Expense Limitation Agreement May 21, 2015

Expense Limitation Agreement

May 21, 2015

To: Mutual Fund Series Trust
     00000 Xxxxxx Xxxxxx
     Xxxxx, XX 00000

Dear Board Members:

You have engaged us 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.

We hereby contractually agree 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; 12b-1 distribution plan expenses, and extraordinary expenses) at the percentage of average daily net assets and term as stated in Exhibit A for each Fund.

Any waiver or reimbursement by us is subject to repayment by the applicable Fund within the three fiscal years following the fiscal year in which the expenses occurred, if the Fund is able to make the repayment without exceeding its current expense limitations and the repayment is approved by the Board of Trustees.

Very truly yours,

CATALYST CAPITAL ADVISORS LLC

By _/s/ Xxxxx Szilagyi_____________

Name, Title: Xxxxx Xxxxxxxx, Managing Member

The foregoing Agreement is hereby accepted.

MUTUAL FUND SERIES TRUST

By: _/s/ Tobias Caldwell__________

Name, Title: Xxxxxx Xxxxxxxx, Trustee

Exhibit A

Fund	Percent of Net Assets	Term
Catalyst Small-Cap Insider Buying Fund Class A, C and I Shares	1.50	10/31/15
Catalyst Hedged Insider Buying Fund Class A, C and I Shares	Class A and C Shares – 1.50 Class I Shares – 1. 30	10/31/15
Catalyst Insider Buying Fund Class A, C and I Shares	1.25	10/31/15
Catalyst Insider Long-Short Fund Class A, C and I Shares	Class A and C Shares – 1.50 Class I Shares – 1.25	10/31/15
Catalyst Hedged Futures Strategy Fund Class A, C and I Shares	2.74	10/31/15
Catalyst Event Arbitrage Fund Class A, C and I Shares	1.50	10/31/15
Catalyst/SMH High Income Fund Class A, C and I Shares	1.20	10/31/15
Catalyst/SMH Total Return Income Fund Class A, C and I Shares	1.30	10/31/15
Catalyst/Xxxxxxxxx Growth of Income Fund Class A, C and I Shares	1.30	10/31/15
Catalyst/MAP Global Total Return Income Fund Class A, C and I Shares	Class A and C Shares -1.30 Class I Shares - 1.25	10/31/15
Catalyst/MAP Global Capital Appreciation Fund Class A, C and I Shares	Class A and C Shares -1.30 Class I Shares - 1.25	10/31/15
Catalyst Dynamic Alpha Fund Class A, C and I Shares	1.10	10/31/15
Catalyst/CP World Equity Fund Class A, C and I Shares	1.10	10/31/15
Catalyst/CP Focus Large Cap Fund Class A, C and I Shares	1.10	10/31/15
Catalyst/CP Focus Mid Cap Fund Class A, C and I Shares	1.25	10/31/15
Catalyst/Xxxxx Tactical Allocation Fund Class A, C and I Shares	1.25	10/31/15
Catalyst/Xxxxx Hedged Premium Return Fund Class A, C and I Shares	1.25	10/31/15
Catalyst/Princeton Floating Rate Income Fund Class A, C and I Shares	1.20	10/31/15
Catalyst/EquityCompass Buyback Strategy Fund Class A, C and I Shares	1.25	10/31/15
Catalyst Macro Strategy Fund Class A, C and I Shares	1.70	10/31/15

Catalyst Activist Investor Fund Class A, C and I Shares	1.25	10/31/15
Catalyst Insider Income Fund Class A, C and I Shares	1.20	10/31/15
Catalyst Intelligent Alternative Fund Class A, C and I Shares	0.74	10/31/16
Catalyst/Stone Beach Income Opportunity Fund Class A, C and I Shares	1.30	11/30/15
Catalyst/Xxxxxxxxx Aggressive Growth Fund Class A, C and I Shares	1.30	10/31/15
Catalyst Time Value Trading Fund Class A, C and I Shares	1.99	10/31/15
Catalyst/Princeton Hedged Income Fund Class A, C and I Shares	1.30	10/31/15
Catalyst/Princeton Credit Opportunity Fund Class A, C and I Shares	1.74	10/31/16
Catalyst MLP & Infrastructure Fund Class A, C and I Shares	1.40	12/31/15
Catalyst/Auctos Managed Futures Multi-Strategy Fund	1.99	10/31/16
Catalyst IPOx Allocation Fund	1.74	10/31/16
Catalyst Hedged Commodity Strategy Fund	1.99	10/31/15