<?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>0000810695</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>
      <seriesClassInfo>
        <seriesId>S000026200</seriesId>
        <classId>C000078667</classId>
        <classId>C000169252</classId>
        <classId>C000169251</classId>
      </seriesClassInfo>

    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>Mutual Fund &amp; Variable Insurance Trust</regName>
      <regFileNumber>811-05010</regFileNumber>
      <regCik>0000810695</regCik>
      <regLei>5493002ZGLQMLR4QMA96</regLei>
      <regStreet1>2960 N. MERIDIAN STREET</regStreet1>
      <regStreet2>SUITE 300</regStreet2>
      <regCity>INDIANAPOLIS</regCity>
      <regStateConditional regCountry="US" regState="US-IN"/>
      <regZipOrPostalCode>46208</regZipOrPostalCode>
      <regPhone>800-253-0412</regPhone>
      <seriesName>Rational Strategic Allocation Fund</seriesName>
      <seriesId>S000026200</seriesId>
      <seriesLei>549300P7C5XR7R111Q92</seriesLei>
      <repPdEnd>2020-12-31</repPdEnd>
      <repPdDate>2020-09-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>7164228.64</totAssets>
      <totLiabs>73898.52</totLiabs>
      <netAssets>7090330.12</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</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>0.00000000</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000169252" rtn1="2.33000000" rtn2="0.25000000" rtn3="0.06000000"/>
          <monthlyTotReturn classId="C000078667" rtn1="2.32000000" rtn2="0.13000000" rtn3="0.12000000"/>
          <monthlyTotReturn classId="C000169251" rtn1="2.33000000" rtn2="0.13000000" rtn3="0.08000000"/>
        </monthlyTotReturns>
        <monthlyReturnCats>
          <equityContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="-4725.00000000"/>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="-4725.00000000"/>
            </futureCategory>
          </equityContracts>
          <otherContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="-257.50000000" netUnrealizedAppr="0.00000000"/>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="-257.50000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
          </otherContracts>
        </monthlyReturnCats>
        <othMon1 netRealizedGain="-813.83000000" netUnrealizedAppr="152879.22000000"/>
        <othMon2 netRealizedGain="10363.44000000" netUnrealizedAppr="-15450.04000000"/>
        <othMon3 netRealizedGain="116150.75000000" netUnrealizedAppr="-130767.75000000"/>
      </returnInfo>
      <mon1Flow redemption="-131722.91000000" reinvestment="0.00000000" sales="3082.50000000"/>
      <mon2Flow redemption="-145268.41000000" reinvestment="0.00000000" sales="3366.34000000"/>
      <mon3Flow redemption="-101245.67000000" reinvestment="49840.05000000" sales="3319.34000000"/>

    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>Mutual Fund Series Trust</name>
        <lei>5493002ZGLQMLR4QMA96</lei>
        <title>CATLYST ENINST-I</title>
        <cusip>62827M441</cusip>
        <identifiers>
          <isin value="US62827M4419"/>
        </identifiers>
        <balance>71872.50180000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>696444.54000000</valUSD>
        <pctVal>9.822455770225</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>Mutual Fd &amp; Var Ins Tr</name>
        <lei>N/A</lei>
        <title>R/P88-CNVRT-INS</title>
        <cusip>628255390</cusip>
        <identifiers>
          <isin value="US6282553907"/>
        </identifiers>
        <balance>99696.19050000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1065752.28000000</valUSD>
        <pctVal>15.03106712893</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>Mutual Fund Series Trust</name>
        <lei>5493002ZGLQMLR4QMA96</lei>
        <title>CATALYST-STO-I</title>
        <cusip>62827M375</cusip>
        <identifiers>
          <isin value="US62827M3759"/>
        </identifiers>
        <balance>63442.62860000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>600801.69000000</valUSD>
        <pctVal>8.473536208212</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>Mutual Fund Series Trust</name>
        <lei>5493002ZGLQMLR4QMA96</lei>
        <title>ALPHAC-INC OP-I</title>
        <cusip>62827M144</cusip>
        <identifiers>
          <isin value="US62827M1449"/>
        </identifiers>
        <balance>38887.54850000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>413374.64000000</valUSD>
        <pctVal>5.830118386645</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>N/A</lei>
        <title>FRST AM-GV OB-U</title>
        <cusip>31846V211</cusip>
        <identifiers>
          <isin value="US31846V2117"/>
        </identifiers>
        <balance>385882.76000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>385882.76000000</valUSD>
        <pctVal>5.442380727965</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>Mutual Fund Series Trust</name>
        <lei>5493002ZGLQMLR4QMA96</lei>
        <title>CTLYST-F/R I-I</title>
        <cusip>62827M888</cusip>
        <identifiers>
          <isin value="US62827M8881"/>
        </identifiers>
        <balance>76046.52560000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>709514.08000000</valUSD>
        <pctVal>10.00678484628</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>CME GLOBEX</name>
        <lei>N/A</lei>
        <title>S&amp;P500 EMINI FUT  Dec20</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="ESZ0 INDEX"/>
        </identifiers>
        <balance>42.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-4725.00000000</valUSD>
        <pctVal>-0.06664005652</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>WEDBUSH SECURITIES</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>CME Standard &amp; Poor's 500 Inde</indexName>
                <indexIdentifier>SPX</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2020-12-18</expDate>
            <notionalAmt>7043925.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-4725.00000000</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>106810.93710000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1206963.59000000</valUSD>
        <pctVal>17.02267129418</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>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>60999.42890000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1194368.82000000</valUSD>
        <pctVal>16.84503823920</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>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Returns are reported without deducting sales loads and redemption fees, if any." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-10-28</ncom:dateSigned>
      <ncom:nameOfApplicant>Mutual Fund &amp; Variable Insurance 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>
