUESTIONS? Call 1-844-223-8637
   
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A N N U A L  R E P O R TJune 30, 2021
MUTUAL FUND SERIES TRUST
4221 North 203rd Street, Suite 100
Elkhorn, NE 68022
 
MANAGER
Eventide Asset Management, LLC
One International Place
Suite 4210
Boston, MA 02110
 
ADMINISTRATOR
Gemini Fund Services, LLC
4221 North 203rd Street, Suite 100
Elkhorn, NE 68022
 
TRANSFER AGENT
Gemini Fund Services, LLC
4221 North 203rd Street, Suite 100
Elkhorn, NE 68022
 
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
BBD, LLP
1835 Market Street
3rd Floor
Philadelphia, PA 19103
 
LEGAL COUNSEL
Thompson Hine LLP
41 South High Street
Suite 1700
Columbus, OH 43215
 
CUSTODIAN BANK
U.S. Bank
1555 N. Rivercenter Drive.
Suite 302
Milwaukee, WI 53212
 
 
 
 
 
 
E V E N T I D E   153
 

 

(b)        Not applicable

 

ITEM 2. CODE OF ETHICS.

 

(a) The registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

 

(b) During the period covered by this report, there were no amendments to any provision of the code of ethics.

 

(c) During the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.

 

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

 

  The registrant’s Board of Trustees has determined that it does not have an audit committee financial expert serving on its audit committee.  At this time, the registrant believes that the experience provided by each member of the audit committee together offer the registrant adequate oversight for the registrant’s level of financial complexity.

 

 

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

 

 

(a)

Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

 

  

Trust Series  2021  2020  
Eventide Gilead Fund 30,000 25,000  
Eventide Dividend Opportunities Fund 11,000 10,250  
Eventide Healthcare & Life Sciences Fund 20,000 17,000  
Eventide Limited Term Bond Fund 15,000 12,250  
Eventide Multi-Asset Income Fund 15,000 12,250  
Eventide Core Bond Fund 12,250 -  
Eventide Exponential Technologies Fund 10,250 -  
         

 

(b) Audit-Related Fees.  There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this item.
(c) Tax Fees.  The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance are as follows:

 

 

Trust Series  2021  2020
Eventide Gilead Fund 2,000 2,000
Eventide Dividend Opportunities Fund 2,000 2,000
Eventide Healthcare & Life Sciences Fund 2,000 2,000
Eventide Limited Term Bond Fund 2,000 2,000
Eventide Multi-Asset Income Fund 2,000 2,000
Eventide Core Bond Fund 2,500 2,000
Eventide Exponential Technologies Fund 2,500 2,000

 

 

(d) All Other Fees.   The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant’s principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended June 30, 2021 and 2020 respectively.
(e)(1) The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant.
(e)(2) There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
f) Not applicable. The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was zero percent (0%).
(g) All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended June 30, 2021 and 2020 respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's adviser.

 

 

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

 

Not applicable

 

ITEM 6. SCHEDULE OF INVESTMENT

 

Included in annual report to shareholders filed under item 1 of this form.

 

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable Fund is an open-end management investment company

 

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

 

Not applicable Fund is an open-end management investment company

 

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

 

Not applicable Fund is an open-end management investment company

 

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

 

Not applicable at this time.

 

ITEM 11. CONTROLS AND PROCEDURES.

 

(a)The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act, are effective, as of a date within 90 days of the filing date of this report, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

 

 

(b)There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

 

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable to open-end investment companies.

 

 

 

ITEM 13. EXHIBITS

 

(1)Code of Ethics for Principal Executive and Senior Financial Officers is attached hereto.

 

(2)Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.

 

(3)Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Mutual Fund Series Trust

 

 

By Jerry Szilagyi         /s/ Jerry Szilagyi
Principal Executive Officer/President
Date:  September 2, 2021  

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following person on behalf of the registrant and in the capacities and on the date indicated.

 

 

By Jerry Szilagyi        /s/ Jerry Szilagyi ___________
Principal Executive Officer/President
Date:  September 2, 2021  

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following person on behalf of the registrant and in the capacities and on the date indicated.

 

 

By Erik Naviloff  /s/ Erik Naviloff_____________
Principal Financial Officer/Treasurer
Date:  September 2, 2021