<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.sec.gov/edgar/nport eis_NPORT_Filer.xsd">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0001355064</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>
      <seriesClassInfo>
        <seriesId>S000050218</seriesId>
        <classId>C000158513</classId>
        <classId>C000158514</classId>
        <classId>C000158515</classId>
      </seriesClassInfo>

    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>MUTUAL FUND SERIES TRUST</regName>
      <regFileNumber>811-21872</regFileNumber>
      <regCik>0001355064</regCik>
      <regLei>5493002ZGLQMLR4QMA96</regLei>
      <regStreet1>C/O GEMINI FUND SERVICES LLC</regStreet1>
      <regStreet2>4221 North 203rd Street, Suite 100</regStreet2>
      <regCity>ELKHORN</regCity>
      <regStateConditional regCountry="US" regState="US-NE"/>
      <regZipOrPostalCode>68022</regZipOrPostalCode>
      <regPhone>631-470-2600</regPhone>
      <seriesName>Catalyst Income and Multi-Strategy Fund</seriesName>
      <seriesId>S000050218</seriesId>
      <seriesLei>549300IUIZM9RP45O593</seriesLei>
      <repPdEnd>2023-06-30</repPdEnd>
      <repPdDate>2022-09-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>5473374.86</totAssets>
      <totLiabs>31000.63</totLiabs>
      <netAssets>5442374.23</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>969926.80999999</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.00000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.00000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.00000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.00000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.00000000</amtPayAftOneYrOther>
      <delayDeliv>0.00000000</delayDeliv>
      <standByCommit>0.00000000</standByCommit>
      <liquidPref>0.00000000</liquidPref>
      <cshNotRptdInCorD>414798.92000000</cshNotRptdInCorD>
      <curMetrics>
        <curMetric>
          <curCd>GBP</curCd>
          <intrstRtRiskdv01 period10Yr="0.00000000" period1Yr="-254.27331200" period30Yr="0.00000000" period3Mon="0.00000000" period5Yr="-127.01030000"/>
          <intrstRtRiskdv100 period10Yr="0.00000000" period1Yr="-25425.32879200" period30Yr="0.00000000" period3Mon="0.00000000" period5Yr="-12704.09132000"/>
        </curMetric>
        <curMetric>
          <curCd>USD</curCd>
          <intrstRtRiskdv01 period10Yr="0.00000000" period1Yr="-149.76000000" period30Yr="0.00000000" period3Mon="0.00000000" period5Yr="-66.42000000"/>
          <intrstRtRiskdv100 period10Yr="0.00000000" period1Yr="-14976.63000000" period30Yr="0.00000000" period3Mon="0.00000000" period5Yr="-6644.79000000"/>
        </curMetric>
      </curMetrics>
      <creditSprdRiskInvstGrade period10Yr="0.00000000" period1Yr="0.00000000" period30Yr="0.00000000" period3Mon="0.00000000" period5Yr="0.00000000"/>
      <creditSprdRiskNonInvstGrade period10Yr="0.00000000" period1Yr="0.00000000" period30Yr="0.00000000" period3Mon="0.00000000" period5Yr="0.00000000"/>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000158513" rtn1="6.14000000" rtn2="-2.11000000" rtn3="-6.19000000"/>
          <monthlyTotReturn classId="C000158514" rtn1="6.11000000" rtn2="-2.25000000" rtn3="-6.18000000"/>
          <monthlyTotReturn classId="C000158515" rtn1="6.12000000" rtn2="-2.10000000" rtn3="-6.17000000"/>
        </monthlyTotReturns>
        <monthlyReturnCats>
          <commodityContracts>
            <mon1 netRealizedGain="81040.60000000" netUnrealizedAppr="-57824.12000000"/>
            <mon2 netRealizedGain="-920.45000000" netUnrealizedAppr="-11226.28000000"/>
            <mon3 netRealizedGain="-64732.73000000" netUnrealizedAppr="17331.13000000"/>
            <futureCategory>
              <instrMon1 netRealizedGain="81040.60000000" netUnrealizedAppr="-57824.12000000"/>
              <instrMon2 netRealizedGain="-920.45000000" netUnrealizedAppr="-11226.28000000"/>
              <instrMon3 netRealizedGain="-64732.73000000" netUnrealizedAppr="17331.13000000"/>
            </futureCategory>
          </commodityContracts>
          <equityContracts>
            <mon1 netRealizedGain="91837.87000000" netUnrealizedAppr="72074.15000000"/>
            <mon2 netRealizedGain="116211.78000000" netUnrealizedAppr="-82305.00000000"/>
            <mon3 netRealizedGain="-14476.80000000" netUnrealizedAppr="5486.60000000"/>
            <futureCategory>
              <instrMon1 netRealizedGain="91837.87000000" netUnrealizedAppr="72074.15000000"/>
              <instrMon2 netRealizedGain="116211.78000000" netUnrealizedAppr="-82305.00000000"/>
              <instrMon3 netRealizedGain="-14476.80000000" netUnrealizedAppr="5486.60000000"/>
            </futureCategory>
          </equityContracts>
          <foreignExchgContracts>
            <mon1 netRealizedGain="-9673.23000000" netUnrealizedAppr="2593.75000000"/>
            <mon2 netRealizedGain="-2847.89000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="15840.95000000" netUnrealizedAppr="13700.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="1534.32000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="-317.39000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="-11207.55000000" netUnrealizedAppr="2593.75000000"/>
              <instrMon2 netRealizedGain="-2530.50000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="15840.95000000" netUnrealizedAppr="13700.00000000"/>
            </futureCategory>
          </foreignExchgContracts>
          <interestRtContracts>
            <mon1 netRealizedGain="-53167.10000000" netUnrealizedAppr="-8012.73000000"/>
            <mon2 netRealizedGain="-9620.40000000" netUnrealizedAppr="41874.56000000"/>
            <mon3 netRealizedGain="28750.97000000" netUnrealizedAppr="47500.53000000"/>
            <futureCategory>
              <instrMon1 netRealizedGain="-53167.10000000" netUnrealizedAppr="-8012.73000000"/>
              <instrMon2 netRealizedGain="-9620.40000000" netUnrealizedAppr="41874.56000000"/>
              <instrMon3 netRealizedGain="28750.97000000" netUnrealizedAppr="47500.53000000"/>
            </futureCategory>
          </interestRtContracts>
          <otherContracts>
            <mon1 netRealizedGain="-1901.54000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="-2236.56000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="-1646.29000000" netUnrealizedAppr="0.00000000"/>
            <futureCategory>
              <instrMon1 netRealizedGain="-1901.54000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="-2236.56000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="-1646.29000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
          </otherContracts>
        </monthlyReturnCats>
        <othMon1 netRealizedGain="-19801.71000000" netUnrealizedAppr="225812.47000000"/>
        <othMon2 netRealizedGain="-10668.13000000" netUnrealizedAppr="-161148.84000000"/>
        <othMon3 netRealizedGain="239.79000000" netUnrealizedAppr="-427371.74000000"/>
      </returnInfo>
      <mon1Flow redemption="-186385.58000000" reinvestment="0.00000000" sales="98937.49000000"/>
      <mon2Flow redemption="-28092.00000000" reinvestment="0.00000000" sales="305374.79000000"/>
      <mon3Flow redemption="-47785.81000000" reinvestment="0.00000000" sales="244082.14000000"/>


      <varInfo>


      </varInfo>
    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>TPG RE Finance Trust Inc.</name>
        <lei>N/A</lei>
        <title>TPG RE FINANCE T</title>
        <cusip>87266M107</cusip>
        <identifiers>
          <isin value="US87266M1071"/>
        </identifiers>
        <balance>8440.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>59080.00000000</valUSD>
        <pctVal>1.085555632582</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>CME GLOBEX</name>
        <lei>N/A</lei>
        <title>90DAY EURO$ FUTR  Dec24</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="EDZ4 COMDTY"/>
        </identifiers>
        <balance>-9.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>25612.50000000</valUSD>
        <pctVal>0.470612620845</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>R.J. O'BRIEN &amp; ASSOCIATES LLC</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>CME 3 Month Eurodollar Future</issueTitle>
                <identifiers>
                  <isin value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2024-12-16</expDate>
            <notionalAmt>-2186850.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>25612.50000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CME GLOBEX</name>
        <lei>N/A</lei>
        <title>BP CURRENCY FUT   Dec22</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="BPZ2 CURNCY"/>
        </identifiers>
        <balance>-5.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>9875.00000000</valUSD>
        <pctVal>0.181446544884</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>R.J. O'BRIEN &amp; ASSOCIATES LLC</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>CME British Pound Currency Fut</issueTitle>
                <identifiers>
                  <isin value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-12-19</expDate>
            <notionalAmt>-359281.25000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>9875.00000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Agnc Investment Corp</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
        <title>AGNC INVESTMENT</title>
        <cusip>00123Q104</cusip>
        <identifiers>
          <isin value="US00123Q1040"/>
        </identifiers>
        <balance>6520.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>54898.40000000</valUSD>
        <pctVal>1.008721518953</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>CME GLOBEX</name>
        <lei>N/A</lei>
        <title>JPN YEN CURR FUT  Dec22</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="JYZ2 CURNCY"/>
        </identifiers>
        <balance>-4.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>3825.00000000</valUSD>
        <pctVal>0.070281826246</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>R.J. O'BRIEN &amp; ASSOCIATES LLC</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>CME Japanese Yen Currency Futu</issueTitle>
                <identifiers>
                  <isin value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-12-19</expDate>
            <notionalAmt>-352000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>3825.00000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vanguard Scottsdal</name>
        <lei>549300Y88GQ3VLJIBX57</lei>
        <title>VANGUARD MORTGAGE-BACKED</title>
        <cusip>92206C771</cusip>
        <identifiers>
          <isin value="US92206C7719"/>
        </identifiers>
        <balance>12460.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>561821.40000000</valUSD>
        <pctVal>10.32309386045</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KKR Real Estate Finance Trust Inc.</name>
        <lei>549300K23AYZDZ2REL62</lei>
        <title>KKR REAL ESTATE</title>
        <cusip>48251K100</cusip>
        <identifiers>
          <isin value="US48251K1007"/>
        </identifiers>
        <balance>4030.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>65487.50000000</valUSD>
        <pctVal>1.203289175503</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>NEW YORK MERCANTILE EXCHANGE</name>
        <lei>5493008GFNDTXFPHWI47</lei>
        <title>WTI CRUDE FUTURE  Dec22</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CLZ2 COMDTY"/>
        </identifiers>
        <balance>-2.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>5656.00000000</valUSD>
        <pctVal>0.103925231176</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>R.J. O'BRIEN &amp; ASSOCIATES LLC</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>NYMEX Light Sweet Crude Oil Fu</issueTitle>
                <identifiers>
                  <isin value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-11-21</expDate>
            <notionalAmt>-163096.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>5656.00000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mutual Fund Series Trust</name>
        <lei>5493002ZGLQMLR4QMA96</lei>
        <title>CAT-ENH INC-I</title>
        <cusip>62827P436</cusip>
        <identifiers>
          <isin value="US62827P4366"/>
        </identifiers>
        <balance>26992.64400000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>267497.10000000</valUSD>
        <pctVal>4.915080968256</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vanguard Scottsdal</name>
        <lei>549300Y88GQ3VLJIBX57</lei>
        <title>VANGUARD INT-TERM CORPORA</title>
        <cusip>92206C870</cusip>
        <identifiers>
          <isin value="US92206C8709"/>
        </identifiers>
        <balance>1490.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>112763.20000000</valUSD>
        <pctVal>2.071948661273</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CBOE FUTURES EXCHANGE</name>
        <lei>254900O9GJPIWCP8RH13</lei>
        <title>CBOE VIX FUTURE   Dec22</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="UXZ2 INDEX"/>
        </identifiers>
        <balance>16.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>6953.60000000</valUSD>
        <pctVal>0.127767766532</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>R.J. O'BRIEN &amp; ASSOCIATES LLC</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>CBOE Volatility Index</indexName>
                <indexIdentifier>VIX</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2022-12-21</expDate>
            <notionalAmt>473806.40000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>6953.60000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CME GLOBEX</name>
        <lei>N/A</lei>
        <title>LEAN HOGS FUTURE  Dec22</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="LHZ2 COMDTY"/>
        </identifiers>
        <balance>-3.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>568.13000000</valUSD>
        <pctVal>0.010439010181</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>R.J. O'BRIEN &amp; ASSOCIATES LLC</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>CME Lean Hogs Future</issueTitle>
                <identifiers>
                  <isin value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-12-14</expDate>
            <notionalAmt>-92038.13000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>568.13000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Annaly Capital Management, Inc.</name>
        <lei>2DTL0G3FPRYUT58TI025</lei>
        <title>ANNALY CAPITAL M</title>
        <cusip>035710839</cusip>
        <identifiers>
          <isin value="US0357108390"/>
        </identifiers>
        <balance>3015.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>51737.40000000</valUSD>
        <pctVal>0.950640250257</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>Ishares Trust</name>
        <lei>5493000860OXIC4B5K91</lei>
        <title>ISHARES MBS ETF</title>
        <cusip>464288588</cusip>
        <identifiers>
          <isin value="US4642885887"/>
        </identifiers>
        <balance>8170.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>748208.60000000</valUSD>
        <pctVal>13.74783446304</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FIRST AMERN FDS INC</name>
        <lei>549300J5J5SJCZ9IA369</lei>
        <title>FRST AM-GV OB-U</title>
        <cusip>31846V211</cusip>
        <identifiers>
          <isin value="US31846V2117"/>
        </identifiers>
        <balance>649332.52000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>649332.52000000</valUSD>
        <pctVal>11.93105237821</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMMODITIES EXCHANGE CENTER</name>
        <lei>N/A</lei>
        <title>GOLD 100 OZ FUTR  Dec22</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="GCZ2 COMDTY"/>
        </identifiers>
        <balance>-1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-2078.00000000</valUSD>
        <pctVal>-0.03818186534</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>R.J. O'BRIEN &amp; ASSOCIATES LLC</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>COMEX Gold 100 Troy Ounces Fut</issueTitle>
                <identifiers>
                  <isin value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-12-28</expDate>
            <notionalAmt>-165122.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-2078.00000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MFA Financial Inc.</name>
        <lei>YW72IMH2RRC8Z1TGLG58</lei>
        <title>MFA FINANCIAL</title>
        <cusip>55272X607</cusip>
        <identifiers>
          <isin value="US55272X6076"/>
        </identifiers>
        <balance>7289.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>56708.42000000</valUSD>
        <pctVal>1.041979430363</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>Redwood Trust, Inc.</name>
        <lei>DRBV4N1ERQLEMIF11G78</lei>
        <title>REDWOOD TRUST</title>
        <cusip>758075402</cusip>
        <identifiers>
          <isin value="US7580754023"/>
        </identifiers>
        <balance>10130.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>58146.20000000</valUSD>
        <pctVal>1.068397679811</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>Mutual Fd &amp; Var Ins Tr</name>
        <lei>N/A</lei>
        <title>RTNL-S/S INC-INS</title>
        <cusip>628255432</cusip>
        <identifiers>
          <isin value="US6282554327"/>
        </identifiers>
        <balance>14910.89200000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>271527.34000000</valUSD>
        <pctVal>4.989133942742</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ladder Capital Corporation</name>
        <lei>549300Q6LLV2QCV67C06</lei>
        <title>LADDER CAPITAL</title>
        <cusip>505743104</cusip>
        <identifiers>
          <isin value="US5057431042"/>
        </identifiers>
        <balance>7030.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>62988.80000000</valUSD>
        <pctVal>1.157377227989</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>PennyMac Mortgage Investment Trust</name>
        <lei>549300BSSOQO1ZWDUJ97</lei>
        <title>PENNYMAC MORTGAG</title>
        <cusip>70931T103</cusip>
        <identifiers>
          <isin value="US70931T1034"/>
        </identifiers>
        <balance>5290.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>62316.20000000</valUSD>
        <pctVal>1.145018651170</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>Arbor Realty Trust, Inc.</name>
        <lei>549300ASFUWYQO0RW077</lei>
        <title>ARBOR REALTY TRU</title>
        <cusip>038923108</cusip>
        <identifiers>
          <isin value="US0389231087"/>
        </identifiers>
        <balance>5260.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>60490.00000000</valUSD>
        <pctVal>1.111463443042</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>Granite Point Mortgage Trust Inc</name>
        <lei>529900VX2HQZ76AYIE02</lei>
        <title>GRANITE POINT MO</title>
        <cusip>38741L107</cusip>
        <identifiers>
          <isin value="US38741L1070"/>
        </identifiers>
        <balance>8240.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>53065.60000000</valUSD>
        <pctVal>0.975045040223</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>New York Mortgage Trust, Inc.</name>
        <lei>549300JFGR0M7ULHWG48</lei>
        <title>NEW YORK MTGE</title>
        <cusip>649604501</cusip>
        <identifiers>
          <isin value="US6496045013"/>
        </identifiers>
        <balance>27890.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>65262.60000000</valUSD>
        <pctVal>1.199156787863</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>Vanguard Scottsdal</name>
        <lei>549300Y88GQ3VLJIBX57</lei>
        <title>VANGUARD S/T CORP BOND ET</title>
        <cusip>92206C409</cusip>
        <identifiers>
          <isin value="US92206C4096"/>
        </identifiers>
        <balance>1550.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>115134.00000000</valUSD>
        <pctVal>2.115510531513</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Starwood Property Trust, Inc.</name>
        <lei>BUGSFQZERKRBFWIG5267</lei>
        <title>STARWOOD PROPERT</title>
        <cusip>85571B105</cusip>
        <identifiers>
          <isin value="US85571B1052"/>
        </identifiers>
        <balance>3390.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>61765.80000000</valUSD>
        <pctVal>1.134905417924</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>ICE FUTURES EUROPE - FINANCIAL PRODUCTS DIVISION</name>
        <lei>549300UF4R84F48NCH34</lei>
        <title>3MO EURO EURIBOR  Dec24</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00H6CZ4W89"/>
        </identifiers>
        <balance>-9.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="1.02050000"/>
        <valUSD>15902.06000000</valUSD>
        <pctVal>0.292189756307</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>R.J. O'BRIEN &amp; ASSOCIATES LLC</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>3 Month Euro Euribor Future</issueTitle>
                <identifiers>
                  <isin value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2024-12-16</expDate>
            <notionalAmt>-2199957.52000000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>15902.06000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <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>744802.71000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>744802.71000000</valUSD>
        <pctVal>13.68525350378</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="CASH" 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>Hannon Armstrong Sustainable Infrastructure Capital, Inc.</name>
        <lei>N/A</lei>
        <title>HANNON ARMSTRONG</title>
        <cusip>41068X100</cusip>
        <identifiers>
          <isin value="US41068X1000"/>
        </identifiers>
        <balance>1950.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>58363.50000000</valUSD>
        <pctVal>1.072390422516</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>Two Harbors Investment Corp.</name>
        <lei>549300ZUIBT6KH4HU823</lei>
        <title>TWO HARBORS INVE</title>
        <cusip>90187B408</cusip>
        <identifiers>
          <isin value="US90187B4086"/>
        </identifiers>
        <balance>16110.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>53485.20000000</valUSD>
        <pctVal>0.982754910626</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>Rithm Capital Corp.</name>
        <lei>549300WNTHGEO5LP2G31</lei>
        <title>RITHM CAPITAL CO</title>
        <cusip>64828T201</cusip>
        <identifiers>
          <isin value="US64828T2015"/>
        </identifiers>
        <balance>8340.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>61048.80000000</valUSD>
        <pctVal>1.121731020690</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>Franklin Bsp Realty Trust Inc</name>
        <lei>549300LH3QNZK9Y1KC93</lei>
        <title>FRANKLIN BSP REA</title>
        <cusip>35243J101</cusip>
        <identifiers>
          <isin value="US35243J1016"/>
        </identifiers>
        <balance>6040.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>65050.80000000</valUSD>
        <pctVal>1.195265103994</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>Ishares Trust</name>
        <lei>5493000860OXIC4B5K91</lei>
        <title>ISHR 1-5Y INV GR</title>
        <cusip>464288646</cusip>
        <identifiers>
          <isin value="US4642886463"/>
        </identifiers>
        <balance>2340.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>115315.20000000</valUSD>
        <pctVal>2.118839960772</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICE FUTURES EUROPE</name>
        <lei>549300UF4R84F48NCH34</lei>
        <title>BRENT CRUDE FUTR  Dec22</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00H1JWRW81"/>
        </identifiers>
        <balance>-1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>5220.00000000</valUSD>
        <pctVal>0.095914021700</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>R.J. O'BRIEN &amp; ASSOCIATES LLC</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>ICE Brent Crude Oil Future</issueTitle>
                <identifiers>
                  <isin value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-10-31</expDate>
            <notionalAmt>-90360.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>5220.00000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ishares Trust</name>
        <lei>5493000860OXIC4B5K91</lei>
        <title>ISHARES CONVERTIBLE BOND</title>
        <cusip>46435G102</cusip>
        <identifiers>
          <isin value="US46435G1022"/>
        </identifiers>
        <balance>3250.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>223925.00000000</valUSD>
        <pctVal>4.114472664626</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nexpoint Residential Trust Inc</name>
        <lei>549300U2J6XVYBF87166</lei>
        <title>NEXPOINT RESI</title>
        <cusip>65341D102</cusip>
        <identifiers>
          <isin value="US65341D1028"/>
        </identifiers>
        <balance>1480.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>68390.80000000</valUSD>
        <pctVal>1.256635378416</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>ICE FUTURES EUROPE - FINANCIAL PRODUCTS DIVISION</name>
        <lei>549300UF4R84F48NCH34</lei>
        <title>ICE 3MTH SONIA FU Dec24</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00F7B6VD14"/>
        </identifiers>
        <balance>-6.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="GBP" exchangeRt="0.89549000"/>
        <valUSD>46716.72000000</valUSD>
        <pctVal>0.858388600741</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>R.J. O'BRIEN &amp; ASSOCIATES LLC</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>Three Month SONIA Index Future</issueTitle>
                <identifiers>
                  <isin value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-03-18</expDate>
            <notionalAmt>-1763035.29000000</notionalAmt>
            <curCd>GBP</curCd>
            <unrealizedAppr>46716.72000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Blackstone Mortgage Trust, Inc</name>
        <lei>549300OLDJ20R2Y2UW20</lei>
        <title>BLACKSTONE MOR-A</title>
        <cusip>09257W100</cusip>
        <identifiers>
          <isin value="US09257W1009"/>
        </identifiers>
        <balance>2680.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>62551.20000000</valUSD>
        <pctVal>1.149336619580</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>2022-10-28</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>
