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        <name>American Axle &amp; Manufacturing, Inc.</name>
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        <name>Fubotv Inc</name>
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        <name>PBF Logistics and PBF Logistics Finance Corp</name>
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        <name>Hecla Mining Company</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Rayonier A.M. Prods Inc</name>
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        <name>Uber Technologies Inc</name>
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        <name>Coeur Mining Inc</name>
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        <name>Ishares Trust</name>
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        <name>WisdomTree Investments, Inc.</name>
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        <name>Transocean Inc.</name>
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        <name>Hello Group Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Beazer Homes USA, Inc.</name>
        <lei>549300DUPYT2T0F60I45</lei>
        <title>BZH 5 7/8 10/15/27</title>
        <cusip>07556QBR5</cusip>
        <identifiers>
          <isin value="US07556QBR56"/>
        </identifiers>
        <balance>844000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>817152.36000000</valUSD>
        <pctVal>3.561367319879</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>5.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="244361.71000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PHI Group Inc</name>
        <lei>5493002853B5XXHLIP12</lei>
        <title>PHI GROUP INC/DE</title>
        <cusip>69360B104</cusip>
        <identifiers>
          <isin value="US69360B1044"/>
        </identifiers>
        <balance>17102.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>282183.00000000</valUSD>
        <pctVal>1.229828565171</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>Corecivic Inc</name>
        <lei>529900JFA3K6PTLT8B15</lei>
        <title>CXW 4 3/4 10/15/27</title>
        <cusip>21871NAA9</cusip>
        <identifiers>
          <isin value="US21871NAA90"/>
        </identifiers>
        <balance>900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>786109.50000000</valUSD>
        <pctVal>3.426074279644</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="342490.67000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PHI Group Inc</name>
        <lei>5493002853B5XXHLIP12</lei>
        <title>PHI GROUP I-CW44</title>
        <cusip>69360B112</cusip>
        <identifiers>
          <isin value="US69360B1127"/>
        </identifiers>
        <balance>14310.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>206064.00000000</valUSD>
        <pctVal>0.898081718082</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
            <counterparties>
              <counterpartyName>US BANK</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>PHI Group Inc</issuerName>
                <issueTitle>PHI GROUP I-CW44</issueTitle>
                <identifiers>
                  <other otherDesc="693467136" value="693467136"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>14310.00000000</shareNo>
            <exercisePrice>0.00100000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2044-09-04</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-144315.34000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bath &amp; Body Works Inc</name>
        <lei>GR3KVMWVCR54YWQNXU90</lei>
        <title>BBWI 6 3/4 07/01/36</title>
        <cusip>501797AM6</cusip>
        <identifiers>
          <isin value="US501797AM65"/>
        </identifiers>
        <balance>1170000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1198846.35000000</valUSD>
        <pctVal>5.224891246042</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</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>
