Expense Limitation Agreement
To: Mutual Fund Series Trust
17605 Wright Street
Omaha, NE 68130
Dear Board Members:
You have engaged Catalyst Capital Advisors LLC (‘Catalyst”) to act as the sole investment adviser to the Catalyst Funds listed on Exhibit A (each a “Fund” and together the “Funds”).
Catalyst hereby contractually agrees to waive investment advisory fees and/or reimburse the Funds for expenses they incur, but only to the extent necessary to maintain each Fund’s total annual operating expenses (excluding brokerage costs; borrowing costs such as (a) interest and (b) dividends on securities sold short; taxes; underlying fund expenses; and extraordinary expenses, such as regulatory inquiry and litigation expenses) at the percentage of average daily net assets and for the term stated in Exhibit A for each Fund.
This agreement shall remain in effect for a Fund until at least the date set forth on Exhibit A, unless terminated sooner as provided herein, and shall continue in effect for successive twelve-month periods, provided that such continuance is specifically approved by a majority of the Trustees of the Mutual Fund Series Trust (the “Trust”). This agreement may only be terminated by the Trust's Board of Trustees on 60 days’ written notice to Catalyst and upon the termination of the investment advisory agreement between the Trust and Catalyst respecting the Fund.
Any waiver or reimbursement by Catalyst is subject to repayment by the applicable Fund within the three fiscal years following the date of the waiver and/or reimbursement, so long as such recoupment does not cause the Fund’s expense ratio (after the repayment is taken into account) to exceed both: (i) the Fund’s expense limitation at the time such expenses were waived and (ii) the Fund’s current expense limitation at the time of recoupment.
Dated: February 14, 2024
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Very truly yours,
CATALYST CAPITAL ADVISORS LLC
By: __/s/ Jerry Szilagyi_______________ Name: Jerry Szilagyi Title: Managing Member
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The foregoing Agreement is hereby accepted.
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MUTUAL FUND SERIES TRUST
By: _/s/ Jennifer Bailey_______________ Name: Jennifer Bailey Title: Secretary |
Exhibit A
Effective February 14, 2024
| Fund | Percent of Net Assets | Term |
|
Catalyst Insider Buying Fund
|
Class A - 1.53% Class C – 2.28% Class I – 1.28% Class T – 1.53%
|
10/31/26 |
|
Catalyst/SMH High Income Fund
|
Class A – 1.48% Class C – 2.23% Class I – 1.23% Class T – 1.48%
|
10/31/26 |
|
Catalyst/SMH Total Return Income Fund
|
Class A – 1.58% Class C – 2.33% Class C-1 – 2.99% Class I – 1.33% Class T – 1.58%
|
10/31/26 |
|
Catalyst/MAP Global Balanced Fund
|
Class A – 1.22% Class C – 1.97% Class I – 0.97% Class T – 1.22% |
10/31/26 |
|
Catalyst/MAP Global Equity Fund
|
Class A – 1.21% Class C – 1.96% Class I – 0.96% Class T – 1.21% |
10/31/26 |
|
Catalyst Dynamic Alpha Fund
|
Class A – 1.38% Class C – 2.13% Class I – 1.13% Class T – 1.38%
|
10/31/26 |
|
Catalyst/Lyons Tactical Allocation Fund
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Class A – 1.53% Class C – 2.28% Class I – 1.28% Class T – 1.53%
|
10/31/26 |
| Catalyst Nasdaq-100 Hedged Equity Fund |
Class A – 1.74% Class C – 2.49% Class I – 1.49% Class T – 1.74%
|
10/31/26 |
|
Catalyst Buffered Shield Fund
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Class A – 1.48% Class C – 2.23% Class I – 1.23% Class T – 1.48%
|
10/31/26 |
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Catalyst/CIFC Senior Secured Income Fund
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Class A – 1.15% Class C – 1.90% Class I – 0.90% Class T – 1.15%
|
10/31/26 |
| Catalyst Insider Income Fund |
Class A – 1.00% Class C – 1.75% Class I – 0.75% Class T – 1.00% |
10/31/26 |
|
Catalyst Systematic Alpha Fund
|
Class A – 2.02% Class C – 2.77% Class I – 1.77% Class T – 2.02% |
10/31/26 |
| Catalyst Energy Infrastructure Fund |
Class A – 1.68% Class C – 2.43% Class I – 1.43% Class T – 1.68% |
10/31/26 |
| Catalyst/Millburn Dynamic Commodity Strategy Fund |
Class A – 2.24% Class C – 2.99% Class I – 1.99% Class T – 2.24% |
10/31/26 |
| Catalyst Enhanced Income Strategy Fund |
Class A – 1.75% Class C – 2.50% Class I – 1.50% |
10/31/26 |
| Catalyst/Warrington Strategic Program Fund |
Class A – 2.24% Class C – 2.99% Class I – 1.99% Class T – 2.24% |
10/31/26 |
| Catalyst/Aspect Enhanced Multi-Asset Fund |
Class A – 2.24% Class C – 2.99% Class I – 1.99%
|
10/31/26 |
| Catalyst/Welton Advantage Multi-Strategy Fund |
Class A – 2.44% Class C – 2.99% Class I – 1.99% |
10/31/26 |
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Very truly yours,
CATALYST CAPITAL ADVISORS LLC
By: /s/ Jerry Szilagyi Name: Jerry Szilagyi Title: Chief Executive Officer
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The foregoing Agreement is hereby accepted.
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MUTUAL FUND SERIES TRUST
By: /s/ Jennifer Bailey Name: Jennifer Bailey Title: Secretary |