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        <name>American Axle &amp; Manufacturing, Inc.</name>
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        <name>Nordstrom, 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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        <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>ENERGY CONVERSION DEV</name>
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        <name>Transocean Inc.</name>
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        <name>Hello Group Inc</name>
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        <name>Beazer Homes USA, Inc.</name>
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        <name>PHI Group Inc</name>
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        <name>Corecivic Inc</name>
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        <name>Fubotv Inc</name>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>317000.00000000</valUSD>
        <pctVal>1.751029145423</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Fubotv Inc</name>
              <title>Fubotv Inc COM</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="35953D104"/>
              </identifiers>
            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="17.30630000" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </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>188892.00000000</valUSD>
        <pctVal>1.043392420622</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>
                  <cusip value="69360B112"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>14310.00000000</shareNo>
            <exercisePrice>0.00100000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2044-09-04</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-161487.34000000</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>939632.85000000</valUSD>
        <pctVal>5.190298127278</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>2022-07-28</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>
