# EDGAR Filing Document

**Accession Number:** 0001208133
**File Stem:** 0000940400-25-011482
**Filing Date:** 2025-11
**Character Count:** 224186
**Document Hash:** 3231a58e3c8a43da1ad3f0375a07982b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-011482.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0000940400-25-011482

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MERGER FUND VL
- **CENTRAL INDEX KEY:** 0001208133

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21279
- **FILM NUMBER:** 251534476

**BUSINESS ADDRESS:**
- **STREET 1:** 101 MUNSON STREET
- **CITY:** GREENFIELD
- **STATE:** MA
- **ZIP:** 01301
- **BUSINESS PHONE:** 800-243-1574

**MAIL ADDRESS:**
- **STREET 1:** ONE FINANCIAL PLAZA
- **STREET 2:** 26TH FLOOR
- **CITY:** HARTFORD
- **STATE:** CT
- **ZIP:** 06103

## Series and Classes Contracts Data

### The Merger Fund VL (Series ID: S000005160)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000014130 | The Merger Fund VL | MERVX           |

## Nport-Ex

**The Merger Fund**<sup>®</sup> **VL**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**September 30, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Convertible Bonds and Notes—2.1%** | **Convertible Bonds and Notes—2.1%** | **Convertible Bonds and Notes—2.1%** |
| **Information Technology—2.1%** | **Information Technology—2.1%** |  |
| &nbsp;&nbsp;&nbsp; Dye & Durham Ltd. 144A <br>3.750%, 3/1/26<sup>(1)</sup> <br>| 732 <br><sup>CAD</sup><br>| &nbsp;&nbsp; $522 |
| **Total Convertible Bonds and Notes** <br>**(Identified Cost $523)** | **Total Convertible Bonds and Notes** <br>**(Identified Cost $523)** | &nbsp;&nbsp; **522** |
| **Corporate Bonds and Notes—6.3%** | **Corporate Bonds and Notes—6.3%** | **Corporate Bonds and Notes—6.3%** |
| **Communication Services—1.2%** | **Communication Services—1.2%** |  |
| CommScope LLC |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 7.125%, 7/1/28<sup>(1)</sup> <br>| $50 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 9.500%, 12/15/31<sup>(1)</sup> <br>| 46 | &nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp; Consolidated Communications, Inc. 144A <br>6.500%, 10/1/28<sup>(1)</sup> <br>| 46 | &nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp; EchoStar Corp. <br>10.750%, 11/30/29<br>| 129 | &nbsp;&nbsp; 142 |
|  |  | &nbsp;&nbsp; 287 |
| **Energy—2.1%** | **Energy—2.1%** |  |
| &nbsp;&nbsp;&nbsp; California Resources Corp. 144A <br>7.125%, 2/1/26<sup>(1)</sup> <br>| 52 | &nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp; Calumet Specialty Products Partners LP 144A <br>11.000%, 4/15/26<sup>(1)</sup> <br>| 223 | &nbsp;&nbsp; 223 |
| &nbsp;&nbsp;&nbsp; Shelf Drilling Holdings Ltd. 144A <br>9.625%, 4/15/29<sup>(1)</sup> <br>| 226 | &nbsp;&nbsp; 236 |
|  |  | &nbsp;&nbsp; 511 |
| **Financials—2.6%** | **Financials—2.6%** |  |
| Frontier Communications Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.875%, 11/1/29 | 133 | &nbsp;&nbsp; 135 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 6.000%, 1/15/30<sup>(1)</sup> <br>| 216 | &nbsp;&nbsp; 218 |
| &nbsp;&nbsp;&nbsp; Mobius Merger Sub, Inc. 144A <br>9.000%, 6/1/30<sup>(1)</sup> <br>| 13 | &nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; Nationstar Mortgage Holdings, Inc. 144A <br>5.125%, 12/15/30<sup>(1)</sup> <br>| 215 | &nbsp;&nbsp; 217 |
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC 144A <br>8.000%, 4/15/27<sup>(1)</sup> <br>| 51 | &nbsp;&nbsp; 52 |
|  |  | &nbsp;&nbsp; 633 |
| **Industrials—0.0%** | **Industrials—0.0%** |  |
| &nbsp;&nbsp;&nbsp; Foundation Building Materials, Inc. 144A <br>6.000%, 3/1/29<sup>(1)</sup> <br>| 14 | &nbsp;&nbsp; 14 |
| **Materials—0.4%** | **Materials—0.4%** |  |
| &nbsp;&nbsp;&nbsp; Big River Steel LLC 144A <br>6.625%, 1/31/29<sup>(1)</sup> <br>| 93 | &nbsp;&nbsp; 93 |
| **Total Corporate Bonds and Notes** <br>**(Identified Cost $1,526)** | **Total Corporate Bonds and Notes** <br>**(Identified Cost $1,526)** | &nbsp;&nbsp; **1538** |
| **Leveraged Loans—5.2%** | **Leveraged Loans—5.2%** | **Leveraged Loans—5.2%** |
| **Aerospace—1.6%** | **Aerospace—1.6%** |  |
| &nbsp;&nbsp;&nbsp; Spirit AeroSystems, Inc. (3 month Term SOFR + <br> 4.500%) <br>8.808%, 1/15/27<sup>(2)</sup> <br>| 394 | &nbsp;&nbsp; 395 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Media / Telecom - Telecommunications—2.7%** | **Media / Telecom - Telecommunications—2.7%** |  |
| Lumen Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; Tranche B-1 (1 month Term SOFR + 2.464%) <br>6.628%, 4/15/29<sup>(2)</sup> <br>| $114 | &nbsp;&nbsp; $114 |
| &nbsp;&nbsp;&nbsp; Tranche B-2 (1 month Term SOFR + 2.464%) <br>6.628%, 4/15/30<sup>(2)</sup> <br>| 492 | &nbsp;&nbsp; 488 |
| &nbsp;&nbsp;&nbsp; Syniverse Holdings, Inc. (3 month Term SOFR + <br> 7.000%) <br>11.002%, 5/13/27<sup>(2)</sup> <br>| 68 | &nbsp;&nbsp; 66 |
|  |  | &nbsp;&nbsp; 668 |
| **Media / Telecom - Wireless Communications—0.9%** | **Media / Telecom - Wireless Communications—0.9%** |  |
| &nbsp;&nbsp;&nbsp; Commscope, Inc. <br>0.000%, 12/17/29<sup>(2)(3)</sup> <br>| 216 | &nbsp;&nbsp; 219 |
| **Total Leveraged Loans** <br>**(Identified Cost $1,286)** | **Total Leveraged Loans** <br>**(Identified Cost $1,286)** | &nbsp;&nbsp; **1282** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Preferred Stock—0.0%** | **Preferred Stock—0.0%** | **Preferred Stock—0.0%** |
| **Real Estate—0.0%** | **Real Estate—0.0%** |  |
| City Office REIT, Inc. Series A, 6.625% | 50 | &nbsp;&nbsp; 1 |
| **Total Preferred Stock** <br>**(Identified Cost $1)** | **Total Preferred Stock** <br>**(Identified Cost $1)** | &nbsp;&nbsp; **1** |
| **Common Stocks—42.2%** | **Common Stocks—42.2%** | **Common Stocks—42.2%** |
| **Communication Services—17.5%** | **Communication Services—17.5%** |  |
| Electronic Arts, Inc. | 1100 | &nbsp;&nbsp; 222 |
| Endeavor Group Holdings, Inc. Class A <sup>(4)(5)</sup> <br>| 56060 | &nbsp;&nbsp; 1698 |
| Frontier Communications Parent, Inc.<sup>(6)(7)</sup> <br>| 27909 | &nbsp;&nbsp; 1042 |
| GCI Liberty, Inc. Class A<sup>(6)</sup> <br>| 92 | &nbsp;&nbsp; 3 |
| GCI Liberty, Inc. Escrow Share<sup>(4)(6)</sup> <br>| 1015 | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
| Interpublic Group of Cos., Inc. (The)<sup>(7)</sup> <br>| 19431 | &nbsp;&nbsp; 542 |
| Liberty Broadband Corp. Class A<sup>(6)</sup> <br>| 6357 | &nbsp;&nbsp; 403 |
| TEGNA, Inc. | 10801 | &nbsp;&nbsp; 220 |
| Warner Bros Discovery, Inc.<sup>(6)</sup> <br>| 8100 | &nbsp;&nbsp; 158 |
|  |  | &nbsp;&nbsp; 4288 |
| **Consumer Discretionary—0.1%** | **Consumer Discretionary—0.1%** |  |
| Hanesbrands, Inc.<sup>(6)</sup> <br>| 3860 | &nbsp;&nbsp; 26 |
| **Consumer Staples—0.3%** | **Consumer Staples—0.3%** |  |
| Kellanova | 745 | &nbsp;&nbsp; 61 |
| **Energy—0.3%** | **Energy—0.3%** |  |
| Aris Water Solutions, Inc. Class A | 3045 | &nbsp;&nbsp; 75 |
| **Financials—8.5%** | **Financials—8.5%** |  |
| Acropolis Infrastructure<sup>(4)(6)</sup> <br>| 3967 | &nbsp;&nbsp; — |
| Cantaloupe, Inc.<sup>(6)</sup> <br>| 12155 | &nbsp;&nbsp; 129 |
| Guild Holdings Co. Class A | 915 | &nbsp;&nbsp; 18 |
| Mr. Cooper Group, Inc. | 6666 | &nbsp;&nbsp; 1405 |
| ProAssurance Corp.<sup>(6)</sup> <br>| 17647 | &nbsp;&nbsp; 423 |
| Veritex Holdings, Inc. | 3339 | &nbsp;&nbsp; 112 |
| Zalatoris Acquisition Corp.<sup>(4)(6)</sup> <br>| 3001 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; 2087 |

---

See Notes to Schedule of Investments

------

**The Merger Fund**<sup>®</sup> **VL**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care—2.2%** | **Health Care—2.2%** |  |
| ABIOMED, Inc.<sup>(4)(6)</sup> <br>| 814 | &nbsp;&nbsp; $1 |
| Inhibrx, Inc.<sup>(6)</sup> <br>| 2449 | &nbsp;&nbsp; 3 |
| Merus N.V.<sup>(6)</sup> <br>| 984 | &nbsp;&nbsp; 93 |
| Verona Pharma plc ADR<sup>(6)</sup> <br>| 4144 | &nbsp;&nbsp; 442 |
|  |  | &nbsp;&nbsp; 539 |
| **Industrials—6.6%** | **Industrials—6.6%** |  |
| Air Lease Corp. Class A | 1322 | &nbsp;&nbsp; 84 |
| Chart Industries, Inc.<sup>(6)(7)</sup> <br>| 5058 | &nbsp;&nbsp; 1013 |
| Norfolk Southern Corp. | 1169 | &nbsp;&nbsp; 351 |
| Spirit AeroSystems Holdings, Inc. Class A<sup>(6)</sup> <br>| 2722 | &nbsp;&nbsp; 105 |
| TaskUS, Inc. Class A<sup>(6)</sup> <br>| 3422 | &nbsp;&nbsp; 61 |
|  |  | &nbsp;&nbsp; 1614 |
| **Information Technology—3.7%** | **Information Technology—3.7%** |  |
| Clearwater Analytics Holdings, Inc. Class A <sup>(6)</sup> <br>| 600 | &nbsp;&nbsp; 11 |
| CyberArk Software Ltd.<sup>(6)(7)</sup> <br>| 1867 | &nbsp;&nbsp; 902 |
|  |  | &nbsp;&nbsp; 913 |
| **Materials—2.8%** | **Materials—2.8%** |  |
| Teck Resources Ltd. Class B | 15827 | &nbsp;&nbsp; 695 |
| **Utilities—0.2%** | **Utilities—0.2%** |  |
| ALLETE, Inc. | 728 | &nbsp;&nbsp; 48 |
| **Total Common Stocks** <br>**(Identified Cost $9,614)** | **Total Common Stocks** <br>**(Identified Cost $9,614)** | &nbsp;&nbsp; **10346** |
| **Rights—0.0%** | **Rights—0.0%** | **Rights—0.0%** |
| **Financials—0.0%** | **Financials—0.0%** |  |
| Pershing Tontine Spar, 09/29/33<sup>(4)(6)</sup> <br>| 1848 | &nbsp;&nbsp; 1 |
| **Health Care—0.0%** | **Health Care—0.0%** |  |
| Akouos, Inc., 12/31/49<sup>(4)(6)</sup> <br>| 4144 | &nbsp;&nbsp; 3 |
| Bristol-Myers Squibb Co., 12/31/35<sup>(4)(6)</sup> <br>| 6945 | &nbsp;&nbsp; 6 |
|  |  | &nbsp;&nbsp; 9 |
| **Total Rights** <br>**(Identified Cost $—)** | **Total Rights** <br>**(Identified Cost $—)** | &nbsp;&nbsp; **10** |
| **Warrants—0.1%** | **Warrants—0.1%** | **Warrants—0.1%** |
| **Communication Services—0.0%** | **Communication Services—0.0%** |  |
| BuzzFeed, Inc., 12/01/26<sup>(6)</sup> <br>| 1643 | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
| GIBO Holdings Ltd., 05/08/30<sup>(6)</sup> <br>| 740 | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
|  |  | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
| **Consumer Discretionary—0.0%** | **Consumer Discretionary—0.0%** |  |
| Allurion Technologies, Inc., 08/01/30<sup>(6)</sup> <br>| 870 | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
| ECARX Holdings, Inc., 12/21/27<sup>(6)</sup> <br>| 1150 | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
| Grove Collaborative Holdings, 06/16/27<sup>(6)</sup> <br>| 1063 | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
| Zapp Electric Vehicles Group Ltd., 03/03/28<sup>(6)</sup> <br>| 2322 | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
|  |  | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
| **Financials—0.1%** | **Financials—0.1%** |  |
| 26 Capital Acquisition Corp., 12/31/27<sup>(6)</sup> <br>| 900 | &nbsp;&nbsp; — |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| &nbsp;&nbsp;&nbsp; Agriculture & Natural Solutions Acquisition Corp., <br> 12/31/28<sup>(6)</sup> <br>| 1654 | &nbsp;&nbsp; $— <br><sup>(8)</sup><br>|
| Alchemy Investments Acquisition Corp. 1, 06/26/28<sup>(6)</sup> <br>| 2148 | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
| Aldel Financial II, Inc., 10/10/29<sup>(6)</sup> <br>| 3734 | &nbsp;&nbsp; 2 |
| AltEnergy Acquisition Corp., 11/10/28<sup>(6)</sup> <br>| 800 | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
| Andretti Acquisition Corp. II, 10/24/29<sup>(6)</sup> <br>| 2573 | &nbsp;&nbsp; 1 |
| Archimedes Tech SPAC Partners II Co., 04/02/30<sup>(6)</sup> <br>| 1297 | &nbsp;&nbsp; 1 |
| Cartesian Growth Corp. II, 07/12/28<sup>(6)</sup> <br>| 873 | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
| Centurion Acquisition Corp., 08/01/29<sup>(6)</sup> <br>| 626 | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
| Copley Acquisition Corp., 05/23/30<sup>(6)</sup> <br>| 3573 | &nbsp;&nbsp; 1 |
| Corner Growth Acquisition Corp., 12/31/27<sup>(4)(6)</sup> <br>| 895 | &nbsp;&nbsp; — |
| EVe Mobility Acquisition Corp., 12/31/28<sup>(4)(6)</sup> <br>| 934 | &nbsp;&nbsp; — |
| Fact II Acquisition Corp., 12/20/29<sup>(6)</sup> <br>| 2755 | &nbsp;&nbsp; 1 |
| Gesher Acquisition Corp. II, 03/12/30<sup>(6)</sup> <br>| 1041 | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
| Goal Acquisitions Corp., 02/11/26<sup>(6)</sup> <br>| 8032 | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
| Graf Global Corp., 08/07/29<sup>(6)</sup> <br>| 1202 | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
| Iron Horse Acquisitions Corp., 02/16/29<sup>(6)</sup> <br>| 2326 | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
| Israel Acquisitions Corp., 02/28/28<sup>(6)</sup> <br>| 773 | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
| Keen Vision Acquisition Corp., 09/15/28<sup>(6)</sup> <br>| 6597 | &nbsp;&nbsp; 1 |
| Launch Two Acquisition Corp., 11/26/29<sup>(6)</sup> <br>| 1573 | &nbsp;&nbsp; 1 |
| Live Oak Acquisition Corp. V, 04/17/30<sup>(6)</sup> <br>| 940 | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
| Newbury Street Acquisition Corp., 12/31/27<sup>(6)</sup> <br>| 419 | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
| Newbury Street II Acquisition Corp., 12/29/29<sup>(6)</sup> <br>| 2521 | &nbsp;&nbsp; 1 |
| NewHold Investment Corp. III, 04/17/30<sup>(6)</sup> <br>| 896 | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
| Roman DBDR Acquisition Corp. II, 02/03/30<sup>(6)</sup> <br>| 1705 | &nbsp;&nbsp; 1 |
| SIM Acquisition Corp. I, 08/28/29<sup>(6)</sup> <br>| 1902 | &nbsp;&nbsp; 1 |
| Slam Corp. Class A, 12/31/27<sup>(6)</sup> <br>| 709 | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
| Stellar V Capital Corp., 03/24/30<sup>(6)</sup> <br>| 863 | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
| Target Global Acquisition I Corp., 12/31/27<sup>(6)</sup> <br>| 1600 | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
| Titan Acquisition Corp., 06/02/30<sup>(6)</sup> <br>| 6282 | &nbsp;&nbsp; 2 |
| Voyager Acquisition Corp., 05/16/31<sup>(6)</sup> <br>| 2090 | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
| XBP Global Holdings, Inc., 12/31/27<sup>(6)</sup> <br>| 757 | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
| Zeo Energy Corp., 10/20/26<sup>(6)</sup> <br>| 936 | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
|  |  | &nbsp;&nbsp; 13 |
| **Health Care—0.0%** | **Health Care—0.0%** |  |
| CERo Therapeutics Holdings, Inc., 02/14/29<sup>(6)</sup> <br>| 859 | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
| Psyence Biomedical Ltd., 01/25/29<sup>(6)</sup> <br>| 1097 | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
| Tevogen Bio Holdings, Inc., 11/04/26<sup>(6)</sup> <br>| 1068 | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
|  |  | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
| **Industrials—0.0%** | **Industrials—0.0%** |  |
| Bridger Aerospace Group Holdings, Inc., 01/25/28<sup>(6)</sup> <br>| 750 | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
| Getaround, Inc., 03/09/26<sup>(6)</sup> <br>| 179 | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
| Volato Group, Inc., 12/03/28<sup>(6)</sup> <br>| 2120 | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
|  |  | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
| **Information Technology—0.0%** | **Information Technology—0.0%** |  |
| iLearningEngines Holdings, Inc., 03/02/26<sup>(6)</sup> <br>| 5381 | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
| LeddarTech Holdings, Inc., 09/21/28<sup>(6)</sup> <br>| 2213 | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
| Movella Holdings, Inc., 12/31/27<sup>(6)</sup> <br>| 1062 | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
|  |  | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
| **Total Warrants** <br>**(Identified Cost $28)** | **Total Warrants** <br>**(Identified Cost $28)** | &nbsp;&nbsp; **13** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares/Units** |  |
| **Special Purpose Acquisition Companies—26.7%** | **Special Purpose Acquisition Companies—26.7%** | **Special Purpose Acquisition Companies—26.7%** |
| 1RT Acquisition Corp.<sup>(6)</sup> <br>| 226 | &nbsp;&nbsp; 2 |

---

See Notes to Schedule of Investments

------

**The Merger Fund**<sup>®</sup> **VL**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares/Units** | **Value** |
| A Paradise Acquisition Corp.<sup>(6)</sup> <br>| 838 | &nbsp;&nbsp; $8 |
| A Paradise Acquisition Corp. Class A<sup>(6)</sup> <br>| 2433 | &nbsp;&nbsp; 24 |
| A SPAC III Acquisition Corp. Class A<sup>(6)</sup> <br>| 2621 | &nbsp;&nbsp; 27 |
| AA Mission Acquisition Corp. Class A<sup>(6)</sup> <br>| 33255 | &nbsp;&nbsp; 350 |
| Agriculture & Natural Solutions Acquisition Corp.<sup>(6)</sup> <br>| 31287 | &nbsp;&nbsp; 342 |
| Ai Transportation Acquisition Corp.<sup>(6)</sup> <br>| 3701 | &nbsp;&nbsp; 41 |
| Aimei Health Technology Co., Ltd.<sup>(6)</sup> <br>| 3362 | &nbsp;&nbsp; 1 |
| Andretti Acquisition Corp. II Class A<sup>(6)</sup> <br>| 14176 | &nbsp;&nbsp; 148 |
| Archimedes Tech SPAC Partners II Co.<sup>(6)</sup> <br>| 7098 | &nbsp;&nbsp; 73 |
| Armada Acquisition Corp. II<sup>(6)</sup> <br>| 4832 | &nbsp;&nbsp; 50 |
| Armada Acquisition Corp. II Class A<sup>(6)</sup> <br>| 5305 | &nbsp;&nbsp; 55 |
| Axiom Intelligence Acquisition Corp. 1<sup>(6)</sup> <br>| 1467 | &nbsp;&nbsp; 15 |
| Axiom Intelligence Acquisition Corp. 1 Class A<sup>(6)</sup> <br>| 4154 | &nbsp;&nbsp; 41 |
| Bain Capital GSS Investment Corp.<sup>(6)</sup> <br>| 209 | &nbsp;&nbsp; 2 |
| Bayview Acquisition Corp.<sup>(6)</sup> <br>| 2923 | &nbsp;&nbsp; 1 |
| Bayview Acquisition Corp. Class A<sup>(6)</sup> <br>| 1470 | &nbsp;&nbsp; 16 |
| Berto Acquisition Corp.<sup>(6)</sup> <br>| 642 | &nbsp;&nbsp; 7 |
| BEST SPAC I Acquisition Corp.<sup>(6)</sup> <br>| 418 | &nbsp;&nbsp; 4 |
| Black Hawk Acquisition Corp.<sup>(6)</sup> <br>| 120 | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
| Bleichroeder Acquisition Corp. I<sup>(6)</sup> <br>| 12878 | &nbsp;&nbsp; 134 |
| Blue Acquisition Corp.<sup>(6)</sup> <br>| 1673 | &nbsp;&nbsp; 17 |
| Blue Acquisition Corp. Class A<sup>(6)</sup> <br>| 11839 | &nbsp;&nbsp; 118 |
| Blue Water Acquisition Corp. III<sup>(6)</sup> <br>| 4188 | &nbsp;&nbsp; 42 |
| Blue Water Acquisition Corp. III Class A<sup>(6)</sup> <br>| 3946 | &nbsp;&nbsp; 39 |
| BTC Development Corp.<sup>(6)</sup> <br>| 418 | &nbsp;&nbsp; 4 |
| Cal Redwood Acquisition Corp.<sup>(6)</sup> <br>| 1263 | &nbsp;&nbsp; 13 |
| Cal Redwood Acquisition Corp. Class A<sup>(6)</sup> <br>| 4189 | &nbsp;&nbsp; 42 |
| Cantor Equity Partners I, Inc. Class A<sup>(6)</sup> <br>| 1059 | &nbsp;&nbsp; 11 |
| Cantor Equity Partners III, Inc. Class A<sup>(6)</sup> <br>| 419 | &nbsp;&nbsp; 4 |
| Cantor Equity Partners IV, Inc. Class A<sup>(6)</sup> <br>| 1659 | &nbsp;&nbsp; 17 |
| Cartesian Growth Corp. III<sup>(6)</sup> <br>| 4238 | &nbsp;&nbsp; 43 |
| Cartesian Growth Corp. III Class A<sup>(6)</sup> <br>| 5701 | &nbsp;&nbsp; 57 |
| Cayson Acquisition Corp.<sup>(6)</sup> <br>| 1811 | &nbsp;&nbsp; 19 |
| Cayson Acquisition Corp.<sup>(6)</sup> <br>| 1811 | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
| Centurion Acquisition Corp.<sup>(6)</sup> <br>| 8127 | &nbsp;&nbsp; 86 |
| ChampionsGate Acquisition Corp.<sup>(6)</sup> <br>| 506 | &nbsp;&nbsp; 5 |
| Chenghe Acquisition III Co.<sup>(6)</sup> <br>| 2288 | &nbsp;&nbsp; 23 |
| Churchill Capital Corp. IX<sup>(6)</sup> <br>| 942 | &nbsp;&nbsp; 10 |
| Cohen Circle Acquisition Corp. II<sup>(6)</sup> <br>| 1764 | &nbsp;&nbsp; 18 |
| Columbus Circle Capital Corp. I Class A<sup>(6)</sup> <br>| 1252 | &nbsp;&nbsp; 13 |
| Copley Acquisition Corp. Class A<sup>(6)</sup> <br>| 8053 | &nbsp;&nbsp; 81 |
| Crane Harbor Acquisition Corp.<sup>(6)</sup> <br>| 9925 | &nbsp;&nbsp; 3 |
| Crane Harbor Acquisition Corp. Class A<sup>(6)</sup> <br>| 9925 | &nbsp;&nbsp; 101 |
| CSLM Digital Asset Acquisition Corp. III Ltd.<sup>(6)</sup> <br>| 3325 | &nbsp;&nbsp; 34 |
| D Boral ARC Acquisition I Corp. Class A<sup>(6)</sup> <br>| 8108 | &nbsp;&nbsp; 80 |
| Drugs Made In America Acquisition II Corp.<sup>(6)</sup> <br>| 1670 | &nbsp;&nbsp; 17 |
| DT Cloud Acquisition Corp.<sup>(6)</sup> <br>| 1554 | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
| DT Cloud Star Acquisition Corp.<sup>(6)</sup> <br>| 4102 | &nbsp;&nbsp; 43 |
| Dune Acquisition Corp. II<sup>(6)</sup> <br>| 6001 | &nbsp;&nbsp; 61 |
| EGH Acquisition Corp.<sup>(6)</sup> <br>| 635 | &nbsp;&nbsp; 6 |
| EGH Acquisition Corp. Class A<sup>(6)</sup> <br>| 2094 | &nbsp;&nbsp; 21 |
| Emmis Acquisition Corp.<sup>(6)</sup> <br>| 1461 | &nbsp;&nbsp; 15 |
| EQV Ventures Acquisition Corp. Class A<sup>(6)</sup> <br>| 1737 | &nbsp;&nbsp; 18 |
| EQV Ventures Acquisition Corp. II<sup>(6)</sup> <br>| 4134 | &nbsp;&nbsp; 41 |
| ESH Acquisition Corp.<sup>(6)</sup> <br>| 3862 | &nbsp;&nbsp; 1 |
| Eureka Acquisition Corp.<sup>(6)</sup> <br>| 418 | &nbsp;&nbsp; 5 |
| Fact II Acquisition Corp.<sup>(6)</sup> <br>| 13333 | &nbsp;&nbsp; 137 |
| Fifth Era Acquisition Corp. I Class A<sup>(6)</sup> <br>| 717 | &nbsp;&nbsp; 7 |
| FIGX Capital Acquisition Corp.<sup>(6)</sup> <br>| 712 | &nbsp;&nbsp; 7 |
| FIGX Capital Acquisition Corp. Class A<sup>(6)</sup> <br>| 1019 | &nbsp;&nbsp; 10 |
| Flag Ship Acquisition Corp.<sup>(6)</sup> <br>| 436 | &nbsp;&nbsp; 5 |
| FutureCrest Acquisition Corp.<sup>(6)</sup> <br>| 83 | &nbsp;&nbsp; 1 |
| Galata Acquisition Corp. II<sup>(6)</sup> <br>| 1455 | &nbsp;&nbsp; 15 |
| Gesher Acquisition Corp. II Class A<sup>(6)</sup> <br>| 2082 | &nbsp;&nbsp; 21 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/Units** | **Value** |
| GigCapital7 Corp. Class A<sup>(6)</sup> <br>| 8877 | &nbsp;&nbsp; $94 |
| Globa Terra Acquisition Corp. Class A<sup>(6)</sup> <br>| 11391 | &nbsp;&nbsp; 114 |
| Gores Holdings X, Inc.<sup>(6)</sup> <br>| 4367 | &nbsp;&nbsp; 45 |
| GP-Act III Acquisition Corp. Class A<sup>(6)</sup> <br>| 11408 | &nbsp;&nbsp; 121 |
| Graf Global Corp. Class A<sup>(6)</sup> <br>| 2406 | &nbsp;&nbsp; 25 |
| GSR III Acquisition Corp.<sup>(6)</sup> <br>| 11799 | &nbsp;&nbsp; 122 |
| GSR IV Acquisition Corp.<sup>(6)</sup> <br>| 5580 | &nbsp;&nbsp; 57 |
| Haymaker Acquisition Corp. 4<sup>(6)</sup> <br>| 19366 | &nbsp;&nbsp; 220 |
| HCM III Acquisition Corp.<sup>(6)</sup> <br>| 209 | &nbsp;&nbsp; 2 |
| Horizon Space Acquisition I Corp.<sup>(6)</sup> <br>| 8221 | &nbsp;&nbsp; 101 |
| IB Acquisition Corp.<sup>(6)</sup> <br>| 4303 | &nbsp;&nbsp; 46 |
| IB Acquisition Corp.<sup>(6)</sup> <br>| 4303 | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
| Integrated Wellness Acquisition Corp. Class A<sup>(6)</sup> <br>| 566 | &nbsp;&nbsp; 7 |
| Iron Horse Acquisitions Corp.<sup>(6)</sup> <br>| 2326 | &nbsp;&nbsp; 2 |
| Jackson Acquisition Co. II<sup>(6)</sup> <br>| 10834 | &nbsp;&nbsp; 3 |
| Jackson Acquisition Co. II Class A<sup>(6)</sup> <br>| 10834 | &nbsp;&nbsp; 112 |
| Jena Acquisition Corp. II<sup>(6)</sup> <br>| 3373 | &nbsp;&nbsp; 35 |
| Jena Acquisition Corp. II Class A<sup>(6)</sup> <br>| 4259 | &nbsp;&nbsp; 43 |
| K&F Growth Acquisition Corp. II<sup>(6)</sup> <br>| 2148 | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
| K&F Growth Acquisition Corp. II Class A<sup>(6)</sup> <br>| 2148 | &nbsp;&nbsp; 22 |
| Kochav Defense Acquisition Corp.<sup>(6)</sup> <br>| 9640 | &nbsp;&nbsp; 99 |
| Kochav Defense Acquisition Corp. Class A<sup>(6)</sup> <br>| 2449 | &nbsp;&nbsp; 25 |
| Lakeshore Acquisition III Corp.<sup>(6)</sup> <br>| 5798 | &nbsp;&nbsp; 59 |
| Lakeshore Acquisition III Corp.<sup>(6)</sup> <br>| 3704 | &nbsp;&nbsp; 1 |
| Launch Two Acquisition Corp. Class A<sup>(6)</sup> <br>| 6286 | &nbsp;&nbsp; 66 |
| Legato Merger Corp. III<sup>(6)</sup> <br>| 5402 | &nbsp;&nbsp; 58 |
| Lightwave Acquisition Corp.<sup>(6)</sup> <br>| 4131 | &nbsp;&nbsp; 42 |
| Lionheart Holdings Class A<sup>(6)</sup> <br>| 2496 | &nbsp;&nbsp; 26 |
| Live Oak Acquisition Corp. V Class A<sup>(6)</sup> <br>| 4579 | &nbsp;&nbsp; 47 |
| M3-Brigade Acquisition VI Corp.<sup>(6)</sup> <br>| 415 | &nbsp;&nbsp; 4 |
| McKinley Acquisition Corp.<sup>(6)</sup> <br>| 832 | &nbsp;&nbsp; 8 |
| Mountain Lake Acquisition Corp.<sup>(6)</sup> <br>| 9926 | &nbsp;&nbsp; 2 |
| Mountain Lake Acquisition Corp. Class A<sup>(6)</sup> <br>| 9926 | &nbsp;&nbsp; 102 |
| Nabors Energy Transition Corp. II Class A<sup>(6)</sup> <br>| 12397 | &nbsp;&nbsp; 139 |
| New Providence Acquisition Corp. III<sup>(6)</sup> <br>| 10916 | &nbsp;&nbsp; 112 |
| Newbury Street II Acquisition Corp. Class A<sup>(6)</sup> <br>| 9346 | &nbsp;&nbsp; 97 |
| NewHold Investment Corp. III Class A<sup>(6)</sup> <br>| 4233 | &nbsp;&nbsp; 43 |
| NMP Acquisition Corp. Class A<sup>(6)</sup> <br>| 4148 | &nbsp;&nbsp; 41 |
| Origin Investment Corp. I<sup>(6)</sup> <br>| 3737 | &nbsp;&nbsp; 38 |
| OTG Acquisition Corp. I<sup>(6)</sup> <br>| 1039 | &nbsp;&nbsp; 11 |
| Oxley Bridge Acquisition Ltd.<sup>(6)</sup> <br>| 1675 | &nbsp;&nbsp; 17 |
| Oxley Bridge Acquisition Ltd. Class A<sup>(6)</sup> <br>| 3642 | &nbsp;&nbsp; 36 |
| Oyster Enterprises II Acquisition Corp.<sup>(6)</sup> <br>| 6925 | &nbsp;&nbsp; 69 |
| Oyster Enterprises II Acquisition Corp. Class A<sup>(6)</sup> <br>| 3494 | &nbsp;&nbsp; 35 |
| Pantages Capital Acquisition Corp.<sup>(6)</sup> <br>| 5037 | &nbsp;&nbsp; 52 |
| Pantages Capital Acquisition Corp.<sup>(6)</sup> <br>| 5037 | &nbsp;&nbsp; 1 |
| Perimeter Acquisition Corp. I<sup>(6)</sup> <br>| 1272 | &nbsp;&nbsp; 13 |
| Pioneer Acquisition I Corp.<sup>(6)</sup> <br>| 7244 | &nbsp;&nbsp; 73 |
| ProCap Acquisition Corp.<sup>(6)</sup> <br>| 581 | &nbsp;&nbsp; 6 |
| ProCap Acquisition Corp. Class A<sup>(6)</sup> <br>| 2046 | &nbsp;&nbsp; 21 |
| Quantumsphere Acquisition Corp.<sup>(6)</sup> <br>| 831 | &nbsp;&nbsp; 8 |
| Quartzsea Acquisition Corp.<sup>(6)</sup> <br>| 963 | &nbsp;&nbsp; 10 |
| Real Asset Acquisition Corp. Class A<sup>(6)</sup> <br>| 2092 | &nbsp;&nbsp; 21 |
| Republic Digital Acquisition Co.<sup>(6)</sup> <br>| 642 | &nbsp;&nbsp; 7 |
| RF Acquisition Corp. II<sup>(6)</sup> <br>| 3299 | &nbsp;&nbsp; 35 |
| Rising Dragon Acquisition Corp.<sup>(6)</sup> <br>| 4842 | &nbsp;&nbsp; 50 |
| Roman DBDR Acquisition Corp. II<sup>(6)</sup> <br>| 3243 | &nbsp;&nbsp; 33 |
| Siddhi Acquisition Corp. Class A<sup>(6)</sup> <br>| 5759 | &nbsp;&nbsp; 58 |
| Silver Pegasus Acquisition Corp.<sup>(6)</sup> <br>| 1048 | &nbsp;&nbsp; 11 |
| Silver Pegasus Acquisition Corp. Class A<sup>(6)</sup> <br>| 2078 | &nbsp;&nbsp; 21 |
| Silverbox Corp. IV Class A<sup>(6)</sup> <br>| 2408 | &nbsp;&nbsp; 25 |
| SIM Acquisition Corp. I Class A<sup>(6)</sup> <br>| 10780 | &nbsp;&nbsp; 113 |
| Sizzle Acquisition Corp. II<sup>(6)</sup> <br>| 9423 | &nbsp;&nbsp; 2 |
| Sizzle Acquisition Corp. II Class A<sup>(6)</sup> <br>| 13796 | &nbsp;&nbsp; 140 |

---

See Notes to Schedule of Investments

------

**The Merger Fund**<sup>®</sup> **VL**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares/Units** | **Value** |
| Solarius Capital Acquisition Corp. Class A<sup>(6)</sup> <br>| 2480 | &nbsp;&nbsp; $25 |
| Soulpower Acquisition Corp.<sup>(6)</sup> <br>| 11353 | &nbsp;&nbsp; 2 |
| Soulpower Acquisition Corp. Class A<sup>(6)</sup> <br>| 11620 | &nbsp;&nbsp; 117 |
| Spring Valley Acquisition Corp. II<sup>(6)</sup> <br>| 648 | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
| Spring Valley Acquisition Corp. III<sup>(6)</sup> <br>| 1655 | &nbsp;&nbsp; 17 |
| Stellar V Capital Corp. Class A<sup>(6)</sup> <br>| 1727 | &nbsp;&nbsp; 18 |
| Tavia Acquisition Corp.<sup>(6)</sup> <br>| 8747 | &nbsp;&nbsp; 91 |
| Tavia Acquisition Corp.<sup>(6)</sup> <br>| 5000 | &nbsp;&nbsp; 1 |
| Thayer Ventures Acquisition Corp. II<sup>(6)</sup> <br>| 2371 | &nbsp;&nbsp; 24 |
| Thayer Ventures Acquisition Corp. II Class A<sup>(6)</sup> <br>| 2090 | &nbsp;&nbsp; 21 |
| Titan Acquisition Corp. Class A<sup>(6)</sup> <br>| 12564 | &nbsp;&nbsp; 127 |
| Translational Development Acquisition Corp.<sup>(6)</sup> <br>| 1637 | &nbsp;&nbsp; 17 |
| UY Scuti Acquisition Corp.<sup>(6)</sup> <br>| 3005 | &nbsp;&nbsp; 1 |
| UY Scuti Acquisition Corp.<sup>(6)</sup> <br>| 3005 | &nbsp;&nbsp; 31 |
| Vendome Acquisition Corp. I Class A<sup>(6)</sup> <br>| 4271 | &nbsp;&nbsp; 42 |
| Vine Hill Capital Investment Corp. Class A<sup>(6)</sup> <br>| 4503 | &nbsp;&nbsp; 48 |
| Voyager Acquisition Corp.<sup>(6)</sup> <br>| 15231 | &nbsp;&nbsp; 159 |
| Wen Acquisition Corp.<sup>(6)</sup> <br>| 3237 | &nbsp;&nbsp; 34 |
| Wen Acquisition Corp. Class A<sup>(6)</sup> <br>| 432 | &nbsp;&nbsp; 4 |
| Wintergreen Acquisition Corp.<sup>(6)</sup> <br>| 38 | &nbsp;&nbsp; — <br><sup>(8)</sup><br>|
| Wintergreen Acquisition Corp.<sup>(6)</sup> <br>| 2068 | &nbsp;&nbsp; 21 |
| YHN Acquisition I Ltd.<sup>(6)</sup> <br>| 4979 | &nbsp;&nbsp; 52 |
| **Total Special Purpose Acquisition Companies** <br>**(Identified Cost $6,343)** | **Total Special Purpose Acquisition Companies** <br>**(Identified Cost $6,343)** | &nbsp;&nbsp; **6552** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Purchased Options—0.0%** | **Purchased Options—0.0%** | **Purchased Options—0.0%** |
| (See open purchased options schedule) | (See open purchased options schedule) |  |
| **Total Purchased Options** <br>**(Premiums Paid $19)** | **Total Purchased Options** <br>**(Premiums Paid $19)** | &nbsp;&nbsp; **2** |
| **Escrow Notes—1.9%** | **Escrow Notes—1.9%** | **Escrow Notes—1.9%** |
| **Financials—1.9%** | **Financials—1.9%** |  |
| Altaba, Inc. Escrow<sup>(6)</sup> <br>| 348047 | &nbsp;&nbsp; 470 |
| Pershing Square Escrow<sup>(4)(6)</sup> <br>| 7392 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; 470 |
| **Total Escrow Notes** <br>**(Identified Cost $162)** | **Total Escrow Notes** <br>**(Identified Cost $162)** | &nbsp;&nbsp; **470** |
| **Total Long-Term Investments—84.5%** <br>**(Identified Cost $19,502)** | **Total Long-Term Investments—84.5%** <br>**(Identified Cost $19,502)** | &nbsp;&nbsp; **20736** |
| **Short-Term Investments—11.3%** | **Short-Term Investments—11.3%** | **Short-Term Investments—11.3%** |
| **Money Market Mutual Funds—11.3%** | **Money Market Mutual Funds—11.3%** | **Money Market Mutual Funds—11.3%** |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Funds - Treasury <br> Instruments Fund - Standard Shares (seven-day <br> effective yield 3.969%)<sup>(9)</sup> <br>| 2450000 | &nbsp;&nbsp; 2450 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Government Fund - <br> Standard Shares (seven-day effective yield <br> 4.034%)<sup>(9)</sup> <br>| 322884 | &nbsp;&nbsp; 323 |
| **Total Short-Term Investments** <br>**(Identified Cost $2,773)** | **Total Short-Term Investments** <br>**(Identified Cost $2,773)** | &nbsp;&nbsp; **2773** |
| **TOTAL INVESTMENTS, BEFORE SECURITIES SOLD SHORT AND** <br> **WRITTEN OPTIONS**—**95.8%** <br>**(Identified Cost $22,275)** | **TOTAL INVESTMENTS, BEFORE SECURITIES SOLD SHORT AND** <br> **WRITTEN OPTIONS**—**95.8%** <br>**(Identified Cost $22,275)** | &nbsp;&nbsp; **23509** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Securities Sold Short—(9.8)%**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—(9.7)%** | **Common Stocks—(9.7)%** | **Common Stocks—(9.7)%** |
| **Communication Services—(0.6)%** | **Communication Services—(0.6)%** |  |
| Charter Communications, Inc. Class A<sup>(6)</sup> <br>| (518)<br>| &nbsp;&nbsp; $(143)<br>|
| GCI Liberty, Inc. Class A<sup>(6)</sup> <br>| (92)<br>| &nbsp;&nbsp; (3)<br>|
|  |  | &nbsp;&nbsp; (146)<br>|
| **Consumer Discretionary—(0.1)%** | **Consumer Discretionary—(0.1)%** |  |
| Gildan Activewear, Inc. Class A | (394)<br>| &nbsp;&nbsp; (23)<br>|
| **Financials—(5.6)%** | **Financials—(5.6)%** |  |
| Huntington Bancshares, Inc. | (95)<br>| &nbsp;&nbsp; (2)<br>|
| Rocket Cos., Inc. Class A | (70644)<br>| &nbsp;&nbsp; (1369)<br>|
|  |  | &nbsp;&nbsp; (1371)<br>|
| **Industrials—(0.1)%** | **Industrials—(0.1)%** |  |
| Union Pacific Corp. | (82)<br>| &nbsp;&nbsp; (19)<br>|
| **Information Technology—(3.3)%** | **Information Technology—(3.3)%** |  |
| Clearwater Analytics Holdings, Inc. | (600)<br>| &nbsp;&nbsp; (11)<br>|
| Palo Alto Networks, Inc.<sup>(6)</sup> <br>| (3985)<br>| &nbsp;&nbsp; (811)<br>|
|  |  | &nbsp;&nbsp; (822)<br>|
| **Total Common Stocks** <br>**(Identified Proceeds $(1970))** | **Total Common Stocks** <br>**(Identified Proceeds $(1970))** | &nbsp;&nbsp; **(2381)**<br>|
| **Master Limited Partnerships and Related Companies—(0.1)%** | **Master Limited Partnerships and Related Companies—(0.1)%** | **Master Limited Partnerships and Related Companies—(0.1)%** |
| **Energy—(0.1)%** | **Energy—(0.1)%** |  |
| Western Midstream Partners LP | (705)<br>| &nbsp;&nbsp; (28)<br>|
| **Total Master Limited Partnerships and Related** <br> **Companies** <br>**(Identified Proceeds $(27))** | **Total Master Limited Partnerships and Related** <br> **Companies** <br>**(Identified Proceeds $(27))** | &nbsp;&nbsp; **(28)**<br>|
| **Total Securities Sold Short** <br>**(Identified Proceeds $(1997))** | **Total Securities Sold Short** <br>**(Identified Proceeds $(1997))** | &nbsp;&nbsp; **(2409)**<br>|
| **Written Options—(0.6)%** | **Written Options—(0.6)%** | **Written Options—(0.6)%** |
| (See open written options schedule) |  |  |
| **Total Written Options** <br>**(Premiums Received $91)** | **Total Written Options** <br>**(Premiums Received $91)** | &nbsp;&nbsp; **(140)**<br>|
| **TOTAL INVESTMENTS, NET OF SECURITIES SOLD SHORT AND** <br> **WRITTEN OPTIONS—85.4%** <br>**(Identified Cost $20,187)** | **TOTAL INVESTMENTS, NET OF SECURITIES SOLD SHORT AND** <br> **WRITTEN OPTIONS—85.4%** <br>**(Identified Cost $20,187)** | &nbsp;&nbsp; **$20960** |
| Other assets and liabilities, net—14.6% | Other assets and liabilities, net—14.6% | &nbsp;&nbsp; 3590 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$24550** |

---

See Notes to Schedule of Investments

------

**The Merger Fund**<sup>®</sup> **VL**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**September 30, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| ETF | Exchange-Traded Fund |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| OBFR | Overnight Bank Funding Rate |
| plc | Public Limited Company |
| REIT | Real Estate Investment Trust |
| S&P | Standard & Poor's |
| SOFR | Secured Overnight Financing Rate |
| SPAC | Special Purpose Acquisition Company |
| SPDR | S&P Depositary Receipt |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Security exempt from registration under Rule 144A of the Securities Act of 1933. <br> These securities may be resold in transactions exempt from registration, normally <br> to qualified institutional buyers. At September 30, 2025, these securities <br> amounted to a value of $1,783 or 7.3% of net assets.<br>|
| <sup>(2)</sup> <br>| Variable rate security. Rate disclosed is as of September 30, 2025. Information in <br> parenthesis represents benchmark and reference rate for each security. Certain <br> variable rate securities are not based on a published reference rate and spread but <br> are determined by the issuer or agent and are based on current market conditions, <br> or, for mortgage-backed securities, are impacted by the individual mortgages <br> which are paying off over time. These securities do not indicate a reference rate <br> and spread in their descriptions.<br>|
| <sup>(3)</sup> <br>| This loan will settle after September 30, 2025, at which time the interest rate, <br> calculated on the base lending rate and the agreed upon spread on trade date, will <br> be reflected.<br>|
| <sup>(4)</sup> <br>| The value of this security was determined using significant unobservable inputs <br> and is reported as a Level 3 security in the Fair Value Hierarchy table located after <br> the Schedule of Investments.<br>|
| <sup>(5)</sup> <br>| Delisted security. As of September 30, 2025, the common stock is classified as a <br> Level 3 investment due to the absence of observable market inputs and had a cost <br> of $1,533 and its market value represents 7.1% of total net assets. The security <br> was delisted on March 24, 2025 and is currently subject to appraisal rights <br> proceedings in connection with an acquisition. Due to the uncertainty of fair <br> valuation in the absence of an active market and the pending legal proceedings, the <br> fair value of the security may differ materially from the presented estimated fair <br> value.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(6)</sup> Non-income producing.

<sup>(7)</sup> All or a portion of the shares have been committed as collateral for open securities sold short and written option contracts. The value of securities segregated as collateral is $2,831. 

<sup>(8)</sup> Amount is less than $500 (not in thousands).

<sup>(9)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Counterparties:** |  |
| BAML | Bank of America-Merrill Lynch |
| GS | Goldman Sachs & Co.  |
| JPM | JPMorgan Chase Bank N.A. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Foreign Currencies:** | **Foreign Currencies:** |
| CAD | Canadian Dollar |
| EUR | Euro |
| GBP | United Kingdom Pound Sterling |
| JPY | Japanese Yen |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| United States | 56<br> %<br>|
| Cayman Islands | 31 |
| Canada | 5 |
| Israel | 4 |
| United Kingdom | 2 |
| Virgin Islands(British) | 1 |
| Netherlands | 1 |
| Total | 100<br> %<br>|
| <sup>†</sup>% of total investments, net of securities sold short and written options, as of <br> September 30, 2025. | <sup>†</sup>% of total investments, net of securities sold short and written options, as of <br> September 30, 2025. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open purchased options contracts as of September 30, 2025 were as follows:** | **Open purchased options contracts as of September 30, 2025 were as follows:** | **Open purchased options contracts as of September 30, 2025 were as follows:** | **Open purchased options contracts as of September 30, 2025 were as follows:** | **Open purchased options contracts as of September 30, 2025 were as follows:** | **Open purchased options contracts as of September 30, 2025 were as follows:** |
| **Description of Options** | &nbsp;&nbsp;&nbsp; **Number** <br> **of** <br>**Contracts**<br>| &nbsp;&nbsp; **Contract** <br>**Notional** <br>**Amount**<br>| &nbsp;&nbsp; **Strike** <br>**Price**<sup>(1)</sup> <br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| **Value** |
| **Put Options**<sup>(2)</sup> |  |  |  |  |  |
| SPDR S&P 500<sup>®</sup> ETF Trust | 19 | &nbsp;&nbsp;&nbsp;&nbsp; $1187 | &nbsp;&nbsp;&nbsp;&nbsp; $625.00 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; $2 |
| Teck Resources Ltd. | 135 | &nbsp;&nbsp;&nbsp;&nbsp; 473 | &nbsp;&nbsp;&nbsp;&nbsp;35.00 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(3)</sup><br>|
| **Total Purchased Options** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $2 |
| **Footnote Legend:** | **Footnote Legend:** |  |  |  |  |
| <sup>(1)</sup> Strike price not reported in thousands. |  |  |  |  |  |
| <sup>(2)</sup> Unless otherwise noted, options are exchange-traded. |  |  |  |  |  |
| <sup>(3)</sup> Amount is less than $500 (not in thousands). |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Schedule of Investments

------

**The Merger Fund**<sup>®</sup> **VL**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open written options contracts as of September 30, 2025 were as follows:** | **Open written options contracts as of September 30, 2025 were as follows:** | **Open written options contracts as of September 30, 2025 were as follows:** | **Open written options contracts as of September 30, 2025 were as follows:** | **Open written options contracts as of September 30, 2025 were as follows:** | **Open written options contracts as of September 30, 2025 were as follows:** |
| **Description of Options** | &nbsp;&nbsp;&nbsp; **Number** <br> **of** <br>**Contracts**<br>| &nbsp;&nbsp; **Contract** <br>**Notional** <br>**Amount**<br>| &nbsp;&nbsp; **Strike** <br>**Price**<sup>(1)</sup> <br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| **Value** |
| **Call Options**<sup>(2)</sup> |  |  |  |  |  |
| Air Lease Corp. | (9) | &nbsp;&nbsp;&nbsp;&nbsp; $(59)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $65.00 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; $(— ) <sup>(3)</sup><br>|
| Electronic Arts, Inc. | (3) | &nbsp;&nbsp;&nbsp;&nbsp; (60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;200.00 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; (1) <br>|
| Electronic Arts, Inc. | (2) | &nbsp;&nbsp;&nbsp;&nbsp; (42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;210.00 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | &nbsp;&nbsp;&nbsp;&nbsp; (— ) <sup>(3)</sup><br>|
| Electronic Arts, Inc. | (2) | &nbsp;&nbsp;&nbsp;&nbsp; (42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;210.00 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; (— ) <sup>(3)</sup><br>|
| SPDR S&P 500<sup>®</sup> ETF Trust | (7) | &nbsp;&nbsp;&nbsp;&nbsp; (458)<br>| &nbsp;&nbsp;&nbsp;&nbsp;655.00 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; (11) <br>|
| Teck Resources Ltd. | (29) | &nbsp;&nbsp;&nbsp;&nbsp; (113)<br>| &nbsp;&nbsp;&nbsp;&nbsp;39.00 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; (14) <br>|
| Teck Resources Ltd. | (106) | &nbsp;&nbsp;&nbsp;&nbsp; (403)<br>| &nbsp;&nbsp;&nbsp;&nbsp;38.00 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; (64) <br>|
| TEGNA, Inc. | (15) | &nbsp;&nbsp;&nbsp;&nbsp; (33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;22.00 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; (— ) <sup>(3)</sup><br>|
| Warner Bros Discovery, Inc. | (81) | &nbsp;&nbsp;&nbsp;&nbsp; (113)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.00 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; (49) <br>|
| Western Midstream Partners LP | (1) | &nbsp;&nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp;40.00 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; (— ) <sup>(3)</sup><br>|
| Western Midstream Partners LP | (2) | &nbsp;&nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp;&nbsp;40.00 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | &nbsp;&nbsp;&nbsp;&nbsp; (— ) <sup>(3)</sup><br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (139)<br>|
| **Put Option**<sup>(2)</sup> |  |  |  |  |  |
| SPDR S&P 500<sup>®</sup> ETF Trust | (12) | &nbsp;&nbsp;&nbsp;&nbsp; (720)<br>| &nbsp;&nbsp;&nbsp;&nbsp;600.00 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; (1) <br>|
| **Total Written Options** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(140)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Footnote Legend:** |
| <sup>(1)</sup> Strike price not reported in thousands. |
| <sup>(2)</sup> Unless otherwise noted, options are exchange-traded. |
| <sup>(3)</sup> Amount is less than $500 (not in thousands). |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts as of September 30, 2025 were as follows:** | **Forward foreign currency exchange contracts as of September 30, 2025 were as follows:** | **Forward foreign currency exchange contracts as of September 30, 2025 were as follows:** | **Forward foreign currency exchange contracts as of September 30, 2025 were as follows:** | **Forward foreign currency exchange contracts as of September 30, 2025 were as follows:** | **Forward foreign currency exchange contracts as of September 30, 2025 were as follows:** | **Forward foreign currency exchange contracts as of September 30, 2025 were as follows:** | **Forward foreign currency exchange contracts as of September 30, 2025 were as follows:** |
| **Currency** <br>**Purchased**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Amount** <br>**Purchased**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Sold**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Amount** <br>**Sold**<br>| **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Settlement** <br>**Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Unrealized** <br>**Depreciation**<br>|
| JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18556 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126 | GS | 10/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(1)</sup><br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18556 | GS | 10/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153 | GS | 10/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) <br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 573 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495 | GS | 11/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10) <br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124 | GS | 12/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) <br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145 | GS | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) <br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534 | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 732 | JPM | 12/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 556 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410 | GS | 12/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| **Total** |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(15) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Amount is less than $500 (not in thousands). |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Over-the-counter total return swaps outstanding as of September 30, 2025 were as follows:** | **Over-the-counter total return swaps outstanding as of September 30, 2025 were as follows:** | **Over-the-counter total return swaps outstanding as of September 30, 2025 were as follows:** | **Over-the-counter total return swaps outstanding as of September 30, 2025 were as follows:** | **Over-the-counter total return swaps outstanding as of September 30, 2025 were as follows:** | **Over-the-counter total return swaps outstanding as of September 30, 2025 were as follows:** | **Over-the-counter total return swaps outstanding as of September 30, 2025 were as follows:** | **Over-the-counter total return swaps outstanding as of September 30, 2025 were as follows:** | **Over-the-counter total return swaps outstanding as of September 30, 2025 were as follows:** | **Over-the-counter total return swaps outstanding as of September 30, 2025 were as follows:** |
| **Referenced Entity** | **Pay/Receive** | **Financing Rate**<sup>(1)</sup> <br>| **Payment** <br>**Frequency**<br>| **Counterparty** | **Expiration** <br>**Date**<br>| **Notional** <br>**Amount** | **Value**<sup>(2)</sup> <br>| **Unrealized** <br>**Appreciation**<br>| **Unrealized** <br>**Depreciation**<br>|
| **Long Total Return Swap** <br> **Contracts**<br>|  |  |  |  |  |  |  |  |  |
| Bristol-Myers Squibb <br> Co.<sup>(3),(4)</sup> <br>| Pay | 6.070% (0.750% + OBFR) | 1 Month | BAML | &nbsp;&nbsp; 03/03/26 | $— <br><sup>(5)</sup><br>| &nbsp;&nbsp; $4<br>| &nbsp;&nbsp; $4<br>| &nbsp;&nbsp; $—<br>|
| Covestro AG | Pay | 4.700% (0.610% + OBFR) | 1 Month | GS | &nbsp;&nbsp; 12/31/25 | 290 | &nbsp;&nbsp; 15<br>| &nbsp;&nbsp; 15<br>| &nbsp;&nbsp; —<br>|
| Cyberark Software Ltd. | Pay | 4.470% (0.380% + OBFR) | 3 Month | JPM | &nbsp;&nbsp; 10/19/26 | 303 | &nbsp;&nbsp; (2) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (2) <br>|
| Just Eat Takeaway.com N.V. | Pay | 4.940% (0.850% + OBFR) | 1 Month | GS | &nbsp;&nbsp; 05/06/26 | 540 | &nbsp;&nbsp; 35<br>| &nbsp;&nbsp; 35<br>| &nbsp;&nbsp; —<br>|
| Just Group plc | Pay | 4.940% (0.850% + OBFR) | 1 Month | GS | &nbsp;&nbsp; 09/03/26 | 187 | &nbsp;&nbsp; 1<br>| &nbsp;&nbsp; 1<br>| &nbsp;&nbsp; —<br>|
| Kellanova | Pay | 4.700% (0.610% + OBFR) | 1 Month | GS | &nbsp;&nbsp; 02/09/26 | 1513 | &nbsp;&nbsp; 13<br>| &nbsp;&nbsp; 13<br>| &nbsp;&nbsp; —<br>|
| Mr. Cooper Group, Inc. | Pay | 4.700% (0.610% + OBFR) | 1 Month | GS | &nbsp;&nbsp; 08/10/26 | 33 | &nbsp;&nbsp; 16<br>| &nbsp;&nbsp; 16<br>| &nbsp;&nbsp; —<br>|
| Spectris | Pay | 4.700% (0.610% + OBFR) | 1 Month | GS | &nbsp;&nbsp; 08/05/26 | 542 | &nbsp;&nbsp; (1) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (1) <br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 84 | &nbsp;&nbsp; (3)<br>|

---

See Notes to Schedule of Investments

------

**The Merger Fund**<sup>®</sup> **VL**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Over-the-counter total return swaps outstanding as of September 30, 2025 were as follows (continued):** | **Over-the-counter total return swaps outstanding as of September 30, 2025 were as follows (continued):** | **Over-the-counter total return swaps outstanding as of September 30, 2025 were as follows (continued):** | **Over-the-counter total return swaps outstanding as of September 30, 2025 were as follows (continued):** | **Over-the-counter total return swaps outstanding as of September 30, 2025 were as follows (continued):** | **Over-the-counter total return swaps outstanding as of September 30, 2025 were as follows (continued):** | **Over-the-counter total return swaps outstanding as of September 30, 2025 were as follows (continued):** | **Over-the-counter total return swaps outstanding as of September 30, 2025 were as follows (continued):** | **Over-the-counter total return swaps outstanding as of September 30, 2025 were as follows (continued):** | **Over-the-counter total return swaps outstanding as of September 30, 2025 were as follows (continued):** |
| **Referenced Entity** | **Pay/Receive** | **Financing Rate**<sup>(1)</sup> | **Payment**<br> **Frequency**<br>| **Counterparty** | **Expiration**<br> **Date**<br>| **Notional**<br> **Amount** | **Value**<sup>(2)</sup> | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| **Short Total Return Swap** <br> **Contracts**<br>|  |  |  |  |  |  |  |  |  |
| Anglo American plc | Receive | 3.740% ((0.350)% + OBFR) | 1 Month | GS | &nbsp;&nbsp; 10/28/26 | $(28)<br>| &nbsp;&nbsp; $(2) <br>| &nbsp;&nbsp; $—<br>| &nbsp;&nbsp; $(2) <br>|
| Anglo American plc | Receive | 3.740% ((0.350)% + OBFR) | 3 Month | JPM | &nbsp;&nbsp; 10/30/26 | (80)<br>| &nbsp;&nbsp; (4) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (4) <br>|
| Boeing Co. | Receive | 3.740% ((0.350)% + OBFR) | 1 Month | GS | &nbsp;&nbsp; 09/01/26 | (113)<br>| &nbsp;&nbsp; 5<br>| &nbsp;&nbsp; 5<br>| &nbsp;&nbsp; —<br>|
| Charter Communications, <br> Inc. Class A<br>| Receive | 3.840% ((0.250)% + OBFR) | 3 Month | JPM | &nbsp;&nbsp; 10/15/26 | (258)<br>| &nbsp;&nbsp; (11) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (11) <br>|
| Huntington Bancshares, <br> Inc.<br>| Receive | 3.740% ((0.350)% + OBFR) | 1 Month | GS | &nbsp;&nbsp; 09/01/26 | (76)<br>| &nbsp;&nbsp; (3) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (3) <br>|
| Huntington Bancshares, <br> Inc.<br>| Receive | 3.840% ((0.250)% + OBFR) | 3 Month | JPM | &nbsp;&nbsp; 10/15/26 | (33)<br>| &nbsp;&nbsp; 1<br>| &nbsp;&nbsp; 1<br>| &nbsp;&nbsp; —<br>|
| Omnicom Group | Receive | 3.740% ((0.350)% + OBFR) | 1 Month | GS | &nbsp;&nbsp; 02/03/26 | (535)<br>| &nbsp;&nbsp; (19) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (19) <br>|
| Palo Alto Networks, Inc. | Receive | 3.840% ((0.250)% + OBFR) | 3 Month | JPM | &nbsp;&nbsp; 10/19/26 | (304)<br>| &nbsp;&nbsp; — <br><sup>(5)</sup><br>| &nbsp;&nbsp; — <br><sup>(5)</sup><br>| &nbsp;&nbsp; —<br>|
| Rocket Cos., Inc. Class A | Receive | (7.405)% ((11.495)% + OBFR) | 1 Month | GS | &nbsp;&nbsp; 08/10/26 | (34)<br>| &nbsp;&nbsp; (15) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (15) <br>|
| Rocket Cos., Inc. Class A | Receive | (5.785)% ((9.875)% + OBFR) | 3 Month | JPM | &nbsp;&nbsp; 08/31/26 | (42)<br>| &nbsp;&nbsp; (10) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (10) <br>|
| Union Pacific Corp. | Receive | 3.840% ((0.250)% + OBFR) | 3 Month | JPM | &nbsp;&nbsp; 10/26/26 | (239)<br>| &nbsp;&nbsp; (13) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (13) <br>|
| Western Midstream <br> Partners LP<br>| Receive | 1.947% ((2.143)% + OBFR) | 1 Month | GS | &nbsp;&nbsp; 09/22/26 | (24)<br>| &nbsp;&nbsp; (1) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (1) <br>|
| Western Midstream <br> Partners LP<br>| Receive | 0.250% ((3.840)% + OBFR) | 3 Month | JPM | &nbsp;&nbsp; 10/13/26 | (8)<br>| &nbsp;&nbsp; — <br><sup>(5)</sup><br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; — <br><sup>(5)</sup><br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp; (72)<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; (78) <br>|
| **Total**  |  |  |  |  |  |  | &nbsp;&nbsp; $9 | &nbsp;&nbsp; $90 | &nbsp;&nbsp; $(81) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| The Fund pays the floating rate (+/- a spread) and receives the total return of the reference entity. |
| <sup>(2)</sup> <br>| There were no upfront premiums paid or received for the open swap contracts held. |
| <sup>(3)</sup> <br>| The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule <br> of Investments.<br>|
| <sup>(4)</sup> <br>| Security held is the direct result of a corporate action. There is no associated financing rate and the security is held with a zero cost basis. |
| <sup>(5)</sup> <br>| Amount is less than $500 (not in thousands). |

---

See Notes to Schedule of Investments

------

**The Merger Fund**<sup>®</sup> **VL**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**September 30, 2025**

($ reported in thousands)

The following table summarizes the value of the Fund's investments as of September 30, 2025, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total <br>Value at <br>September 30, 2025<br>| Level 1 <br>Quoted Prices<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>| Level 3 <br>Significant <br>Unobservable <br>Inputs<br>|
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Convertible Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1699 <br><sup>(1)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| &nbsp;&nbsp;&nbsp; Special Purpose Acquisition Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Escrow Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| Money Market Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Over-the-Counter Total Return Swaps<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1713 |
| Liabilities: |  |  |  |  |
| Securities Sold Short: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2381)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2381)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Master Limited Partnerships and Related Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (140)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (140)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Over-the-Counter Total Return Swaps<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2645)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2549)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments, Net of Securities Sold Short and <br> Written Options<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1713 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Includes internally fair valued securities currently priced at zero ($0).

<sup>\*</sup> Swap contracts and forward currency exchange contracts are valued at the net unrealized appreciation (depreciation) on the instrument by level and counterparty.

Security held by the Fund with an end of period value of $1,698 was transferred from Level 1 to Level 3 due to a market delisting at period end.

Securities held by the Fund with an end of period value of $—<sup>(a)</sup> were transferred from Level 2 to Level 3 due to a decrease in trading activities during the period.

Some of the Fund's investments that were categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments.

<sup>(a)</sup> Amount is less than $500 (not in thousands).

See Notes to Schedule of Investments

------

**The Merger Fund**<sup>®</sup> **VL**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**September 30, 2025**

($ reported in thousands)

The following is a reconciliation of assets of the Fund for Level 3 investments for which significant unobservable inputs were used to determine fair value.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Total | Common <br>Stocks<br>| Rights | Warrants | Escrow <br>Notes<br>| Over-the-Counter <br>Total Return Swaps<br>|
| **Investments in Securities** |  |  |  |  |  |  |
| **Balance as of December 31, 2024:** | &nbsp;&nbsp;&nbsp;&nbsp; $18 | &nbsp;&nbsp;&nbsp;&nbsp; $2 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $11 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $5 |
| Net change in unrealized appreciation (depreciation)<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Transfers into Level 3<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1698 | &nbsp;&nbsp;&nbsp;&nbsp; 1698 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Balance as of September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; $1713 | &nbsp;&nbsp;&nbsp;&nbsp; $1699 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $10 | &nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $4 |

---

<sup>(a)</sup> Includes internally fair valued security currently priced at zero ($0).

<sup>(b)</sup> The change in unrealized appreciation (depreciation) on investments still held at September 30, 2025, was $(59).

<sup>(c)</sup> Amount is less than $500 (not in thousands).

<sup>(d)</sup> Transfers into and/or from represent the ending value as of September 30, 2025, for any investment security where a change in the pricing level occurred from the beginning to the end of the period.

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 at September 30, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in** <br>**Securities – Assets**<br>| **Ending** <br>**Balance at** <br>**September 30, 2025**<br>| **Valuation Technique** <br>**Used**<br>| **Unobservable** <br>**Inputs**<br>| **Input** <br>**Values**<br>| **Impact to Valuation** <br>**from an Increase in** <br>**Unobservable Inputs**<sup>(a)</sup> <br>|
| **Common Stock:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Endeavor Group <br>Holdings, Inc. <br>Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1698 | Market Approach | &nbsp;&nbsp;&nbsp;&nbsp; Spread (parent and <br>subsidiary ownership)<br>| 8.1015 (6.8131 - 8.9796) | Decrease |

---

<sup>(a)</sup> A significant change in unobservable inputs could result in a significantly higher or lower fair value.

See Notes to Schedule of Investments

------

**THE MERGER FUND**<sup>®</sup> **VL**

**NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)**

**September 30, 2025**

**Note 1. Security Valuation**

The Fund's Board of Trustees has designated the investment adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940. The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Fund's policy is to recognize transfers into or out of Level 3 at the end of the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – prices determined using significant unobservable inputs (including the investment adviser's Valuation Committee's own assumptions in determining the fair value of investments).

A description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis is as follows:

Equity securities are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded or, if no closing price is available, at the last bid price and are categorized as Level 1 in the hierarchy. Illiquid, restricted equity securities and illiquid private placements are internally fair valued by the investment adviser's Valuation Committee, and are generally categorized as Level 3 in the hierarchy.

Certain non-U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that the Fund calculates its net asset value ("NAV") at the close of regular trading on the New York Stock Exchange ("NYSE") (generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases, the Fund fair values non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, Exchange-Traded Funds ("ETFs"), and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.

Debt instruments, including convertible bonds, restricted securities, and leveraged loans are valued based on either evaluated or composite quotations received from independent pricing services or from dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing that considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type, activity of the underlying equities, and current day trade information, as well as dealer supplied prices. These valuations are generally categorized as Level 2 in the hierarchy. Structured debt instruments, such as mortgage-backed and asset-backed securities may also incorporate collateral analysis and utilize cash flow models for valuation and are generally categorized as Level 2 in the hierarchy. Pricing services do not provide pricing for all securities and therefore indicative bids from dealers are utilized which are based on pricing models used by market makers in the security and are generally categorized as Level 2 in the hierarchy. Debt instruments that are internally fair valued by the investment adviser's Valuation Committee are generally categorized as Level 3 in the hierarchy.

Listed derivatives, such as options and futures, that are actively traded are valued at the last posted settlement price from the exchange where they are principally traded and are categorized as Level 1 in the hierarchy. Over-the-counter derivative contracts, which include forward currency contracts, swaps, swaptions, options and equity linked instruments, are valued based on model prices provided by independent pricing services or from dealer quotes. Depending on the derivative type and the specific terms of the transaction, these models vary and include observable inputs in actively quoted markets including but not limited to: underlying reference entity details, indices, spreads, interest rates, yield curves, dividend and exchange rates. These instruments are generally categorized as Level 2 in the hierarchy. Centrally cleared swaps listed or traded on a bilateral or trade facility platform, such as a registered exchange, are valued at the last posted settlement price determined by the respective exchange. These securities are generally categorized as Level 2 within the hierarchy.

Investments in open-end mutual funds are valued at NAV. Investments in closed-end funds and ETFs are valued as of the close of regular trading on the NYSE each business day. Each is categorized as Level 1 in the hierarchy.

A summary of the inputs used to value the Fund's net assets by each major security type is disclosed at the end of the Schedule of Investments for the Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those

securities.

*For additional information about significant accounting policies, refer to the Fund's most recent semi or annual financial statements.*

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Merger Fund VL

- **b. Investment Company Act file number:** 811-21279

- **c. CIK number of Registrant:** 0001208133

- **d. LEI of Registrant:** WL4YANUDQ0FQJ0MXSM49

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 101 Munson Street

  - **City:** Greenfield

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 01301

  - **Telephone number:** 800-243-1574

**Item A.2. Information about the Series.**

- **a. Name of Series:** The Merger Fund VL

- **b. EDGAR series identifier (if any):** S000005160

- **c. LEI of Series:** WL4YANUDQ0FQJ0MXSM49

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $27713345.89

**Total Liabilities:** $3161544.52

**Net Assets:** $24551801.37

**Cash Not Reported:** $3818367.34

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000014130 | 1.19%                | 0.17%                | 0.67%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-125826.17              | $-11877.24                                 |
| Month 2  | $58498.71                | $43291.08                                  |
| Month 3  | $4281.00                 | $192972.35                                 |

### Schedule of Portfolio Investments

| Name                                                     | Title                                                         | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ProCap Acquisition Corp                                  | ProCap Acquisition Corp                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2046 | NS      | $21012.42     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| KEEN VISION ACQUISITION CORP                             | Keen Vision Acquisition Corp                                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      6597 | NC      | $434.74       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GP-Act III Acquisition Corp                              | GP-Act III Acquisition Corp                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11408 | NS      | $120924.80    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbus Circle Capital Corp I                           | Columbus Circle Capital Corp I                                | CUSIP: 000000000<br>LEI: 5299006WPUCKP6KOIM37 | Long             | EC               | CORP              | US        |      1252 | NS      | $12670.24     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Nabors Energy Transition Corp                            | Nabors Energy Transition Corp II                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12397 | NS      | $138970.37    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| ILEARNINGENGINES INC                                     | iLearningEngines Holdings Inc                                 | CUSIP: 45175Q114<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      5381 | NC      | $0.01         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS OMNICOM GROUP INC                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-8603.81     | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST GROUP PLC                                            | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-0.45        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Norfolk Southern Corp                                    | Norfolk Southern Corp                                         | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |      1169 | NS      | $351179.29    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Newbury Street II Acquisition                            | Newbury Street II Acquisition Corp                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9346 | NS      | $96777.83     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST GROUP PLC                                            | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $795.60       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Jena Acquisition Corp II                                 | Jena Acquisition Corp II                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4259 | NS      | $43228.85     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CARTESIAN GROWTH CORP III                                | CARTESIAN GROWTH CORP III                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5701 | NS      | $57266.55     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST EAT TAKEAWAY.COM NV                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $9.78         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST EAT TAKEAWAY.COM NV                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $80.42        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                | TRS ROCKET COS INC                                            | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               | CORP              | US        |         1 | NC      | $-7459.33     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Globa Terra Acquisition Corp                             | Globa Terra Acquisition Corp                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     11391 | NS      | $113682.18    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| MOBIUS MERGER SUB                                        | Mobius Merger Sub Inc                                         | CUSIP: 606950AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     13000 | PA      | $10894.66     | 0.04%             | 2030-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| EQV Ventures Acquisition Corp                            | EQV Ventures Acquisition Corp                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1737 | NS      | $18030.06     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| EQV Ventures Acquisition Corp                            | EQV Ventures Acquisition Corp II                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4134 | NS      | $41381.34     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST EAT TAKEAWAY.COM NV                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $283.05       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GCI Liberty Inc                                          | GCI Liberty Inc                                               | CUSIP: 36164V602<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        92 | NS      | $3455.06      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS SPECTRIS PLC                                              | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $432.84       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GROVE COLLABORATIVE HOLDINGS                             | Grove Collaborative Holdings                                  | CUSIP: 39957D110<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1063 | NC      | $11.06        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Water Acquisition Corp II                           | Blue Water Acquisition Corp III                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4188 | NS      | $42256.92     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Oak Acquisition Corp V                              | Live Oak Acquisition Corp V                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4579 | NS      | $46614.22     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Jena Acquisition Corp II                                 | Jena Acquisition Corp II                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3373 | NS      | $35112.93     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Spirit AeroSystems Holdings In                           | Spirit AeroSystems Holdings Inc                               | CUSIP: 848574109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2722 | NS      | $105069.20    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| FIGX Capital Acquisition Corp                            | FIGX Capital Acquisition Corp                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       712 | NS      | $7169.84      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Kochav Defense Acquisition Cor                           | Kochav Defense Acquisition Corp                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9640 | NS      | $98713.60     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| EGH Acquisition Corp                                     | EGH Acquisition Corp                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       635 | NS      | $6356.35      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST EAT TAKEAWAY.COM NV                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $665.25       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS SPECTRIS PLC                                              | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $323.96       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Blue Acquisition Corp                                    | Blue Acquisition Corp                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11839 | NS      | $118330.81    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Integrated Wellness Acquisitio                           | Integrated Wellness Acquisition Corp                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       566 | NS      | $6854.26      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| LEDDARTECH HOLDINGS INC                                  | LeddarTech Holdings Inc                                       | CUSIP: 52328E113<br>LEI: N/A                  | N/A              | DE               | CORP              | CA        |      2213 | NC      | $1.11         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS OMNICOM GROUP INC                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-1836.56     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| GigCapital7 Corp                                         | GigCapital7 Corp                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8877 | NS      | $93563.58     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Syniverse Holdings Inc.                                  | Syniverse Holdings LLC/DE                                     | CUSIP: 87168TAB7<br>LEI: 549300CYZBHMZC8VLL59 | Long             | LON              | CORP              | US        |     67900 | PA      | $65831.09     | 0.27%             | 2027-05-13      | Floating      | 11.00%                | No            |                  2 | On Loan: No      |
| Dune Acquisition Corp II                                 | Dune Acquisition Corp II                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6001 | NS      | $61330.22     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS OMNICOM GROUP INC                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-215.62      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOAL ACQUISITIONS CORP                                   | Goal Acquisitions Corp                                        | CUSIP: 38021H115<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      8032 | NC      | $80.32        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Graf Global Corp                                         | Graf Global Corp                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2406 | NS      | $25359.24     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| GIBO HOLDINGS LTD-CL A                                   | GIBO Holdings Ltd                                             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |       740 | NC      | $29.60        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Endeavor Group Holdings Inc                              | Endeavor Group Holdings Inc                                   | CUSIP: 29260Y109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     56060 | NS      | $1697496.80   | 6.91%             |  |  |  | No            |                  3 | On Loan: No      |
| Jackson Acquisition Co II                                | Jackson Acquisition Co II                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10834 | NS      | $2708.50      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                          | SPDR S&P 500 ETF TRUST                                        | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DE               | CORP              | US        |        19 | NC      | $1710.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Silver Pegasus Acquisition Cor                           | Silver Pegasus Acquisition Corp                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1048 | NS      | $10679.12     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Bleichroeder Acquisition Corp                            | Bleichroeder Acquisition Corp I                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12878 | NS      | $133802.42    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Spring Valley Acquisition Corp                           | Spring Valley Acquisition Corp III                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1655 | NS      | $17212.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| TARGET GLOBAL ACQUISITION -A                             | Target Global Acquisition I Corp                              | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | IL        |      1600 | NC      | $32.16        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BIG RIVER STEEL/BRS FIN                                  | Big River Steel LLC / BRS Finance Corp                        | CUSIP: 08949LAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     93000 | PA      | $93036.36     | 0.38%             | 2029-01-31      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Cal Redwood Acquisition Corp                             | Cal Redwood Acquisition Corp                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1263 | NS      | $12920.49     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                | TRS CYBERARK SOFTWARE LTD                                     | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               | CORP              | US        |         1 | NC      | $-2195.24     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Bayview Acquisition Corp                                 | Bayview Acquisition Corp                                      | CUSIP: 07323B100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1470 | NS      | $16361.10     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ALCHEMY INVESTMENTS ACQUISIT                             | Alchemy Investments Acquisition Corp 1                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      2148 | NC      | $279.24       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                          | TEGNA INC                                                     | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DE               | CORP              | US        |       -15 | NC      | $-150.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BEST SPAC I Acquisition Corp                             | BEST SPAC I Acquisition Corp                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |       418 | NS      | $4246.88      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| GSR IV Acquisition Corp                                  | GSR IV Acquisition Corp                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5580 | NS      | $56553.30     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Pantages Capital Acquisition C                           | Pantages Capital Acquisition Corp                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5037 | NS      | $51780.36     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST EAT TAKEAWAY.COM NV                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $1673.20      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Translational Development Acqu                           | Translational Development Acquisition Corp                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1637 | NS      | $16926.58     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Broadband Corp                                   | Liberty Broadband Corp                                        | CUSIP: 530307107<br>LEI: 549300MIX43II8JLN536 | Long             | EC               | CORP              | US        |      6357 | NS      | $402588.81    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Hawk Acquisition Corp                              | Black Hawk Acquisition Corp                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       120 | NS      | $144.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Eureka Acquisition Corp                                  | Eureka Acquisition Corp                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |       418 | NS      | $4468.42      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Bancshares Inc/OH                             | Huntington Bancshares Inc/OH                                  | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Short            | EC               | CORP              | US        |       -95 | NS      | $-1640.65     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS OMNICOM GROUP INC                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-1093.99     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST EAT TAKEAWAY.COM NV                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $691.39       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Oxley Bridge Acquisition Ltd                             | Oxley Bridge Acquisition Ltd                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      1675 | NS      | $16833.75     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| FRONTIER COMMUNICATIONS                                  | Frontier Communications Holdings LLC                          | CUSIP: 35908MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    216000 | PA      | $218540.81    | 0.89%             | 2030-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Titan Acquisition Corp                                   | Titan Acquisition Corp                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12564 | NS      | $127147.68    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Real Asset Acquisition Corp                              | Real Asset Acquisition Corp                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2092 | NS      | $21212.88     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| SLAM CORP-A                                              | Slam Corp                                                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       709 | NC      | $3.55         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Drugs Made In America Acquisit                           | Drugs Made In America Acquisition II Corp                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1670 | NS      | $16608.15     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS SPECTRIS PLC                                              | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-1745.27     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Guild Holdings Co                                        | Guild Holdings Co                                             | CUSIP: 40172N107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       915 | NS      | $18245.10     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST EAT TAKEAWAY.COM NV                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $2258.90      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                          | TECK RESOURCES LTD                                            | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DE               | CORP              | US        |       -76 | NC      | $-46132.00    | -0.19%            |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS COVESTRO AG                                               | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $2508.47      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Quantumsphere Acquisition Corp                           | Quantumsphere Acquisition Corp                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       831 | NS      | $8418.03      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                          | SPDR S&P 500 ETF TRUST                                        | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DE               | CORP              | US        |       -12 | NC      | $-576.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Wintergreen Acquisition Corp                             | Wintergreen Acquisition Corp                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |        38 | NS      | $386.46       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GESHER ACQUISITION CORP II-A                             | Gesher Acquisition Corp II                                    | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1041 | NC      | $333.12       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Lakeshore Acquisition III Corp                           | Lakeshore Acquisition III Corp                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5798 | NS      | $58472.83     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| COPLEY ACQUISITION CORP-A                                | Copley Acquisition Corp                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |      3573 | NS      | $717.82       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Wen Acquisition Corp                                     | Wen Acquisition Corp                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3237 | NS      | $33761.91     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                | TRS ROCKET COS INC                                            | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               | CORP              | US        |         1 | NC      | $-239.29      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| D Boral ARC Acquisition I Corp                           | D Boral ARC Acquisition I Corp                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8108 | NS      | $80431.36     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS SPECTRIS PLC                                              | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $2.29         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Financial Square Government Fund           | Goldman Sachs Financial Square Government Fund                | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | STIV             | RF                | US        |    460918 | NS      | $460917.92    | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                          | TECK RESOURCES LTD                                            | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DE               | CORP              | US        |        30 | NC      | $90.00        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc                                   | Palo Alto Networks Inc                                        | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Short            | EC               | CORP              | US        |     -3985 | NS      | $-811425.70   | -3.30%            |  |  |  | No            |                  1 | On Loan: No      |
| Verona Pharma PLC                                        | Verona Pharma PLC                                             | CUSIP: 925050106<br>LEI: 213800EVI6O6J3TIAL06 | Long             | EC               | CORP              | GB        |      4144 | NS      | $442206.24    | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST GROUP PLC                                            | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $81.75        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TITAN ACQUISITION CORP-CL A                              | Titan Acquisition Corp                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      6282 | NC      | $1892.14      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Wintergreen Acquisition Corp                             | Wintergreen Acquisition Corp                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      2068 | NS      | $20804.08     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| 1RT Acquisition Corp                                     | 1RT Acquisition Corp                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       226 | NS      | $2370.74      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BUZZFEED INC                                             | BuzzFeed Inc                                                  | CUSIP: 12430A110<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1643 | NC      | $90.37        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS OMNICOM GROUP INC                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $2580.44      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Origin Investment Corp I                                 | Origin Investment Corp I                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |      3737 | NS      | $37519.48     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                          | TECK RESOURCES LTD                                            | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DE               | CORP              | US        |       -30 | NC      | $-18210.00    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| ESH Acquisition Corp                                     | ESH Acquisition Corp                                          | CUSIP: 296424112<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3862 | NS      | $675.85       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS SPECTRIS PLC                                              | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $302.14       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Crane Harbor Acquisition Corp                            | Crane Harbor Acquisition Corp                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9925 | NS      | $3176.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CALUMET SPECIALTY PROD                                   | Calumet Specialty Products Partners LP / Calumet Finance Corp | CUSIP: 131477AY7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    223000 | PA      | $222755.28    | 0.91%             | 2026-04-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST EAT TAKEAWAY.COM NV                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $507.24       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ISRAEL ACQUISITIONS CORP-A                               | Israel Acquisitions Corp                                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       773 | NC      | $141.07       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Spring Valley Acquisition Corp                           | Spring Valley Acquisition Corp II                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       648 | NS      | $325.23       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SIM Acquisition Corp I                                   | SIM Acquisition Corp I                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10780 | NS      | $113190.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCHIMEDES TECH SPAC PARTNER                             | Archimedes Tech SPAC Partners II Co                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1297 | NC      | $454.08       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Roman DBDR Acquisition Corp II                           | Roman DBDR Acquisition Corp II                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3243 | NS      | $33435.33     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| ZALATORIS ACQUISITION CORP                               | ZALATORIS ACQUISITION CORP                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3001 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| K&F Growth Acquisition Corp II                           | K&F Growth Acquisition Corp II                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2148 | NS      | $21952.56     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| VOLATO GROUP INC                                         | Volato Group Inc                                              | CUSIP: 74349W112<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      2120 | NC      | $21.20        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Tavia Acquisition Corp                                   | Tavia Acquisition Corp                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |      5000 | NS      | $975.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| VOYAGER ACQUISITION CORP                                 | Voyager Acquisition Corp                                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      2090 | NC      | $355.30       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST GROUP PLC                                            | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $94.60        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Spirit Aerosystems Inc                                   | Spirit AeroSystems Inc                                        | CUSIP: 84857HAY6<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | LON              | CORP              | US        |    393909 | PA      | $395015.50    | 1.61%             | 2027-01-15      | Floating      | 8.81%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | USD/EUR FORWARD                                               | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-2483.12     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | GBP/USD FORWARD                                               | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-1079.09     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Western Midstream Partners LP                            | Western Midstream Partners LP                                 | CUSIP: 958669103<br>LEI: N/A                  | Short            | EC               | CORP              | US        |      -705 | NS      | $-27699.45    | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| TEVOGEN BIO HOLDINGS INC                                 | Tevogen Bio Holdings Inc                                      | CUSIP: 88165K119<br>LEI: 549300AC21G4NBK9D322 | N/A              | DE               | CORP              | US        |      1068 | NC      | $58.74        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST EAT TAKEAWAY.COM NV                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $121.59       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                | TRS PALO ALTO NETWORKS INC                                    | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               | CORP              | US        |         1 | NC      | $3184.97      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| NEWHOLD INVESTMENT CORP II-A                             | NewHold Investment Corp III                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       896 | NC      | $322.56       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Axiom Intelligence Acquisition                           | Axiom Intelligence Acquisition Corp 1                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |      1467 | NS      | $14787.36     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Haymaker Acquisition Corp 4                              | Haymaker Acquisition Corp 4                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19366 | NS      | $219610.44    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST EAT TAKEAWAY.COM NV                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $652.13       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST GROUP PLC                                            | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-21.33       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GETAROUND INC                                            | Getaround Inc                                                 | CUSIP: 37427G119<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       179 | NC      | $0.05         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                          | ELECTRONIC ARTS INC                                           | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DE               | CORP              | US        |        -2 | NC      | $-80.00       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST EAT TAKEAWAY.COM NV                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $151.45       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Sizzle Acquisition Corp II                               | Sizzle Acquisition Corp II                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13796 | NS      | $139615.52    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Silverbox Corp IV                                        | Silverbox Corp IV                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2408 | NS      | $25211.76     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Oyster Enterprises II Acquisit                           | Oyster Enterprises II Acquisition Corp                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3494 | NS      | $35009.88     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Launch Two Acquisition Corp                              | Launch Two Acquisition Corp                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6286 | NS      | $65625.84     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Pioneer Acquisition I Corp                               | Pioneer Acquisition I Corp                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7244 | NS      | $72802.20     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST EAT TAKEAWAY.COM NV                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $2113.78      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                                 | LUMEN TECHNOLOGIES INC                                        | CUSIP: 55024EAF2<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | LON              | CORP              | US        |    114708 | PA      | $113863.41    | 0.46%             | 2029-04-15      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST EAT TAKEAWAY.COM NV                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $1250.37      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| AGRICULTURE & NATURAL SOLUTI                             | Agriculture & Natural Solutions Acquisition Corp              | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1654 | NC      | $223.46       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS SPECTRIS PLC                                              | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-351.04      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Lionheart Holdings                                       | Lionheart Holdings                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2496 | NS      | $26232.96     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                | TRS UNION PACIFIC CORP                                        | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               | CORP              | US        |         1 | NC      | $-2181.40     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| M3-Brigade Acquisition VI Corp                           | M3-Brigade Acquisition VI Corp                                | CUSIP: 000000000<br>LEI: 529900K3KULJYPOBI946 | Long             | EC               | CORP              | US        |       415 | NS      | $4199.80      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Horse Acquisitions Corp                             | Iron Horse Acquisitions Corp                                  | CUSIP: 462837121<br>LEI: 5493000JDZP9ZR3A1A41 | Long             | EC               | CORP              | US        |      2326 | NS      | $1697.98      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearwater Analytics Holdings                            | Clearwater Analytics Holdings Inc                             | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       600 | NS      | $10812.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CALIFORNIA RESOURCES CRP                                 | California Resources Corp                                     | CUSIP: 13057QAH0<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |     52000 | PA      | $51966.09     | 0.21%             | 2026-02-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                | TRS WESTERN MIDSTREAM PARTNERS LP                             | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               | CORP              | US        |         1 | NC      | $-237.87      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Merus NV                                                 | Merus NV                                                      | CUSIP: 000000000<br>LEI: 549300W8GPUWU8QNU293 | Long             | EC               | CORP              | NL        |       984 | NS      | $92643.60     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Lease Corp                                           | Air Lease Corp                                                | CUSIP: 00912X302<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EC               | CORP              | US        |      1322 | NS      | $84145.30     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Stellar V Capital Corp                                   | Stellar V Capital Corp                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1727 | NS      | $17788.10     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST EAT TAKEAWAY.COM NV                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $2167.40      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| PERSHING TONTINE SPAR                                    | PERSHING TONTINE SPAR                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1848 | NS      | $831.60       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| SIM ACQUISITION CORP I-A                                 | SIM Acquisition Corp I                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1902 | NC      | $722.76       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NewHold Investment Corp III                              | NewHold Investment Corp III                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4233 | NS      | $43091.94     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohen Circle Acquisition Corp                            | Cohen Circle Acquisition Corp II                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1764 | NS      | $18151.56     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Solarius Capital Acquisition C                           | Solarius Capital Acquisition Corp                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2480 | NS      | $24700.80     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSOLIDATED COMMUNICATI                                 | Consolidated Communications Inc                               | CUSIP: 20903XAF0<br>LEI: 549300WW675Y48HDVX34 | Long             | DBT              | CORP              | US        |     46000 | PA      | $46747.50     | 0.19%             | 2028-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CITY OFFICE REIT                                         | City Office REIT Inc                                          | CUSIP: 178587200<br>LEI: 5493003J7157VP25NL57 | Long             | EP               | CORP              | CA        |        50 | NS      | $1260.01      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST EAT TAKEAWAY.COM NV                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $430.13       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ABIOMED Inc                                              | ABIOMED Inc                                                   | CUSIP: 003CVR016<br>LEI: 5493001EZN4ZTB4Z5887 | Long             | EC               | CORP              | US        |       814 | NS      | $1465.20      | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS SPECTRIS PLC                                              | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $195.68       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ALLURION TECHNOLOGIES INC                                | Allurion Technologies Inc                                     | CUSIP: 02008G110<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       870 | NC      | $23.49        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS ANGLO AMERICAN PLC                                        | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-1571.38     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS OMNICOM GROUP INC                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-6507.62     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Soulpower Acquisition Corp                               | Soulpower Acquisition Corp                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11353 | NS      | $2157.07      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Flag Ship Acquisition Corp                               | Flag Ship Acquisition Corp                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       436 | NS      | $4604.16      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST EAT TAKEAWAY.COM NV                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $557.25       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                                  | BRISTOL-MYERS SQUIBB CO                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6945 | NS      | $6076.88      | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| Cayson Acquisition Corp                                  | Cayson Acquisition Corp                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1811 | NS      | $289.76       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| OTG Acquisition Corp I                                   | OTG Acquisition Corp I                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1039 | NS      | $10462.73     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| IB Acquisition Corp                                      | IB Acquisition Corp                                           | CUSIP: 44934N108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4303 | NS      | $45568.77     | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Mountain Lake Acquisition Corp                           | Mountain Lake Acquisition Corp                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9926 | NS      | $102237.80    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Veritex Holdings Inc                                     | Veritex Holdings Inc                                          | CUSIP: 923451108<br>LEI: 549300F3SMOML02SC814 | Long             | EC               | CORP              | US        |      3339 | NS      | $111956.67    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                | TRS ANGLO AMERICAN PLC                                        | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               | CORP              | US        |         1 | NC      | $-3075.68     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS OMNICOM GROUP INC                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $814.09       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PERSHING SQUARE ESCROW                                   | PERSHING SQUARE ESCROW                                        | CUSIP: 715ESC018<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7392 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Soulpower Acquisition Corp                               | Soulpower Acquisition Corp                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11620 | NS      | $117129.60    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS COVESTRO AG                                               | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-97.28       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CBOE GLOBAL MARKETS, INC.                                | WESTERN MIDSTREAM PARTNERS LP                                 | CUSIP: 000000000<br>LEI: 529900RLNSGA90UPEH54 | N/A              | DE               | CORP              | US        |        -2 | NC      | $-100.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Siddhi Acquisition Corp                                  | Siddhi Acquisition Corp                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5759 | NS      | $58453.85     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| BTC DEVELOPMENT CORP                                     | BTC DEVELOPMENT CORP                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       418 | NS      | $4221.80      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST GROUP PLC                                            | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-53.50       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HCM III Acquisition Corp                                 | HCM III Acquisition Corp                                      | CUSIP: 000000000<br>LEI: 529900X6CMNA2LN6C461 | Long             | EC               | CORP              | US        |       209 | NS      | $2154.79      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Aris Water Solutions Inc                                 | Aris Water Solutions Inc                                      | CUSIP: 04041L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3045 | NS      | $75089.70     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| LIVE OAK ACQUISITION CORP-A                              | Live Oak Acquisition Corp V                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       940 | NC      | $394.99       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST EAT TAKEAWAY.COM NV                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $641.62       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                | TRS UNION PACIFIC CORP                                        | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               | CORP              | US        |         1 | NC      | $-1308.37     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ProAssurance Corp                                        | ProAssurance Corp                                             | CUSIP: 74267C106<br>LEI: 54930015E5J57R675E89 | Long             | EC               | CORP              | US        |     17647 | NS      | $423351.53    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| BAIN CAPITAL GSS INVESTMENT CORP                         | BAIN CAPITAL GSS INVESTMENT CORP                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       209 | NS      | $2108.81      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                          | TECK RESOURCES LTD                                            | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DE               | CORP              | US        |       105 | NC      | $315.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST GROUP PLC                                            | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $29.52        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Quartzsea Acquisition Corp                               | Quartzsea Acquisition Corp                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       963 | NS      | $9774.45      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| RF Acquisition Corp II                                   | RF Acquisition Corp II                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |      3299 | NS      | $35200.33     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST EAT TAKEAWAY.COM NV                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $4304.13      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Mr Cooper Group Inc                                      | Mr Cooper Group Inc                                           | CUSIP: 62482R107<br>LEI: 549300KD8C6DPXYC2M26 | Long             | EC               | CORP              | US        |      6666 | NS      | $1405126.14   | 5.72%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS OMNICOM GROUP INC                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-1057.04     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CORNER GROWTH ACQUISITION-A                              | Corner Growth Acquisition Corp                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       895 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST EAT TAKEAWAY.COM NV                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $1284.26      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                          | WARNER BROS DISCOVERY INC                                     | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DE               | CORP              | US        |       -81 | NC      | $-48600.00    | -0.20%            |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST EAT TAKEAWAY.COM NV                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $343.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Churchill Capital Corp IX                                | Churchill Capital Corp IX                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       942 | NS      | $9872.16      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PSYENCE BIOMEDICAL LTD                                   | Psyence Biomedical Ltd                                        | CUSIP: 74449F118<br>LEI: N/A                  | N/A              | DE               | CORP              | CA        |      1097 | NC      | $27.43        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST EAT TAKEAWAY.COM NV                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $1545.88      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                | TRS CHARTER COMMUNICATIONS INC                                | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               | CORP              | US        |         1 | NC      | $-11036.73    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                                 | Permian Resources Operating LLC                               | CUSIP: 27034RAA1<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |     51000 | PA      | $51792.14     | 0.21%             | 2027-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| UY Scuti Acquisition Corp                                | UY Scuti Acquisition Corp                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3005 | NS      | $30711.10     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ZAPP ELECTRIC VEHICLES GROUP                             | Zapp Electric Vehicles Group Ltd                              | CUSIP: 000000000<br>LEI: 984500D6DT79D76DED28 | N/A              | DE               | CORP              | KY        |      2322 | NC      | $12.77        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                | TRS UNION PACIFIC CORP                                        | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               | CORP              | US        |         1 | NC      | $-1272.84     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| STELLAR V CAPITAL CORP-CL A                              | Stellar V Capital Corp                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       863 | NC      | $307.31       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE GLOBAL MARKETS, INC.                                | AIR LEASE CORP                                                | CUSIP: 000000000<br>LEI: 529900RLNSGA90UPEH54 | N/A              | DE               | CORP              | US        |        -9 | NC      | $-427.50      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LAUNCH TWO ACQUISITION- CL A                             | Launch Two Acquisition Corp                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1573 | NC      | $572.73       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS COVESTRO AG                                               | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $472.91       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GSR III Acquisition Corp                                 | GSR III Acquisition Corp                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11799 | NS      | $122237.64    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST GROUP PLC                                            | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $353.82       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Mountain Lake Acquisition Corp                           | Mountain Lake Acquisition Corp                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9926 | NS      | $1985.20      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Digital Acquisition C                           | Republic Digital Acquisition Co                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       642 | NS      | $6728.16      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                | TRS HUNTINGTON BANCSHARES INC/OH                              | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               | CORP              | US        |         1 | NC      | $686.33       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ChampionsGate Acquisition Corp                           | ChampionsGate Acquisition Corp                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       506 | NS      | $5125.78      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Copley Acquisition Corp                                  | Copley Acquisition Corp                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |      8053 | NS      | $81415.83     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| GRAF GLOBAL CORP-CL A                                    | Graf Global Corp                                              | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1202 | NC      | $396.66       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Andretti Acquisition Corp II                             | Andretti Acquisition Corp II                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14176 | NS      | $148422.72    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| 26 CAPITAL ACQUISITION COR-A                             | 26 Capital Acquisition Corp                                   | CUSIP: 90138P118<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       900 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GCI LIBERTY INC                                          | GCI LIBERTY INC ESCROW SHARE                                  | CUSIP: 361ESC049<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1015 | NS      | $126.88       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| FOUNDATION BUILDING M                                    | Foundation Building Materials Inc                             | CUSIP: 350392AA4<br>LEI: 549300ZVE6MONHB01I28 | Long             | DBT              | CORP              | US        |     14000 | PA      | $14190.56     | 0.06%             | 2029-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                | TRS UNION PACIFIC CORP                                        | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               | CORP              | US        |         1 | NC      | $-7205.63     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Pantages Capital Acquisition C                           | Pantages Capital Acquisition Corp                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5037 | NS      | $604.94       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Newbury Street II Acquisition Corp                       | Newbury Street II Acquisition Corp                            | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      2521 | NC      | $582.35       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanesbrands Inc                                          | Hanesbrands Inc                                               | CUSIP: 410345102<br>LEI: GX5LWVWZLL5S4W1L2F20 | Long             | EC               | CORP              | US        |      3860 | NS      | $25437.40     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST EAT TAKEAWAY.COM NV                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $1121.11      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Interpublic Group of Cos Inc/T                           | Interpublic Group of Cos Inc/The                              | CUSIP: 460690100<br>LEI: 5493008IUOJ5VWTRC333 | Long             | EC               | CORP              | US        |     19431 | NS      | $542319.21    | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS OMNICOM GROUP INC                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-1364.50     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ALDEL FINANCIAL II INC                                   | Aldel Financial II Inc                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      3734 | NC      | $1904.71      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | JPY/USD FORWARD                                               | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |         1 | NC      | $1131.76      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Aimei Health Technology Co Ltd                           | Aimei Health Technology Co Ltd                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3362 | NS      | $1008.60      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST EAT TAKEAWAY.COM NV                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $2897.30      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| EVE MOBILITY ACQUISITION C-A                             | EVe Mobility Acquisition Corp                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       934 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| FRONTIER COMMUNICATIONS                                  | Frontier Communications Holdings LLC                          | CUSIP: 35908MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    133384 | PA      | $134787.57    | 0.55%             | 2029-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BRIDGER AEROSPACE GROUP HOLD                             | Bridger Aerospace Group Holdings Inc                          | CUSIP: 96812F110<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       750 | NC      | $60.08        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST GROUP PLC                                            | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-21.90       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DT Cloud Star Acquisition Corp                           | DT Cloud Star Acquisition Corp                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4102 | NS      | $42988.96     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST EAT TAKEAWAY.COM NV                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $143.85       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Cal Redwood Acquisition Corp                             | Cal Redwood Acquisition Corp                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4189 | NS      | $41890.00     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS SPECTRIS PLC                                              | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-43.25       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Dt Cloud Acquisition Corp                                | Dt Cloud Acquisition Corp                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |      1554 | NS      | $217.72       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Kochav Defense Acquisition Cor                           | Kochav Defense Acquisition Corp                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2449 | NS      | $24563.47     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayview Acquisition Corp                                 | Bayview Acquisition Corp                                      | CUSIP: 07323B118<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2923 | NS      | $467.68       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Galata Acquisition Corp II                               | Galata Acquisition Corp II                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1455 | NS      | $14520.90     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST EAT TAKEAWAY.COM NV                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $319.79       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Lightwave Acquisition Corp                               | Lightwave Acquisition Corp                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4131 | NS      | $41475.24     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Crane Harbor Acquisition Corp                            | Crane Harbor Acquisition Corp                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9925 | NS      | $100540.25    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| NMP Acquisition Corp                                     | NMP Acquisition Corp                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4148 | NS      | $41189.64     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Cantor Equity Partners IV Inc                            | Cantor Equity Partners IV Inc                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1659 | NS      | $16905.21     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| IRON HORSE ACQUISITIONS CORP                             | Iron Horse Acquisitions Corp                                  | CUSIP: 462837113<br>LEI: 5493000JDZP9ZR3A1A41 | N/A              | DE               | CORP              | US        |      2326 | NC      | $234.93       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GCI Liberty Inc                                          | GCI Liberty Inc                                               | CUSIP: 36164V602<br>LEI: N/A                  | Short            | EC               | CORP              | US        |       -92 | NS      | $-3455.06     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST GROUP PLC                                            | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $7.54         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Union Pacific Corp                                       | Union Pacific Corp                                            | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Short            | EC               | CORP              | US        |       -82 | NS      | $-19382.34    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                          | TECK RESOURCES LTD                                            | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DE               | CORP              | US        |       -29 | NC      | $-13630.00    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Legato Merger Corp III                                   | Legato Merger Corp III                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5402 | NS      | $58017.48     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Cantaloupe Inc                                           | Cantaloupe Inc                                                | CUSIP: 138103106<br>LEI: 529900O54DBQQVWO9Q85 | Long             | EC               | CORP              | US        |     12155 | NS      | $128478.35    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTURION ACQUISITION CORP                               | Centurion Acquisition Corp                                    | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       626 | NC      | $187.80       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CERO THERAPEUTICS HOLDINGS I                             | CERo Therapeutics Holdings Inc                                | CUSIP: 71902K113<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       859 | NC      | $11.42        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ROMAN DBDR ACQUISITION CORP                              | Roman DBDR Acquisition Corp II                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1705 | NC      | $877.73       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ECHOSTAR CORP                                            | EchoStar Corp                                                 | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    129000 | PA      | $141921.93    | 0.58%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Goldman Sachs Financial Square Treasury Instruments Fund | Goldman Sachs Financial Square Treasury Instruments Fund      | CUSIP: 38142B500<br>LEI: 549300DAH6N80PM31E83 | Long             | STIV             | RF                | US        |   2450000 | NS      | $2450000.00   | 9.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Thayer Ventures Acquisition Co                           | Thayer Ventures Acquisition Corp II                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2090 | NS      | $20962.70     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Silver Pegasus Acquisition Cor                           | Silver Pegasus Acquisition Corp                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2078 | NS      | $20717.66     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS COVESTRO AG                                               | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $166.96       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST EAT TAKEAWAY.COM NV                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $332.31       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| A SPAC III Acquisition Corp                              | A SPAC III Acquisition Corp                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |      2621 | NS      | $27127.35     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST EAT TAKEAWAY.COM NV                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $121.90       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AKOUOS INC                                               | AKOUOS INC                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4144 | NS      | $3108.00      | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Centurion Acquisition Corp                               | Centurion Acquisition Corp                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8127 | NS      | $85739.85     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Kellanova                                                | Kellanova                                                     | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | EC               | CORP              | US        |       745 | NS      | $61104.90     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Jackson Acquisition Co II                                | Jackson Acquisition Co II                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10834 | NS      | $112456.92    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ACROPOLIS INFRASTRUCTURE CVR                             | ACROPOLIS INFRASTRUCTURE CVR                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3967 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| EGH Acquisition Corp                                     | EGH Acquisition Corp                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2094 | NS      | $20981.88     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                | TRS PALO ALTO NETWORKS INC                                    | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               | CORP              | US        |         1 | NC      | $-2649.05     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Oyster Enterprises II Acquisit                           | Oyster Enterprises II Acquisition Corp                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6925 | NS      | $69250.00     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                          | SPDR S&P 500 ETF TRUST                                        | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DE               | CORP              | US        |        -7 | NC      | $-10766.00    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| MOVELLA HOLDINGS INC                                     | Movella Holdings Inc                                          | CUSIP: 62459N113<br>LEI: 549300MY5MYSR79R7L50 | N/A              | DE               | CORP              | US        |      1062 | NC      | $0.11         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| K&F Growth Acquisition Corp II                           | K&F Growth Acquisition Corp II                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2148 | NS      | $279.45       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Archimedes Tech SPAC Partners                            | Archimedes Tech SPAC Partners II Co                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7098 | NS      | $72470.58     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                | TRS UNION PACIFIC CORP                                        | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               | CORP              | US        |         1 | NC      | $-270.27      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST GROUP PLC                                            | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-31.11       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS OMNICOM GROUP INC                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-527.88      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Horizon Space Acquisition I Co                           | Horizon Space Acquisition I Corp                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8221 | NS      | $101282.72    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS COVESTRO AG                                               | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-56.10       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Thayer Ventures Acquisition Co                           | Thayer Ventures Acquisition Corp II                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2371 | NS      | $24184.20     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Cayson Acquisition Corp                                  | Cayson Acquisition Corp                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1811 | NS      | $18943.06     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Chenghe Acquisition III Co                               | Chenghe Acquisition III Co                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |      2288 | NS      | $22834.24     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Chart Industries Inc                                     | Chart Industries Inc                                          | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |      5058 | NS      | $1012358.70   | 4.12%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS OMNICOM GROUP INC                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-2921.30     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS WESTERN MIDSTREAM PARTNERS LP                             | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-676.83      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Blue Water Acquisition Corp II                           | Blue Water Acquisition Corp III                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3946 | NS      | $39302.16     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLETE Inc                                               | ALLETE Inc                                                    | CUSIP: 018522300<br>LEI: 549300NNLSIMY6Z8OT86 | Long             | EC               | CORP              | US        |       728 | NS      | $48339.20     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CARTESIAN GROWTH CORP II- A                              | CARTESIAN GROWTH CORP II                                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       873 | NC      | $104.76       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc                                      | Electronic Arts Inc                                           | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |      1100 | NS      | $221870.00    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS OMNICOM GROUP INC                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-2679.99     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                          | ELECTRONIC ARTS INC                                           | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DE               | CORP              | US        |        -2 | NC      | $-540.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA, NATIONAL ASSOCIATION                    | TRS BRISTOL-MYERS SQUIBB CO                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               | CORP              | US        |         1 | NC      | $4493.12      | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS OMNICOM GROUP INC                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $5961.26      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Vendome Acquisition Corp I                               | Vendome Acquisition Corp I                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4271 | NS      | $42411.03     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| TEGNA Inc                                                | TEGNA Inc                                                     | CUSIP: 87901J105<br>LEI: 549300YC5EDBGX85AO10 | Long             | EC               | CORP              | US        |     10801 | NS      | $219584.33    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| FACT II ACQUISITION CORP                                 | Fact II Acquisition Corp                                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      2755 | NC      | $771.40       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SHELF DRILL HOLD LTD                                     | Shelf Drilling Holdings Ltd                                   | CUSIP: 822538AH7<br>LEI: 54930078ZJ3XP4MRYB68 | Long             | DBT              | CORP              | KY        |    226000 | PA      | $236170.00    | 0.96%             | 2029-04-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS SPECTRIS PLC                                              | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $194.80       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST EAT TAKEAWAY.COM NV                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $1478.98      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS COVESTRO AG                                               | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-542.19      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BERTO ACQUISITION CORP                                   | BERTO ACQUISITION CORP                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       642 | NS      | $6862.98      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| FIGX Capital Acquisition Corp                            | FIGX Capital Acquisition Corp                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1019 | NS      | $10179.81     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ALTENERGY ACQUISITION CORP-A                             | AltEnergy Acquisition Corp                                    | CUSIP: 02157M116<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       800 | NC      | $25.44        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Cantor Equity Partners III Inc                           | Cantor Equity Partners III Inc                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       419 | NS      | $4324.08      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearwater Analytics Holdings                            | Clearwater Analytics Holdings Inc                             | CUSIP: 185123106<br>LEI: N/A                  | Short            | EC               | CORP              | US        |      -600 | NS      | $-10812.00    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Vine Hill Capital Investment C                           | Vine Hill Capital Investment Corp                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4503 | NS      | $48227.13     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontier Communications Parent                           | Frontier Communications Parent Inc                            | CUSIP: 35909D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27909 | NS      | $1042401.15   | 4.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumen Technologies, Inc.                                 | LUMEN TECHNOLOGIES INC                                        | CUSIP: 55024EAG0<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | LON              | CORP              | US        |    493390 | PA      | $489758.54    | 1.99%             | 2030-04-15      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                | TRS UNION PACIFIC CORP                                        | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               | CORP              | US        |         1 | NC      | $-348.18      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| New Providence Acquisition Cor                           | New Providence Acquisition Corp III                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10916 | NS      | $112216.48    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST EAT TAKEAWAY.COM NV                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $1974.14      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Gildan Activewear Inc                                    | Gildan Activewear Inc                                         | CUSIP: 375916103<br>LEI: 549300SB3IBI34M00Z45 | Short            | EC               | CORP              | CA        |      -394 | NS      | $-22773.20    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                | TRS UNION PACIFIC CORP                                        | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               | CORP              | US        |         1 | NC      | $-1328.07     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS KELLANOVA                                                 | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $13128.19     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Commscope Inc                                            | COMMSCOPE LLC                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    216000 | PA      | $218430.00    | 0.89%             | 2029-12-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                | TRS ANGLO AMERICAN PLC                                        | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               | CORP              | US        |         1 | NC      | $-968.04      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS SPECTRIS PLC                                              | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $18.54        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                | TRS UNION PACIFIC CORP                                        | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               | CORP              | US        |         1 | NC      | $-1338.03     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST EAT TAKEAWAY.COM NV                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $1244.35      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CSLM Digital Asset Acquisition                           | CSLM Digital Asset Acquisition Corp III Ltd                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3325 | NS      | $33582.50     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Oxley Bridge Acquisition Ltd                             | Oxley Bridge Acquisition Ltd                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      3642 | NS      | $36201.48     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONSTAR MTG HLD INC                                   | Nationstar Mortgage Holdings Inc                              | CUSIP: 63861CAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    215000 | PA      | $216892.00    | 0.88%             | 2030-12-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ZEO ENERGY CORP                                          | Zeo Energy Corp                                               | CUSIP: 98944F117<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       936 | NC      | $51.39        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Axiom Intelligence Acquisition                           | Axiom Intelligence Acquisition Corp 1                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |      4154 | NS      | $41332.30     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE GLOBAL MARKETS, INC.                                | WESTERN MIDSTREAM PARTNERS LP                                 | CUSIP: 000000000<br>LEI: 529900RLNSGA90UPEH54 | N/A              | DE               | CORP              | US        |        -1 | NC      | $-21.00       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Rising Dragon Acquisition Corp                           | Rising Dragon Acquisition Corp                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      4842 | NS      | $50453.64     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST EAT TAKEAWAY.COM NV                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $1810.39      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| INHIBRX INC                                              | INHIBRX INC                                                   | CUSIP: 457CVR017<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2449 | NS      | $2755.13      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| XBP EUROPE HOLDINGS INC                                  | XBP Europe Holdings Inc                                       | CUSIP: 98400V119<br>LEI: 984500BE0P94C4CD8C71 | N/A              | DE               | CORP              | US        |       757 | NC      | $30.28        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| McKinley Acquisition Corp                                | McKinley Acquisition Corp                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       832 | NS      | $8311.68      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                          | ELECTRONIC ARTS INC                                           | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DE               | CORP              | US        |        -1 | NC      | $-270.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Gores Holdings X Inc                                     | Gores Holdings X Inc                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4367 | NS      | $45067.44     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS COVESTRO AG                                               | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $1252.08      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS BOEING CO/THE                                             | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $5230.69      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Teck Resources Ltd                                       | Teck Resources Ltd                                            | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |     15827 | NS      | $694647.03    | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications Inc                               | Charter Communications Inc                                    | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Short            | EC               | CORP              | US        |      -518 | NS      | $-142504.39   | -0.58%            |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST EAT TAKEAWAY.COM NV                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $913.87       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS ROCKET COS INC                                            | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-14719.41    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Warner Bros Discovery Inc                                | Warner Bros Discovery Inc                                     | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |      8100 | NS      | $158193.00    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Gesher Acquisition Corp II                               | Gesher Acquisition Corp II                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2082 | NS      | $21132.30     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMSCOPE LLC                                            | CommScope LLC                                                 | CUSIP: 20338MAA0<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |     46000 | PA      | $47614.65     | 0.19%             | 2031-12-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                | TRS ROCKET COS INC                                            | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               | CORP              | US        |         1 | NC      | $-2676.31     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ECARX HOLDINGS INC-CL A                                  | ECARX Holdings Inc                                            | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | CN        |      1150 | NC      | $59.92        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Sizzle Acquisition Corp II                               | Sizzle Acquisition Corp II                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9423 | NS      | $1601.91      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UY Scuti Acquisition Corp                                | UY Scuti Acquisition Corp                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3005 | NS      | $601.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| YHN Acquisition I Ltd                                    | YHN Acquisition I Ltd                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |      4979 | NS      | $52030.55     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Voyager Acquisition Corp                                 | Voyager Acquisition Corp                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15231 | NS      | $159316.26    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| A Paradise Acquisition Corp                              | A Paradise Acquisition Corp                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |      2433 | NS      | $24086.70     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Lakeshore Acquisition III Corp                           | Lakeshore Acquisition III Corp                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3704 | NS      | $740.80       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | JPY/USD FORWARD                                               | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-145.51      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Emmis Acquisition Corp                                   | Emmis Acquisition Corp                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1461 | NS      | $14580.78     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST EAT TAKEAWAY.COM NV                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $704.77       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                               | USD/CAD FORWARD                                               | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DFE              | CORP              | US        |         1 | NC      | $6021.06      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS HUNTINGTON BANCSHARES INC                                 | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-3008.57     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Fifth Era Acquisition Corp I                             | Fifth Era Acquisition Corp I                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |       717 | NS      | $7284.72      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| FutureCrest Acquisition Corp                             | FutureCrest Acquisition Corp                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        83 | NS      | $879.80       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Cantor Equity Partners I Inc                             | Cantor Equity Partners I Inc                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1059 | NS      | $11077.14     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Acquisition Corp                                    | Blue Acquisition Corp                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1673 | NS      | $16964.22     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Altaba Inc Escrow                                        | Altaba Inc Escrow                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    348047 | NS      | $469863.45    | 1.91%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                          | ELECTRONIC ARTS INC                                           | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DE               | CORP              | US        |        -2 | NC      | $-140.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Tavia Acquisition Corp                                   | Tavia Acquisition Corp                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |      8747 | NS      | $90531.45     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS COVESTRO AG                                               | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $11612.15     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Armada Acquisition Corp II                               | Armada Acquisition Corp II                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5305 | NS      | $55384.20     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS OMNICOM GROUP INC                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-2168.77     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Perimeter Acquisition Corp I                             | Perimeter Acquisition Corp I                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1272 | NS      | $13356.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST EAT TAKEAWAY.COM NV                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $622.34       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IB Acquisition Corp                                      | IB Acquisition Corp                                           | CUSIP: 44934N116<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4303 | NS      | $344.24       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Armada Acquisition Corp II                               | Armada Acquisition Corp II                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4832 | NS      | $50252.80     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS COVESTRO AG                                               | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-294.42      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ProCap Acquisition Corp                                  | ProCap Acquisition Corp                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       581 | NS      | $6152.79      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Wen Acquisition Corp                                     | Wen Acquisition Corp                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       432 | NS      | $4376.16      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | USD/EUR FORWARD                                               | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-1784.86     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS SPECTRIS PLC                                              | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $646.10       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | GBP/USD FORWARD                                               | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |         1 | NC      | $3982.57      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS MR COOPER GROUP INC                                       | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $15485.94     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| NEWBURY STREET ACQUISITION C                             | Newbury Street Acquisition Corp                               | CUSIP: 65101L112<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       419 | NC      | $0.04         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Rocket Cos Inc                                           | Rocket Cos Inc                                                | CUSIP: 77311W101<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -70644 | NS      | $-1369074.45  | -5.58%            |  |  |  | No            |                  1 | On Loan: No      |
| CyberArk Software Ltd                                    | CyberArk Software Ltd                                         | CUSIP: 000000000<br>LEI: 529900YEXNDM894PWS93 | Long             | EC               | CORP              | IL        |      1867 | NS      | $902041.05    | 3.67%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMSCOPE LLC                                            | CommScope LLC                                                 | CUSIP: 203372AV9<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50183.75     | 0.20%             | 2028-07-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| AA Mission Acquisition Corp                              | AA Mission Acquisition Corp                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33255 | NS      | $349842.60    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| TaskUS Inc                                               | TaskUS Inc                                                    | CUSIP: 87652V109<br>LEI: 549300VFPOK2Y6GLWE32 | Long             | EC               | CORP              | US        |      3422 | NS      | $61082.70     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Ai Transportation Acquisition                            | Ai Transportation Acquisition Corp                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3701 | NS      | $40711.00     | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | EUR/USD FORWARD                                               | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-9573.88     | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| DYE & DURHAM LIMITED                                     | Dye & Durham Ltd                                              | CUSIP: 267488AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    732000 | PA      | $521765.83    | 2.13%             | 2026-03-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CARTESIAN GROWTH CORP III                                | CARTESIAN GROWTH CORP III                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4238 | NS      | $43100.46     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST GROUP PLC                                            | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $323.49       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| A Paradise Acquisition Corp                              | A Paradise Acquisition Corp                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |       838 | NS      | $8363.24      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Agriculture & Natural Solution                           | Agriculture & Natural Solutions Acquisition Corp              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31287 | NS      | $341654.04    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Fact II Acquisition Corp                                 | Fact II Acquisition Corp                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13333 | NS      | $137329.90    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| ANDRETTI ACQUISITION CORP -A                             | Andretti Acquisition Corp II                                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      2573 | NC      | $514.60       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS SPECTRIS PLC                                              | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-120.73      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | TRS JUST EAT TAKEAWAY.COM NV                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $403.05       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-26

**Name of Applicant:** Merger Fund VL

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer