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      <invstOrSec>
        <name>Verizon Communications Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>VERIZON COMMUNIC</title>
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          <isin value="US92343V1044"/>
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        <balance>2050.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>114861.50000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>American Axle &amp; Manufacturing, Inc.</name>
        <lei>RY5TAKFOBLDUGX31MS24</lei>
        <title>AXL 6 1/4 04/01/25</title>
        <cusip>02406PAR1</cusip>
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          <isin value="US02406PAR10"/>
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        <balance>554000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>573367.84000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>AFC Gamma Inc</name>
        <lei>5493005G0MGS3E0E7218</lei>
        <title>AFC GAMMA INC</title>
        <cusip>00109K105</cusip>
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          <isin value="US00109K1051"/>
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        <balance>26000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>536900.00000000</valUSD>
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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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      <invstOrSec>
        <name>EPR Properties</name>
        <lei>549300YSSXFHMPOWZ492</lei>
        <title>EPR 5 1/4 07/15/23</title>
        <cusip>26884UAA7</cusip>
        <identifiers>
          <isin value="US26884UAA79"/>
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        <balance>350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>369858.92000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PBF Logistics and PBF Logistics Finance Corp</name>
        <lei>529900XB9LDTN4488F04</lei>
        <title>PBFX 6 7/8 05/15/23</title>
        <cusip>69318UAB1</cusip>
        <identifiers>
          <isin value="US69318UAB17"/>
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        <balance>511000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>502696.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <loanByFundCondition isLoanByFund="Y" loanVal="222047.78000000"/>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>F US 09/17/21 C15</title>
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          <other otherDesc="Internal ID" value="F C15     09/17/2021"/>
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        <balance>-62.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-7006.00000000</valUSD>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>US BANK</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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                <issuerName>Ford Motor Company</issuerName>
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            <unrealizedAppr>1487.95000000</unrealizedAppr>
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      <invstOrSec>
        <name>Prospect Capital Corporation</name>
        <lei>549300FSD8T39P5Q0O47</lei>
        <title>PROSPECT CAPITAL</title>
        <cusip>74348T102</cusip>
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          <isin value="US74348T1025"/>
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        <balance>126900.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1064691.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <loanByFundCondition isLoanByFund="Y" loanVal="1051913.03000000"/>
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      <invstOrSec>
        <name>Fubotv Inc</name>
        <lei>N/A</lei>
        <title>FUBO 3 1/4 02/15/26</title>
        <cusip>35953DAA2</cusip>
        <identifiers>
          <isin value="US35953DAA28"/>
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        <balance>662000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>656621.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Fubotv Inc</name>
              <title>Fubotv Inc COM</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="35953D104"/>
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          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="17.30630000" curCd="USD"/>
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          <delta>XXXX</delta>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Corecivic Inc</name>
        <lei>529900JFA3K6PTLT8B15</lei>
        <title>CXW 4 3/4 10/15/27</title>
        <cusip>21871NAA9</cusip>
        <identifiers>
          <isin value="US21871NAA90"/>
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        <balance>378000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>345389.94000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <loanByFundCondition isLoanByFund="Y" loanVal="348602.10000000"/>
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      <invstOrSec>
        <name>Nexpoint Strategic Opportunities Fd</name>
        <lei>5493008KGR2NU3OXMR64</lei>
        <title>NEXPOINT STRATEG</title>
        <cusip>65340G205</cusip>
        <identifiers>
          <isin value="US65340G2057"/>
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        <balance>28217.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>388265.92000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Advanced Micro Devices, Inc.</name>
        <lei>R2I72C950HOYXII45366</lei>
        <title>AMD 7 1/2 08/15/22</title>
        <cusip>007903AX5</cusip>
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          <isin value="US007903AX53"/>
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        <balance>431000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>463566.36000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Nio Inc</name>
        <lei>549300JBU4TV5OCKJV96</lei>
        <title>NIO 0 1/2 02/01/27</title>
        <cusip>62914VAD8</cusip>
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        <balance>700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>660800.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-02-01</maturityDt>
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          <isContngtConvrtbl>Y</isContngtConvrtbl>
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              <title>Nio Inc SPON ADS</title>
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          <currencyInfos>
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      <invstOrSec>
        <name>BED Bath &amp; Beyond</name>
        <lei>529900ZBUWWUV7BKGX39</lei>
        <title>BBBY 5.165 08/01/44</title>
        <cusip>075896AC4</cusip>
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          <isin value="US075896AC47"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>U.S. Concrete, Inc.</name>
        <lei>549300J94Q38BL8BMH45</lei>
        <title>USCR 6 3/8 06/01/24</title>
        <cusip>90333LAP7</cusip>
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          <isin value="US90333LAP76"/>
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        <balance>77000.00000000</balance>
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        <valUSD>78227.38000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Sculptor Capital Management Inc</name>
        <lei>529900V50QFEXQGSUC34</lei>
        <title>SCULPTOR CAPITAL</title>
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        <balance>31103.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>HP Inc</name>
        <lei>WHKXQACZ14C5XRO8LW03</lei>
        <title>HP INC</title>
        <cusip>40434L105</cusip>
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        <balance>8890.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>International Business Machines Corporation</name>
        <lei>VGRQXHF3J8VDLUA7XE92</lei>
        <title>IBM</title>
        <cusip>459200101</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Pershing Square Tontine Holdings Ltd</name>
        <lei>549300ZDVEYEVCF35B08</lei>
        <title>PERSHING SQUARE</title>
        <cusip>71531R109</cusip>
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          <isin value="US71531R1095"/>
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        <balance>12500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>284500.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <loanByFundCondition isLoanByFund="Y" loanVal="95774.08000000"/>
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      <invstOrSec>
        <name>Beazer Homes USA, Inc.</name>
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        <name>The Kraft Heinz Company</name>
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        <name>Kohls Corporation</name>
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        <name>Innovative Industrial Propertes Inc</name>
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        <name>Iron Mountain Incorporated</name>
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        <name>Under Armour, Inc.</name>
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        <name>PennantPark Investment Corporation</name>
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        <name>Quest Diagnostics Incorporated</name>
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        <name>Apollo Global Management Inc</name>
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        <name>Pitney Bowes Inc.</name>
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        <name>Vici Properties Inc</name>
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        <name>Transocean Inc.</name>
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        <name>Compass Diversified</name>
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        <name>Uber Technologies Inc</name>
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        <name>Southwest Airlines Co.</name>
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        <name>Ford Motor Company</name>
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        <name>Xerox Holdings Corporation</name>
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        <name>Pershing Square Tontine Holdings Ltd</name>
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            <shareNo>1389.00000000</shareNo>
            <exercisePrice>23.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2021-07-26</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>242.13000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <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>2021-07-28</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>
