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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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      <invstOrSec>
        <name>DT Cloud Star Acquisition Corp</name>
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        <title>DT Cloud Star Acquisition Corp</title>
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          <ticker value="DTSQ"/>
          <other otherDesc="SEDOL" value="BT02RR4"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Comcast Corp</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>Comcast Corp</title>
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          <isin value="US20030N1019"/>
          <ticker value="CMCSA"/>
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        <balance>4200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>157626.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BUKIT JALIL GLOBAL ACQUISITI</name>
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          <other otherDesc="SEDOL" value="BPG46G8"/>
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        <balance>740.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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        <assetCat>DE</assetCat>
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        <invCountry>MY</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="WAR">
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      <invstOrSec>
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        <fairValLevel>1</fairValLevel>
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        <name>BIG RIVER STEEL/BRS FIN</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CERO THERAPEUTICS HOLDINGS I</name>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <name>MOBIUS MERGER SUB</name>
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        <name>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</name>
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        <lei>FOR8UP27PHTHYVLBNG30</lei>
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      </invstOrSec>
      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Launch Two Acquisition Corp</name>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</name>
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          <other otherDesc="INTERNAL" value="VL_0822011 GB-TRS1_1"/>
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        <units>NC</units>
        <curCd>USD</curCd>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</counterpartyName>
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            <descRefInstrmnt>
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                <issuerName>DS Smith PLC</issuerName>
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                  <other otherDesc="SEDOL" value="0822011"/>
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            <swapFlag>Y</swapFlag>
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            <unrealizedAppr>12169.96000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
        <title>TRS NEOEN SA</title>
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        <balance>1.00000000</balance>
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        <valUSD>-330.84000000</valUSD>
        <pctVal>-0.00101990605</pctVal>
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        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>GOLDMAN SACHS &amp; CO. LLC</counterpartyName>
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                <issuerName>Neoen SA</issuerName>
                <issueTitle>Neoen SA</issueTitle>
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            <swapFlag>Y</swapFlag>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
        <title>TRS HARGREAVES LANSDOWN PLC</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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                <identifiers>
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            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="N/A" curCd="USD" fixedOrFloating="Fixed" fixedRt="4.94000000"/>
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        <securityLending>
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      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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                <identifiers>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
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      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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      </invstOrSec>
      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
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        <fairValLevel>2</fairValLevel>
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                <issuerName>Britvic PLC</issuerName>
                <issueTitle>Britvic PLC</issueTitle>
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            <swapFlag>Y</swapFlag>
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            <unrealizedAppr>-791.30000000</unrealizedAppr>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
        <title>TRS AMCOR PLC</title>
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        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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                <issuerName>Amcor PLC</issuerName>
                <issueTitle>Amcor PLC</issueTitle>
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                  <cusip value="000000000"/>
                  <isin value="JE00BJ1F3079"/>
                  <ticker value="AMCR"/>
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            <swapFlag>Y</swapFlag>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
        <title>TRS HARGREAVES LANSDOWN PLC</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="VL_B1VZ0M2 UK-TRS1_25"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-873.89000000</valUSD>
        <pctVal>-0.00269400828</pctVal>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</counterpartyName>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Hargreaves Lansdown PLC</issuerName>
                <issueTitle>Hargreaves Lansdown PLC</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <isin value="GB00B1VZ0M25"/>
                  <ticker value="HL/"/>
                  <other otherDesc="SEDOL" value="B1VZ0M2"/>
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            <swapFlag>Y</swapFlag>
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            <terminationDt>2025-12-12</terminationDt>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
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            <unrealizedAppr>-873.89000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ALLURION TECHNOLOGIES INC</name>
        <lei>N/A</lei>
        <title>Allurion Technologies Inc</title>
        <cusip>02008G110</cusip>
        <identifiers>
          <isin value="US02008G1105"/>
          <ticker value="ALUR/WS"/>
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        <balance>870.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>26.10000000</valUSD>
        <pctVal>0.000080460488</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
            <counterparties>
              <counterpartyName>ALLURION TECHNOLOGIES INC</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>ALLURION TECHNOLOGIES INC</issuerName>
                <issueTitle>ALLURION TECHNOLOGIES INC</issueTitle>
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                  <cusip value="02008G102"/>
                  <isin value="US02008G1022"/>
                  <ticker value="ALUR"/>
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            <shareNo>1.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>-311.78000000</unrealizedAppr>
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        <securityLending>
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      <invstOrSec>
        <name>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
        <title>TRS DS SMITH PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="VL_0822011 GB-TRS1_6"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>29058.64000000</valUSD>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <swapDeriv derivCat="SWP">
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              <counterpartyName>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</counterpartyName>
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              <otherRefInst>
                <issuerName>DS Smith PLC</issuerName>
                <issueTitle>DS Smith PLC</issueTitle>
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                  <cusip value="000000000"/>
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                  <ticker value="SMDS"/>
                  <other otherDesc="SEDOL" value="0822011"/>
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            <swapFlag>Y</swapFlag>
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      </invstOrSec>
      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
        <title>TRS NEOEN SA</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="VL_BGV7F95 FR-TRS4_5"/>
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        <balance>1.00000000</balance>
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        <valUSD>-192.93000000</valUSD>
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        <assetCat>DE</assetCat>
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        <fairValLevel>2</fairValLevel>
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                <issuerName>Neoen SA</issuerName>
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                  <cusip value="000000000"/>
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      <invstOrSec>
        <name>Black Hawk Acquisition Corp</name>
        <lei>N/A</lei>
        <title>Black Hawk Acquisition Corp</title>
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          <isin value="KYG1148A1278"/>
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        <balance>609.00000000</balance>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
        <title>TRS DS SMITH PLC</title>
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          <other otherDesc="INTERNAL" value="VL_0822011 GB-TRS4_4"/>
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        <fairValLevel>2</fairValLevel>
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                <issuerName>DS Smith PLC</issuerName>
                <issueTitle>DS Smith PLC</issueTitle>
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            <swapFlag>Y</swapFlag>
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        <securityLending>
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      <invstOrSec>
        <name>CARTESIAN GROWTH CORP II- A</name>
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        <title>CARTESIAN GROWTH CORP II</title>
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          <isin value="KYG193051201"/>
          <ticker value="RENEW"/>
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        <balance>873.00000000</balance>
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      <invstOrSec>
        <name>CALUMET SPECIALTY PROD</name>
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          <isin value="US131477AY72"/>
          <other otherDesc="SEDOL" value="BM9FM69"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>INHIBRX INC</name>
        <lei>N/A</lei>
        <title>INHIBRX INC</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="457CVR017"/>
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        <balance>2449.00000000</balance>
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        <valUSD>2755.13000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</name>
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        <fairValLevel>1</fairValLevel>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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      <invstOrSec>
        <name>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
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        <name>Arch Resources Inc</name>
        <lei>W47HVZ7Q6FXL86RELH91</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <name>Hess Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WHOLE EARTH BRANDS INC</name>
        <lei>254900OFCJ8P8RM9SL35</lei>
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        <balance>1756.00000000</balance>
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        <pctVal>0.000000</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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      <invstOrSec>
        <name>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
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        <name>AA Mission Acquisition Corp</name>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>GOLDMAN SACHS &amp; CO. LLC</counterpartyName>
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                <issuerName>Shinko Electric Industries Co</issuerName>
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            <swapFlag>Y</swapFlag>
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            <unrealizedAppr>-180.97000000</unrealizedAppr>
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        <securityLending>
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      <invstOrSec>
        <name>GETAROUND INC</name>
        <lei>N/A</lei>
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        <balance>179.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>0.72000000</valUSD>
        <pctVal>0.000002219599</pctVal>
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        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
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            <putOrCall>Call</putOrCall>
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      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>KRONOS ACQUISITION HOLDI</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>XBP EUROPE HOLDINGS INC</name>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <name>Newbury Street II Acquisition</name>
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        <name>Goldman Sachs Financial Square Treasury Solutions Fund</name>
        <lei>549300WGIKK0N0790B58</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <name>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</name>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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      <invstOrSec>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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      <invstOrSec>
        <name>Oak Woods Acquisition Corp</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Centurion Acquisition Corp</name>
        <lei>N/A</lei>
        <title>Centurion Acquisition Corp</title>
        <cusip>000000000</cusip>
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          <isin value="KYG203151264"/>
          <ticker value="ALFUU"/>
          <other otherDesc="SEDOL" value="BSNV2T8"/>
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        <balance>1253.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12743.01000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Frontier Communications Parent</name>
        <lei>N/A</lei>
        <title>Frontier Communications Parent Inc</title>
        <cusip>35909D109</cusip>
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          <isin value="US35909D1090"/>
          <ticker value="FYBR"/>
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        <balance>9860.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>342142.00000000</valUSD>
        <pctVal>1.054747604777</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Heartland Financial USA Inc</name>
        <lei>549300QF7B0DFZT32C73</lei>
        <title>Heartland Financial USA Inc</title>
        <cusip>42234Q102</cusip>
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          <isin value="US42234Q1022"/>
          <ticker value="HTLF"/>
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        <balance>11354.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>696056.97000000</valUSD>
        <pctVal>2.145788654699</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
        <title>TRS SCHLUMBERGER NV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="VL_2779201-TRS4_8"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>2061.52000000</valUSD>
        <pctVal>0.006355207142</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>GOLDMAN SACHS &amp; CO. LLC</counterpartyName>
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            <descRefInstrmnt>
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                <issuerName>Schlumberger NV</issuerName>
                <issueTitle>Schlumberger NV</issueTitle>
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                  <cusip value="806857108"/>
                  <isin value="AN8068571086"/>
                  <ticker value="SLB"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="OVERNIGHT BANK FUNDING RATE" floatingRtSpread="0.00000000" pmntAmt="17098.69000000">
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            <curCd>USD</curCd>
            <unrealizedAppr>2061.52000000</unrealizedAppr>
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        <securityLending>
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      <invstOrSec>
        <name>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
        <title>TRS DS SMITH PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="VL_0822011 UK-TRS1_99"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>1649.49000000</valUSD>
        <pctVal>0.005085010395</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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                <issuerName>DS Smith PLC</issuerName>
                <issueTitle>DS Smith PLC</issueTitle>
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                  <isin value="GB0008220112"/>
                  <ticker value="SMDS"/>
                  <other otherDesc="SEDOL" value="0822011"/>
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            <swapFlag>Y</swapFlag>
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            <curCd>USD</curCd>
            <unrealizedAppr>1649.49000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
        <title>TRS DS SMITH PLC</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="VL_0822011 GB-TRS1_5"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>4662.52000000</valUSD>
        <pctVal>0.014373511004</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</counterpartyName>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>DS Smith PLC</issuerName>
                <issueTitle>DS Smith PLC</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <isin value="GB0008220112"/>
                  <ticker value="SMDS"/>
                  <other otherDesc="SEDOL" value="0822011"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="N/A" curCd="USD" fixedOrFloating="Fixed" fixedRt="4.78000000"/>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="OVERNIGHT BANK FUNDING RATE" floatingRtSpread="0.00000000" pmntAmt="-9162.63000000">
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                <rtResetTenor rateTenor="Month" rateTenorUnit="3" resetDt="Month" resetDtUnit="3"/>
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            <terminationDt>2025-06-10</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
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            <curCd>USD</curCd>
            <unrealizedAppr>4662.52000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Graf Global Corp</name>
        <lei>N/A</lei>
        <title>Graf Global Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG4036C1143"/>
          <ticker value="GRAF/U"/>
          <other otherDesc="SEDOL" value="BL56BT5"/>
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        <balance>2404.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24376.56000000</valUSD>
        <pctVal>0.075147506803</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>
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      <invstOrSec>
        <name>INTERCONTINENTAL EXCHANGE, INC.</name>
        <lei>5493000F4ZO33MV32P92</lei>
        <title>SPDR S&amp;P 500 ETF TRUST</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="SPY 1 P600"/>
          <other otherDesc="ID_BB_GLOBAL" value="BBG019LF47P5"/>
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        <balance>16.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>23840.00000000</valUSD>
        <pctVal>0.073493411793</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>INTERCONTINENTAL EXCHANGE, INC.</counterpartyName>
              <counterpartyLei>5493000F4ZO33MV32P92</counterpartyLei>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>SPDR S&amp;P 500 ETF Trust</issuerName>
                <issueTitle>SPDR S&amp;P 500 ETF Trust</issueTitle>
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                  <cusip value="78462F103"/>
                  <isin value="US78462F1030"/>
                  <ticker value="SPY"/>
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            <shareNo>100.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>15439.70000000</unrealizedAppr>
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      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
        <title>TRS SCHLUMBERGER NV</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="VL_2779201-TRS4_17"/>
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        <balance>1.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
        <name>INTERCONTINENTAL EXCHANGE, INC.</name>
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        <title>ARCADIUM LITHIUM PLC</title>
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                <issuerName>Arcadium Lithium PLC</issuerName>
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      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
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      <invstOrSec>
        <name>Endeavor Group Holdings Inc</name>
        <lei>N/A</lei>
        <title>Endeavor Group Holdings Inc</title>
        <cusip>29260Y109</cusip>
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          <isin value="US29260Y1091"/>
          <ticker value="EDR"/>
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        <balance>56060.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SouthState Corp</name>
        <lei>549300JZUANXM0YQ4W53</lei>
        <title>SouthState Corp</title>
        <cusip>840441109</cusip>
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          <isin value="US8404411097"/>
          <ticker value="SSB"/>
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        <balance>678.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>67447.44000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <pctVal>0.035609900924</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</counterpartyName>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>DS Smith PLC</issuerName>
                <issueTitle>DS Smith PLC</issueTitle>
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                  <cusip value="000000000"/>
                  <isin value="GB0008220112"/>
                  <ticker value="SMDS"/>
                  <other otherDesc="SEDOL" value="0822011"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="N/A" curCd="USD" fixedOrFloating="Fixed" fixedRt="5.23000000"/>
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                <rtResetTenor rateTenor="Month" rateTenorUnit="3" resetDt="Day" resetDtUnit="1"/>
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            </floatingPmntDesc>
            <terminationDt>2025-11-17</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>97372.72000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>11551.24000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cohen Circle Acquisition Corp</name>
        <lei>N/A</lei>
        <title>Cohen Circle Acquisition Corp I</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG3730H1065"/>
          <ticker value="CCIR"/>
          <other otherDesc="SEDOL" value="BNXM7J1"/>
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        <balance>4377.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>43770.00000000</valUSD>
        <pctVal>0.134933164186</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>Goldman Sachs Financial Square Government Fund</name>
        <lei>549300BRJMXN4GUWZ402</lei>
        <title>Goldman Sachs Financial Square Government Fund</title>
        <cusip>38141W273</cusip>
        <identifiers>
          <isin value="US38141W2733"/>
          <ticker value="FGTXX"/>
        </identifiers>
        <balance>2450000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2450000.00000000</valUSD>
        <pctVal>7.552804483823</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>
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      </invstOrSec>
      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
        <title>TRS SHINKO ELECTRIC INDUSTRIES CO LTD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="VL_6804927 JP-TRS4_88"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-88.18000000</valUSD>
        <pctVal>-0.00027183930</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>GOLDMAN SACHS &amp; CO. LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Shinko Electric Industries Co</issuerName>
                <issueTitle>Shinko Electric Industries Co Ltd</issueTitle>
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                  <cusip value="000000000"/>
                  <isin value="JP3375800004"/>
                  <ticker value="6967"/>
                  <other otherDesc="SEDOL" value="6804927"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="N/A" curCd="USD" fixedOrFloating="Fixed" fixedRt="4.94000000"/>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="OVERNIGHT BANK FUNDING RATE" floatingRtSpread="0.00000000" pmntAmt="-25363.34000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
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            </floatingPmntDesc>
            <terminationDt>2025-03-13</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>25363.34000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-88.18000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PERMIAN RESOURC OPTG LLC</name>
        <lei>5493004CTVUMQLRPOE23</lei>
        <title>Permian Resources Operating LLC</title>
        <cusip>27034RAA1</cusip>
        <identifiers>
          <isin value="US27034RAA14"/>
          <other otherDesc="SEDOL" value="BP2R4J0"/>
        </identifiers>
        <balance>51000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>52077.80000000</valUSD>
        <pctVal>0.160544261774</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-15</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>Colombier Acquisition Corp II</name>
        <lei>N/A</lei>
        <title>Colombier Acquisition Corp II</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG2283U1269"/>
          <ticker value="CLBR/U"/>
          <other otherDesc="SEDOL" value="BLDCV95"/>
        </identifiers>
        <balance>216.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2667.60000000</valUSD>
        <pctVal>0.008223616833</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>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
        <title>TRS BRITVIC PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="VL_B0N8QD5 UK-TRS4_18"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-582.54000000</valUSD>
        <pctVal>-0.00179584111</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>GOLDMAN SACHS &amp; CO. LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Britvic PLC</issuerName>
                <issueTitle>Britvic PLC</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <isin value="GB00B0N8QD54"/>
                  <ticker value="BVIC"/>
                  <other otherDesc="SEDOL" value="B0N8QD5"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="N/A" curCd="USD" fixedOrFloating="Fixed" fixedRt="5.18000000"/>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="OVERNIGHT BANK FUNDING RATE" floatingRtSpread="0.00000000" pmntAmt="-32825.37000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
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            </floatingPmntDesc>
            <terminationDt>2025-09-17</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>32825.37000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-582.54000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
        <title>TRS CONSOL ENERGY INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="VL_BF4L070-TRS4_7"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>117.47000000</valUSD>
        <pctVal>0.000362133854</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>GOLDMAN SACHS &amp; CO. LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>CONSOL Energy Inc</issuerName>
                <issueTitle>CONSOL Energy Inc</issueTitle>
                <identifiers>
                  <cusip value="20854L108"/>
                  <isin value="US20854L1089"/>
                  <ticker value="CEIX"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="OVERNIGHT BANK FUNDING RATE" floatingRtSpread="0.00000000" pmntAmt="756.55000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="N/A" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.98000000"/>
            <terminationDt>2025-09-29</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-756.55000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>117.47000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-02-28</ncom:dateSigned>
      <ncom:nameOfApplicant>Merger Fund VL</ncom:nameOfApplicant>
      <ncom:signature>Amy Hackett</ncom:signature>
      <ncom:signerName>Amy Hackett</ncom:signerName>
      <ncom:title>Vice President and Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
