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”).

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: December 4, 2023

Very truly yours,

CATALYST CAPITAL ADVISORS LLC

By: /s/ Xxxxx Xxxxxxxx

Name: Xxxxx Xxxxxxxx

Title: Managing Member

The foregoing Agreement is hereby accepted.

MUTUAL FUND SERIES TRUST

By: /s/ Xxxxxx Xxxxxxxx

Name: Xxxxxx Xxxxxxxx

Title: Trustee

Exhibit A

Effective August 14, 2023

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%	10/31/24
Catalyst/SMH High Income Fund	Class A – 1.48% Class C – 2.23% Class I – 1.23% Class T – 1.48%	10/31/24
Catalyst/SMH Total Return Income Fund	Class A – 1.58% Class C – 2.33% Class C-1 – 2.33% Class I – 1.33% Class T – 1.58%	10/31/24
Catalyst/MAP Global Balanced Fund	Class A – 1.22% Class C – 1.97% Class I – 0.97% Class T – 1.22%	10/31/24
Catalyst/MAP Global Equity Fund	Class A – 1.21% Class C – 1.96% Class I – 0.96% Class T – 1.21%	10/31/24
Catalyst Dynamic Alpha Fund	Class A – 1.38% Class C – 2.13% Class I – 1.13% Class T – 1.38%	10/31/24
Catalyst/Xxxxx Tactical Allocation Fund	Class A – 1.53% Class C – 2.28% Class I – 1.28% Class T – 1.53%	10/31/24
Catalyst Nasdaq-100 Hedged Equity Fund	Class A – 1.74% Class C – 2.49% Class I – 1.49% Class T – 1.74%	10/31/24
Catalyst Buffered Shield Fund	Class A – 1.48% Class C – 2.23% Class I – 1.23% Class T – 1.48%	10/31/24
Catalyst/CIFC Floating Rate Income Fund	Class A – 1.15% Class C – 1.90% Class I – 0.90% Class T – 1.15%	10/31/24

Catalyst Insider Income Fund	Class A – 1.00% Class C – 1.75% Class I – 0.75% Class T – 1.00%	10/31/24
Catalyst Systematic Alpha Fund	Class A – 2.02% Class C – 2.77% Class I – 1.77% Class T – 2.02%	10/31/24
Catalyst Energy Infrastructure Fund	Class A – 1.68% Class C – 2.43% Class I – 1.43% Class T – 1.68%	10/31/24
Catalyst/Millburn Dynamic Commodity Strategy Fund	Class A – 2.24% Class C – 2.99% Class I – 1.99% Class T – 2.24%	10/31/24
Catalyst Enhanced Income Strategy Fund	Class A – 1.75% Class C – 2.50% Class I – 1.50%	10/31/24
Catalyst/Warrington Strategic Program Fund	Class A – 2.24% Class C – 2.99% Class I – 1.99% Class T – 2.24%	10/31/24
Catalyst/Aspect Enhanced Multi-Asset Fund	Class A – 2.24% Class C – 2.99% Class I – 1.99%	10/31/25