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          <ccc>XXXXXXXX</ccc>
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      <regFileNumber>811-21872</regFileNumber>
      <regCik>0001355064</regCik>
      <regLei>5493002ZGLQMLR4QMA96</regLei>
      <regStreet1>C/O GEMINI FUND SERVICES LLC</regStreet1>
      <regStreet2>4221 North 203rd Street, Suite 100</regStreet2>
      <regCity>ELKHORN</regCity>
      <regStateConditional regCountry="US" regState="US-NE"/>
      <regZipOrPostalCode>68022</regZipOrPostalCode>
      <regPhone>631-470-2600</regPhone>
      <seriesName>Catalyst Multi-Strategy Fund</seriesName>
      <seriesId>S000050218</seriesId>
      <seriesLei>549300IUIZM9RP45O593</seriesLei>
      <repPdEnd>2021-06-30</repPdEnd>
      <repPdDate>2020-12-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>196870.13</totLiabs>
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      <assetsInvested>764470.03999999</assetsInvested>
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        <pctVal>0.599195682467</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>Arbor Realty Trust, Inc.</name>
        <lei>549300ASFUWYQO0RW077</lei>
        <title>ARBOR REALTY TRU</title>
        <cusip>038923108</cusip>
        <identifiers>
          <isin value="US0389231087"/>
        </identifiers>
        <balance>1580.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22404.40000000</valUSD>
        <pctVal>0.620484650290</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>Granite Point Mortgage Trust Inc</name>
        <lei>529900VX2HQZ76AYIE02</lei>
        <title>GRANITE POINT MO</title>
        <cusip>38741L107</cusip>
        <identifiers>
          <isin value="US38741L1070"/>
        </identifiers>
        <balance>2240.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22377.60000000</valUSD>
        <pctVal>0.619742430519</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>NEW YORK MERCANTILE EXCHANGE</name>
        <lei>5493008GFNDTXFPHWI47</lei>
        <title>NY Harb ULSD Fut  Mar21</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="HOH1 COMDTY"/>
        </identifiers>
        <balance>4.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>2940.00000000</valUSD>
        <pctVal>0.081422616622</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>R.J. O'BRIEN &amp; ASSOCIATES LLC</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>NYMEX NY Harbor ULSD Futures</issueTitle>
                <identifiers>
                  <isin value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2021-02-26</expDate>
            <notionalAmt>246607.20000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>2940.00000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>New York Mortgage Trust, Inc.</name>
        <lei>549300JFGR0M7ULHWG48</lei>
        <title>NEW YORK MTGE</title>
        <cusip>649604501</cusip>
        <identifiers>
          <isin value="US6496045013"/>
        </identifiers>
        <balance>6030.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22250.70000000</valUSD>
        <pctVal>0.616227964516</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>COMMODITIES EXCHANGE CENTER</name>
        <lei>N/A</lei>
        <title>COPPER FUTURE     Mar21</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="HGH1 COMDTY"/>
        </identifiers>
        <balance>4.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>27839.77000000</valUSD>
        <pctVal>0.771015959035</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>R.J. O'BRIEN &amp; ASSOCIATES LLC</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>COMEX Copper Future</issueTitle>
                <identifiers>
                  <isin value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2021-03-29</expDate>
            <notionalAmt>324060.23000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>27839.77000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vanguard Scottsdal</name>
        <lei>549300Y88GQ3VLJIBX57</lei>
        <title>VANGUARD S/T CORP BOND ET</title>
        <cusip>92206C409</cusip>
        <identifiers>
          <isin value="US92206C4096"/>
        </identifiers>
        <balance>400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>33300.00000000</valUSD>
        <pctVal>0.922235759701</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Starwood Property Trust, Inc.</name>
        <lei>BUGSFQZERKRBFWIG5267</lei>
        <title>STARWOOD PROPERT</title>
        <cusip>85571B105</cusip>
        <identifiers>
          <isin value="US85571B1052"/>
        </identifiers>
        <balance>1160.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22388.00000000</valUSD>
        <pctVal>0.620030456102</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>Annaly Capital Management, Inc.</name>
        <lei>2DTL0G3FPRYUT58TI025</lei>
        <title>ANNALY CAPITAL M</title>
        <cusip>035710409</cusip>
        <identifiers>
          <isin value="US0357104092"/>
        </identifiers>
        <balance>2620.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22139.00000000</valUSD>
        <pctVal>0.613134458979</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>US BANK MMDA</name>
        <lei>N/A</lei>
        <title>US BANK MMDA-USBGFS 5</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="8AMMF0A92"/>
        </identifiers>
        <balance>674475.19000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>674475.19000000</valUSD>
        <pctVal>18.67943361109</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="cash" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hannon Armstrong Sustainable Infrastructure Capital, Inc.</name>
        <lei>N/A</lei>
        <title>HANNON ARMSTRONG</title>
        <cusip>41068X100</cusip>
        <identifiers>
          <isin value="US41068X1000"/>
        </identifiers>
        <balance>390.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24737.70000000</valUSD>
        <pctVal>0.685104851434</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>Two Harbors Investment Corp.</name>
        <lei>549300ZUIBT6KH4HU823</lei>
        <title>TWO HARBORS INVE</title>
        <cusip>90187B408</cusip>
        <identifiers>
          <isin value="US90187B4086"/>
        </identifiers>
        <balance>3320.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21148.40000000</valUSD>
        <pctVal>0.585700022236</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>NEW Residential Invt Corp</name>
        <lei>549300WNTHGEO5LP2G31</lei>
        <title>NEW RESIDENT</title>
        <cusip>64828T201</cusip>
        <identifiers>
          <isin value="US64828T2015"/>
        </identifiers>
        <balance>2240.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22265.60000000</valUSD>
        <pctVal>0.616640616552</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>ISHARES TRUST</name>
        <lei>5493000860OXIC4B5K91</lei>
        <title>ISHR 1-5Y INV GR</title>
        <cusip>464288646</cusip>
        <identifiers>
          <isin value="US4642886463"/>
        </identifiers>
        <balance>600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>33102.00000000</valUSD>
        <pctVal>0.916752195724</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICE FUTURES U.S.</name>
        <lei>5493004R83R1LVX2IL36</lei>
        <title>COTTON NO.2 FUTR  Mar21</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CTH1 COMDTY"/>
        </identifiers>
        <balance>5.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-225.95000000</valUSD>
        <pctVal>-0.00625763272</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>R.J. O'BRIEN &amp; ASSOCIATES LLC</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>NYBOT CTN Number 2 Cotton Futu</issueTitle>
                <identifiers>
                  <isin value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2021-03-09</expDate>
            <notionalAmt>195525.95000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-225.95000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ISHARES TRUST</name>
        <lei>5493000860OXIC4B5K91</lei>
        <title>ISHARES CONVERTIBLE BOND</title>
        <cusip>46435G102</cusip>
        <identifiers>
          <isin value="US46435G1022"/>
        </identifiers>
        <balance>730.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>70481.50000000</valUSD>
        <pctVal>1.951968759681</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEXPOINT RESIDENTIAL TRUST INC</name>
        <lei>549300U2J6XVYBF87166</lei>
        <title>NEXPOINT RESI</title>
        <cusip>65341D102</cusip>
        <identifiers>
          <isin value="US65341D1028"/>
        </identifiers>
        <balance>480.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20308.80000000</valUSD>
        <pctVal>0.562447495394</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>Blackstone Mortgage Trust, Inc</name>
        <lei>549300OLDJ20R2Y2UW20</lei>
        <title>BLACKSTONE MOR-A</title>
        <cusip>09257W100</cusip>
        <identifiers>
          <isin value="US09257W1009"/>
        </identifiers>
        <balance>800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22024.00000000</valUSD>
        <pctVal>0.609949560710</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>
    <explntrNotes>
      <explntrNote note="Returns are reported without deducting sales loads and redemption fees, if any." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2021-01-28</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>
</edgarSubmission>
