<?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">
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    <isConfidential>false</isConfidential>
    <filerInfo>

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

    </filerInfo>
  </headerData>
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      <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>2021-12-31</repPdEnd>
      <repPdDate>2021-03-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>8341126.78</totAssets>
      <totLiabs>42792.12</totLiabs>
      <netAssets>8298334.66</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>420924.81</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000169252" rtn1="-0.56000000" rtn2="3.60000000" rtn3="4.41000000"/>
          <monthlyTotReturn classId="C000169251" rtn1="-0.67000000" rtn2="3.49000000" rtn3="4.26000000"/>
          <monthlyTotReturn classId="C000078667" rtn1="-0.67000000" rtn2="3.58000000" rtn3="4.33000000"/>
        </monthlyTotReturns>
        <monthlyReturnCats>
          <equityContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="-91560.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="218400.00000000"/>
            <mon3 netRealizedGain="657300.00000000" netUnrealizedAppr="-302085.00000000"/>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="-91560.00000000"/>
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              <instrMon3 netRealizedGain="657300.00000000" netUnrealizedAppr="-302085.00000000"/>
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          </equityContracts>
          <otherContracts>
            <mon1 netRealizedGain="-75.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="-25.00000000" netUnrealizedAppr="0.00000000"/>
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            <futureCategory>
              <instrMon1 netRealizedGain="-75.00000000" netUnrealizedAppr="0.00000000"/>
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              <instrMon3 netRealizedGain="-266.08000000" netUnrealizedAppr="0.00000000"/>
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        </monthlyReturnCats>
        <othMon1 netRealizedGain="0.00000000" netUnrealizedAppr="24294.64000000"/>
        <othMon2 netRealizedGain="0.00000000" netUnrealizedAppr="54044.29000000"/>
        <othMon3 netRealizedGain="0.00000000" netUnrealizedAppr="-37300.22000000"/>
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      <mon1Flow redemption="-97643.57000000" reinvestment="0.00000000" sales="3231.60000000"/>
      <mon2Flow redemption="-123851.47000000" reinvestment="0.00000000" sales="3118.62000000"/>
      <mon3Flow redemption="-43165.52000000" reinvestment="32508.73000000" sales="12318.04000000"/>

    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>Mutual Fd &amp; Var Ins Tr</name>
        <lei>N/A</lei>
        <title>R/P88-CNVRT-INS</title>
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          <isin value="US6282553907"/>
        </identifiers>
        <balance>112557.35290000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <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>39744.71150000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>457461.63000000</valUSD>
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        <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>
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          <isin value="US31846V2117"/>
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        <balance>212713.54000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>212713.54000000</valUSD>
        <pctVal>2.563328049727</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>CHICAGO MERCANTILE EXCHANGE (FLOOR)</name>
        <lei>N/A</lei>
        <title>S&amp;P500 EMINI FUT  Jun21</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="ESM1 INDEX"/>
        </identifiers>
        <balance>42.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>9135.00000000</valUSD>
        <pctVal>0.110082328253</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>2021-06-18</expDate>
            <notionalAmt>8322405.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>9135.00000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>B 12/30/21</title>
        <cusip>912796A90</cusip>
        <identifiers>
          <isin value="US912796A908"/>
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        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>399840.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-12-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</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>Mutual Fund Series Trust</name>
        <lei>5493002ZGLQMLR4QMA96</lei>
        <title>CTLYST-F/R I-I</title>
        <cusip>62827M888</cusip>
        <identifiers>
          <isin value="US62827M8881"/>
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        <balance>90458.89960000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>867500.85000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mutual Fund Series Trust</name>
        <lei>5493002ZGLQMLR4QMA96</lei>
        <title>CATLYST ENINST-I</title>
        <cusip>62827M441</cusip>
        <identifiers>
          <isin value="US62827M4419"/>
        </identifiers>
        <balance>85716.67070000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>845166.37000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <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>132606.14100000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1498449.39000000</valUSD>
        <pctVal>18.05723017201</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <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>76617.42090000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1511661.71000000</valUSD>
        <pctVal>18.21644669606</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>78765.96140000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>715982.59000000</valUSD>
        <pctVal>8.628027421588</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>2021-04-28</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>
