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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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                <identifiers>
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        <name>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</name>
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      </invstOrSec>
      <invstOrSec>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <name>Tavia Acquisition Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Haymaker Acquisition Corp 4</name>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <name>Beacon Roofing Supply Inc</name>
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        <name>ClimateRock</name>
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        <name>Fact II Acquisition Corp</name>
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        <name>Virtus Westchester Event-Driven Fund</name>
        <lei>5493008NZHHNV9ZXUR38</lei>
        <title>Virtus Westchester Event-Driven Fund</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Bukit Jalil Global Acquisition</name>
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        <name>H&amp;E Equipment Services Inc</name>
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        <name>TARGET GLOBAL ACQUISITION -A</name>
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        <name>Frontier Communications Parent</name>
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        <name>ALCHEMY INVESTMENTS ACQUISIT</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Cayson Acquisition Corp</name>
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      <invstOrSec>
        <name>BRISTOL-MYERS SQUIBB CO</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Capital One Financial Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Enfusion Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Silverbox Corp IV</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Rising Dragon Acquisition Corp</name>
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        <invCountry>CN</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>J.P. MORGAN SECURITIES LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BUZZFEED INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Cantor Equity Partners I Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>TRIUMPH GROUP INC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FACT II ACQUISITION CORP</name>
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          <other otherDesc="SEDOL" value="BS5ZZJ9"/>
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        <name>ISRAEL ACQUISITIONS CORP-A</name>
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      <invstOrSec>
        <name>Archimedes Tech SPAC Partners</name>
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        <name>Plum Acquisition Corp IV</name>
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        <name>Kellanova</name>
        <lei>LONOZNOJYIBXOHXWDB86</lei>
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      <invstOrSec>
        <name>Cayson Acquisition Corp</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Aldel Financial II Inc</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CO2 Energy Transition Corp</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ACROPOLIS INFRASTRUCTURE CVR</name>
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          <other otherDesc="INTERNAL" value="005ESC017"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>CI Financial Corp</name>
        <lei>549300M9W7JJQSVCEM78</lei>
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          <other otherDesc="SEDOL" value="B3KT0S5"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SILVERBOX CORP IV-A</name>
        <lei>N/A</lei>
        <title>Silverbox Corp IV</title>
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        <fairValLevel>1</fairValLevel>
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            <putOrCall>Call</putOrCall>
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      <invstOrSec>
        <name>Aifeex Nexus Acquisition Corp</name>
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          <isin value="KYG8089R1002"/>
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        <fairValLevel>1</fairValLevel>
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        <name>VOLATO GROUP INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GP-Act III Acquisition Corp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Centurion Acquisition Corp</name>
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        <title>Centurion Acquisition Corp</title>
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          <ticker value="ALF"/>
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        <fairValLevel>1</fairValLevel>
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        <name>AZEK Co Inc/The</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
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        <name>Evergreen Corp</name>
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        <name>WHOLE EARTH BRANDS INC</name>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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      <invstOrSec>
        <name>Gesher Acquisition Corp II</name>
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        <name>ChampionX Corp</name>
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        <name>Nabors Energy Transition Corp</name>
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        <name>Agriculture &amp; Natural Solution</name>
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        <name>SK Growth Opportunities Corp</name>
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        <name>Launch Two Acquisition Corp</name>
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        <name>SIM Acquisition Corp I</name>
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        <name>Goldman Sachs Financial Square Funds - Treasury Instruments Fund</name>
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        <name>DREYFUS GOVERNMENT CASH MANAGE</name>
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        <name>ZAPP ELECTRIC VEHICLES GROUP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TEVOGEN BIO HOLDINGS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>INFINERA CORP</name>
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        <name>GSR III Acquisition Corp</name>
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        <name>Brookline Bancorp Inc</name>
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        <name>Liberty Broadband Corp</name>
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        <name>AKOUOS INC</name>
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        <name>J.P. MORGAN SECURITIES LLC</name>
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        <name>DUN &amp; BRADSTREET CORP</name>
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        <name>Patterson Cos Inc</name>
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        <name>James Hardie Industries PLC</name>
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        <name>ProAssurance Corp</name>
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        <name>United States Steel Corp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BEACON ROOFING SUPPLY IN</name>
        <lei>549300HDXQWWCBOYXP31</lei>
        <title>Beacon Roofing Supply Inc</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ALTENERGY ACQUISITION CORP-A</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>H&amp;E EQUIPMENT SERVICES</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>INTERCONTINENTAL EXCHANGE, INC.</name>
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          <ticker value="ALTM 4 P4"/>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <name>PLUM ACQUISITION CORP III</name>
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        <name>Future Vision II Acquisition C</name>
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        <name>Spark I Acquisition Corp</name>
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        <name>Vine Hill Capital Investment C</name>
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        <name>IB Acquisition Corp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Patria Latin American Opportun</name>
        <lei>N/A</lei>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>First Bancshares Inc/The</name>
        <lei>5493006DL5RXJODMAF36</lei>
        <title>First Bancshares Inc/The</title>
        <cusip>318916103</cusip>
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          <isin value="US3189161033"/>
          <ticker value="FBMS"/>
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        <balance>468596.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15843230.76000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CASTLELAKE AVIATION FIN</name>
        <lei>2138006F7SMD1COVC345</lei>
        <title>Castlelake Aviation Finance DAC</title>
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          <isin value="US14856HAA68"/>
          <other otherDesc="SEDOL" value="BMV3PB7"/>
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        <balance>6116000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Iron Horse Acquisitions Corp</name>
        <lei>5493000JDZP9ZR3A1A41</lei>
        <title>Iron Horse Acquisitions Corp</title>
        <cusip>462837105</cusip>
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          <isin value="US4628371050"/>
          <ticker value="IROH"/>
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        <balance>187379.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Global Lights Acquisition Corp</name>
        <lei>N/A</lei>
        <title>Global Lights Acquisition Corp</title>
        <cusip>000000000</cusip>
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          <isin value="KYG3937F1191"/>
          <ticker value="GLACR"/>
          <other otherDesc="SEDOL" value="BQQ8537"/>
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        <balance>140267.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>30886.79000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>CN</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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          <other otherDesc="INTERNAL" value="TMF_BZ6VT82-TRS4_3"/>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>GOLDMAN SACHS &amp; CO. LLC</counterpartyName>
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              <otherRefInst>
                <issuerName>Charter Communications Inc</issuerName>
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                  <ticker value="CHTR"/>
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              </otherRefInst>
            </descRefInstrmnt>
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      </invstOrSec>
      <invstOrSec>
        <name>LEDDARTECH HOLDINGS INC</name>
        <lei>N/A</lei>
        <title>LeddarTech Holdings Inc</title>
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          <isin value="CA52328E1135"/>
          <ticker value="LDTCW"/>
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        <balance>155088.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DE</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="WAR">
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              <counterpartyName>LEDDARTECH HOLDINGS INC</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
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                <issuerName>LeddarTech Holdings Inc</issuerName>
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                  <other otherDesc="SEDOL" value="BSKPBN0"/>
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            <unrealizedAppr>-222097.47000000</unrealizedAppr>
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      <invstOrSec>
        <name>Everi Holdings Inc</name>
        <lei>5299006DK5S7BG10K532</lei>
        <title>Everi Holdings Inc</title>
        <cusip>30034T103</cusip>
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          <isin value="US30034T1034"/>
          <ticker value="EVRI"/>
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        <curCd>USD</curCd>
        <valUSD>21120970.20000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>IB Acquisition Corp</name>
        <lei>N/A</lei>
        <title>IB Acquisition Corp</title>
        <cusip>44934N108</cusip>
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          <isin value="US44934N1081"/>
          <ticker value="IBAC"/>
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        <balance>344716.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3550574.80000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Endeavor Group Holdings Inc</name>
        <lei>N/A</lei>
        <title>Endeavor Group Holdings Inc</title>
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          <isin value="US29260Y1091"/>
          <ticker value="EDR"/>
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        <curCd>USD</curCd>
        <valUSD>143532892.64000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Mountain Lake Acquisition Corp</name>
        <lei>N/A</lei>
        <title>Mountain Lake Acquisition Corp</title>
        <cusip>000000000</cusip>
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          <isin value="KYG6301B1196"/>
          <ticker value="MLACU"/>
          <other otherDesc="SEDOL" value="BR4Z247"/>
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        <balance>712783.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7363048.39000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Stellar V Capital Corp</name>
        <lei>N/A</lei>
        <title>Stellar V Capital Corp</title>
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          <isin value="KYG8475V1297"/>
          <ticker value="SVCCU"/>
          <other otherDesc="SEDOL" value="BP94289"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>IRON HORSE ACQUISITIONS CORP</name>
        <lei>5493000JDZP9ZR3A1A41</lei>
        <title>Iron Horse Acquisitions Corp</title>
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          <isin value="US4628371134"/>
          <ticker value="IROHW"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Black Hawk Acquisition Corp</name>
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        <name>Gamehaus Holdings Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ECARX HOLDINGS INC-CL A</name>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Altaba Inc Escrow</name>
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        <fairValLevel>2</fairValLevel>
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        <name>EVERI HOLDINGS INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NEWBURY STREET ACQUISITION C</name>
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          <isin value="US65101L1127"/>
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        <fairValLevel>2</fairValLevel>
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        <name>PYROPHYTE ACQUISITION CORP-A</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ALLURION TECHNOLOGIES INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>GCI LIBERTY INC</name>
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          <other otherDesc="INTERNAL" value="361ESC049"/>
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        <fairValLevel>3</fairValLevel>
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        <name>ILEARNINGENGINES INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <name>Discover Financial Services</name>
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        <name>Hess Corp</name>
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        <name>PERMIAN RESOURC OPTG LLC</name>
        <lei>5493004CTVUMQLRPOE23</lei>
        <title>Permian Resources Operating LLC</title>
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        <name>Willow Lane Acquisition Corp</name>
        <lei>254900Z85UYRON5ZBZ90</lei>
        <title>Willow Lane Acquisition Corp</title>
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          <ticker value="WLAC"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Maywood Acquisition Corp</name>
        <lei>N/A</lei>
        <title>Maywood Acquisition Corp</title>
        <cusip>000000000</cusip>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Berry Global Group Inc</name>
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          <ticker value="BERY"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CARTESIAN GROWTH CORP II- A</name>
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          <other otherDesc="SEDOL" value="BLDCJ57"/>
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        <balance>69832.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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            <putOrCall>Call</putOrCall>
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      <invstOrSec>
        <name>ZEO ENERGY CORP</name>
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      <invstOrSec>
        <name>Omnicom Group Inc</name>
        <lei>HKUPACFHSSASQK8HLS17</lei>
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      <invstOrSec>
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        <name>Interpublic Group of Cos Inc/T</name>
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        <name>GOAL ACQUISITIONS CORP</name>
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        <name>BIG RIVER STEEL/BRS FIN</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>Nokia Oyj</name>
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        <name>BEACON ROOFING SUPPLY IN</name>
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            <putOrCall>Call</putOrCall>
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      <invstOrSec>
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        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Chenghe Acquisition II Co</name>
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        <invCountry>SG</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
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          <isin value="VGG0544A1030"/>
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        <invCountry>HK</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Dynamix Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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            <putOrCall>Call</putOrCall>
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      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Gen Digital Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GigCapital7 Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MOBIUS MERGER SUB</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Keen Vision Acquisition Corp</name>
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        <balance>70000.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Pactiv Evergreen Inc</name>
        <lei>894500GNKGJRUSH1F791</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>AA Mission Acquisition Corp</name>
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        <name>KRONOS ACQUISITION HOLDI</name>
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        <name>BUKIT JALIL GLOBAL ACQUISITI</name>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ASSUREDPARTNERS INC</name>
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        <fairValLevel>2</fairValLevel>
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          <other otherDesc="INTERNAL" value="715ESC018"/>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>EQV Ventures Acquisition Corp</name>
        <lei>N/A</lei>
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          <isin value="KYG3106N1097"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Direct Selling Acquisition Cor</name>
        <lei>N/A</lei>
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        <cusip>25460L103</cusip>
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          <isin value="US25460L1035"/>
          <ticker value="DSAQ"/>
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        <balance>213853.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>26 CAPITAL ACQUISITION COR-A</name>
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          <isin value="US90138P1185"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Dt Cloud Acquisition Corp</name>
        <lei>N/A</lei>
        <title>Dt Cloud Acquisition Corp</title>
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          <isin value="KYG285241173"/>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Jackson Acquisition Co II</name>
        <lei>N/A</lei>
        <title>Jackson Acquisition Co II</title>
        <cusip>000000000</cusip>
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        <balance>781676.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>EVE MOBILITY ACQUISITION C-A</name>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>ASSUREDPARTNERS INC</name>
        <lei>549300HNDSDQWQ3L2P80</lei>
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          <isin value="US04624VAB53"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <name>Horizon Space Acquisition I Co</name>
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        <name>HORIZON SPACE ACQUISITION II C</name>
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      <invstOrSec>
        <name>Churchill Capital Corp IX</name>
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      <invstOrSec>
        <name>GSR III Acquisition Corp</name>
        <lei>N/A</lei>
        <title>GSR III Acquisition Corp</title>
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          <ticker value="GSRT"/>
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        <balance>1267994.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</name>
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                  <cusip value="04911A107"/>
                  <isin value="US04911A1079"/>
                  <ticker value="AUB"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="OVERNIGHT BANK FUNDING RATE" floatingRtSpread="0.00000000" pmntAmt="2894.43000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="N/A" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.98000000"/>
            <terminationDt>2025-11-25</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-2894.43000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>500.49000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
        <title>TRS AMCOR PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="TMF_BJ1F307-TRS4_7"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>230227.05000000</valUSD>
        <pctVal>0.009882086892</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>Amcor PLC</issuerName>
                <issueTitle>Amcor PLC</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <isin value="JE00BJ1F3079"/>
                  <ticker value="AMCR"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="OVERNIGHT BANK FUNDING RATE" floatingRtSpread="0.00000000" pmntAmt="6368212.65000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="N/A" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.98000000"/>
            <terminationDt>2025-12-23</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-6368212.65000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>230227.05000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
        <title>TRS BBGI GLOBAL INFRASTRUCTURE</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="TMF_B6QWXM4 LU-TRS4_2"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>10344.52000000</valUSD>
        <pctVal>0.000444020133</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>BBGI GLOBAL INFRASTRUCTURE SA</issuerName>
                <issueTitle>BBGI GLOBAL INFRASTRUCTURE SA</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <isin value="LU0686550053"/>
                  <ticker value="BBGI"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="N/A" curCd="USD" fixedOrFloating="Fixed" fixedRt="5.18000000"/>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="OVERNIGHT BANK FUNDING RATE" floatingRtSpread="0.00000000" pmntAmt="-1245832.89000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2026-04-07</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>1245832.89000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>10344.52000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
        <title>TRS AMCOR PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="TMF_BJ1F307-TRS4_6"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-5064.79000000</valUSD>
        <pctVal>-0.00021739710</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>Amcor PLC</issuerName>
                <issueTitle>Amcor PLC</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <isin value="JE00BJ1F3079"/>
                  <ticker value="AMCR"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="OVERNIGHT BANK FUNDING RATE" floatingRtSpread="0.00000000" pmntAmt="288084.72000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="N/A" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.98000000"/>
            <terminationDt>2025-12-23</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-288084.72000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-5064.79000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
        <title>TRS BBGI GLOBAL INFRASTRUCTURE</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="TMF_B6QWXM4 LU-TRS4_1"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>6877.53000000</valUSD>
        <pctVal>0.000295205750</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>BBGI GLOBAL INFRASTRUCTURE SA</issuerName>
                <issueTitle>BBGI GLOBAL INFRASTRUCTURE SA</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <isin value="LU0686550053"/>
                  <ticker value="BBGI"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="N/A" curCd="USD" fixedOrFloating="Fixed" fixedRt="5.18000000"/>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="OVERNIGHT BANK FUNDING RATE" floatingRtSpread="0.00000000" pmntAmt="-739933.91000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2026-04-07</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>739933.91000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>6877.53000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-05-23</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>
  <documents>XXXX</documents>
</edgarSubmission>
