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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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                <identifiers>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Arch Resources Inc</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Heartland Financial USA Inc</name>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
        <title>TRS HARGREAVES LANSDOWN PLC</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <name>ECARX HOLDINGS INC-CL A</name>
        <lei>N/A</lei>
        <title>ECARX Holdings Inc</title>
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          <isin value="KYG292011114"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
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        <fairValLevel>1</fairValLevel>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
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                <issuerName>ECARX Holdings Inc</issuerName>
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        <name>PERMIAN RESOURC OPTG LLC</name>
        <lei>5493004CTVUMQLRPOE23</lei>
        <title>Permian Resources Operating LLC</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
        <title>TRS HESS CORP</title>
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          <other otherDesc="INTERNAL" value="TMF_42809H107-TRS4_1"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
        <title>TRS SHINKO ELECTRIC INDUSTRIES CO LTD</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</name>
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      <invstOrSec>
        <name>Arcadium Lithium PLC</name>
        <lei>5299008YH4W6QL5DPN51</lei>
        <title>Arcadium Lithium PLC</title>
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      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
        <title>TRS HARGREAVES LANSDOWN PLC</title>
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                <identifiers>
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        <fairValLevel>1</fairValLevel>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
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        <assetCat>DE</assetCat>
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                <identifiers>
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      <invstOrSec>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</name>
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        <title>TRS DS SMITH PLC</title>
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      <invstOrSec>
        <name>INTERCONTINENTAL EXCHANGE, INC.</name>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
        <title>TRS SHINKO ELECTRIC INDUSTRIES CO LTD</title>
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        <name>MOVELLA HOLDINGS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</name>
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      <invstOrSec>
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                <identifiers>
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        <name>ClimateRock</name>
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        <name>BRISTOL-MYERS SQUIBB CO</name>
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      <invstOrSec>
        <name>ZAPP ELECTRIC VEHICLES GROUP</name>
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        <name>Centurion Acquisition Corp</name>
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        <name>WHOLE EARTH BRANDS INC</name>
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            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-01-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>2767.03000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LEDDARTECH HOLDINGS INC</name>
        <lei>N/A</lei>
        <title>LeddarTech Holdings Inc</title>
        <cusip>52328E113</cusip>
        <identifiers>
          <isin value="CA52328E1135"/>
          <ticker value="LDTCW"/>
        </identifiers>
        <balance>155088.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>15508.80000000</valUSD>
        <pctVal>0.000668790158</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
            <counterparties>
              <counterpartyName>LEDDARTECH HOLDINGS INC</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>LeddarTech Holdings Inc</issuerName>
                <issueTitle>LEDDARTECH HOLDINGS INC</issueTitle>
                <identifiers>
                  <cusip value="52328E105"/>
                  <isin value="CA52328E1051"/>
                  <ticker value="LDTC"/>
                  <other otherDesc="SEDOL" value="BSKPBN0"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>11.50000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2028-12-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-214591.21000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Spark I Acquisition Corp</name>
        <lei>N/A</lei>
        <title>Spark I Acquisition Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG8316B1005"/>
          <ticker value="SPKL"/>
          <other otherDesc="SEDOL" value="BP6JLM4"/>
        </identifiers>
        <balance>381965.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4064107.60000000</valUSD>
        <pctVal>0.175257606482</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SIM Acquisition Corp I</name>
        <lei>N/A</lei>
        <title>SIM Acquisition Corp I</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG8431T1278"/>
          <ticker value="SIMAU"/>
          <other otherDesc="SEDOL" value="BPLQD91"/>
        </identifiers>
        <balance>294608.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2969648.64000000</valUSD>
        <pctVal>0.128060958016</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Smartsheet Inc</name>
        <lei>549300N9WF42OK9VL589</lei>
        <title>Smartsheet Inc</title>
        <cusip>83200N103</cusip>
        <identifiers>
          <isin value="US83200N1037"/>
          <ticker value="SMAR"/>
        </identifiers>
        <balance>785102.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>43989265.06000000</valUSD>
        <pctVal>1.896960923310</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INHIBRX INC</name>
        <lei>N/A</lei>
        <title>INHIBRX INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="INBX"/>
          <other otherDesc="INTERNAL" value="457CVR017"/>
        </identifiers>
        <balance>198509.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>223322.63000000</valUSD>
        <pctVal>0.009630401913</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Comcast Corp</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>Comcast Corp</title>
        <cusip>20030N101</cusip>
        <identifiers>
          <isin value="US20030N1019"/>
          <ticker value="CMCSA"/>
        </identifiers>
        <balance>304200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11416626.00000000</valUSD>
        <pctVal>0.492322237448</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TEVOGEN BIO HOLDINGS INC</name>
        <lei>549300AC21G4NBK9D322</lei>
        <title>Tevogen Bio Holdings Inc</title>
        <cusip>88165K119</cusip>
        <identifiers>
          <isin value="US88165K1198"/>
          <ticker value="TVGNW"/>
        </identifiers>
        <balance>83731.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>4521.47000000</valUSD>
        <pctVal>0.000194980568</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
            <counterparties>
              <counterpartyName>TEVOGEN BIO HOLDINGS INC</counterpartyName>
              <counterpartyLei>549300AC21G4NBK9D322</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Tevogen Bio Holdings Inc</issuerName>
                <issueTitle>TEVOGEN BIO HOLDINGS INC</issueTitle>
                <identifiers>
                  <cusip value="88165K101"/>
                  <isin value="US88165K1016"/>
                  <ticker value="TVGN"/>
                  <other otherDesc="SEDOL" value="BPG5P75"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>11.50000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-11-04</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>2299.25000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
        <title>TRS SHINKO ELECTRIC INDUSTRIES CO LTD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="TMF_6804927 JP-TRS4_8"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-73903.86000000</valUSD>
        <pctVal>-0.00318697605</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>GOLDMAN SACHS &amp; CO. LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Shinko Electric Industries Co</issuerName>
                <issueTitle>Shinko Electric Industries Co Ltd</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <isin value="JP3375800004"/>
                  <ticker value="6967"/>
                  <other otherDesc="SEDOL" value="6804927"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="N/A" curCd="USD" fixedOrFloating="Fixed" fixedRt="4.94000000"/>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="OVERNIGHT BANK FUNDING RATE" floatingRtSpread="0.00000000" pmntAmt="-1226409.07000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
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            </floatingPmntDesc>
            <terminationDt>2025-03-10</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>1226409.07000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-73903.86000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
        <title>TRS SCHLUMBERGER NV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="TMF_806857108-TRS4_2"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>2757170.20000000</valUSD>
        <pctVal>0.118898193029</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>GOLDMAN SACHS &amp; CO. LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Schlumberger NV</issuerName>
                <issueTitle>Schlumberger NV</issueTitle>
                <identifiers>
                  <cusip value="806857108"/>
                  <isin value="AN8068571086"/>
                  <ticker value="SLB"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="OVERNIGHT BANK FUNDING RATE" floatingRtSpread="0.00000000" pmntAmt="14427253.92000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="N/A" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.98000000"/>
            <terminationDt>2025-06-02</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-14427253.92000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>2757170.20000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-02-28</ncom:dateSigned>
      <ncom:nameOfApplicant>Merger Fund</ncom:nameOfApplicant>
      <ncom:signature>Amy Hackett</ncom:signature>
      <ncom:signerName>Amy Hackett</ncom:signerName>
      <ncom:title>Vice President and Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
