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.
Effective November 1, 2016, 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) 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, if 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.
Dated: March 9, 2017
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Very truly yours,
CATALYST CAPITAL ADVISORS LLC
By: /s/ Xxxxx Xxxxxxxx Name, Title: Xxxxx Xxxxxxxx, Managing Member
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The foregoing Agreement is hereby accepted.
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By: /s/ Xxxxxx Xxxxxxxx Name, Title: Xxxxxx Xxxxxxxx, Trustee |
Exhibit A
| Fund | Percent of Net Assets | Term |
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Catalyst Small-Cap Insider Buying Fund Class A, C and I Shares |
Class A – 1.75% Class C – 2.50% Class I – 1.50% Class T – 1.75 Clas Class |
Class A, C and I - 10/31/17 Class T – 10/31/18 |
|
Catalyst Insider Buying Fund Class A, C and I Shares |
Class A – 1.50% Class C – 2.25% Class I – 1.25% Class T – 1.50% |
Class A, C and I - 10/31/17 Class T – 10/31/18 |
|
Catalyst Insider Long-Short Fund Class A, C and I Shares |
Class A – 1.75% Class C – 2.50% Class I – 1.50% Class T – 1.75% |
Class A, C and I - 10/31/17 Class T – 10/31/18 |
|
Catalyst Hedged Futures Strategy Fund Class A, C and I Shares |
Class A – 2.24% Class C – 2.99% Class I –1.99% Class T – 2.24% |
Class A, C and I - 10/31/17 Class T – 10/31/18 |
|
Catalyst/SMH High Income Fund Class A, C and I Shares |
Class A – 1.45% Class C – 2.20% Class I – 1.20% Class T – 1.45% |
Class A, C and I - 10/31/17 Class T – 10/31/18 |
|
Catalyst/SMH Total Return Income Fund Class A, C and I Shares |
Class A – 1.55% Class C – 2.30% Class I – 1.30% Class T – 1.55% |
Class A, C and I - 10/31/17 Class T – 10/31/18 |
|
Catalyst/Xxxxxxxxx Growth of Income Fund Class A, C and I Shares |
Class A – 1.35% Class C – 2.10% Class I – 1.10% Class T – 1.35% |
Class A, C and I - 10/31/17 Class T – 10/31/18 |
|
Catalyst/MAP Global Balanced Fund Class A, C and I Shares |
Class A – 1.55% Class C – 2.30% Class I – 1.25% Class T – 1.55% |
Class A, C and I - 10/31/17 Class T – 10/31/18 |
|
Catalyst/MAP Global Equity Fund Class A, C and I Shares |
Class A – 1.55% Class C – 2.30% Class I – 1.25% Class T – 1.55% |
Class A, C and I - 10/31/17 Class T – 10/31/18 |
|
Catalyst Dynamic Alpha Fund Class A, C and I Shares |
Class A – 1.35% Class C – 2.10% Class I – 1.10% Class T – 1.35% |
Class A, C and I - 10/31/17 Class T – 10/31/18 |
|
Catalyst/Xxxxx Tactical Allocation Fund Class A, C and I Shares |
Class A – 1.50% Class C – 2.25% Class I – 1.25% Class T – 1.50%
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Class A, C and I - 10/31/17 Class T – 10/31/18 |
|
Catalyst Exceed Defined Risk Fund Class A, C and I Shares |
Class A – 1.50% Class C – 2.25% Class I – 1.25% Class T – 1.50%
|
Class A, C and I - 10/31/18 Class T – 10/31/18 |
|
Catalyst/Princeton Floating Rate Income Fund Class A, C and I Shares |
Class A – 1.35% Class C – 2.10% Class I – 1.10% Class T – 1.35%
|
Class A, C and I - 10/31/17 Class T – 10/31/18 |
|
Catalyst Buyback Strategy Fund Class A, C and I Shares |
Class A – 1.50% Class C – 2.25% Class I – 1.25% Class T – 1.50% |
Class A, C and I - 10/31/17 Class T – 10/31/18 |
|
Catalyst Macro Strategy Fund Class A, C and I Shares |
Class A –1.95% Class C – 2.70% Class I – 1.70% Class T – 1.95% |
Class A, C and I - 10/31/17 Class T – 10/31/18 |
|
Catalyst Insider Income Fund Class A, C and I Shares |
Class A – 1.00% Class C – 1.75% Class I – 0.75% Class T – 1.00% |
Class A, C and I - 10/31/17 Class T – 10/31/18 |
|
Catalyst Intelligent Alternative Fund Class A, C and I Shares |
Class A – 0.60% Class C – 1.35% Class I – 0.35% Class T – 0.60% |
Class A, C and I - 10/31/17 Class T – 10/31/18 |
|
Catalyst/Stone Beach Income Opportunity Fund Class A, C and I Shares |
Class A – 1.55% Class C – 2.30% Class I – 1.30% Class T – 1.55% |
Class A, C and I - 10/31/17 Class T – 10/31/18 |
|
Catalyst Time Value Trading Fund Class A, C and I Shares |
Class A – 2.24% Class C – 2.99% Class I – 1.99% Class T – 2.24% |
Class A, C and I - 10/31/17 Class T – 10/31/18 |
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Catalyst/Princeton Unconstrained Hedged Income Fund Class A, C and I Shares |
Class A – 1.55% Class C – 2.30% Class I – 1.30% Class T – 1.55% |
Class A, C and I - 10/31/17 Class T – 10/31/18 |
|
Catalyst/Princeton Credit Opportunity Fund Class A, C and I Shares |
Class A – 1.99% Class C – 2.74% Class I – 1.74% Class T – 1.99% |
Class A, C and I - 10/31/17 Class T – 10/31/18 |
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Catalyst MLP & Infrastructure Fund Class A, C and I Shares |
Class A – 1.65% Class C – 2.40% Class I – 1.40% Class T – 1.65% |
Class A, C and I - 10/31/17 Class T – 10/31/18 |
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Catalyst/Auctos Multi-Strategy Fund Class A, C and I Shares |
Class A – 2.24% Class C – 2.99% Class I – 1.99% Class T – 2.24% |
Class A, C and I - 10/31/17 Class T – 10/31/18 |
|
Catalyst IPOx Allocation Fund Class A, C and I Shares |
Class A – 1.99% Class C – 2.74% Class I – 1.74% Class T – 1.99% |
Class A, C and I - 10/31/17 Class T – 10/31/18 |
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Catalyst Hedged Commodity Strategy Fund Class A, C and I Shares |
Class A – 2.24% Class C – 2.99% Class I – 1.99% Class T – 2.24% |
Class A, C and I - 10/31/17 Class T – 10/31/18 |
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Catalyst/Millburn Hedge Strategy Fund Class A, C and I Shares |
Class A – 2.14% Class C – 2.89% Class I – 1.89% Class T – 2.14% |
Class A, C and I - 10/31/17 Class T – 10/31/18 |
