Expense Limitation Agreement
To: Mutual Fund Series Trust
00000 Xxxxxx Xxxxxx
Xxxxx, XX 00000
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”) pursuant to a Management Agreement dated as of July 31, 2006 (the “Agreement”) as amended.
Catalyst hereby contractually agrees to waive management 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 term as 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 Fund's Board of Trustees on 60 days’ written notice to Catalyst and upon the termination of the Management Agreement between the Trust and Catalyst.
Any waiver or reimbursement by us 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: November 20, 2018
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Very truly yours,
CATALYST CAPITAL ADVISORS LLC
By: /s/ Xxxxx Xxxxxxxx Name: Xxxxx Xxxxxxxx Title: Managing Member
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The foregoing Agreement is hereby accepted.
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By: /s/ Xxxxxx Xxxxxxxx Name: Xxxxxx Xxxxxxxx Title: Trustee |
Exhibit A
| Fund | Percent of Net Assets | Term |
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Catalyst Small-Cap Insider Buying Fund
|
Class A – 1.78% Class C – 2.53% Class I – 1.53% Class T – 1.78 Clas Class
|
10/31/19 |
|
Catalyst Insider Buying Fund
|
Class A - 1.53% Class C – 2.28% Class I – 1.28% Class T – 1.53%
|
10/31/19 |
|
Catalyst/SMH High Income Fund
|
Class A – 1.48% Class C – 2.23% Class I – 1.23% Class T – 1.48%
|
10/31/19 |
|
Catalyst/SMH Total Return Income Fund
|
Class A – 1.58% Class C – 2.33% Class I – 1.33% Class T – 1.58% |
10/31/19 |
|
Catalyst/Xxxxxxxxx Growth of Income Fund
|
Class A – 1.38% Class C – 2.13% Class I – 1.13% Class T – 1.38% |
10/31/19 |
|
Catalyst/MAP Global Balanced Fund
|
Class A – 1.22% Class C – 1.97% Class I – 0.97% Class T – 1.22% |
10/31/19 |
|
Catalyst/MAP Global Equity Fund
|
Class A – 1.21% Class C – 1.96% Class I – 0.96% Class T – 1.21% |
10/31/19 |
|
Catalyst Dynamic Alpha Fund
|
Class A – 1.38% Class C – 2.13% Class I – 1.13% Class T – 1.38%
|
10/31/19 |
|
Catalyst/Xxxxx Tactical Allocation Fund
|
Class A – 1.53% Class C – 2.28% Class I – 1.28% Class T – 1.53%
|
10/31/19 |
|
Catalyst/Exceed Defined Risk Fund
|
Class A – 1.53% Class C – 2.28% Class I – 1.28% Class T – 1.53%
|
10/31/19 |
|
Catalyst/Exceed Defined Shield Fund
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Class A – 1.48% Class C – 2.23% Class I – 1.23% Class T – 1.48%
|
10/31/19 |
|
Catalyst/CIFC Floating Rate Income Fund
|
Class A – 1.38% Class C – 2.13% Class I – 1.13% Class T – 1.38%
|
10/31/19 |
|
Catalyst Buyback Strategy Fund
|
Class A – 1.53% Class C – 2.28% Class I – 1.28% Class T – 1.53% |
10/31/19 |
|
Catalyst Macro Strategy Fund
|
Class A –1.98% Class C – 2.73% Class I – 1.73% Class T – 1.98%
|
10/31/19 |
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Catalyst Insider Income Fund
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Class A – 1.00% Class C – 1.75% Class I – 0.75% Class T – 1.00% |
10/31/19 |
|
Catalyst Systematic Alpha Fund
|
Class A – 2.02% Class C – 2.77% Class I – 1.77% Class T – 2.02% |
10/31/19 |
|
Catalyst/Stone Beach Income Opportunity Fund
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Class A – 1.58% Class C – 2.33% Class I – 1.33% Class T – 1.58% |
10/31/19 |
|
Catalyst MLP & Infrastructure Fund
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Class A – 1.68% Class C – 2.43% Class I – 1.43% Class T – 1.68% |
10/31/19 |
|
Catalyst Multi-Strategy Fund
|
Class A – 2.27% Class C – 3.02% Class I – 2.02% Class T – 2.27% |
10/31/19 |
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Catalyst IPOX Allocation Fund
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Class A – 2.02% Class C – 2.77% Class I – 1.77% Class T – 2.02% |
10/31/19 |
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Catalyst Hedged Commodity Strategy Fund
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Class A – 2.27% Class C – 3.02% Class I – 2.02% Class T – 2.27% |
10/31/19 |
| Catalyst Enhanced Income Strategy Fund |
Class A – 1.75% Class C – 2.50% Class I – 1.50% |
10/31/20 |
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Very truly yours,
CATALYST CAPITAL ADVISORS LLC
By: /s/ Xxxxx Xxxxxxxx Name: Xxxxx Xxxxxxxx Title: Managing Member
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The foregoing Agreement is hereby accepted.
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By: /s/ Xxxxxx Xxxxxxxx Name: Xxxxxx Xxxxxxxx Title: Trustee |
