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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
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            <exercisePrice>440.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-07-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>459102.98000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GIGCAPITAL8 CORP</name>
        <lei>N/A</lei>
        <title>GIGCAPITAL8 CORP ORD CL A</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG3864J1004"/>
          <ticker value="GIW"/>
          <other otherDesc="SEDOL" value="BPYS2K8"/>
        </identifiers>
        <balance>1095713.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11022872.78000000</valUSD>
        <pctVal>0.436133848731</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BLUE WATER ACQUISITION CORP III</name>
        <lei>N/A</lei>
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        <identifiers>
          <isin value="KYG1368E1061"/>
          <ticker value="BLUW"/>
          <other otherDesc="SEDOL" value="BRT7SH3"/>
        </identifiers>
        <balance>465117.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4795356.27000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHARTER COMMUNICATIONS INC</name>
        <lei>0J0XRGZE3PBRFEZ7MV65</lei>
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        <identifiers>
          <isin value="US16119P1084"/>
          <ticker value="CHTR"/>
        </identifiers>
        <balance>-1212.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-172358.52000000</valUSD>
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        <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>STONEBRIDGE ACQUISITION II CORP</name>
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          <isin value="KYG850961080"/>
          <ticker value="APAC"/>
          <other otherDesc="SEDOL" value="BP9MG03"/>
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        <balance>72462.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>736938.54000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CROWN RESERVE ACQUISITION CORP I</name>
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          <isin value="KYG2574F1019"/>
          <ticker value="CRACU"/>
          <other otherDesc="SEDOL" value="BR2P2X8"/>
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        <balance>205950.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2108928.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VIKING ACQUISITION CORP I</name>
        <lei>N/A</lei>
        <title>VIKING ACQUISITION CORP I UNITS EACH CONSISTING OF ONE CLASS A ORDINARY SHARE AND ONE-THIRD OF ONE WARRANT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG9582G1203"/>
          <ticker value="VACI/U"/>
          <other otherDesc="SEDOL" value="BWD63N2"/>
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        <balance>61770.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>656615.10000000</valUSD>
        <pctVal>0.025979803669</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TITAN ACQUISITION CORP</name>
        <lei>N/A</lei>
        <title>TITAN ACQUISITION CORP CL A</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG8901A1031"/>
          <ticker value="TACH"/>
          <other otherDesc="SEDOL" value="BVK6FL0"/>
        </identifiers>
        <balance>785578.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8177866.98000000</valUSD>
        <pctVal>0.323567609967</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DIGITALBRIDGE GROUP INC</name>
        <lei>549300XG87L902AGBO89</lei>
        <title>DIGITALBRIDGE GROUP INC CL A NEW</title>
        <cusip>25401T603</cusip>
        <identifiers>
          <isin value="US25401T6038"/>
          <ticker value="DBRG"/>
        </identifiers>
        <balance>3309991.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>52231657.98000000</valUSD>
        <pctVal>2.066611352149</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>VERNAL CAPITAL ACQUISITION CORP</name>
        <lei>N/A</lei>
        <title>VERNAL CAPITAL ACQUISITION CORP ORD SHS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG93Y7F1068"/>
          <ticker value="VECA"/>
          <other otherDesc="SEDOL" value="BT04M20"/>
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        <balance>127559.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1267936.46000000</valUSD>
        <pctVal>0.050167503452</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>GALATA ACQUISITION CORP II</name>
        <lei>N/A</lei>
        <title>GALATA ACQUISITION CORP II C/WTS 12/09/2030 (TO PUR ORD)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG3R25N1167"/>
          <ticker value="LATAW"/>
          <other otherDesc="SEDOL" value="BV96YK3"/>
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        <balance>48079.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>16894.96000000</valUSD>
        <pctVal>0.000668470377</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
            <counterparties>
              <counterpartyName>GALATA ACQUISITION CORP II</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Galata Acquisition Corp II</issuerName>
                <issueTitle>Galata Acquisition Corp II</issueTitle>
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                  <ticker value="LATA"/>
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            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>11.50000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2030-09-12</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>91.35000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AVALANCHE TREASURY CORP</name>
        <lei>N/A</lei>
        <title>AVALANCHE TREASURY CORP SHS CL A</title>
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        <identifiers>
          <isin value="US05338N1019"/>
          <ticker value="AVAT"/>
        </identifiers>
        <balance>61974.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>31011.79000000</valUSD>
        <pctVal>0.001227020541</pctVal>
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        <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>LAFAYETTE ACQUISITION CORP</name>
        <lei>N/A</lei>
        <title>LAFAYETTE ACQUISITION CORP ORD SHS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG534261055"/>
          <ticker value="LAFA"/>
          <other otherDesc="SEDOL" value="BR0VYM1"/>
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        <balance>166398.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1682283.78000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Teamshares Inc.</name>
        <lei>N/A</lei>
        <title>Teamshares Inc. WT EXP 061831</title>
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          <isin value="US87821B1171"/>
          <ticker value="TMSWW"/>
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        <balance>67428.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>99119.16000000</valUSD>
        <pctVal>0.003921774440</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>Teamshares Inc.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Teamshares Inc.</issuerName>
                <issueTitle>Teamshares Inc.</issueTitle>
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                  <isin value="US87821B1098"/>
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            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>11.50000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2031-06-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>49815.80000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <title>TRS BANCO SANTANDER SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="TMF_2018186 ES-TRS4_44"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-104949.93000000</valUSD>
        <pctVal>-0.00415247620</pctVal>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>GOLDMAN SACHS &amp; CO. LLC</counterpartyName>
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            <descRefInstrmnt>
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                <issuerName>BANCO SANTANDER SA</issuerName>
                <issueTitle>BANCO SANTANDER SA ADR</issueTitle>
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              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
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              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="N/A" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.17000000"/>
            <terminationDt>2027-03-12</terminationDt>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-402281.35000000</notionalAmt>
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            <unrealizedAppr>-104949.93000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-08-28</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>
