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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Brinker International, Inc.</name>
        <lei>52990067JY6PBGJNTG76</lei>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-05-15</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UGI Corp</name>
        <lei>DX6GCWD4Q1JO9CRE5I40</lei>
        <title>UGI CORP</title>
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        <balance>10000.00000000</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>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>National Fuel Gas Company</name>
        <lei>8JB38FFW1Y3C1HM8E841</lei>
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        <cusip>636180101</cusip>
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        <balance>11300.00000000</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>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Teva Pharmaceutical Finance Netherlands III B.V.</name>
        <lei>5493004T21MOAFINJP35</lei>
        <title>TEVA 2.8 07/21/23</title>
        <cusip>88167AAD3</cusip>
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          <isin value="US88167AAD37"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>247787.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-07-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.80000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MDU Resources Group, Inc.</name>
        <lei>0T6SBMK3JTBI1JR36794</lei>
        <title>MDU RES GROUP</title>
        <cusip>552690109</cusip>
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          <isin value="US5526901096"/>
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        <balance>9000.00000000</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>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ligand Pharmaceuticals Incorporated</name>
        <lei>5493008K7TB0IKP37H79</lei>
        <title>LGND 0 3/4 05/15/23</title>
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          <isin value="US53220KAF57"/>
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        <balance>275000.00000000</balance>
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        <curCd>USD</curCd>
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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>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Ligand Pharmaceuticals Incorporated</name>
              <title>Ligand Pharmaceuticals Incorporated COM NEW</title>
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                <cusip value="53220K504"/>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hanjaya Mandala Sampoerna (Pt)</name>
        <lei>549300ZA00UQ3CN51060</lei>
        <title>HM SAMPOERNA TBK</title>
        <cusip>Y7121Z146</cusip>
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          <isin value="ID1000074008"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Navient Corporation</name>
        <lei>54930067J0ZNOEBRW338</lei>
        <title>NAVI 5 1/2 01/25/23</title>
        <cusip>78442FEQ7</cusip>
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          <isin value="US78442FEQ72"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>101367.00000000</valUSD>
        <pctVal>0.545571807012</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-01-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
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      <invstOrSec>
        <name>Bunge Limited</name>
        <lei>5493007M0RIN8HY3MM77</lei>
        <title>BUNGE LTD</title>
        <cusip>G16962105</cusip>
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          <isin value="BMG169621056"/>
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        <balance>6980.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>773453.80000000</valUSD>
        <pctVal>4.162839852283</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Takeda Pharmaceutical Company Limited</name>
        <lei>549300ZLMVP4X0OGR454</lei>
        <title>TAKEDA PHARM-ADR</title>
        <cusip>874060205</cusip>
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          <isin value="US8740602052"/>
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        <balance>26000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>372320.00000000</valUSD>
        <pctVal>2.003879913450</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Quebecor Media Inc.</name>
        <lei>5493006O1E1TBNKPQW25</lei>
        <title>QBRCN 5 3/4 01/15/23</title>
        <cusip>74819RAP1</cusip>
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          <isin value="US74819RAP10"/>
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        <curCd>USD</curCd>
        <valUSD>229344.75000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Novartis AG</name>
        <lei>5493007HIVTX6SY6XD66</lei>
        <title>NOVARTIS AG-ADR</title>
        <cusip>66987V109</cusip>
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          <isin value="US66987V1098"/>
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        <balance>6900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>605475.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Orange S.A.</name>
        <lei>969500MCOONR8990S771</lei>
        <title>ORANGE-SPON ADR</title>
        <cusip>684060106</cusip>
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          <isin value="US6840601065"/>
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        <balance>55500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>656010.00000000</valUSD>
        <pctVal>3.530740390048</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Vodafone Group PLC</name>
        <lei>213800TB53ELEUKM7Q61</lei>
        <title>VODAFONE GRP-ADR</title>
        <cusip>92857W308</cusip>
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        <curCd>USD</curCd>
        <valUSD>395556.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sanofi</name>
        <lei>549300E9PC51EN656011</lei>
        <title>SANOFI-ADR</title>
        <cusip>80105N105</cusip>
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        <balance>14550.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Ford Motor Credit Company LLC</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
        <title>F 3.37 11/17/23</title>
        <cusip>345397A78</cusip>
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          <isin value="US345397A787"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>199920.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-11-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.37000000</annualizedRt>
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      <invstOrSec>
        <name>Anglo American PLC</name>
        <lei>549300S9XF92D1X8ME43</lei>
        <title>ANGLO AMER PLC</title>
        <cusip>G03764134</cusip>
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          <isin value="GB00B1XZS820"/>
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        <balance>7000.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AT&amp;T Inc</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T INC</title>
        <cusip>00206R102</cusip>
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        <balance>5000.00000000</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>Teva Pharmaceutical Finance Company B.V.</name>
        <lei>549300Q840R30TDKVK53</lei>
        <title>TEVA 2.95 12/18/22</title>
        <cusip>88165FAG7</cusip>
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        <balance>165000.00000000</balance>
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        <valUSD>164236.05000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-12-18</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Kratos Defense &amp; Security Solutions, Inc.</name>
        <lei>5493000EKBN0UY1F3F88</lei>
        <title>KRATOS DEFENSE &amp;</title>
        <cusip>50077B207</cusip>
        <identifiers>
          <isin value="US50077B2079"/>
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        <balance>9030.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>184934.40000000</valUSD>
        <pctVal>0.995343600843</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>eBay Inc.</name>
        <lei>OML71K8X303XQONU6T67</lei>
        <title>EBAY INC</title>
        <cusip>278642103</cusip>
        <identifiers>
          <isin value="US2786421030"/>
        </identifiers>
        <balance>3500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>200410.00000000</valUSD>
        <pctVal>1.078635510997</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>Holcim Ltd</name>
        <lei>529900EHPFPYHV6IQO98</lei>
        <title>HOLCIM LTD</title>
        <cusip>H3816Q102</cusip>
        <identifiers>
          <isin value="CH0012214059"/>
        </identifiers>
        <balance>3930.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.92405000"/>
        <valUSD>192619.12000000</valUSD>
        <pctVal>1.036703871708</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>Intel Corporation</name>
        <lei>KNX4USFCNGPY45LOCE31</lei>
        <title>INTEL CORP</title>
        <cusip>458140100</cusip>
        <identifiers>
          <isin value="US4581401001"/>
        </identifiers>
        <balance>4915.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>243587.40000000</valUSD>
        <pctVal>1.311022502228</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>Imperial Brands PLC</name>
        <lei>549300DFVPOB67JL3A42</lei>
        <title>IMPERIAL BRA-ADR</title>
        <cusip>45262P102</cusip>
        <identifiers>
          <isin value="US45262P1021"/>
        </identifiers>
        <balance>22000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>472340.00000000</valUSD>
        <pctVal>2.542201972280</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lumen Technologies Inc</name>
        <lei>8M3THTGWLTYZVE6BBY25</lei>
        <title>CTL 7 1/2 04/01/24</title>
        <cusip>156700BA3</cusip>
        <identifiers>
          <isin value="US156700BA34"/>
        </identifiers>
        <balance>50000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>52802.50000000</valUSD>
        <pctVal>0.284190666980</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Groupe Bruxelles Lambert SA</name>
        <lei>549300KV0ZEHT2KVU152</lei>
        <title>GROUPE BRUX LAMB</title>
        <cusip>B4746J115</cusip>
        <identifiers>
          <isin value="BE0003797140"/>
        </identifiers>
        <balance>5850.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.90390000"/>
        <valUSD>609140.39000000</valUSD>
        <pctVal>3.278481392331</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>
        </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>149149.33000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>149149.33000000</valUSD>
        <pctVal>0.802743195347</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="US Bank Money Market Deposit Account" 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>Thai Beverage Public Company Limited</name>
        <lei>529900VZFHQZ684D8L07</lei>
        <title>THAI BEVERAGE</title>
        <cusip>Y8588A103</cusip>
        <identifiers>
          <isin value="TH0902010014"/>
        </identifiers>
        <balance>375000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.35531000"/>
        <valUSD>197832.97000000</valUSD>
        <pctVal>1.064765564034</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Elanco Animal Health Inc</name>
        <lei>549300SHPNDCE059M934</lei>
        <title>ELAN 4.272 08/28/23</title>
        <cusip>28414HAE3</cusip>
        <identifiers>
          <isin value="US28414HAE36"/>
        </identifiers>
        <balance>225000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>232666.88000000</valUSD>
        <pctVal>1.252246689292</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-08-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.27200000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>TSY INFL IX 3/8 01/15/27</title>
        <cusip>912828V49</cusip>
        <identifiers>
          <isin value="US912828V491"/>
        </identifiers>
        <balance>443000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>547747.61000000</valUSD>
        <pctVal>2.948056600020</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Campbell Soup Company</name>
        <lei>5493007JDSMX8Z5Z1902</lei>
        <title>CAMPBELL SOUP CO</title>
        <cusip>134429109</cusip>
        <identifiers>
          <isin value="US1344291091"/>
        </identifiers>
        <balance>9326.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>415659.82000000</valUSD>
        <pctVal>2.237141072536</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>Tetra Tech Inc</name>
        <lei>549300UJ1LP7JGJC5P32</lei>
        <title>TETRA TECH INC</title>
        <cusip>88162G103</cusip>
        <identifiers>
          <isin value="US88162G1031"/>
        </identifiers>
        <balance>4000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>659760.00000000</valUSD>
        <pctVal>3.550923430646</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>Cisco Systems, Inc.</name>
        <lei>549300LKFJ962MZ46593</lei>
        <title>CISCO SYSTEMS</title>
        <cusip>17275R102</cusip>
        <identifiers>
          <isin value="US17275R1023"/>
        </identifiers>
        <balance>12000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>669120.00000000</valUSD>
        <pctVal>3.601300299979</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>Cablevision Systems Corporation</name>
        <lei>N/A</lei>
        <title>CVC 5 7/8 09/15/22</title>
        <cusip>12686CBB4</cusip>
        <identifiers>
          <isin value="US12686CBB46"/>
        </identifiers>
        <balance>361000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>364286.91000000</valUSD>
        <pctVal>1.960644665025</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DISH DBS Corporation</name>
        <lei>N/A</lei>
        <title>DISH 5 7/8 07/15/22</title>
        <cusip>25470XAJ4</cusip>
        <identifiers>
          <isin value="US25470XAJ46"/>
        </identifiers>
        <balance>290000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>291809.60000000</valUSD>
        <pctVal>1.570561334315</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</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>2022-04-28</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>
