MANAGEMENT AGREEMENT Mutual Funds Series Trust On behalf of the Catalyst Funds Amendment Dated: November 26, 2012

MANAGEMENT AGREEMENT

Mutual Funds Series Trust

On behalf of the Catalyst Funds

Exhibit 1

Amendment Dated:  November 26, 2012

Percentage of Average

Fund

Daily Net Assets

Catalyst Value Fund

1.25%

Catalyst Strategic Insider Fund

1.25%

Catalyst Large Cap Value Fund

1.00%

Catalyst/SMH High Income Fund

1.00%

Catalyst/SMH Total Return Income Fund

1.00%

Catalyst/Xxxxxxxxx Growth of Income Fund

1.00%

Catalyst/MAP Global Total Return Income Fund

1.00%

Catalyst/MAP Global Capital Appreciation Fund

1.00%

Catalyst/CP Core Equity Fund

1.00%

Catalyst/CP World Equity Fund

1.00%

Catalyst/CP Focus Large Cap Fund

1.00%

Catalyst/CP Focus Mid Cap Fund

1.00%

Catalyst Insider Long-Short Fund

1.25%

Catalyst Event Arbitrage Fund

1.25%

Catalyst/Xxxxx Tactical Allocation Fund

1.25%

Catalyst/Xxxxx Hedged Premium Return Fund

1.25%

Catalyst Insider Buying Fund

1.25%

Catalyst/Princeton Floating Rate Income Fund

1.00%

Mutual Fund Series Trust

By: /s/Xxxxxx Xxxxxxxx

Print Name: Xxxxxx Xxxxxxxx

Title: Trustee

Catalyst Capital Advisors LLC

By: /s/Xxxxx Xxxxxxxx

Print Name: Xxxxx Xxxxxxxx

Title: CEO