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      <invstOrSec>
        <name>Satsuma Pharmaceuticals Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Fidelity Instituti</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Avrobio Inc.</name>
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          <isin value="US05455M1009"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Biohaven Pharmaceutical Holding Company Limited</name>
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          <isin value="VGG111961055"/>
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        <assetCat>EC</assetCat>
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        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sage Therapeutics Inc</name>
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          <isin value="US78667J1088"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Audentes Therapeutics Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Sarepta Therapeutics Inc</name>
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          <isin value="US8036071004"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Neurocrine Biosciences Inc</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>Aimmune Therapeutics Incorporation</name>
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        <title>AIMMUNE THERAPEUTICS INC</title>
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          <isin value="US00900T1079"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>SATSUMA PHARMACEUTICALS</title>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>Repligen Corporation</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Synthorx Inc</name>
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        <name>Blueprint Medicines Corporation</name>
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        <name>Essa Pharma Incorporation</name>
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        <name>Xencor Inc</name>
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        <title>XENCOR INC</title>
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        <name>Veracyte Inc</name>
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        <name>Stemline Therapeutics Inc</name>
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        <name>Arya Sciences Acquisition Corp</name>
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        <title>ARYA SCIENCES ACQUISITION</title>
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        <name>Collegium Pharmaceutical Inc</name>
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        <name>Ra Pharmaceuticals Inc</name>
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        <name>N/A</name>
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        <title>US BANK MMDA-USBGFS 5</title>
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        <name>Argenx SE</name>
        <lei>7245009C5FZE6G9ODQ71</lei>
        <title>ARGENX SE - ADR</title>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Entasis Therapeutics Hldgs Inc</name>
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        <cusip>293614103</cusip>
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          <isin value="US2936141033"/>
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        <valUSD>1329607.29000000</valUSD>
        <pctVal>0.149622131124</pctVal>
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        <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>N/A</name>
        <lei>N/A</lei>
        <title>ZENO PHARMA LLC SERIES C</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Internal ID" value="ZENOPRC"/>
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        <balance>428572.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7125009.50000000</valUSD>
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        <issuerConditional desc="PRIVATE PLACEMENT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>Crinetics Pharmaceuticals Inc</name>
        <lei>549300Q1CNFXK5P31D28</lei>
        <title>CRINETICS PHARMACEUTICALS</title>
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          <isin value="US22663K1079"/>
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        <balance>947000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14242880.00000000</valUSD>
        <pctVal>1.602766527366</pctVal>
        <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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        <name>Momenta Pharmaceut</name>
        <lei>529900BB2VMRCT4YQ588</lei>
        <title>MOMENTA PHARMACEUTICALS I</title>
        <cusip>60877T100</cusip>
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          <isin value="US60877T1007"/>
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        <balance>1236000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16018560.00000000</valUSD>
        <pctVal>1.802585697879</pctVal>
        <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>
        </securityLending>
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      <invstOrSec>
        <name>Amicus Therapeutic</name>
        <lei>549300MRD1SMUTNBPQ53</lei>
        <title>AMICUS THERAPEUTICS INC</title>
        <cusip>03152W109</cusip>
        <identifiers>
          <isin value="US03152W1099"/>
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        <balance>1950000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15639000.00000000</valUSD>
        <pctVal>1.759873404921</pctVal>
        <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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Xenon Pharmaceuticals Inc</name>
        <lei>549300XV44Q9Z1MIPQ03</lei>
        <title>XENON PHARMACEUTICALS INC</title>
        <cusip>98420N105</cusip>
        <identifiers>
          <isin value="CA98420N1050"/>
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        <balance>1274100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11479641.00000000</valUSD>
        <pctVal>1.291816285820</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Galapagos Nv</name>
        <lei>549300QKJ78IY0IOV655</lei>
        <title>GALAPAGOS NV-SPON ADR</title>
        <cusip>36315X101</cusip>
        <identifiers>
          <isin value="US36315X1019"/>
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        <balance>173000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26410180.00000000</valUSD>
        <pctVal>2.971965816303</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Mirati Therapeutics Inc</name>
        <lei>529900GYRW59IDQV6N54</lei>
        <title>MIRATI THERAPEUTICS INC</title>
        <cusip>60468T105</cusip>
        <identifiers>
          <isin value="US60468T1051"/>
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        <balance>301000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23450910.00000000</valUSD>
        <pctVal>2.638955996559</pctVal>
        <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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Pliant Therapeutics Srs B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="1379101D"/>
        </identifiers>
        <balance>3631873.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4749999.58000000</valUSD>
        <pctVal>0.534522535598</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</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>Sutro Biopharma Inc</name>
        <lei>5493005U6P15VD25P851</lei>
        <title>SUTRO BIOPHARMA INC</title>
        <cusip>869367102</cusip>
        <identifiers>
          <isin value="US8693671021"/>
        </identifiers>
        <balance>525000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4772250.00000000</valUSD>
        <pctVal>0.537026399170</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Global Blood Therapeutics Incorporation</name>
        <lei>549300U4G0QKK99GRT15</lei>
        <title>GLOBAL BLOOD THERAPEUTICS</title>
        <cusip>37890U108</cusip>
        <identifiers>
          <isin value="US37890U1088"/>
        </identifiers>
        <balance>535000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25958200.00000000</valUSD>
        <pctVal>2.921104023250</pctVal>
        <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>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2019-10-28</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>
