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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Crane Harbor Acquisition Corp</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Berkshire Hills Bancorp Inc</name>
        <lei>549300AS2OC6UMMBNO37</lei>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <name>Centurion Acquisition Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>FIGX Capital Acquisition Corp</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <title>TRS JUST EAT TAKEAWAY.COM NV</title>
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        <name>Spirit AeroSystems Holdings In</name>
        <lei>N/A</lei>
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        <name>Skechers USA Inc</name>
        <lei>529900D2R54KZPA4XR56</lei>
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          <isin value="US8305661055"/>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
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        <name>Lumen Technologies, Inc.</name>
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        <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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            <putOrCall>Call</putOrCall>
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      <invstOrSec>
        <name>IB Acquisition Corp</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>BRIDGER AEROSPACE GROUP HOLD</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
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              <counterpartyName>BRIDGER AEROSPACE GROUP HOLD</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
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            <delta>XXXX</delta>
            <unrealizedAppr>-137.90000000</unrealizedAppr>
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      </invstOrSec>
      <invstOrSec>
        <name>ISRAEL ACQUISITIONS CORP-A</name>
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        <title>Israel Acquisitions Corp</title>
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        <valUSD>171.99000000</valUSD>
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        <fairValLevel>1</fairValLevel>
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              <counterpartyName>ISRAEL ACQUISITIONS CORP-A</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <putOrCall>Call</putOrCall>
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            <descRefInstrmnt>
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                <issuerName>Israel Acquisitions Corp</issuerName>
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            <shareNo>1.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>105.29000000</unrealizedAppr>
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      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>GOLDMAN SACHS &amp; CO. LLC</counterpartyName>
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      </invstOrSec>
      <invstOrSec>
        <name>Iron Horse Acquisitions Corp</name>
        <lei>5493000JDZP9ZR3A1A41</lei>
        <title>Iron Horse Acquisitions Corp</title>
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          <isin value="US4628371217"/>
          <ticker value="IROHR"/>
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        <curCd>USD</curCd>
        <valUSD>1155.56000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Jena Acquisition Corp II</name>
        <lei>N/A</lei>
        <title>Jena Acquisition Corp II</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG5093B1216"/>
          <ticker value="JENA/U"/>
          <other otherDesc="SEDOL" value="BVMTCW7"/>
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        <balance>3373.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>34674.44000000</valUSD>
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        <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>
      <invstOrSec>
        <name>FREIGHTOS LTD</name>
        <lei>N/A</lei>
        <title>Freightos Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="KYG514051195"/>
          <ticker value="CRGOW"/>
          <other otherDesc="SEDOL" value="BPRSX91"/>
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        <balance>739.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>125.63000000</valUSD>
        <pctVal>0.000522628931</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
            <counterparties>
              <counterpartyName>FREIGHTOS LTD</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
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                <issuerName>Freightos Ltd</issuerName>
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                  <ticker value="CRGO"/>
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            <shareNo>1.00000000</shareNo>
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            <expDt>2028-01-23</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-265.75000000</unrealizedAppr>
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      <invstOrSec>
        <name>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</name>
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        <title>TRS JAMES HARDIE INDUSTRIES PLC</title>
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          <other otherDesc="INTERNAL" value="VL_B60QWJ2 AU-TRS1_15"/>
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        <curCd>USD</curCd>
        <valUSD>-6946.69000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <swapDeriv derivCat="SWP">
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                <issuerName>James Hardie Industries PLC</issuerName>
                <issueTitle>James Hardie Industries PLC</issueTitle>
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                  <cusip value="000000000"/>
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            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="OVERNIGHT BANK FUNDING RATE" floatingRtSpread="0.00000000" pmntAmt="43130.72000000">
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HP ENTERPRISE CO</name>
        <lei>549300BX44RGX6ANDV88</lei>
        <title>Hewlett Packard Enterprise Co</title>
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        <balance>95000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>CARTESIAN GROWTH CORP III</name>
        <lei>N/A</lei>
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          <isin value="KYG193071183"/>
          <ticker value="CGCTU"/>
          <other otherDesc="SEDOL" value="BV8BRZ5"/>
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        <balance>4238.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>INTERCONTINENTAL EXCHANGE, INC.</name>
        <lei>5493000F4ZO33MV32P92</lei>
        <title>SPDR S&amp;P 500 ETF TRUST</title>
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          <ticker value="SPY 7 C611"/>
          <other otherDesc="ID_BB_GLOBAL" value="BBG01TZ95ZG7"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Altaba Inc Escrow</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sizzle Acquisition Corp II</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</name>
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        <fairValLevel>2</fairValLevel>
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                <issuerName>James Hardie Industries PLC</issuerName>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <fairValLevel>2</fairValLevel>
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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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        <fairValLevel>2</fairValLevel>
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        <name>Dun &amp; Bradstreet Holdings Inc</name>
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        <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>Black Hawk Acquisition Corp</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <fairValLevel>2</fairValLevel>
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            <swapFlag>Y</swapFlag>
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        <name>ACROPOLIS INFRASTRUCTURE CVR</name>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</name>
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                <issuerName>James Hardie Industries PLC</issuerName>
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      <invstOrSec>
        <name>ZALATORIS ACQUISITION CORP</name>
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        <fairValLevel>3</fairValLevel>
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        <name>ECARX HOLDINGS INC-CL A</name>
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        <name>Iron Horse Acquisitions Corp</name>
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        <name>ESH Acquisition Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>TEVOGEN BIO HOLDINGS INC</name>
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        <name>INTERCONTINENTAL EXCHANGE, INC.</name>
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        <name>Pacific Premier Bancorp Inc</name>
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        <name>ILEARNINGENGINES INC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <name>Vine Hill Capital Investment C</name>
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        <name>Everi Holdings Inc</name>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <name>ALDEL FINANCIAL II INC</name>
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      <invstOrSec>
        <name>STELLAR V CAPITAL CORP-CL A</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MOVELLA HOLDINGS INC</name>
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        <fairValLevel>2</fairValLevel>
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        <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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                <issuerName>Omnicom Group Inc</issuerName>
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      <invstOrSec>
        <name>WHOLE EARTH BRANDS INC</name>
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        <title>Whole Earth Brands Inc</title>
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          <isin value="US96684W1264"/>
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        <fairValLevel>3</fairValLevel>
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            <shareNo>1.00000000</shareNo>
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            <unrealizedAppr>-2370.60000000</unrealizedAppr>
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      <invstOrSec>
        <name>Willow Lane Acquisition Corp</name>
        <lei>254900Z85UYRON5ZBZ90</lei>
        <title>Willow Lane Acquisition Corp</title>
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          <isin value="KYG9675P1028"/>
          <ticker value="WLAC"/>
          <other otherDesc="SEDOL" value="BP39H85"/>
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        <balance>3379.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>34567.17000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Guild Holdings Co</name>
        <lei>N/A</lei>
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          <isin value="US40172N1072"/>
          <ticker value="GHLD"/>
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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>Integrated Wellness Acquisitio</name>
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          <isin value="KYG4828B1005"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ChampionsGate Acquisition Corp</name>
        <lei>N/A</lei>
        <title>ChampionsGate Acquisition Corp</title>
        <cusip>000000000</cusip>
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          <isin value="KYG2124S1241"/>
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          <other otherDesc="SEDOL" value="BSLQQK4"/>
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        <curCd>USD</curCd>
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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>Pioneer Acquisition I Corp</name>
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        <title>Pioneer Acquisition I Corp</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</name>
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      <invstOrSec>
        <name>Archimedes Tech SPAC Partners</name>
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        <name>KRONOS ACQUISITION HOLDI</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>RMG ACQUISITION CORP III -A</name>
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          <other otherDesc="SEDOL" value="BNBX086"/>
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      <invstOrSec>
        <name>Tavia Acquisition Corp</name>
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        <title>Tavia Acquisition Corp</title>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Kellanova</name>
        <lei>LONOZNOJYIBXOHXWDB86</lei>
        <title>Kellanova</title>
        <cusip>487836108</cusip>
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          <isin value="US4878361082"/>
          <ticker value="K"/>
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        <balance>745.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>59249.85000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
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      <invstOrSec>
        <name>Goldman Sachs Financial Square Government Fund</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AZEK Co Inc/The</name>
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        <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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                <issuerName>Covestro AG</issuerName>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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          <other otherDesc="INTERNAL" value="VL_BYQ7HZ6 UK-TRS4_33"/>
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        <fairValLevel>2</fairValLevel>
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                <issuerName>Just Eat Takeaway.com NV</issuerName>
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      <invstOrSec>
        <name>Blue Acquisition Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Jackson Acquisition Co II</name>
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        <fairValLevel>1</fairValLevel>
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        <name>INTERCONTINENTAL EXCHANGE, INC.</name>
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          <other otherDesc="ID_BB_GLOBAL" value="BBG01T4Y9VS8"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Roman DBDR Acquisition Corp II</name>
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        <name>BEST SPAC I Acquisition Corp</name>
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        <name>NewHold Investment Corp III</name>
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        <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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          <ticker value="FYBR"/>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <name>ABIOMED Inc</name>
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        <name>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</name>
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        <name>CONSOLIDATED COMMUNICATI</name>
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      <invstOrSec>
        <name>BRISTOL-MYERS SQUIBB CO</name>
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      <invstOrSec>
        <name>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</name>
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                <issuerName>James Hardie Industries PLC</issuerName>
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      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <name>Interpublic Group of Cos Inc/T</name>
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        <name>LAUNCH TWO ACQUISITION- CL A</name>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <name>Herc Holdings Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>1</fairValLevel>
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        <name>Aifeex Nexus Acquisition Corp</name>
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        <balance>5037.00000000</balance>
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        <curCd>USD</curCd>
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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>Syniverse Holdings Inc.</name>
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        <balance>68075.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>64302.28000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Spring Valley Acquisition Corp</name>
        <lei>N/A</lei>
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        <cusip>000000000</cusip>
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          <isin value="KYG837521320"/>
          <ticker value="SVIIR"/>
          <other otherDesc="SEDOL" value="BQHN6T4"/>
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        <balance>3867.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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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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          <other otherDesc="INTERNAL" value="AUUZ6UPZH4BSVX4F2T1BWSZVQ"/>
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        <curCd>USD</curCd>
        <valUSD>-3221.56000000</valUSD>
        <pctVal>-0.01340189812</pctVal>
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        <assetCat>DFE</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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      <invstOrSec>
        <name>ROMAN DBDR ACQUISITION CORP</name>
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        <title>Roman DBDR Acquisition Corp II</title>
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          <isin value="KYG7633M1125"/>
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          <other otherDesc="SEDOL" value="BT9MXG6"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <name>INTERCONTINENTAL EXCHANGE, INC.</name>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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      <invstOrSec>
        <name>Live Oak Acquisition Corp V</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
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        <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 JUST EAT TAKEAWAY.COM NV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="VL_BYQ7HZ6 UK-TRS4_18"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>96.78000000</valUSD>
        <pctVal>0.000402611064</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>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Just Eat Takeaway.com NV</issuerName>
                <issueTitle>Just Eat Takeaway.com NV</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <isin value="NL0012015705"/>
                  <ticker value="TKWY"/>
                </identifiers>
              </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="-1411.28000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2026-05-06</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>1411.28000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>96.78000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bayview Acquisition Corp</name>
        <lei>N/A</lei>
        <title>Bayview Acquisition Corp</title>
        <cusip>07323B118</cusip>
        <identifiers>
          <isin value="KY07323B1189"/>
          <ticker value="BAYAR"/>
        </identifiers>
        <balance>2923.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>730.75000000</valUSD>
        <pctVal>0.003039967300</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-08-25</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>
