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      <invstOrSec>
        <name>Cytokinetics Inc</name>
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      <invstOrSec>
        <name>Cytomx Therapeutics Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Definium Therapeutics Inc.</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>DexCom Inc</name>
        <lei>549300YSK3QDSFR5EU59</lei>
        <title>DEXCOM</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Dianthus Therapeutics Inc</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Disc Medicine Inc</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Edgewise Therapeutics Inc.</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Evolent Health, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Evommune Inc.</name>
        <lei>N/A</lei>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Eyepoint Inc.</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Fidelity Colchester Street Trust</name>
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        <assetCat>STIV</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>First American Funds Inc.</name>
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        <title>FRST AM-GV OB-U</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Glaukos Corp.</name>
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        <name>Guardant Health Inc</name>
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      <invstOrSec>
        <name>HeartFlow Inc.</name>
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        <name>iRhythm Holdings Inc.</name>
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        <name>Immix Biopharma Inc</name>
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        <name>Insmed Inc</name>
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        <name>Ionis Pharmaceuticals, Inc.</name>
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        <name>Kymera Therapeutics Inc</name>
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        <name>FREENOME HOLDINGS, INC.</name>
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        <name>KOJIN THERAPEUTICS</name>
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        <title>Kojin Therapeutics</title>
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        <name>GOLDFINCH BIO B2</name>
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        <name>MBX Biosciences, Inc.</name>
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        <title>MBX BIOSCIENCES</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mirum Pharmaceuticals Inc.</name>
        <lei>254900YZKR40F7F27K81</lei>
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        <balance>690846.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nurix Therapeutics Inc.</name>
        <lei>N/A</lei>
        <title>NURIX THERAPEUTI</title>
        <cusip>67080M103</cusip>
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          <isin value="US67080M1036"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ORIC Pharmaceuticals Inc.</name>
        <lei>54930033FJRNEYBW0L25</lei>
        <title>ORIC PHARMACEUTICALS INC</title>
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          <isin value="US68622P1093"/>
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        <balance>951433.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ovid Therapeutics Inc</name>
        <lei>549300H36NUI4L6U8F17</lei>
        <title>OVID THERAPEUTICS INC</title>
        <cusip>690469101</cusip>
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          <isin value="US6904691010"/>
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        <balance>2895593.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Palvella Therapeutics Inc.</name>
        <lei>254900AJDH8PAOOI5T33</lei>
        <title>PALVELLA THERAPE</title>
        <cusip>697947109</cusip>
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          <isin value="US6979471090"/>
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        <balance>231484.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FLARE THERAPEUTICS INCORPORATED</name>
        <lei>N/A</lei>
        <title>Flare Series A Tranche 2</title>
        <cusip>705356032</cusip>
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          <isin value="BBG017V61MP8"/>
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        <balance>902439.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CASMA THERAPEUTICS, INC.</name>
        <lei>N/A</lei>
        <title>CASMA THERAPEUTICS</title>
        <cusip>705363656</cusip>
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          <isin value="N/A"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CASMA THERAPEUTICS II</name>
        <lei>N/A</lei>
        <title>CASMA THERAPEUTICS II</title>
        <cusip>705419577</cusip>
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          <isin value="N/A"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CASMA THERAPEUTICS II</name>
        <lei>N/A</lei>
        <title>FLARE THERAPEUTICS</title>
        <cusip>705419633</cusip>
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          <isin value="N/A"/>
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        <balance>1952962.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Avalyn Pharma Inc Ser D</name>
        <lei>N/A</lei>
        <title>Avalyn Pharma Inc Ser D</title>
        <cusip>705704181</cusip>
        <identifiers>
          <isin value="N/A"/>
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        <balance>4060259.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="preferred stock" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Praxis Precision Medicines Inc</name>
        <lei>N/A</lei>
        <title>PRAXIS PRECISION</title>
        <cusip>74006W207</cusip>
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          <isin value="US74006W2070"/>
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        <balance>38307.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Privia Health Group Inc.</name>
        <lei>N/A</lei>
        <title>PRIVIA HEALTH GR</title>
        <cusip>74276R102</cusip>
        <identifiers>
          <isin value="US74276R1023"/>
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        <balance>737694.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Revolution Medicines Inc</name>
        <lei>549300JU3X0LBCQ65892</lei>
        <title>REVOLUTION MEDIC</title>
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          <isin value="US76155X1000"/>
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        <balance>257218.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Scholar Rock Holding Corp.</name>
        <lei>549300Z1FLPGL4OWJ459</lei>
        <title>SCHOLAR ROCK HOL</title>
        <cusip>80706P103</cusip>
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          <isin value="US80706P1030"/>
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        <balance>718807.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GeneDx Holdings Corp</name>
        <lei>N/A</lei>
        <title>GENEDX HOLDINGS</title>
        <cusip>81663L200</cusip>
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        <balance>243144.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sionna Therapeutics Inc.</name>
        <lei>N/A</lei>
        <title>SIONNA THERAPEUT</title>
        <cusip>829401108</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sutro Biopharma Inc.</name>
        <lei>5493005U6P15VD25P851</lei>
        <title>SUTRO BIOPHARMA</title>
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          <isin value="US8693672011"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TransMedics Group Inc.</name>
        <lei>549300060GVOSMWARH50</lei>
        <title>TRANSMEDICS GROU</title>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Trevi Therapeutics Inc</name>
        <lei>N/A</lei>
        <title>TREVI THERAPEUTI</title>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>US BANK MMDA</name>
        <lei>N/A</lei>
        <title>US BANK MMDA - USBGFS 9</title>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>United Therapeutics Corporation</name>
        <lei>5299005C4HZL4UWROC14</lei>
        <title>UNITED THERAPEUT</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>Vaxcyte Inc</name>
        <lei>254900M7NMHTGASX8D95</lei>
        <title>VAXCYTE INC</title>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>PELOTON THERAPEUTICS</name>
        <lei>N/A</lei>
        <title>PELOTON THERAPEU</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kestra Medical Technologies Ltd.</name>
        <lei>N/A</lei>
        <title>KESTRA MEDICAL T</title>
        <cusip>G52441105</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ADC Therapeutics SA</name>
        <lei>N/A</lei>
        <title>ADC THERAPEUTICS SA</title>
        <cusip>H0036K147</cusip>
        <identifiers>
          <isin value="CH0499880968"/>
        </identifiers>
        <balance>5701655.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21381206.25000000</valUSD>
        <pctVal>1.346766754258</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Oculis Holding AG</name>
        <lei>5067005370C2KK324336</lei>
        <title>OCULIS HOLDING A</title>
        <cusip>H5870P102</cusip>
        <identifiers>
          <isin value="CH1242303498"/>
        </identifiers>
        <balance>430000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11433700.00000000</valUSD>
        <pctVal>0.720189818016</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KOJIN THERAPEUTICS INC</name>
        <lei>N/A</lei>
        <title>KOJIN THERAPEUTICS INC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="KojinA1"/>
        </identifiers>
        <balance>763319.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="preferred stock" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BIOSPLICE THERAPEUTICS INC. SERIES C</name>
        <lei>N/A</lei>
        <title>BISPL F 03/12/2027</title>
        <cusip>PPGD27LM5</cusip>
        <identifiers>
          <isin value="N/A"/>
        </identifiers>
        <balance>3500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>83205.50000000</valUSD>
        <pctVal>0.005240976578</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="preferred stock" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Returns are reported without deducting sales loads and redemption fees, if any." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-04-28</ncom:dateSigned>
      <ncom:nameOfApplicant>MUTUAL FUND SERIES TRUST</ncom:nameOfApplicant>
      <ncom:signature>Erik Naviloff</ncom:signature>
      <ncom:signerName>Erik Naviloff</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
