<?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>S000045922</seriesId>
        <classId>C000143113</classId>
        <classId>C000143114</classId>
        <classId>C000143112</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 Systematic Alpha Fund</seriesName>
      <seriesId>S000045922</seriesId>
      <seriesLei>549300D1D0DR2GYJY706</seriesLei>
      <repPdEnd>2023-06-30</repPdEnd>
      <repPdDate>2022-12-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>11853184.15</totAssets>
      <totLiabs>6831557.17</totLiabs>
      <netAssets>5021626.98</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>1136066.34000000</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>925688.63999999</cshNotRptdInCorD>
      <curMetrics>
        <curMetric>
          <curCd>USD</curCd>
          <intrstRtRiskdv01 period10Yr="0.00000000" period1Yr="96.05071900" period30Yr="0.00000000" period3Mon="68.96290700" period5Yr="45.57729900"/>
          <intrstRtRiskdv100 period10Yr="0.00000000" period1Yr="9294.22384800" period30Yr="0.00000000" period3Mon="7078.95992900" period5Yr="4402.39784700"/>
        </curMetric>
      </curMetrics>
      <creditSprdRiskInvstGrade period10Yr="0.00000000" period1Yr="33.45934400" period30Yr="0.00000000" period3Mon="69.83712600" period5Yr="12.34933900"/>
      <creditSprdRiskNonInvstGrade period10Yr="0.00000000" period1Yr="71.06111700" period30Yr="0.00000000" period3Mon="0.00000000" period5Yr="39.98333300"/>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000143113" rtn1="5.87000000" rtn2="5.85000000" rtn3="-2.26000000"/>
          <monthlyTotReturn classId="C000143114" rtn1="5.92000000" rtn2="5.98000000" rtn3="-2.26000000"/>
          <monthlyTotReturn classId="C000143112" rtn1="5.91000000" rtn2="5.97000000" rtn3="-2.28000000"/>
        </monthlyTotReturns>
        <monthlyReturnCats>
          <otherContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="278361.11000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="294701.62000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="-119173.90000000"/>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="278361.11000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="294701.62000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="-119173.90000000"/>
            </swapCategory>
          </otherContracts>
        </monthlyReturnCats>
        <othMon1 netRealizedGain="-290.94000000" netUnrealizedAppr="-4456.02000000"/>
        <othMon2 netRealizedGain="0.00000000" netUnrealizedAppr="3089.88000000"/>
        <othMon3 netRealizedGain="129827.55000000" netUnrealizedAppr="160.33000000"/>
      </returnInfo>
      <mon1Flow redemption="-38216.98000000" reinvestment="0.00000000" sales="10792.66000000"/>
      <mon2Flow redemption="-27641.34000000" reinvestment="0.00000000" sales="139396.56000000"/>
      <mon3Flow redemption="-101332.15000000" reinvestment="92869.84000000" sales="52135.63000000"/>


      <varInfo>


      </varInfo>
    </fundInfo>
    <invstOrSecs>
      <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>325611.77000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>325611.77000000</valUSD>
        <pctVal>6.484188716064</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>N/A</name>
        <lei>N/A</lei>
        <title>BNPXCASA SWAP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="BNPXCASA1            00001"/>
        </identifiers>
        <balance>1616.52890000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>104644.59000000</valUSD>
        <pctVal>2.083878201562</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DO</assetCat>
        <issuerConditional desc="SWAP" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>BNP PARIBAS</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>N/A</indexName>
                <indexIdentifier>N/A</indexIdentifier>
                <components>
                  <component>
                    <othIndName>LME Zinc FEB23</othIndName>
                    <identifiers>
                      <ticker value="LXG3 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>98371.70000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-1820.50000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>NYMEX Natural Gas MAR23</othIndName>
                    <identifiers>
                      <ticker value="NGH23 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>-880524.32000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>295598.48000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>LME Aluminium HG APR23</othIndName>
                    <identifiers>
                      <ticker value="LAJ23 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>32055.33000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-1307.99000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>LME Aluminium HG MAR23</othIndName>
                    <identifiers>
                      <ticker value="LAH23 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>-479706.49000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>20888.51000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>NYMEX WTI Crude Mar23</othIndName>
                    <identifiers>
                      <ticker value="CLH3 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>-1097157.26000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>4076.13000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>3 Month SOFR Fut  Jun24</othIndName>
                    <identifiers>
                      <ticker value="SFRM4 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>-386497.01000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>621.54000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>3 Months Euribor Future Jun24</othIndName>
                    <identifiers>
                      <ticker value="ERM4 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>-693291.56000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>3992.22000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>3 Month SOFR Fut  Jun23</othIndName>
                    <identifiers>
                      <ticker value="SFRM3 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>-569754.91000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>269.64000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>3 Months Euribor Future Dec23</othIndName>
                    <identifiers>
                      <ticker value="ERZ3 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>-719737.79000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>4820.75000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>LME Nickel APR23</othIndName>
                    <identifiers>
                      <ticker value="LNJ3 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>179872.09000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>20176.17000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>NYMEX Gasoline RBOB Mar23</othIndName>
                    <identifiers>
                      <ticker value="XBH3 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>-313775.01000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-10737.20000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>future Eurostoxx 50 of maturity H23</othIndName>
                    <identifiers>
                      <ticker value="VGH3 Index"/>
                    </identifiers>
                    <othIndNotAmt>1370798.68000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-64207.64000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>3 Months Euribor Future Dec24</othIndName>
                    <identifiers>
                      <ticker value="ERZ4 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>-694940.64000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>3637.69000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>NYMEX Natural Gas Mar24</othIndName>
                    <identifiers>
                      <ticker value="NGH24 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>541950.95000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-81815.76000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>future JGB of maturity Mar23</othIndName>
                    <identifiers>
                      <ticker value="JBH3 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>2050675.14000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-32739.77000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>3 Months Euribor Future Jun23</othIndName>
                    <identifiers>
                      <ticker value="ERM3 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>-719887.11000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>4304.70000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>LME Zinc JUN23</othIndName>
                    <identifiers>
                      <ticker value="LXM3 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>49187.78000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-1119.75000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>3 Month SOFR Fut  Dec24</othIndName>
                    <identifiers>
                      <ticker value="SFRZ4 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>-388106.48000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>681.38000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>LME Zinc MAR23</othIndName>
                    <identifiers>
                      <ticker value="LXH3 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>-295178.19000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>5832.60000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>ICE Gas Oil MAR23</othIndName>
                    <identifiers>
                      <ticker value="QSH3 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>-375880.19000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>8126.01000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>CMX Gold Feb23</othIndName>
                    <identifiers>
                      <ticker value="GCG3 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>1386441.31000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>52230.84000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>3 Month SOFR Fut  Mar23</othIndName>
                    <identifiers>
                      <ticker value="SFRH3 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>-570022.64000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>0.00000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>LME Zinc MAY23</othIndName>
                    <identifiers>
                      <ticker value="LXK3 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>123180.11000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-2776.43000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>CBOE VIX Future Jan 23</othIndName>
                    <identifiers>
                      <ticker value="UXF3 Index"/>
                    </identifiers>
                    <othIndNotAmt>-874704.75000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>55637.34000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>ICE Brent Crude Sep23</othIndName>
                    <identifiers>
                      <ticker value="COU3 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>320299.10000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-6643.02000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>ICE Brent Crude Dec23</othIndName>
                    <identifiers>
                      <ticker value="COZ3 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>324185.18000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-7258.46000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>LME Copper MAY23</othIndName>
                    <identifiers>
                      <ticker value="LPK23 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>43221.19000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>716.31000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>NYMEX WTI Crude Jul23</othIndName>
                    <identifiers>
                      <ticker value="CLN3 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>367125.48000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-1008.96000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>ICE Gas Oil MAY23</othIndName>
                    <identifiers>
                      <ticker value="QSK3 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>85661.08000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-3050.47000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>NYMEX Natural Gas FEB23</othIndName>
                    <identifiers>
                      <ticker value="NGG23 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>389899.41000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-133988.61000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>3 Months Euribor Future Sep23</othIndName>
                    <identifiers>
                      <ticker value="ERU3 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>-719214.88000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>4857.56000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>NYMEX Gasoline RBOB May23</othIndName>
                    <identifiers>
                      <ticker value="XBK3 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>101060.90000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>1534.43000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>3 Months Euribor Future Mar23</othIndName>
                    <identifiers>
                      <ticker value="ERH3 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>-724180.33000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>1229.63000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>LME Copper JUL23</othIndName>
                    <identifiers>
                      <ticker value="LPN23 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>172884.72000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>3004.22000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>NYMEX Heating Oil Feb23</othIndName>
                    <identifiers>
                      <ticker value="HOG3 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>118466.80000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>25.17000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>CMX Copper MAR23 futures</othIndName>
                    <identifiers>
                      <ticker value="HGH3 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>-650176.08000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-12610.42000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>NYMEX WTI Crude Dec23</othIndName>
                    <identifiers>
                      <ticker value="CLZ3 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>364771.94000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-2855.63000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>3 Month SOFR Fut  Sep24</othIndName>
                    <identifiers>
                      <ticker value="SFRU4 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>-387506.17000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>641.43000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>NYMEX Gasoline RBOB Jun23</othIndName>
                    <identifiers>
                      <ticker value="XBM3 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>104027.56000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>1158.02000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>ICE Gas Oil FEB23</othIndName>
                    <identifiers>
                      <ticker value="QSG3 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>145727.75000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-2334.49000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>ICE Gas Oil APR23</othIndName>
                    <identifiers>
                      <ticker value="QSJ3 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>145478.23000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-4173.05000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>NYMEX Gasoline RBOB Sep23</othIndName>
                    <identifiers>
                      <ticker value="XBU3 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>98768.73000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>395.97000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>3 Month SOFR Fut  Dec23</othIndName>
                    <identifiers>
                      <ticker value="SFRZ3 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>-572245.16000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>658.58000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>future Nikkei of maturity Mar23</othIndName>
                    <identifiers>
                      <ticker value="NIH3 Index"/>
                    </identifiers>
                    <othIndNotAmt>200753.43000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-14275.48000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>LME Aluminium HG JUN23</othIndName>
                    <identifiers>
                      <ticker value="LAM23 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>64065.51000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-2483.26000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>LME Nickel JUN23</othIndName>
                    <identifiers>
                      <ticker value="LNM3 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>179141.23000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>20397.24000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>LME Nickel MAR23</othIndName>
                    <identifiers>
                      <ticker value="LNH3 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>-430238.02000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-47954.54000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>3 Month SOFR Fut  Mar24</othIndName>
                    <identifiers>
                      <ticker value="SFRH4 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>-385059.61000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>561.55000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>LME Aluminium HG DEC23</othIndName>
                    <identifiers>
                      <ticker value="LAZ23 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>160599.83000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-5612.95000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>LME Copper DEC23</othIndName>
                    <identifiers>
                      <ticker value="LPZ23 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>216266.28000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>3746.67000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>NYMEX Heating Oil Apr23</othIndName>
                    <identifiers>
                      <ticker value="HOJ3 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>117300.07000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-2380.93000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>3 Month SOFR Fut  Sep23</othIndName>
                    <identifiers>
                      <ticker value="SFRU3 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>-570617.98000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>449.26000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>LME Aluminium HG MAY23</othIndName>
                    <identifiers>
                      <ticker value="LAK23 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>64032.10000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-2578.73000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>3 Months Euribor Future Mar24</othIndName>
                    <identifiers>
                      <ticker value="ERH4 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>-692216.14000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>3812.39000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>3 Months Euribor Future Sep24</othIndName>
                    <identifiers>
                      <ticker value="ERU4 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>-694223.97000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>3744.08000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>ICE Brent Crude Jun23</othIndName>
                    <identifiers>
                      <ticker value="COM3 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>328059.81000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-5330.59000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>ICE Brent Crude Mar23</othIndName>
                    <identifiers>
                      <ticker value="COH3 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>-977993.84000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>12142.01000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>NYMEX Heating Oil Mar23</othIndName>
                    <identifiers>
                      <ticker value="HOH3 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>-235176.68000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>2437.78000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>LME Nickel MAY23</othIndName>
                    <identifiers>
                      <ticker value="LNK3 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>71835.08000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>8129.63000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>LME Aluminium HG SEP23</othIndName>
                    <identifiers>
                      <ticker value="LAU23 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>160200.80000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-5995.63000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>NYMEX WTI Crude Sep23</othIndName>
                    <identifiers>
                      <ticker value="CLU3 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>365984.72000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-1801.29000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>LME Zinc APR23</othIndName>
                    <identifiers>
                      <ticker value="LXJ3 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>24583.77000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-526.77000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>LME Copper SEP23</othIndName>
                    <identifiers>
                      <ticker value="LPU23 Comdty"/>
                    </identifiers>
                    <othIndNotAmt>216244.16000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>3866.08000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                </components>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Performance</otherRecDesc>
            <fixedPmntDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="0.50000000"/>
            <terminationDt>2023-06-12</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-6799962.56000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>104644.59000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Skyworks Solutions, Inc.</name>
        <lei>549300WZ3ORQ2BVKBD96</lei>
        <title>SWKS 0.9 06/01/23</title>
        <cusip>83088MAJ1</cusip>
        <identifiers>
          <isin value="US83088MAJ18"/>
        </identifiers>
        <balance>225000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>220579.17000000</valUSD>
        <pctVal>4.392583735879</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.90000000</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>Ares Capital Corporation</name>
        <lei>WEQ82666OJYSI5GUAB47</lei>
        <title>ARCC 3 1/2 02/10/23</title>
        <cusip>04010LAU7</cusip>
        <identifiers>
          <isin value="US04010LAU70"/>
        </identifiers>
        <balance>225000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>224522.19000000</valUSD>
        <pctVal>4.471104502469</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-02-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</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>Dell International L.L.C. and EMC Corporation</name>
        <lei>N/A</lei>
        <title>DELL 5.45 06/15/23</title>
        <cusip>25272KAG8</cusip>
        <identifiers>
          <isin value="US25272KAG85"/>
        </identifiers>
        <balance>225000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>225166.51000000</valUSD>
        <pctVal>4.483935403740</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.45000000</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>L3 Harris Technologies Inc</name>
        <lei>549300UTE50ZMDBG8A20</lei>
        <title>LHX 3.85 06/15/23</title>
        <cusip>502431AJ8</cusip>
        <identifiers>
          <isin value="US502431AJ86"/>
        </identifiers>
        <balance>225000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>223716.82000000</valUSD>
        <pctVal>4.455066473296</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.85000000</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>Mylan Inc</name>
        <lei>30ZMPDNA1RHIBH89C294</lei>
        <title>VTRS 3 1/8 01/15/23</title>
        <cusip>628530AV9</cusip>
        <identifiers>
          <isin value="US628530AV91"/>
        </identifiers>
        <balance>225000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>224830.07000000</valUSD>
        <pctVal>4.477235583117</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.12500000</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>Prospect Capital Corporation</name>
        <lei>549300FSD8T39P5Q0O47</lei>
        <title>PSEC 5 7/8 03/15/23</title>
        <cusip>74348TAJ1</cusip>
        <identifiers>
          <isin value="US74348TAJ16"/>
        </identifiers>
        <balance>175000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>175278.19000000</valUSD>
        <pctVal>3.490466151669</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-03-15</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>Arbor Realty Trust, Inc.</name>
        <lei>549300ASFUWYQO0RW077</lei>
        <title>ABR 7 1/2 08/01/25</title>
        <cusip>038923AZ1</cusip>
        <identifiers>
          <isin value="US038923AZ11"/>
        </identifiers>
        <balance>225000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>224662.50000000</valUSD>
        <pctVal>4.473898616818</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Arbor Realty Trust, Inc.</name>
              <title>Arbor Realty Trust, Inc. COM</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="038923108"/>
              </identifiers>
            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="59.84800001" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>O'Reilly Automotive Inc.</name>
        <lei>549300K2RLMQL149Q332</lei>
        <title>ORLY 3.85 06/15/23</title>
        <cusip>67103HAD9</cusip>
        <identifiers>
          <isin value="US67103HAD98"/>
        </identifiers>
        <balance>175000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>174084.74000000</valUSD>
        <pctVal>3.466699949903</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.85000000</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>Two Harbors Investment Corp.</name>
        <lei>549300ZUIBT6KH4HU823</lei>
        <title>TWO 6 1/4 01/15/26</title>
        <cusip>90187BAB7</cusip>
        <identifiers>
          <isin value="US90187BAB71"/>
        </identifiers>
        <balance>225000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>194216.36000000</valUSD>
        <pctVal>3.867598305758</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Two Harbors Investment Corp.</name>
              <title>Two Harbors Investment Corp. COM</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="90187B804"/>
              </identifiers>
            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="33.87535000" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Equifax Inc.</name>
        <lei>5493004MCF8JDC86VS77</lei>
        <title>EFX 3.95 06/15/23</title>
        <cusip>294429AN5</cusip>
        <identifiers>
          <isin value="US294429AN54"/>
        </identifiers>
        <balance>225000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>223756.11000000</valUSD>
        <pctVal>4.455848889038</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.95000000</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>New Mountain Finance Corporation</name>
        <lei>549300L1MPTT1H7SES77</lei>
        <title>NMFC 7 1/2 10/15/25</title>
        <cusip>647551AD2</cusip>
        <identifiers>
          <isin value="US647551AD22"/>
        </identifiers>
        <balance>225000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>227245.50000000</valUSD>
        <pctVal>4.525336129208</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>New Mountain Finance Corporation</name>
              <title>New Mountain Finance Corporation COM</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="647551100"/>
              </identifiers>
            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="70.42250000" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>American Tower Corporation</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>AMT 3 06/15/23</title>
        <cusip>03027XAQ3</cusip>
        <identifiers>
          <isin value="US03027XAQ34"/>
        </identifiers>
        <balance>225000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>222643.83000000</valUSD>
        <pctVal>4.433699095666</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</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>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>192000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>192000.00000000</valUSD>
        <pctVal>3.823462012704</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>TransDigm, Inc.</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TDG 8 12/15/25</title>
        <cusip>893647BK2</cusip>
        <identifiers>
          <isin value="US893647BK28"/>
        </identifiers>
        <balance>225000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>228735.96000000</valUSD>
        <pctVal>4.555016947913</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</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>Leidos Inc</name>
        <lei>5493006I78VIN6J1BQ95</lei>
        <title>LDOS 2.95 05/15/23</title>
        <cusip>52532XAB1</cusip>
        <identifiers>
          <isin value="US52532XAB10"/>
        </identifiers>
        <balance>225000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>223221.32000000</valUSD>
        <pctVal>4.445199153362</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.95000000</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>Global Payments Inc</name>
        <lei>549300NOMHGVQBX6S778</lei>
        <title>TSS 4 06/01/23</title>
        <cusip>891906AE9</cusip>
        <identifiers>
          <isin value="US891906AE92"/>
        </identifiers>
        <balance>225000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>223674.94000000</valUSD>
        <pctVal>4.454232480645</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>The Western Union Company</name>
        <lei>28ID94QU1140NC23S047</lei>
        <title>WU 4 1/4 06/09/23</title>
        <cusip>959802AX7</cusip>
        <identifiers>
          <isin value="US959802AX73"/>
        </identifiers>
        <balance>225000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>223934.39000000</valUSD>
        <pctVal>4.459399132828</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-06-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</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>2023-01-27</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>
