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        <isRestrictedSec>N</isRestrictedSec>

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        <name>CASMA THERAPEUTICS</name>
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        <cusip>N/A</cusip>
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      <invstOrSec>
        <name>Bicycle Therapeutics Plc</name>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Agilent Technologies Inc.</name>
        <lei>QUIX8Y7A2WP0XRMW7G29</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Zymeworks Inc</name>
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        <invCountry>CA</invCountry>

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        <fairValLevel>1</fairValLevel>
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        <name>Fidelity Institutional Cash Portfolios</name>
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        <assetCat>STIV</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FLARE THERAPEUTICS INC</name>
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        <title>FLARE THERAPEUTI</title>
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      <invstOrSec>
        <name>Prometheus Biosciences Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Idexx Laboratories</name>
        <lei>OGMTXK0LUU1HKV2P0J84</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FREELINE THERAPEUTICS LTD</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BIOSPLICE THERAPEUTICS</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mettler-Toledo International Inc</name>
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        <title>METTLER-TOLEDO</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PROMETHEUS BIOSCIENCES</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Immunovant Inc</name>
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        <name>Bolt Biotherapeutics Inc</name>
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        <name>ImmunoGen, Inc.</name>
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        <name>Chemocentryx Inc</name>
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        <name>SHORELINE BIOSCIENCES</name>
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        <name>Design Therapeutics Inc</name>
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        <name>Collegium Pharmaceutical Inc</name>
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        <name>BETA BIONIC SERIES B</name>
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        <name>Freeline Therapeutics Holdings plc</name>
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        <name>US BANK MMDA</name>
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        <name>Cogent Biosciences Inc</name>
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        <name>Pharvaris N V</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Celldex Therapeuti</name>
        <lei>529900F018DMYWH38923</lei>
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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>VECTIVBIO AG</name>
        <lei>N/A</lei>
        <title>VECTIVBIO AG</title>
        <cusip>N/A</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Guardant Health Inc</name>
        <lei>254900M8C3E5VC8BR186</lei>
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          <isin value="US40131M1099"/>
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        <curCd>USD</curCd>
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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>Cullinan Oncology Inc</name>
        <lei>N/A</lei>
        <title>CULLINAN ONCOLOG</title>
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          <isin value="US2300311063"/>
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        <curCd>USD</curCd>
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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>Dice Therapeutics Inc</name>
        <lei>N/A</lei>
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          <isin value="US23345J1043"/>
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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>Zentalis Pharmaceuticals Inc</name>
        <lei>N/A</lei>
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          <isin value="US98943L1070"/>
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        <balance>529000.00000000</balance>
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        <curCd>USD</curCd>
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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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      <invstOrSec>
        <name>Nurix Therapeutics Inc</name>
        <lei>N/A</lei>
        <title>NURIX THERAPEUTI</title>
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          <isin value="US67080M1036"/>
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        <curCd>USD</curCd>
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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>Allakos Inc</name>
        <lei>549300S6ZD1W6BPMDY37</lei>
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          <isin value="US01671P1003"/>
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        <curCd>USD</curCd>
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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>Annexon Inc</name>
        <lei>N/A</lei>
        <title>ANNEXON INC</title>
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          <isin value="US03589W1027"/>
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        <balance>2850000.00000000</balance>
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        <curCd>USD</curCd>
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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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Praxis Precision Medicines Inc</name>
        <lei>N/A</lei>
        <title>PRAXIS PRECISION</title>
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          <isin value="US74006W1080"/>
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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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      <invstOrSec>
        <name>Cardiff Oncology Inc</name>
        <lei>549300AHOLZBHHYFWP04</lei>
        <title>CARDIFF ONCOLOGY</title>
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          <isin value="US14147L1089"/>
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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>GOLDFINCH BIOPHARMA INC</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Neurocrine Biosciences Inc</name>
        <lei>549300FECER0XBN49756</lei>
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          <isin value="US64125C1099"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PELOTON THERAPEUTICS</name>
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      <invstOrSec>
        <name>Talaris Therapeutics Inc</name>
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        <name>Essa Pharma Incorporation</name>
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        <name>TURNSTONE BIOLOGICS INC</name>
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        <title>TURNSTD</title>
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        <name>GOLDFINCH BIOPHARMA INC</name>
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        <name>Blueprint Medicines Corporation</name>
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        <name>Roivant Sciences Ltd</name>
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        <name>ARCH ONCOLOGY INC</name>
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        <name>FREENOME HOLDINGS, INC.</name>
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        <title>Freenome Holdings</title>
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      <invstOrSec>
        <name>Biohaven Pharmaceutical Holding Company Limited</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Mirati Therapeutics Inc</name>
        <lei>529900GYRW59IDQV6N54</lei>
        <title>MIRATI THERAPEUT</title>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Intercept Pharmaceuticals Inc</name>
        <lei>254900JMB8TX5P688V24</lei>
        <title>INTERCEPT PHARMA</title>
        <cusip>45845P108</cusip>
        <identifiers>
          <isin value="US45845P1084"/>
        </identifiers>
        <balance>327444.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5334062.76000000</valUSD>
        <pctVal>0.274515208480</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>Repligen Corporation</name>
        <lei>54930006QJ0T5AUO1E71</lei>
        <title>REPLIGEN CORP</title>
        <cusip>759916109</cusip>
        <identifiers>
          <isin value="US7599161095"/>
        </identifiers>
        <balance>119000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>31515960.00000000</valUSD>
        <pctVal>1.621955106105</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>Syndax Pharmaceuticals Inc</name>
        <lei>529900OF94TRHKZVBS87</lei>
        <title>SYNDAX PHARMACEU</title>
        <cusip>87164F105</cusip>
        <identifiers>
          <isin value="US87164F1057"/>
        </identifiers>
        <balance>1165000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25501850.00000000</valUSD>
        <pctVal>1.312441563659</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>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>1424998.26000000</valUSD>
        <pctVal>0.073336912599</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>ADC Therapeutics SA</name>
        <lei>N/A</lei>
        <title>ADC THERAPEUTICS SA</title>
        <cusip>H0036K147</cusip>
        <identifiers>
          <isin value="CH0499880968"/>
        </identifiers>
        <balance>1975000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>39895000.00000000</valUSD>
        <pctVal>2.053178737315</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>89bio Inc.</name>
        <lei>N/A</lei>
        <title>89BIO INC</title>
        <cusip>282559103</cusip>
        <identifiers>
          <isin value="US2825591033"/>
        </identifiers>
        <balance>716670.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9366876.90000000</valUSD>
        <pctVal>0.482062225495</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>2022-01-28</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>
