# EDGAR Filing Document

**Accession Number:** 0000701804
**File Stem:** 0000940400-26-022201
**Filing Date:** 2026-5
**Character Count:** 287803
**Document Hash:** abfee24efaaa521a831c65b0ab25abe9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-022201.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0000940400-26-022201

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MERGER FUND
- **CENTRAL INDEX KEY:** 0000701804

**ORGANIZATION NAME:**
- **EIN:** 146117490
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03445
- **FILM NUMBER:** 261043835

**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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AYCO FUND
- **DATE OF NAME CHANGE:** 19890223

## Series and Classes Contracts Data

### The Merger Fund (Series ID: S000005158)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014124 | Class A      | MERFX           |
| C000129310 | Class I      | MERIX           |

## Nport-Ex

**The Merger Fund**<sup>®</sup>

**SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> <br>| **Value** |
| **Convertible Bonds and Notes—0.6%** | **Convertible Bonds and Notes—0.6%** | **Convertible Bonds and Notes—0.6%** |
| **Health Care—0.6%** | **Health Care—0.6%** |  |
| &nbsp;&nbsp;&nbsp; Exact Sciences Corp. 144A <br>2.000%, 3/1/30<sup>(2)</sup> <br>| $9766 | &nbsp;&nbsp; $13843 |
| **Total Convertible Bonds and Notes** <br>**(Identified Cost $13,399)** | **Total Convertible Bonds and Notes** <br>**(Identified Cost $13,399)** | &nbsp;&nbsp; **13843** |
| **Corporate Bonds and Notes—5.3%** | **Corporate Bonds and Notes—5.3%** | **Corporate Bonds and Notes—5.3%** |
| **Communication Services—1.3%** | **Communication Services—1.3%** |  |
| &nbsp;&nbsp;&nbsp; DISH Network Corp. 144A <br>&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>11.750%, 11/15/27<sup>(2)</sup> <br>| 12201 | &nbsp;&nbsp; 12570 |
| &nbsp;&nbsp;&nbsp; EchoStar Corp. <br>10.750%, 11/30/29<br>| 17299 | &nbsp;&nbsp; 18687 |
|  |  | &nbsp;&nbsp; 31257 |
| **Financials—2.3%** | **Financials—2.3%** |  |
| &nbsp;&nbsp;&nbsp; Apollo Commercial Real Estate Finance, Inc. 144A <br>&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>4.625%, 6/15/29<sup>(2)</sup> <br>| 5485 | &nbsp;&nbsp; 5441 |
| Frontier Communications Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.875%, 11/1/29 | 16699 | &nbsp;&nbsp; 16799 |
| &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>(2)</sup> <br>| 23463 | &nbsp;&nbsp; 23603 |
| &nbsp;&nbsp;&nbsp; Mobius Merger Sub, Inc. 144A <br>&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>9.000%, 6/1/30<sup>(2)</sup> <br>| 880 | &nbsp;&nbsp; 621 |
| &nbsp;&nbsp;&nbsp; NCR Atleos Corp. 144A <br>&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>9.500%, 4/1/29<sup>(2)</sup> <br>| 5357 | &nbsp;&nbsp; 5734 |
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC 144A <br>&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>8.000%, 4/15/27<sup>(2)</sup> <br>| 4088 | &nbsp;&nbsp; 4092 |
|  |  | &nbsp;&nbsp; 56290 |
| **Information Technology—0.1%** | **Information Technology—0.1%** |  |
| &nbsp;&nbsp;&nbsp; ams-OSRAM AG RegS <br>&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>10.500%, 3/30/29<sup>(3)</sup> <br>| 2990 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 3618 |
| **Materials—0.3%** | **Materials—0.3%** |  |
| &nbsp;&nbsp;&nbsp; Big River Steel LLC 144A <br>&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>6.625%, 1/31/29<sup>(2)</sup> <br>| 8202 | &nbsp;&nbsp; 8183 |
| **Real Estate—1.3%** | **Real Estate—1.3%** |  |
| Kennedy-Wilson, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.750%, 2/1/30 | 12894 | &nbsp;&nbsp; 12811 |
| &nbsp;&nbsp;&nbsp; 5.000%, 3/1/31 | 18939 | &nbsp;&nbsp; 18894 |
|  |  | &nbsp;&nbsp; 31705 |
| **Total Corporate Bonds and Notes** <br>**(Identified Cost $130,973)** | **Total Corporate Bonds and Notes** <br>**(Identified Cost $130,973)** | &nbsp;&nbsp; **131053** |
| **Leveraged Loans—0.2%** | **Leveraged Loans—0.2%** | **Leveraged Loans—0.2%** |
| **Media / Telecom - Telecommunications—0.2%** | **Media / Telecom - Telecommunications—0.2%** |  |
| &nbsp;&nbsp;&nbsp; Syniverse Holdings, Inc. (2 month Term SOFR + <br> 7.000%) <br>10.700%, 5/13/27<sup>(4)</sup> <br>| 5192 | &nbsp;&nbsp; 4789 |
| **Total Leveraged Loans** <br>**(Identified Cost $5,134)** | **Total Leveraged Loans** <br>**(Identified Cost $5,134)** | &nbsp;&nbsp; **4789** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—46.8%** | **Common Stocks—46.8%** | **Common Stocks—46.8%** |
| **Communication Services—16.8%** | **Communication Services—16.8%** |  |
| Electronic Arts, Inc.<sup>(5)</sup> <br>| 660873 | &nbsp;&nbsp; $134732 |
| Endeavor Group Holdings, Inc. Class A <sup>(6)(7)(8)</sup> <br>| 4740188 | &nbsp;&nbsp; 143533 |
| Liberty Broadband Corp. Class A<sup>(7)</sup> <br>| 144002 | &nbsp;&nbsp; 7232 |
| Warner Bros Discovery, Inc.<sup>(7)</sup> <br>| 4711588 | &nbsp;&nbsp; 129380 |
|  |  | &nbsp;&nbsp; 414877 |
| **Consumer Staples—0.2%** | **Consumer Staples—0.2%** |  |
| CN Healthy Food Tech Group Corp.<sup>(7)(9)</sup> <br>| 37475 | &nbsp;&nbsp; 207 |
| Kenvue, Inc. | 281611 | &nbsp;&nbsp; 4855 |
| Treehouse Foods, Inc.<sup>(6)(7)</sup> <br>| 464569 | &nbsp;&nbsp; 1103 |
|  |  | &nbsp;&nbsp; 6165 |
| **Energy—2.1%** | **Energy—2.1%** |  |
| Coterra Energy, Inc. | 1325369 | &nbsp;&nbsp; 46574 |
| Valaris Ltd.<sup>(7)</sup> <br>| 47022 | &nbsp;&nbsp; 4610 |
|  |  | &nbsp;&nbsp; 51184 |
| **Financials—8.0%** | **Financials—8.0%** |  |
| Acropolis Infrastructure<sup>(6)(7)</sup> <br>| 315662 | &nbsp;&nbsp; — |
| Brighthouse Financial, Inc.<sup>(7)</sup> <br>| 37181 | &nbsp;&nbsp; 2227 |
| Cantaloupe, Inc.<sup>(7)</sup> <br>| 376024 | &nbsp;&nbsp; 4065 |
| DigitalBridge Group, Inc. | 2664540 | &nbsp;&nbsp; 41087 |
| Janus Henderson Group plc | 192122 | &nbsp;&nbsp; 9869 |
| ProAssurance Corp.<sup>(7)</sup> <br>| 1302996 | &nbsp;&nbsp; 32210 |
| Webster Financial Corp.<sup>(5)</sup> <br>| 1544626 | &nbsp;&nbsp; 107228 |
| Zalatoris Acquisition Corp.<sup>(6)(7)</sup> <br>| 252668 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; 196686 |
| **Health Care—3.2%** | **Health Care—3.2%** |  |
| Apellis Pharmaceuticals, Inc.<sup>(7)</sup> <br>| 177107 | &nbsp;&nbsp; 7125 |
| Atrium Therapeutics, Inc.<sup>(7)</sup> <br>| 46590 | &nbsp;&nbsp; 623 |
| Hologic, Inc.<sup>(7)</sup> <br>| 374704 | &nbsp;&nbsp; 28324 |
| Inhibrx, Inc.<sup>(7)</sup> <br>| 198509 | &nbsp;&nbsp; 223 |
| Masimo Corp.<sup>(7)</sup> <br>| 117770 | &nbsp;&nbsp; 20948 |
| Penumbra, Inc.<sup>(7)</sup> <br>| 62650 | &nbsp;&nbsp; 20572 |
|  |  | &nbsp;&nbsp; 77815 |
| **Industrials—11.8%** | **Industrials—11.8%** |  |
| Air Lease Corp. Class A | 284389 | &nbsp;&nbsp; 18468 |
| Chart Industries, Inc.<sup>(5)(7)</sup> <br>| 460340 | &nbsp;&nbsp; 95176 |
| Norfolk Southern Corp. | 435637 | &nbsp;&nbsp; 125028 |
| UniFirst Corp. | 211770 | &nbsp;&nbsp; 53279 |
|  |  | &nbsp;&nbsp; 291951 |
| **Information Technology—3.3%** | **Information Technology—3.3%** |  |
| Clearwater Analytics Holdings, Inc. Class A <sup>(7)</sup> <br>| 2157153 | &nbsp;&nbsp; 51016 |
| Onestream, Inc. Class A<sup>(7)</sup> <br>| 553338 | &nbsp;&nbsp; 13280 |
| Qorvo, Inc.<sup>(7)</sup> <br>| 218187 | &nbsp;&nbsp; 16888 |
|  |  | &nbsp;&nbsp; 81184 |

---

See Notes to Schedule of Investments

------

**The Merger Fund**<sup>®</sup>

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

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials—1.4%** | **Materials—1.4%** |  |
| Sealed Air Corp. | 847851 | &nbsp;&nbsp; $35652 |
| **Total Common Stocks** <br>**(Identified Cost $1,128,075)** | **Total Common Stocks** <br>**(Identified Cost $1,128,075)** | &nbsp;&nbsp; **1155514** |
| **Affiliated Mutual Fund—4.2%** | **Affiliated Mutual Fund—4.2%** | **Affiliated Mutual Fund—4.2%** |
| **Equity Fund—4.2%** | **Equity Fund—4.2%** |  |
| &nbsp;&nbsp;&nbsp; Virtus Westchester Event-Driven Fund <br> Class I<sup>(10)(11)(12)</sup> <br>| 10027381 | &nbsp;&nbsp; 103483 |
| **Total Affiliated Mutual Fund** <br>**(Identified Cost $105,150)** | **Total Affiliated Mutual Fund** <br>**(Identified Cost $105,150)** | &nbsp;&nbsp; **103483** |
| **Rights—0.1%** | **Rights—0.1%** | **Rights—0.1%** |
| **Financials—0.1%** | **Financials—0.1%** |  |
| Aimei Health Technology Co., Ltd., 11/17/28<sup>(7)</sup> <br>| 269392 | &nbsp;&nbsp; 86 |
| Axiom Intelligence Acquisition Corp. 1, 10/20/30<sup>(7)</sup> <br>| 143743 | &nbsp;&nbsp; 22 |
| Bayview Acquisition Corp., 11/30/28<sup>(7)</sup> <br>| 233688 | &nbsp;&nbsp; 39 |
| BEST SPAC I Acquisition Corp., 02/01/30<sup>(7)</sup> <br>| 41072 | &nbsp;&nbsp; 4 |
| Black Hawk Acquisition Corp., 12/31/26<sup>(7)</sup> <br>| 9803 | &nbsp;&nbsp; 13 |
| Cal Redwood Acquisition Corp., 05/15/30<sup>(7)</sup> <br>| 123178 | &nbsp;&nbsp; 22 |
| Cayson Acquisition Corp., 12/31/27<sup>(7)</sup> <br>| 134839 | &nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp; Drugs Made In America Acquisition Corp., <br> 10/15/29<sup>(7)</sup> <br>| 458571 | &nbsp;&nbsp; 25 |
| DT Cloud Acquisition Corp., 02/14/29<sup>(7)</sup> <br>| 124820 | &nbsp;&nbsp; 29 |
| Emmis Acquisition Corp., 09/26/30<sup>(7)</sup> <br>| 144253 | &nbsp;&nbsp; 17 |
| GSR IV Acquisition Corp., 09/05/30<sup>(7)</sup> <br>| 76528 | &nbsp;&nbsp; 147 |
| IB Acquisition Corp., 09/28/26<sup>(7)</sup> <br>| 344716 | &nbsp;&nbsp; 36 |
| Jackson Acquisition Co. II, 12/31/99<sup>(7)</sup> <br>| 781676 | &nbsp;&nbsp; 79 |
| Jena Acquisition Corp. II, 03/31/30<sup>(7)</sup> <br>| 328390 | &nbsp;&nbsp; 42 |
| K&F Growth Acquisition Corp. II, 08/29/31<sup>(7)</sup> <br>| 206991 | &nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp; Kochav Defense Acquisition Corp. Class R, <br> 05/21/30<sup>(7)</sup> <br>| 938080 | &nbsp;&nbsp; 197 |
| Lakeshore Acquisition III Corp., <sup>(7)</sup> <br>| 360704 | &nbsp;&nbsp; 65 |
| Mountain Lake Acquisition Corp., 12/31/26<sup>(7)</sup> <br>| 619745 | &nbsp;&nbsp; 161 |
| Oyster Enterprises II Acquisition Corp., 03/31/30<sup>(7)</sup> <br>| 768972 | &nbsp;&nbsp; 115 |
| Pantages Capital Acquisition Corp., 12/31/26<sup>(7)</sup> <br>| 367393 | &nbsp;&nbsp; 59 |
| Pershing Tontine Spar, 09/29/33<sup>(6)(7)</sup> <br>| 136884 | &nbsp;&nbsp; 62 |
| Sizzle Acquisition Corp. II, <sup>(7)</sup> <br>| 910825 | &nbsp;&nbsp; 180 |
| Soulpower Acquisition Corp., 12/31/49<sup>(7)</sup> <br>| 669501 | &nbsp;&nbsp; 121 |
| Tavia Acquisition Corp., 11/26/29<sup>(7)</sup> <br>| 363217 | &nbsp;&nbsp; 47 |
| Thayer Ventures Acquisition Corp. II, 05/15/30<sup>(7)</sup> <br>| 232490 | &nbsp;&nbsp; 35 |
| UY Scuti Acquisition Corp., 03/03/30<sup>(7)</sup> <br>| 291138 | &nbsp;&nbsp; 32 |
| Wintergreen Acquisition Corp., 12/18/26<sup>(7)</sup> <br>| 3715 | &nbsp;&nbsp; — <br><sup>(13)</sup><br>|
|  |  | &nbsp;&nbsp; 1679 |
| **Health Care—0.0%** | **Health Care—0.0%** |  |
| ABIOMED, Inc., 12/31/49<sup>(6)(7)</sup> <br>| 60860 | &nbsp;&nbsp; 110 |
| Akouos, Inc., 12/31/49<sup>(6)(7)</sup> <br>| 336679 | &nbsp;&nbsp; 252 |
| Bristol-Myers Squibb Co., 12/31/35<sup>(6)(7)</sup> <br>| 453175 | &nbsp;&nbsp; 623 |
|  |  | &nbsp;&nbsp; 985 |
| **Total Rights** <br>**(Identified Cost $1,677)** | **Total Rights** <br>**(Identified Cost $1,677)** | &nbsp;&nbsp; **2664** |
| **Warrants—0.1%** | **Warrants—0.1%** | **Warrants—0.1%** |
| **Consumer Staples—0.0%** | **Consumer Staples—0.0%** |  |
| CN Healthy Food Tech Group Corp., 02/16/29<sup>(7)</sup> <br>| 187379 | &nbsp;&nbsp; 17 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials—0.1%** | **Financials—0.1%** |  |
| 26 Capital Acquisition Corp., 12/31/27<sup>(6)(7)</sup> <br>| 61000 | &nbsp;&nbsp; $— |
| AA Mission Acquisition Corp. II, 09/09/31<sup>(7)</sup> <br>| 197480 | &nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp; Agriculture & Natural Solutions Acquisition Corp., <br> 12/31/28<sup>(7)</sup> <br>| 124247 | &nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp; Alchemy Investments Acquisition Corp. 1, <br> 06/26/28<sup>(7)</sup> <br>| 183897 | &nbsp;&nbsp; 29 |
| Aldel Financial II, Inc., 10/10/29<sup>(7)</sup> <br>| 274770 | &nbsp;&nbsp; 71 |
| AltEnergy Acquisition Corp., 11/02/28<sup>(7)</sup> <br>| 62809 | &nbsp;&nbsp; 4 |
| Archimedes Tech SPAC Partners II Co., 04/02/30<sup>(7)</sup> <br>| 171663 | &nbsp;&nbsp; 88 |
| Armada Acquisition Corp. II, 05/20/30<sup>(7)</sup> <br>| 82020 | &nbsp;&nbsp; 49 |
| Berto Acquisition Corp., 04/28/30<sup>(7)</sup> <br>| 31113 | &nbsp;&nbsp; 8 |
| Blue Water Acquisition Corp. III, 12/31/26<sup>(7)</sup> <br>| 163328 | &nbsp;&nbsp; 73 |
| Cartesian Growth Corp. II, 07/12/28<sup>(7)</sup> <br>| 69832 | &nbsp;&nbsp; 6 |
| Cartesian Growth Corp. III, 03/06/30<sup>(7)(9)</sup> <br>| 92475 | &nbsp;&nbsp; 60 |
| Centurion Acquisition Corp., 08/01/29<sup>(7)</sup> <br>| 49373 | &nbsp;&nbsp; 6 |
| Copley Acquisition Corp., 05/23/30<sup>(7)</sup> <br>| 334561 | &nbsp;&nbsp; 50 |
| Corner Growth Acquisition Corp., 12/31/27<sup>(6)(7)</sup> <br>| 62938 | &nbsp;&nbsp; — |
| Dune Acquisition Corp. II, 06/12/30<sup>(7)</sup> <br>| 393117 | &nbsp;&nbsp; 106 |
| Fact II Acquisition Corp., 12/20/29<sup>(7)</sup> <br>| 49780 | &nbsp;&nbsp; 20 |
| Galata Acquisition Corp. II, 09/18/30<sup>(7)</sup> <br>| 48079 | &nbsp;&nbsp; 12 |
| Gesher Acquisition Corp. II, 03/12/30<sup>(7)</sup> <br>| 99312 | &nbsp;&nbsp; 22 |
| Goal Acquisitions Corp., 02/11/27<sup>(7)</sup> <br>| 564935 | &nbsp;&nbsp; — <br><sup>(13)</sup><br>|
| Gores Holdings X, Inc., 06/20/31<sup>(7)</sup> <br>| 105845 | &nbsp;&nbsp; 53 |
| Graf Global Corp., 08/07/29<sup>(7)</sup> <br>| 94292 | &nbsp;&nbsp; 12 |
| Keen Vision Acquisition Corp., 09/15/28<sup>(7)</sup> <br>| 502127 | &nbsp;&nbsp; 15 |
| Launch Two Acquisition Corp., 11/26/29<sup>(7)</sup> <br>| 117471 | &nbsp;&nbsp; 18 |
| Lightwave Acquisition Corp., 06/24/30<sup>(7)</sup> <br>| 203258 | &nbsp;&nbsp; 49 |
| Live Oak Acquisition Corp. V, 04/17/30<sup>(7)</sup> <br>| 67428 | &nbsp;&nbsp; 98 |
| New Providence Acquisition Corp. III, 04/24/30<sup>(7)</sup> <br>| 301244 | &nbsp;&nbsp; 57 |
| Newbury Street II Acquisition Corp., 12/29/29<sup>(7)</sup> <br>| 189039 | &nbsp;&nbsp; 34 |
| NewHold Investment Corp. III, 04/17/30<sup>(7)</sup> <br>| 86725 | &nbsp;&nbsp; 39 |
| Oxley Bridge Acquisition Ltd., 08/15/30<sup>(7)</sup> <br>| 82131 | &nbsp;&nbsp; 16 |
| Perimeter Acquisition Corp. I, 06/17/30<sup>(7)</sup> <br>| 61598 | &nbsp;&nbsp; 37 |
| Pioneer Acquisition I Corp., 06/17/30<sup>(7)</sup> <br>| 354902 | &nbsp;&nbsp; 75 |
| Plum Acquisition Corp. III, 03/31/28<sup>(7)</sup> <br>| 83333 | &nbsp;&nbsp; 13 |
| Republic Digital Acquisition Co., 10/31/31<sup>(7)</sup> <br>| 31113 | &nbsp;&nbsp; 14 |
| Roman DBDR Acquisition Corp. II, 02/03/30<sup>(7)</sup> <br>| 123638 | &nbsp;&nbsp; 26 |
| SIM Acquisition Corp. I, 08/28/29<sup>(7)</sup> <br>| 147304 | &nbsp;&nbsp; 40 |
| Stellar V Capital Corp., 03/24/30<sup>(7)</sup> <br>| 82858 | &nbsp;&nbsp; 18 |
| Target Global Acquisition I Corp., 12/31/27<sup>(7)</sup> <br>| 125200 | &nbsp;&nbsp; 1 |
| Texas Ventures Acquisition III Corp., 05/15/31<sup>(7)</sup> <br>| 95429 | &nbsp;&nbsp; 46 |
| Titan Acquisition Corp., 06/02/30<sup>(7)</sup> <br>| 607318 | &nbsp;&nbsp; 158 |
| Voyager Acquisition Corp., 05/16/31<sup>(7)</sup> <br>| 160809 | &nbsp;&nbsp; 22 |
| Wen Acquisition Corp., 05/15/31<sup>(7)</sup> <br>| 157954 | &nbsp;&nbsp; 51 |
|  |  | &nbsp;&nbsp; 1550 |
| **Health Care—0.0%** | **Health Care—0.0%** |  |
| Tevogen Bio Holdings, Inc., 11/04/26<sup>(7)</sup> <br>| 83731 | &nbsp;&nbsp; 3 |
| **Information Technology—0.0%** | **Information Technology—0.0%** |  |
| iLearningEngines Holdings, Inc., 04/16/29<sup>(7)</sup> <br>| 403622 | &nbsp;&nbsp; — <br><sup>(13)</sup><br>|
| LeddarTech Holdings, Inc., 12/21/28<sup>(7)</sup> <br>| 155088 | &nbsp;&nbsp; — <br><sup>(13)</sup><br>|
| **Total Warrants** <br>**(Identified Cost $2,517)** | **Total Warrants** <br>**(Identified Cost $2,517)** | &nbsp;&nbsp; **1570** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares/Units** |  |
| **Special Purpose Acquisition Companies—29.8%** | **Special Purpose Acquisition Companies—29.8%** | **Special Purpose Acquisition Companies—29.8%** |
| 1RT Acquisition Corp.<sup>(7)</sup> <br>| 22325 | &nbsp;&nbsp; 229 |

---

See Notes to Schedule of Investments

------

**The Merger Fund**<sup>®</sup>

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

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares/Units** | **Value** |
| A Paradise Acquisition Corp.<sup>(7)</sup> <br>| 82202 | &nbsp;&nbsp; $866 |
| A Paradise Acquisition Corp. Class A<sup>(7)</sup> <br>| 327404 | &nbsp;&nbsp; 3330 |
| AA Mission Acquisition Corp. II Class A<sup>(7)</sup> <br>| 394961 | &nbsp;&nbsp; 3961 |
| Abony Acquisition Corp. I<sup>(7)</sup> <br>| 103187 | &nbsp;&nbsp; 1026 |
| Activate Energy Acquisition Corp.<sup>(7)</sup> <br>| 288175 | &nbsp;&nbsp; 2887 |
| Activate Energy Acquisition Corp. Class A<sup>(7)</sup> <br>| 206387 | &nbsp;&nbsp; 2041 |
| Agriculture & Natural Solutions Acquisition Corp.<sup>(7)</sup> <br>| 1852650 | &nbsp;&nbsp; 20898 |
| AI Infrastructure Acquisition Corp.<sup>(7)</sup> <br>| 329547 | &nbsp;&nbsp; 3375 |
| AI Infrastructure Acquisition Corp. Class A<sup>(7)</sup> <br>| 218207 | &nbsp;&nbsp; 2189 |
| Aldabra 4 Liquidity Opportunity Vehicle, Inc.<sup>(7)</sup> <br>| 205685 | &nbsp;&nbsp; 2051 |
| Aldel Financial II, Inc.<sup>(7)</sup> <br>| 1100357 | &nbsp;&nbsp; 11631 |
| American Drive Acquisition Co.<sup>(7)</sup> <br>| 122705 | &nbsp;&nbsp; 1223 |
| Andretti Acquisition Corp. II Class A<sup>(7)</sup> <br>| 1010011 | &nbsp;&nbsp; 10762 |
| Apex Treasury Corp.<sup>(7)</sup> <br>| 123616 | &nbsp;&nbsp; 1247 |
| Apex Treasury Corp. Class A<sup>(7)</sup> <br>| 824824 | &nbsp;&nbsp; 8240 |
| Archimedes Tech SPAC Partners II Co.<sup>(7)</sup> <br>| 789859 | &nbsp;&nbsp; 8222 |
| Archimedes Tech SPAC Partners III Co.<sup>(7)</sup> <br>| 82300 | &nbsp;&nbsp; 821 |
| Armada Acquisition Corp. II Class A<sup>(7)</sup> <br>| 697697 | &nbsp;&nbsp; 7193 |
| Artius II Acquisition, Inc. Class A<sup>(7)</sup> <br>| 943963 | &nbsp;&nbsp; 9751 |
| Axiom Intelligence Acquisition Corp. 1 Class A<sup>(7)</sup> <br>| 555799 | &nbsp;&nbsp; 5630 |
| Bain Capital GSS Investment Corp.<sup>(7)</sup> <br>| 206081 | &nbsp;&nbsp; 2104 |
| Berto Acquisition Corp.<sup>(7)</sup> <br>| 587487 | &nbsp;&nbsp; 6022 |
| BEST SPAC I Acquisition Corp. Class A<sup>(7)</sup> <br>| 41072 | &nbsp;&nbsp; 420 |
| Bitcoin Infrastructure Acquisition Corp., Ltd.<sup>(7)</sup> <br>| 181150 | &nbsp;&nbsp; 1811 |
| Blue Acquisition Corp.<sup>(7)</sup> <br>| 101474 | &nbsp;&nbsp; 1048 |
| Blue Acquisition Corp. Class A<sup>(7)</sup> <br>| 231983 | &nbsp;&nbsp; 2369 |
| Blue Water Acquisition Corp. III Class A<sup>(7)</sup> <br>| 465117 | &nbsp;&nbsp; 4786 |
| Blue Water Acquisition Corp. IV<sup>(7)</sup> <br>| 82791 | &nbsp;&nbsp; 821 |
| Blueport Acquisition Ltd. Class A<sup>(7)</sup> <br>| 82278 | &nbsp;&nbsp; 824 |
| Bluerock Acquisition Corp.<sup>(7)</sup> <br>| 205938 | &nbsp;&nbsp; 2066 |
| BTC Development Corp.<sup>(7)</sup> <br>| 41217 | &nbsp;&nbsp; 416 |
| Cal Redwood Acquisition Corp. Class A<sup>(7)</sup> <br>| 822672 | &nbsp;&nbsp; 8350 |
| Calisa Acquisition Corp.<sup>(7)</sup> <br>| 230004 | &nbsp;&nbsp; 2307 |
| Calisa Acquisition Corp.<sup>(7)</sup> <br>| 12980 | &nbsp;&nbsp; 136 |
| Cambridge Acquisition Corp.<sup>(7)</sup> <br>| 164983 | &nbsp;&nbsp; 1643 |
| Cantor Equity Partners I, Inc. Class A<sup>(7)</sup> <br>| 104507 | &nbsp;&nbsp; 1097 |
| Cantor Equity Partners III, Inc. Class A<sup>(7)</sup> <br>| 41061 | &nbsp;&nbsp; 423 |
| Cantor Equity Partners V, Inc. Class A<sup>(7)</sup> <br>| 370588 | &nbsp;&nbsp; 3743 |
| Cartesian Growth Corp. III Class A<sup>(7)</sup> <br>| 279845 | &nbsp;&nbsp; 2868 |
| Centurion Acquisition Corp.<sup>(7)</sup> <br>| 659210 | &nbsp;&nbsp; 7103 |
| ChampionsGate Acquisition Corp.<sup>(7)</sup> <br>| 49277 | &nbsp;&nbsp; 499 |
| Charlton Aria Acquisition Corp. Class A<sup>(7)</sup> <br>| 189665 | &nbsp;&nbsp; 2005 |
| Chenghe Acquisition III Co.<sup>(7)</sup> <br>| 226646 | &nbsp;&nbsp; 2291 |
| Chenghe Acquisition III Co. Class A<sup>(7)</sup> <br>| 1648 | &nbsp;&nbsp; 17 |
| Churchill Capital Corp. IX<sup>(7)</sup> <br>| 786411 | &nbsp;&nbsp; 8415 |
| Churchill Capital Corp. XI<sup>(7)</sup> <br>| 40902 | &nbsp;&nbsp; 419 |
| CO2 Energy Transition Corp.<sup>(7)(9)</sup> <br>| 125000 | &nbsp;&nbsp; 1296 |
| Cohen Circle Acquisition Corp. II<sup>(7)</sup> <br>| 172946 | &nbsp;&nbsp; 1788 |
| Colombier Acquisition Corp. III<sup>(7)</sup> <br>| 71857 | &nbsp;&nbsp; 731 |
| Columbus Circle Capital Corp. II<sup>(7)</sup> <br>| 123826 | &nbsp;&nbsp; 1231 |
| Copley Acquisition Corp. Class A<sup>(7)</sup> <br>| 781303 | &nbsp;&nbsp; 8040 |
| Crane Harbor Acquisition Corp. II<sup>(7)</sup> <br>| 41185 | &nbsp;&nbsp; 416 |
| Crown Reserve Acquisition Corp. I<sup>(7)</sup> <br>| 205950 | &nbsp;&nbsp; 2084 |
| Crown Reserve Acquisition Corp. I Class A<sup>(7)</sup> <br>| 502418 | &nbsp;&nbsp; 5034 |
| CSLM Digital Asset Acquisition Corp. III Ltd.<sup>(7)</sup> <br>| 329668 | &nbsp;&nbsp; 3343 |
| &nbsp;&nbsp;&nbsp; CSLM Digital Asset Acquisition Corp. III Ltd. <br> Class A<sup>(7)</sup> <br>| 536331 | &nbsp;&nbsp; 5385 |
| D Boral ARC Acquisition I Corp. Class A<sup>(7)</sup> <br>| 308551 | &nbsp;&nbsp; 3123 |
| Daedalus Special Acquisition Corp.<sup>(7)</sup> <br>| 117102 | &nbsp;&nbsp; 1175 |
| Drugs Made In America Acquisition Corp.<sup>(7)</sup> <br>| 1627571 | &nbsp;&nbsp; 17089 |
| Drugs Made In America Acquisition II Corp.<sup>(7)</sup> <br>| 414523 | &nbsp;&nbsp; 4162 |
| Drugs Made In America Acquisition II Corp.<sup>(7)</sup> <br>| 411754 | &nbsp;&nbsp; 4109 |
| DT Cloud Star Acquisition Corp.<sup>(7)</sup> <br>| 150697 | &nbsp;&nbsp; 1668 |
| Dune Acquisition Corp. II<sup>(7)</sup> <br>| 582415 | &nbsp;&nbsp; 6016 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/Units** | **Value** |
| Dynamix Corp. III<sup>(7)</sup> <br>| 41201 | &nbsp;&nbsp; $414 |
| EGH Acquisition Corp. Class A<sup>(7)</sup> <br>| 66454 | &nbsp;&nbsp; 678 |
| Emmis Acquisition Corp. Class A<sup>(7)</sup> <br>| 144253 | &nbsp;&nbsp; 1450 |
| EQV Ventures Acquisition Corp. II<sup>(7)</sup> <br>| 405332 | &nbsp;&nbsp; 4118 |
| Eureka Acquisition Corp.<sup>(7)</sup> <br>| 41046 | &nbsp;&nbsp; 465 |
| Fact II Acquisition Corp.<sup>(7)</sup> <br>| 676552 | &nbsp;&nbsp; 7107 |
| FG Merger II Corp.<sup>(7)</sup> <br>| 227688 | &nbsp;&nbsp; 2300 |
| Fifth Era Acquisition Corp. I Class A<sup>(7)</sup> <br>| 71110 | &nbsp;&nbsp; 732 |
| FIGX Capital Acquisition Corp.<sup>(7)</sup> <br>| 69803 | &nbsp;&nbsp; 711 |
| FIGX Capital Acquisition Corp. Class A<sup>(7)</sup> <br>| 107002 | &nbsp;&nbsp; 1084 |
| Flag Ship Acquisition Corp.<sup>(7)</sup> <br>| 43434 | &nbsp;&nbsp; 475 |
| Future Vision II Acquisition Corp.<sup>(7)</sup> <br>| 322503 | &nbsp;&nbsp; 3473 |
| FutureCrest Acquisition Corp.<sup>(7)</sup> <br>| 8243 | &nbsp;&nbsp; 84 |
| Galata Acquisition Corp. II Class A<sup>(7)</sup> <br>| 144239 | &nbsp;&nbsp; 1441 |
| Gesher Acquisition Corp. II Class A<sup>(7)</sup> <br>| 198625 | &nbsp;&nbsp; 2058 |
| GigCapital7 Corp. Class A<sup>(7)</sup> <br>| 354535 | &nbsp;&nbsp; 3776 |
| GigCapital8 Corp. Class A<sup>(7)</sup> <br>| 1095713 | &nbsp;&nbsp; 10924 |
| GigCapital9 Corp.<sup>(7)</sup> <br>| 247524 | &nbsp;&nbsp; 2485 |
| GigCapital9 Corp. Class A<sup>(7)</sup> <br>| 82771 | &nbsp;&nbsp; 814 |
| Globa Terra Acquisition Corp. Class A<sup>(7)</sup> <br>| 1123374 | &nbsp;&nbsp; 11515 |
| Gores Holdings X, Inc. Class A<sup>(7)</sup> <br>| 423383 | &nbsp;&nbsp; 4327 |
| GP-Act III Acquisition Corp. Class A<sup>(7)</sup> <br>| 819355 | &nbsp;&nbsp; 8882 |
| Graf Global Corp. Class A<sup>(7)</sup> <br>| 188770 | &nbsp;&nbsp; 2022 |
| GSR IV Acquisition Corp. Class A<sup>(7)</sup> <br>| 761997 | &nbsp;&nbsp; 7643 |
| Harvard Ave Acquisition Corp.<sup>(7)</sup> <br>| 493478 | &nbsp;&nbsp; 4994 |
| Harvard Ave Acquisition Corp. Class A<sup>(7)</sup> <br>| 115352 | &nbsp;&nbsp; 1155 |
| Haymaker Acquisition Corp. 4<sup>(7)(10)</sup> <br>| 1780002 | &nbsp;&nbsp; 20399 |
| HCM III Acquisition Corp.<sup>(7)</sup> <br>| 20555 | &nbsp;&nbsp; 211 |
| Highview Merger Corp. Class A<sup>(7)</sup> <br>| 140462 | &nbsp;&nbsp; 1412 |
| Idea Acquisition Corp.<sup>(7)</sup> <br>| 123826 | &nbsp;&nbsp; 1227 |
| Illumination Acquisition Corp. I<sup>(7)</sup> <br>| 123931 | &nbsp;&nbsp; 1229 |
| Indigo Acquisition Corp.<sup>(7)</sup> <br>| 206081 | &nbsp;&nbsp; 2090 |
| Infinite Eagle Acquisition Corp.<sup>(7)</sup> <br>| 41115 | &nbsp;&nbsp; 418 |
| Inflection Point Acquisition Corp. V Class A<sup>(7)</sup> <br>| 501772 | &nbsp;&nbsp; 5218 |
| Iron Horse Acquisition II Corp.<sup>(7)</sup> <br>| 122705 | &nbsp;&nbsp; 1222 |
| ITHAX Acquisition Corp. III<sup>(7)</sup> <br>| 205930 | &nbsp;&nbsp; 2051 |
| Jackson Acquisition Co. II Class A<sup>(7)</sup> <br>| 1081376 | &nbsp;&nbsp; 11452 |
| Jena Acquisition Corp. II Class A<sup>(7)</sup> <br>| 750366 | &nbsp;&nbsp; 7669 |
| K&F Growth Acquisition Corp. II Class A<sup>(7)</sup> <br>| 1401860 | &nbsp;&nbsp; 14635 |
| Kochav Defense Acquisition Corp. Class A<sup>(7)</sup> <br>| 1178014 | &nbsp;&nbsp; 12075 |
| KRAKacquisition Corp.<sup>(7)</sup> <br>| 41162 | &nbsp;&nbsp; 412 |
| LaFayette Acquisition Corp.<sup>(7)</sup> <br>| 166398 | &nbsp;&nbsp; 1672 |
| Lafayette Digital Acquisition Corp. I<sup>(7)</sup> <br>| 82251 | &nbsp;&nbsp; 817 |
| Lake Superior Acquisition Corp.<sup>(7)</sup> <br>| 210187 | &nbsp;&nbsp; 2127 |
| Lake Superior Acquisition Corp. Class A<sup>(7)</sup> <br>| 164763 | &nbsp;&nbsp; 1653 |
| Lakeshore Acquisition III Corp.<sup>(7)(10)</sup> <br>| 566036 | &nbsp;&nbsp; 5830 |
| Launch Two Acquisition Corp. Class A<sup>(7)</sup> <br>| 888665 | &nbsp;&nbsp; 9438 |
| Launchpad Cadenza Acquisition Corp. I<sup>(7)</sup> <br>| 273602 | &nbsp;&nbsp; 2731 |
| Leapfrog Acquisition Corp.<sup>(7)</sup> <br>| 102989 | &nbsp;&nbsp; 1035 |
| Legato Merger Corp. III<sup>(7)</sup> <br>| 451946 | &nbsp;&nbsp; 4967 |
| Legato Merger Corp. IV<sup>(7)</sup> <br>| 123450 | &nbsp;&nbsp; 1232 |
| Lightwave Acquisition Corp. Class A<sup>(7)</sup> <br>| 612574 | &nbsp;&nbsp; 6199 |
| Lionheart Holdings Class A<sup>(7)</sup> <br>| 329651 | &nbsp;&nbsp; 3544 |
| Live Oak Acquisition Corp. V Class A<sup>(7)</sup> <br>| 447323 | &nbsp;&nbsp; 4652 |
| M Evo Global Acquisition Corp. II<sup>(7)</sup> <br>| 241404 | &nbsp;&nbsp; 2416 |
| M3-Brigade Acquisition VI Corp.<sup>(7)</sup> <br>| 41204 | &nbsp;&nbsp; 418 |
| McKinley Acquisition Corp.<sup>(7)</sup> <br>| 82396 | &nbsp;&nbsp; 836 |
| McKinley Acquisition Corp. Class A<sup>(7)</sup> <br>| 609330 | &nbsp;&nbsp; 6130 |
| Melar Acquisition Corp. I Class A<sup>(7)</sup> <br>| 402775 | &nbsp;&nbsp; 4346 |
| Mercer Park Opportunities Corp.<sup>(7)</sup> <br>| 219167 | &nbsp;&nbsp; 2292 |
| Meshflow Acquisition Corp.<sup>(7)</sup> <br>| 288278 | &nbsp;&nbsp; 2871 |
| Miluna Acquisition Corp. Class A<sup>(7)</sup> <br>| 370330 | &nbsp;&nbsp; 3707 |
| Mountain Lake Acquisition Corp. Class A<sup>(7)</sup> <br>| 748758 | &nbsp;&nbsp; 7884 |
| Mountain Lake Acquisition Corp. II<sup>(7)</sup> <br>| 505956 | &nbsp;&nbsp; 5024 |

---

See Notes to Schedule of Investments

------

**The Merger Fund**<sup>®</sup>

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

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares/Units** | **Value** |
| MOZAYYX Acquisition Corp.<sup>(7)</sup> <br>| 165243 | &nbsp;&nbsp; $1643 |
| Muzero Acquisition Corp.<sup>(7)</sup> <br>| 164704 | &nbsp;&nbsp; 1635 |
| New Providence Acquisition Corp. III Class A<sup>(7)</sup> <br>| 934526 | &nbsp;&nbsp; 9588 |
| Newbury Street II Acquisition Corp. Class A<sup>(7)</sup> <br>| 768439 | &nbsp;&nbsp; 8076 |
| NewHold Investment Corp. III Class A<sup>(7)</sup> <br>| 408082 | &nbsp;&nbsp; 4240 |
| NMP Acquisition Corp. Class A<sup>(7)</sup> <br>| 412088 | &nbsp;&nbsp; 4187 |
| Oak Woods Acquisition Corp. Class A<sup>(7)</sup> <br>| 53000 | &nbsp;&nbsp; 647 |
| Origin Investment Corp. I<sup>(7)</sup> <br>| 370300 | &nbsp;&nbsp; 3781 |
| OTG Acquisition Corp. I<sup>(7)</sup> <br>| 103025 | &nbsp;&nbsp; 1049 |
| Oxley Bridge Acquisition Ltd. Class A<sup>(7)</sup> <br>| 863538 | &nbsp;&nbsp; 8748 |
| Oyster Enterprises II Acquisition Corp. Class A<sup>(7)</sup> <br>| 1112420 | &nbsp;&nbsp; 11369 |
| Pantages Capital Acquisition Corp.<sup>(7)</sup> <br>| 425393 | &nbsp;&nbsp; 4458 |
| Perimeter Acquisition Corp. I Class A<sup>(7)</sup> <br>| 123197 | &nbsp;&nbsp; 1263 |
| Pioneer Acquisition I Corp. Class A<sup>(7)</sup> <br>| 993533 | &nbsp;&nbsp; 10094 |
| Plum Acquisition Corp. IV<sup>(7)</sup> <br>| 873367 | &nbsp;&nbsp; 9223 |
| Praetorian Acquisition Corp.<sup>(7)</sup> <br>| 123450 | &nbsp;&nbsp; 1221 |
| ProCap Acquisition Corp.<sup>(7)</sup> <br>| 56745 | &nbsp;&nbsp; 580 |
| ProCap Acquisition Corp. Class A<sup>(7)</sup> <br>| 202759 | &nbsp;&nbsp; 2066 |
| Proem Acquisition Corp. I<sup>(7)</sup> <br>| 100871 | &nbsp;&nbsp; 1007 |
| Pyrophyte Acquisition Corp. II Class A<sup>(7)</sup> <br>| 206058 | &nbsp;&nbsp; 2079 |
| Quantumsphere Acquisition Corp.<sup>(7)</sup> <br>| 82383 | &nbsp;&nbsp; 833 |
| Quantumsphere Acquisition Corp.<sup>(7)</sup> <br>| 206081 | &nbsp;&nbsp; 2086 |
| Quartzsea Acquisition Corp.<sup>(7)</sup> <br>| 283194 | &nbsp;&nbsp; 2940 |
| Real Asset Acquisition Corp. Class A<sup>(7)</sup> <br>| 182497 | &nbsp;&nbsp; 1914 |
| Republic Digital Acquisition Co. Class A<sup>(7)</sup> <br>| 681549 | &nbsp;&nbsp; 6965 |
| Ribbon Acquisition Corp.<sup>(7)(10)</sup> <br>| 250715 | &nbsp;&nbsp; 2630 |
| Rising Dragon Acquisition Corp.<sup>(7)(10)</sup> <br>| 350634 | &nbsp;&nbsp; 3661 |
| Roman DBDR Acquisition Corp. II<sup>(7)</sup> <br>| 152688 | &nbsp;&nbsp; 1599 |
| SC II Acquisition Corp. Class A<sup>(7)</sup> <br>| 411153 | &nbsp;&nbsp; 4103 |
| Siddhi Acquisition Corp. Class A<sup>(7)</sup> <br>| 1046378 | &nbsp;&nbsp; 10861 |
| Silicon Valley Acquisition Corp.<sup>(7)</sup> <br>| 143611 | &nbsp;&nbsp; 1439 |
| Silver Pegasus Acquisition Corp.<sup>(7)</sup> <br>| 102663 | &nbsp;&nbsp; 1065 |
| Silver Pegasus Acquisition Corp. Class A<sup>(7)</sup> <br>| 288479 | &nbsp;&nbsp; 2934 |
| Silverbox Corp. IV Class A<sup>(7)</sup> <br>| 293505 | &nbsp;&nbsp; 3140 |
| SilverBox Corp. V<sup>(7)</sup> <br>| 82351 | &nbsp;&nbsp; 828 |
| SIM Acquisition Corp. I Class A<sup>(7)</sup> <br>| 665811 | &nbsp;&nbsp; 7144 |
| Sizzle Acquisition Corp. II Class A<sup>(7)</sup> <br>| 1372305 | &nbsp;&nbsp; 14080 |
| Social Commerce Partners Corp.<sup>(7)</sup> <br>| 102579 | &nbsp;&nbsp; 1027 |
| Solarius Capital Acquisition Corp. Class A<sup>(7)</sup> <br>| 527480 | &nbsp;&nbsp; 5370 |
| Soren Acquisition Corp.<sup>(7)</sup> <br>| 164462 | &nbsp;&nbsp; 1633 |
| Soulpower Acquisition Corp. Class A<sup>(7)</sup> <br>| 1142683 | &nbsp;&nbsp; 11712 |
| Space Asset Acquisition Corp.<sup>(7)</sup> <br>| 51451 | &nbsp;&nbsp; 524 |
| SPACSphere Acquisition Corp.<sup>(7)</sup> <br>| 412633 | &nbsp;&nbsp; 4155 |
| Spring Valley Acquisition Corp. III<sup>(7)</sup> <br>| 61814 | &nbsp;&nbsp; 637 |
| Starry Sea Acquisition Corp.<sup>(7)</sup> <br>| 309087 | &nbsp;&nbsp; 3137 |
| Stellar V Capital Corp. Class A<sup>(7)</sup> <br>| 165716 | &nbsp;&nbsp; 1735 |
| StoneBridge Acquisition II Corp. Class A<sup>(7)</sup> <br>| 72462 | &nbsp;&nbsp; 728 |
| Tavia Acquisition Corp.<sup>(7)(10)</sup> <br>| 625033 | &nbsp;&nbsp; 6607 |
| Texas Ventures Acquisition III Corp. Class A<sup>(7)</sup> <br>| 129665 | &nbsp;&nbsp; 1347 |
| Thayer Ventures Acquisition Corp. II Class A<sup>(7)</sup> <br>| 437717 | &nbsp;&nbsp; 4478 |
| Titan Acquisition Corp. Class A<sup>(7)</sup> <br>| 1214636 | &nbsp;&nbsp; 12547 |
| Translational Development Acquisition Corp.<sup>(7)</sup> <br>| 162558 | &nbsp;&nbsp; 1717 |
| UY Scuti Acquisition Corp.<sup>(7)</sup> <br>| 291138 | &nbsp;&nbsp; 3013 |
| Vendome Acquisition Corp. I Class A<sup>(7)</sup> <br>| 425585 | &nbsp;&nbsp; 4311 |
| Viking Acquisition Corp. I<sup>(7)</sup> <br>| 61770 | &nbsp;&nbsp; 618 |
| Vine Hill Capital Investment Corp. Class A<sup>(7)(9)</sup> <br>| 113470 | &nbsp;&nbsp; 1212 |
| Voyager Acquisition Corp.<sup>(7)</sup> <br>| 877096 | &nbsp;&nbsp; 9394 |
| Wen Acquisition Corp. Class A<sup>(7)</sup> <br>| 552730 | &nbsp;&nbsp; 5627 |
| Westin Acquisition Corp. Class A<sup>(7)</sup> <br>| 186147 | &nbsp;&nbsp; 1860 |
| White Pearl Acquisition Corp.<sup>(7)</sup> <br>| 121184 | &nbsp;&nbsp; 1224 |
| White Pearl Acquisition Corp. Class A<sup>(7)</sup> <br>| 206554 | &nbsp;&nbsp; 2037 |
| Wintergreen Acquisition Corp.<sup>(7)</sup> <br>| 209760 | &nbsp;&nbsp; 2152 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/Units** | **Value** |
| Yorkville Acquisition Corp. Class A<sup>(7)</sup> <br>| 453704 | &nbsp;&nbsp; $4587 |
| **Total Special Purpose Acquisition Companies** <br>**(Identified Cost $711,489)** | **Total Special Purpose Acquisition Companies** <br>**(Identified Cost $711,489)** | &nbsp;&nbsp; **735499** |

---

&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 $2,114)** | **Total Purchased Options** <br>**(Premiums Paid $2,114)** | &nbsp;&nbsp; **1130** |
| **Escrow Notes—1.4%** | **Escrow Notes—1.4%** | **Escrow Notes—1.4%** |
| **Financials—1.4%** | **Financials—1.4%** |  |
| Altaba, Inc. Escrow<sup>(6)(7)</sup> <br>| 25792925 | &nbsp;&nbsp; 34821 |
| Pershing Square Escrow<sup>(6)(7)</sup> <br>| 547537 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; 34821 |
| **Total Escrow Notes** <br>**(Identified Cost $11,446)** | **Total Escrow Notes** <br>**(Identified Cost $11,446)** | &nbsp;&nbsp; **34821** |
| **Total Long-Term Investments—88.5%** <br>**(Identified Cost $2,111,974)** | **Total Long-Term Investments—88.5%** <br>**(Identified Cost $2,111,974)** | &nbsp;&nbsp; **2184366** |
| **Short-Term Investments—9.0%** | **Short-Term Investments—9.0%** | **Short-Term Investments—9.0%** |
| **Money Market Mutual Funds—9.0%** | **Money Market Mutual Funds—9.0%** | **Money Market Mutual Funds—9.0%** |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Funds - Treasury <br> Instruments Fund - Standard Shares (seven-day <br> effective yield 3.540%)<sup>(11)</sup> <br>| 192800000 | &nbsp;&nbsp; 192800 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Government Fund - <br> Standard Shares (seven-day effective yield <br> 3.556%)<sup>(11)</sup> <br>| 28836498 | &nbsp;&nbsp; 28836 |
| **Total Short-Term Investments** <br>**(Identified Cost $221,636)** | **Total Short-Term Investments** <br>**(Identified Cost $221,636)** | &nbsp;&nbsp; **221636** |
| **Securities Lending Collateral—0.0%** | **Securities Lending Collateral—0.0%** | **Securities Lending Collateral—0.0%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund - <br> Institutional Shares (seven-day effective yield <br> 3.531%)<sup>(11)(14)</sup> <br>| 160846 | &nbsp;&nbsp; 161 |
| **Total Securities Lending Collateral** <br>**(Identified Cost $161)** | **Total Securities Lending Collateral** <br>**(Identified Cost $161)** | &nbsp;&nbsp; **161** |
| **TOTAL INVESTMENTS, BEFORE SECURITIES SOLD SHORT AND** <br> **WRITTEN OPTIONS**—**97.5%** <br>**(Identified Cost $2,333,771)** | **TOTAL INVESTMENTS, BEFORE SECURITIES SOLD SHORT AND** <br> **WRITTEN OPTIONS**—**97.5%** <br>**(Identified Cost $2,333,771)** | &nbsp;&nbsp; **2406163** |
| **Securities Sold Short—(1.0)%** | **Securities Sold Short—(1.0)%** | **Securities Sold Short—(1.0)%** |

---

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

---

| | | |
|:---|:---|:---|
| **Common Stocks—(1.0)%** | **Common Stocks—(1.0)%** | **Common Stocks—(1.0)%** |
| **Energy—(0.7)%** | **Energy—(0.7)%** |  |
| Devon Energy Corp. | (320244)<br>| &nbsp;&nbsp; (16114) |
| **Health Care—(0.0)%** | **Health Care—(0.0)%** |  |
| Boston Scientific Corp.<sup>(7)</sup> <br>| (8094)<br>| (508) |
| **Industrials—(0.3)%** | **Industrials—(0.3)%** |  |
| Cintas Corp. | (15158)<br>| &nbsp;&nbsp; (2564) |

---

See Notes to Schedule of Investments

------

**The Merger Fund**<sup>®</sup>

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

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| Union Pacific Corp. | (22814)<br>| &nbsp;&nbsp; $(5535) |
|  |  | &nbsp;&nbsp; (8099)<br>|
| **Total Securities Sold Short** <br>**(Identified Proceeds $(23617))** | **Total Securities Sold Short** <br>**(Identified Proceeds $(23617))** | &nbsp;&nbsp; **(24721)**<br>|
| **Written Options—(0.1)%** | **Written Options—(0.1)%** | **Written Options—(0.1)%** |
| (See open written options schedule) |  |  |
| **Total Written Options** <br>**(Premiums Received $2,624)** | **Total Written Options** <br>**(Premiums Received $2,624)** | &nbsp;&nbsp; **(1619)**<br>|
| **TOTAL INVESTMENTS, NET OF SECURITIES SOLD SHORT AND** <br> **WRITTEN OPTIONS—96.4%** <br>**(Identified Cost $2,307,530)** | **TOTAL INVESTMENTS, NET OF SECURITIES SOLD SHORT AND** <br> **WRITTEN OPTIONS—96.4%** <br>**(Identified Cost $2,307,530)** | &nbsp;&nbsp; **$2379823** |
| Other assets and liabilities, net—3.6% | Other assets and liabilities, net—3.6% | &nbsp;&nbsp; 88265 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$2468088** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| LLC | Limited Liability Company |
| plc | Public Limited Company |
| SOFR | Secured Overnight Financing Rate |
| SPAC | Special Purpose Acquisition Company |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Par Value disclosed in foreign currency is reported in thousands. |
| <sup>(2)</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, <br> normally to qualified institutional buyers. At March 31, 2026, these securities <br> amounted to a value of $74,087 or 3.0% of net assets.<br>|
| <sup>(3)</sup> <br>| Regulation S security. Security is offered and sold outside of the United States; <br> therefore, it is exempt from registration with the SEC under Rules 903 and 904 of <br> the Securities Act of 1933.<br>|
| <sup>(4)</sup> <br>| Variable rate security. Rate disclosed is as of March 31, 2026. 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 <br> conditions, or, for mortgage-backed securities, are impacted by the individual <br> mortgages which are paying off over time. These securities do not indicate a <br> reference rate and spread in their descriptions.<br>|
| <sup>(5)</sup> <br>| All or a portion of the shares have been committed as collateral for open <br> securities sold short and written option contracts. The value of securities <br> segregated as collateral is $174,881.<br>|

---

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

<sup>(6)</sup> 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 of Investments. 

<sup>(7)</sup> Non-income producing.

<sup>(8)</sup> Delisted security. As of March 31, 2026, the common stock is classified as a Level 3 investment due to the absence of observable market inputs and had a cost of $129,652 and its market value represents 5.8% of total net assets. The security was delisted on March 24, 2025 and is currently subject to appraisal rights proceedings in connection with an acquisition. Due to the uncertainty of fair valuation in the absence of an active market and the pending legal proceedings, the fair value of the security may differ materially from the presented estimated fair value. 

<sup>(9)</sup> All or a portion of security is on loan.

<sup>(10)</sup> Affiliated investment. 

<sup>(11)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. 

<sup>(12)</sup> The Merger Fund does not invest in the underlying funds for the purpose of exercising management or control: however, investments made by the Fund within each of its principal investment strategies may present a significant portion of an underlying fund's net assets. 

<sup>(13)</sup> Amount is less than $500 (not in thousands).

<sup>(14)</sup> Represents security purchased with cash collateral received for securities on loan. 

&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:** |
| 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 | 68<br> %<br>|
| Cayman Islands | 30 |
| Virgin Islands(British) | 1 |
| Jersey | 1 |
| Total | 100<br> %<br>|
| <sup>†</sup>% of total investments, net of securities sold short and written options, as of <br> March 31, 2026. | <sup>†</sup>% of total investments, net of securities sold short and written options, as of <br> March 31, 2026. |

---

See Notes to Schedule of Investments

------

**The Merger Fund**<sup>®</sup>

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

**March 31, 2026**

($ reported in thousands)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open purchased options contracts as of March 31, 2026 were as follows:** | **Open purchased options contracts as of March 31, 2026 were as follows:** | **Open purchased options contracts as of March 31, 2026 were as follows:** | **Open purchased options contracts as of March 31, 2026 were as follows:** | **Open purchased options contracts as of March 31, 2026 were as follows:** | **Open purchased options contracts as of March 31, 2026 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> |  |  |  |  |  |
| Clearwater Analytics Holdings, Inc. | 18 | &nbsp;&nbsp;&nbsp;&nbsp; $32 | &nbsp;&nbsp;&nbsp;&nbsp; $17.50 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; $1 |
| State Street SPDR S&P 500<sup>®</sup> ETF Trust | 1333 | &nbsp;&nbsp;&nbsp;&nbsp; 81979 | &nbsp;&nbsp;&nbsp;&nbsp;615.00 | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1129 |
| **Total Purchased Options** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $1130 |
| **Footnote Legend:** | **Footnote Legend:** |  |  |  |  |
| <sup>(1)</sup> Strike price not reported in thousands. |  |  |  |  |  |
| <sup>(2)</sup> Unless otherwise noted, options are exchange-traded. |  |  |  |  |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open written options contracts as of March 31, 2026 were as follows:** | **Open written options contracts as of March 31, 2026 were as follows:** | **Open written options contracts as of March 31, 2026 were as follows:** | **Open written options contracts as of March 31, 2026 were as follows:** | **Open written options contracts as of March 31, 2026 were as follows:** | **Open written options contracts as of March 31, 2026 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> |  |  |  |  |  |
| Chart Industries, Inc. | (14) | &nbsp;&nbsp;&nbsp;&nbsp; $(294)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $210.00 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; $(— ) <sup>(3)</sup><br>|
| DigitalBridge Group, Inc. | (20560) | &nbsp;&nbsp;&nbsp;&nbsp; (32896)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.00 | &nbsp;&nbsp;&nbsp;&nbsp; 04/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; (103) <br>|
| DigitalBridge Group, Inc. | (424) | &nbsp;&nbsp;&nbsp;&nbsp; (678)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.00 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; (2) <br>|
| Electronic Arts, Inc. | (69) | &nbsp;&nbsp;&nbsp;&nbsp; (1449)<br>| &nbsp;&nbsp;&nbsp;&nbsp;210.00 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; (— ) <sup>(3)</sup><br>|
| Masimo Corp. | (360) | &nbsp;&nbsp;&nbsp;&nbsp; (6480)<br>| &nbsp;&nbsp;&nbsp;&nbsp;180.00 | &nbsp;&nbsp;&nbsp;&nbsp; 09/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; (41) <br>|
| State Street SPDR S&P 500<sup>®</sup> ETF Trust | (889) | &nbsp;&nbsp;&nbsp;&nbsp; (60008)<br>| &nbsp;&nbsp;&nbsp;&nbsp;675.00 | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; (702) <br>|
| Warner Bros Discovery, Inc. | (908) | &nbsp;&nbsp;&nbsp;&nbsp; (2452)<br>| &nbsp;&nbsp;&nbsp;&nbsp;27.00 | &nbsp;&nbsp;&nbsp;&nbsp; 04/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; (46) <br>|
| Warner Bros Discovery, Inc. | (1278) | &nbsp;&nbsp;&nbsp;&nbsp; (3578)<br>| &nbsp;&nbsp;&nbsp;&nbsp;28.00 | &nbsp;&nbsp;&nbsp;&nbsp; 04/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; (14) <br>|
| Warner Bros Discovery, Inc. | (1783) | &nbsp;&nbsp;&nbsp;&nbsp; (4458)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.00 | &nbsp;&nbsp;&nbsp;&nbsp; 04/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; (410) <br>|
| Warner Bros Discovery, Inc. | (3947) | &nbsp;&nbsp;&nbsp;&nbsp; (11446)<br>| &nbsp;&nbsp;&nbsp;&nbsp;29.00 | &nbsp;&nbsp;&nbsp;&nbsp; 04/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; (4) <br>|
| Warner Bros Discovery, Inc. | (2560) | &nbsp;&nbsp;&nbsp;&nbsp; (7680)<br>| &nbsp;&nbsp;&nbsp;&nbsp;30.00 | &nbsp;&nbsp;&nbsp;&nbsp; 04/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; (3) <br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (1325)<br>|
| **Put Option**<sup>(2)</sup> |  |  |  |  |  |
| State Street SPDR S&P 500<sup>®</sup> ETF Trust | (978) | &nbsp;&nbsp;&nbsp;&nbsp; (55257)<br>| &nbsp;&nbsp;&nbsp;&nbsp;565.00 | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; (294) <br>|
| **Total Written Options** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(1619)<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 March 31, 2026 were as follows:** | **Forward foreign currency exchange contracts as of March 31, 2026 were as follows:** | **Forward foreign currency exchange contracts as of March 31, 2026 were as follows:** | **Forward foreign currency exchange contracts as of March 31, 2026 were as follows:** | **Forward foreign currency exchange contracts as of March 31, 2026 were as follows:** | **Forward foreign currency exchange contracts as of March 31, 2026 were as follows:** | **Forward foreign currency exchange contracts as of March 31, 2026 were as follows:** | **Forward foreign currency exchange contracts as of March 31, 2026 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; 3345440 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21027 | GS | 04/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3537 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2990 | JPM | 04/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37790 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28204 | GS | 04/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21243 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3345440 | GS | 04/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29110 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21441 | GS | 08/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37143 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27470 | GS | 11/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| **Total** |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>|

---

See Notes to Schedule of Investments

------

**The Merger Fund**<sup>®</sup>

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

**March 31, 2026**

($ reported in thousands)

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Over-the-counter total return swaps outstanding as of March 31, 2026 were as follows:** | **Over-the-counter total return swaps outstanding as of March 31, 2026 were as follows:** | **Over-the-counter total return swaps outstanding as of March 31, 2026 were as follows:** | **Over-the-counter total return swaps outstanding as of March 31, 2026 were as follows:** | **Over-the-counter total return swaps outstanding as of March 31, 2026 were as follows:** | **Over-the-counter total return swaps outstanding as of March 31, 2026 were as follows:** | **Over-the-counter total return swaps outstanding as of March 31, 2026 were as follows:** | **Over-the-counter total return swaps outstanding as of March 31, 2026 were as follows:** | **Over-the-counter total return swaps outstanding as of March 31, 2026 were as follows:** | **Over-the-counter total return swaps outstanding as of March 31, 2026 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>|  |  |  |  |  |  |  |  |  |
| Apollo Commercial Real <br> Estate Finance, Inc.<br>| Pay | 4.540% (0.900% + OBFR) | 3 Month | JPM | &nbsp;&nbsp; 03/23/27 | &nbsp;&nbsp; $100 | &nbsp;&nbsp; $— <br><sup>(3)</sup><br>| &nbsp;&nbsp; $—<br>| &nbsp;&nbsp; $— <br><sup>(3)</sup><br>|
| Beazley plc | Pay | 4.490% (0.850% + OBFR) | 1 Month | GS | &nbsp;&nbsp; 03/09/27 | &nbsp;&nbsp; 26885 | &nbsp;&nbsp; 731<br>| &nbsp;&nbsp; 731<br>| &nbsp;&nbsp; —<br>|
| Bristol-Myers Squibb <br> Co.<sup>(4),(5)</sup> <br>| Pay | 5.320% (0.750% + OBFR) | 1 Month | BAML | &nbsp;&nbsp; 03/02/27 | &nbsp;&nbsp; — <br><sup>(3)</sup><br>| &nbsp;&nbsp; 498<br>| &nbsp;&nbsp; 498<br>| &nbsp;&nbsp; —<br>|
| CyberArk Software Ltd. | Pay | 4.250% (0.610% + OBFR) | 1 Month | GS | &nbsp;&nbsp; 03/15/27 | &nbsp;&nbsp; 9228 | &nbsp;&nbsp; (13) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (13) <br>|
| Electronic Arts, Inc. | Pay | 4.020% (0.380% + OBFR) | 3 Month | JPM | &nbsp;&nbsp; 02/26/27 | &nbsp;&nbsp; 2417 | &nbsp;&nbsp; (5) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (5) <br>|
| Just Group plc | Pay | 4.490% (0.850% + OBFR) | 1 Month | GS | &nbsp;&nbsp; 09/03/26 | &nbsp;&nbsp; 36406 | &nbsp;&nbsp; 883<br>| &nbsp;&nbsp; 883<br>| &nbsp;&nbsp; —<br>|
| Schroders plc | Pay | 4.640% (1.000% + OBFR) | 1 Month | GS | &nbsp;&nbsp; 03/17/27 | &nbsp;&nbsp; 35546 | &nbsp;&nbsp; (138) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (138) <br>|
| Webster Financial Corp. | Pay | 4.250% (0.610% + OBFR) | 1 Month | GS | &nbsp;&nbsp; 03/12/27 | &nbsp;&nbsp; 7283 | &nbsp;&nbsp; (265) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (265) <br>|
| Webster Financial Corp. | Pay | 4.020% (0.380% + OBFR) | 3 Month | JPM | &nbsp;&nbsp; 03/25/27 | &nbsp;&nbsp; 7335 | &nbsp;&nbsp; (327) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (327) <br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp; 1364 | &nbsp;&nbsp; 2112 | &nbsp;&nbsp; (748)<br>|
| **Short Total Return Swap** <br> **Contracts**<br>|  |  |  |  |  |  |  |  |  |
| Banco Santander S.A. | Receive | 3.190% ((0.450)% + OBFR) | 1 Month | GS | &nbsp;&nbsp; 03/12/27 | &nbsp;&nbsp; (34788)<br>| &nbsp;&nbsp; 1437<br>| &nbsp;&nbsp; 1437<br>| &nbsp;&nbsp; —<br>|
| Banco Santander S.A. | Receive | 3.140% ((0.500)% + OBFR) | 3 Month | JPM | &nbsp;&nbsp; 04/26/27 | &nbsp;&nbsp; (7743)<br>| &nbsp;&nbsp; 656<br>| &nbsp;&nbsp; 656<br>| &nbsp;&nbsp; —<br>|
| Boston Scientific Corp. | Receive | 3.290% ((0.350)% + OBFR) | 1 Month | GS | &nbsp;&nbsp; 04/13/27 | &nbsp;&nbsp; (3982)<br>| &nbsp;&nbsp; 424<br>| &nbsp;&nbsp; 424<br>| &nbsp;&nbsp; —<br>|
| Charter Communications, <br> Inc.<br>| Receive | 3.290% ((0.350)% + OBFR) | 1 Month | GS | &nbsp;&nbsp; 11/30/26 | &nbsp;&nbsp; (8318)<br>| &nbsp;&nbsp; 1011<br>| &nbsp;&nbsp; 1011<br>| &nbsp;&nbsp; —<br>|
| Cintas Corp. | Receive | 3.290% ((0.350)% + OBFR) | 1 Month | GS | &nbsp;&nbsp; 04/13/27 | &nbsp;&nbsp; (28886)<br>| &nbsp;&nbsp; 3828<br>| &nbsp;&nbsp; 3828<br>| &nbsp;&nbsp; —<br>|
| Devon Energy Corp. | Receive | 3.290% ((0.350)% + OBFR) | 1 Month | GS | &nbsp;&nbsp; 04/13/27 | &nbsp;&nbsp; (23622)<br>| &nbsp;&nbsp; (2504) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (2504) <br>|
| Devon Energy Corp. | Receive | 3.390% ((0.250)% + OBFR) | 3 Month | JPM | &nbsp;&nbsp; 04/12/27 | &nbsp;&nbsp; (3992)<br>| &nbsp;&nbsp; (476) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (476) <br>|
| Kimberly-Clark Corp. | Receive | 3.290% ((0.350)% + OBFR) | 1 Month | GS | &nbsp;&nbsp; 04/06/27 | &nbsp;&nbsp; (4321)<br>| &nbsp;&nbsp; 300<br>| &nbsp;&nbsp; 300<br>| &nbsp;&nbsp; —<br>|
| Skyworks Solutions, Inc. | Receive | 3.290% ((0.350)% + OBFR) | 1 Month | GS | &nbsp;&nbsp; 03/18/27 | &nbsp;&nbsp; (9478)<br>| &nbsp;&nbsp; 892<br>| &nbsp;&nbsp; 892<br>| &nbsp;&nbsp; —<br>|
| Skyworks Solutions, Inc. | Receive | 3.390% ((0.250)% + OBFR) | 3 Month | JPM | &nbsp;&nbsp; 03/29/27 | &nbsp;&nbsp; (2913)<br>| &nbsp;&nbsp; 296<br>| &nbsp;&nbsp; 296<br>| &nbsp;&nbsp; —<br>|
| Transocean Ltd. | Receive | 3.290% ((0.350)% + OBFR) | 1 Month | GS | &nbsp;&nbsp; 04/13/27 | &nbsp;&nbsp; (4356)<br>| &nbsp;&nbsp; (389) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (389) <br>|
| Union Pacific Corp. | Receive | 3.290% ((0.350)% + OBFR) | 1 Month | GS | &nbsp;&nbsp; 12/29/26 | &nbsp;&nbsp; (56865)<br>| &nbsp;&nbsp; (2467) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (2467) <br>|
| Union Pacific Corp. | Receive | 3.390% ((0.250)% + OBFR) | 3 Month | JPM | &nbsp;&nbsp; 04/12/27 | &nbsp;&nbsp; (39833)<br>| &nbsp;&nbsp; (875) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (875) <br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp; 2133 | &nbsp;&nbsp; 8844 | &nbsp;&nbsp; (6711) <br>|
| **Total**  |  |  |  |  |  |  | &nbsp;&nbsp; $3497 | &nbsp;&nbsp; $10956 | &nbsp;&nbsp; $(7459) <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>| Amount is less than $500 (not in thousands). |
| <sup>(4)</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>(5)</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. |

---

See Notes to Schedule of Investments

------

**The Merger Fund**<sup>®</sup>

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

**March 31, 2026**

($ reported in thousands)

The following table summarizes the value of the Fund's investments as of March 31, 2026, 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>March 31, 2026<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; $13843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1155514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1010448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144636 <br><sup>(1)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1047 |
| &nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| &nbsp;&nbsp;&nbsp; Special Purpose Acquisition Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 735499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 686128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Escrow Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34821 <br><sup>(1)</sup><br>|
| Affiliated Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Money Market Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161 | &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; 1130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1130 | &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; 2375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Over-the-Counter Total Return Swaps<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 498 |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2419494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181002 |
| Liabilities: |  |  |  |  |
| Securities Sold Short: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24721)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24721)<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; (1619)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1617)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<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; (7459)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7459)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33799)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26338)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7461)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments, Net of Securities Sold Short and Written <br> Options<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2385695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1999788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $204905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $181002 |

---

&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.

Securities held by the Fund with an end of period value of $34,821 were transferred from Level 2 to Level 3 due to a decrease in trading activities at period end.

Some of the Fund's investments that were categorized as Level 3 may have been valued utilizing third party pricing information without adjustment. If applicable, 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.

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>stock<br>| Escrow <br>Notes<br>| Warrants | Rights | Over-the-Counter <br>Total Return Swaps<br>|
| **Investments in Securities** |  |  |  |  |  |  |
| **Balance as of December 31, 2025:** | &nbsp;&nbsp;&nbsp;&nbsp; $145087 | &nbsp;&nbsp;&nbsp;&nbsp; $143542 | &nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $1047 | &nbsp;&nbsp;&nbsp;&nbsp; $498 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation)<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1094 | &nbsp;&nbsp;&nbsp;&nbsp; 1094 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Sales<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Transfers into Level 3<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 34821 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34821 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Balance as of March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp; $181002 | &nbsp;&nbsp;&nbsp;&nbsp; $144636 | &nbsp;&nbsp;&nbsp;&nbsp; $34821 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $1047 | &nbsp;&nbsp;&nbsp;&nbsp; $498 |

---

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

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

<sup>(c)</sup> The net change in unrealized appreciation (depreciation) on investments still held at March 31, 2026, was $1,103.

<sup>(d)</sup>Includes paydowns on securities.

<sup>(e)</sup> "Transfers into and/or from" represent the ending value as of March 31, 2026, for any investment security where a change in the pricing level occurred from the beginning to the end of the period.

See Notes to Schedule of Investments

------

**The Merger Fund**<sup>®</sup>

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

**March 31, 2026**

($ reported in thousands)

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 March 31, 2026:

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in** <br>**Securities – Assets**<br>| **Ending** <br>**Balance** <br>**at March 31, 2026**<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 Stocks:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Endeavor Group <br>Holdings, Inc. <br>Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp; $143533 | 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>

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

**March 31, 2026**

**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

- **b. Investment Company Act file number:** 811-03445

- **c. CIK number of Registrant:** 0000701804

- **d. LEI of Registrant:** 549300TXJCENVSEMYP88

- **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

- **b. EDGAR series identifier (if any):** S000005158

- **c. LEI of Series:** 549300TXJCENVSEMYP88

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $2517587893.98

**Total Liabilities:** $49724167.35

**Net Assets:** $2467863726.63

**Delayed Delivery Securities:** $874.32

**Cash Not Reported:** $80826908.72

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000129310 | 0.12%                | 0.41%                | 0.29%                |
| Class ID C000014124 | 0.06%                | 0.41%                | 0.23%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3869814.94             | $6104195.62                                |
| Month 2  | $23519325.50             | $9926382.63                                |
| Month 3  | $4881737.86              | $-32966829.73                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Unifirst Corp                                    | Unifirst Corp COM                                                                                                              | CUSIP: 904708104<br>LEI: 5493003XBTNWBC8UK019 | Long             | EC               | CORP              | US        |    211770 | NS      | $53279214.30  | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS SKYWORKS SOLUTIONS INC                                                                                                     | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $52424.75     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Hologic Inc                                      | Hologic Inc COM                                                                                                                | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |    374704 | NS      | $28323875.36  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| GORES HOLDINGS X INC                             | Gores Holdings X Inc. SHS CL A                                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    423383 | NS      | $4326974.26   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| GESHER ACQUISITION CORP II                       | Gesher Acquisition Corporation II USD CL A ORD SHS                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    198625 | NS      | $2057755.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS UNION PACIFIC CORP                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-4439.11     | -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      | $15940.10     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SOLARIUS CAPITAL ACQUISITION CORP                | Solarius Capital Acquisition Corp. SHS CL A                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    527480 | NS      | $5369746.40   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS VENTURES ACQUISITION III CORP              | Texas Ventures Acquisition III Corp. WT EXP 042330                                                                             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |     95429 | NC      | $45805.92     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Altaba Inc Escrow                                | Altaba Inc Escrow                                                                                                              | CUSIP: 021ESC017<br>LEI: N/A                  | Long             | EC               | CORP              | US        |  25792925 | NS      | $34820448.75  | 1.41%             |  |  |  | No            |                  3 | On Loan: No      |
| APEX TREASURY CORP                               | Apex Treasury Corp. UNITS 1 CLASS A & 1/2 WT                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    123616 | NS      | $1247285.44   | 0.05%             |  |  |  | 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      | $-188712.54   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $962108.04    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| VOYAGER ACQUISITION CORP                         | Voyager Acquisition Corp. ORD USD0.0001 CL A                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    877096 | NS      | $9393698.16   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                 | WBD A 2026-04-17 CALL 25                                                                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |     -1783 | NC      | $-410090.00   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| BLUE ACQUISITION CORP                            | Blue Acquisition Corp. ORD SHS CL A                                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    231983 | NS      | $2368546.43   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| GIGCAPITAL9 CORP                                 | GigCapital9 Corp. CL A                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     82771 | NS      | $814466.64    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS DEVON ENERGY CORP                                                                                                          | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-571014.32   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| BLUE ACQUISITION CORP                            | Blue Acquisition Corp. UNIT EXP 060230                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    101474 | NS      | $1048226.42   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION        | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               | CORP              | US        |         1 | NC      | $306018.37    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| 1RT ACQUISITION CORP                             | 1RT Acquisition Corp. UNIT EXP 062630                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     22325 | NS      | $229501.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GSR IV ACQUISITION CORP                          | GSR IV Acquisition Corp. RIGHT EXP 082230                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     76528 | NS      | $146933.76    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-26727.86    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Webster Financial Corp.                          | Webster Financial Corp. COM                                                                                                    | CUSIP: 947890109<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EC               | CORP              | US        |   1544626 | NS      | $107227936.92 | 4.34%             |  |  |  | No            |                  1 | On Loan: No      |
| DUNE ACQUISITION CORP II                         | Dune Acquisition Corp. II SHS CL A                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    582415 | NS      | $6016346.95   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ACTIVATE ENERGY ACQUISITION CORP                 | Activate Energy Acquisition Corp. UNIT EXP 111030                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    288175 | NS      | $2887513.50   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS WEBSTER FINANCIAL CORP                                                                                                     | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-16037.83    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MESHFLOW ACQUISITION CORP                        | Meshflow Acquisition Corp. UNIT EXP 111930                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    288278 | NS      | $2871248.88   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                                        | Qorvo Inc COM                                                                                                                  | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |    218187 | NS      | $16887673.80  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS CYBER CASH CONTRA CFD                                                                                                      | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-13073.34    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PIONEER ACQUISITION I CORP                       | Pioneer Acquisition I Corp. CL A ORD SHS                                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    993533 | NS      | $10094295.28  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Newbury Street II Acquisition Corp               | Newbury Street II Acquisition Corp ORD SHS CL A                                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    768439 | NS      | $8076293.89   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| LeddarTech Holdings Inc.                         | LeddarTech Holdings Inc. WT EXP 122128                                                                                         | CUSIP: 52328E113<br>LEI: N/A                  | N/A              | DE               | CORP              | CA        |    155088 | NC      | $62.04        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FACT II ACQUISITION CORP                         | FACT II Acquisition Corp. ORD SHS CL A                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    676552 | NS      | $7107178.76   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| LAKE SUPERIOR ACQUISITION CORP                   | Lake Superior Acquisition Corp. USD CL A ORD SHS                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | VG        |    164763 | NS      | $1652572.89   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| GP-ACT III ACQUISITION CORP                      | GP-Act III Acquisition Corp. CL A                                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    819355 | NS      | $8881808.20   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| GSR IV ACQUISITION CORP                          | GSR IV Acquisition Corp. CL A SHS                                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    761997 | NS      | $7642829.91   | 0.31%             |  |  |  | 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      | $3370.36      | 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      | $-185227.38   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| DISH Network Corporation                         | DISH 11.75 11/15/27 144A                                                                                                       | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |  12201000 | PA      | $12570019.25  | 0.51%             | 2027-11-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| iLearningEngines Inc                             | iLearningEngines Inc WT EXP 041629                                                                                             | CUSIP: 45175Q114<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    403622 | NC      | $0.40         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION        | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               | CORP              | US        |         1 | NC      | $101170.61    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $38829.24     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PLUM ACQUISITION CORP III                        | Plum Acquisition Corp III C/WTS 31/03/2028 (TO PUR COM)                                                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |     83333 | NC      | $13424.95     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Proassurance Corp                                | Proassurance Corp COM                                                                                                          | CUSIP: 74267C106<br>LEI: 54930015E5J57R675E89 | Long             | EC               | CORP              | US        |   1302996 | NS      | $32210061.12  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| DAEDALUS SPECIAL ACQUISITION CORP                | Daedalus Special Acquisition Corp. UNIT EXP 111030                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    117102 | NS      | $1174533.06   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CSLM DIGITAL ASSET ACQUISITION CORP III LTD      | CSLM Digital Asset Acquisition Corp III Ltd. UNIT 1 CL A & 1/2 RED WT                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    329668 | NS      | $3342833.52   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| ALCHEMY INVESTMENTS ACQUISITION CORP 1           | Alchemy Investments Acquisition Corp 1 WT EXP 113027                                                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |    183897 | NC      | $29423.52     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LAKESHORE ACQUISITION III CORP                   | Lakeshore Acquisition III Corp. USD ORD SHS                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    566036 | NS      | $5830170.80   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| VALARIS LTD                                      | Valaris Ltd. CL A                                                                                                              | CUSIP: 000000000<br>LEI: 5299008BQ9IREYWBTS30 | Long             | EC               | CORP              | BM        |     47022 | NS      | $4610036.88   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ROMAN DBDR ACQUISITION CORP II                   | Roman DBDR Acquisition Corp. II WT EXP 103131                                                                                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |    123638 | NC      | $26260.71     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTURION ACQUISITION CORP                       | Centurion Acquisition Corp C/WTS EXP 31/05/2032 (TO PUR COM)                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |     49373 | NC      | $6097.57      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SilverBox Corp IV                                | SilverBox Corp IV SHS CL A                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    293505 | NS      | $3140503.50   | 0.13%             |  |  |  | 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      | $80606.96     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS UNION PACIFIC CORP                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-15321.96    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PERIMETER ACQUISITION CORP I                     | Perimeter Acquisition Corp. I COM CL A                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    123197 | NS      | $1262769.25   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| EchoStar Corp.                                   | SATS 10.75 11/30/29 .                                                                                                          | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |  17299000 | PA      | $18687258.07  | 0.76%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $11753.56     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LAFAYETTE ACQUISITION CORP                       | LaFayette Acquisition Corp. UNIT EXP 102430                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    166398 | NS      | $1672299.90   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Era Acquisition Corp I                     | Fifth Era Acquisition Corp I ORD SHS CL A                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     71110 | NS      | $731721.90    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| HARVARD AVE ACQUISITION CORP                     | Harvard Ave Acquisition Corp. USD CL A ORD SHS                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    115352 | NS      | $1154673.52   | 0.05%             |  |  |  | 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      | $7903.35      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MoneyGram International Inc.                     | MGI 9 06/01/30 144A                                                                                                            | CUSIP: 606950AA1<br>LEI: 5299002DLX0Q04KC4156 | Long             | DBT              | CORP              | US        |    880000 | PA      | $620467.85    | 0.03%             | 2030-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| BERTO ACQUISITION CORP                           | Berto Acquisition Corp. ORD SHS                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    587487 | NS      | $6021741.75   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Commercial Real Estate Finance, Inc.      | ARI 4.625 06/15/29 144A                                                                                                        | CUSIP: 03762UAD7<br>LEI: 549300E0AN7M2AQHSY29 | Long             | DBT              | CORP              | US        |   5485000 | PA      | $5440799.13   | 0.22%             | 2029-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| K&F Growth Acquisition Corp II                   | K&F Growth Acquisition Corp II SHS CL A                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |   1401860 | NS      | $14635418.40  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-1379.43     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $32812.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION        | TRS ELECTRONIC ARTS INC                                                                                                        | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               | CORP              | US        |         1 | NC      | $-5029.45     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS DEVON ENERGY CORP                                                                                                          | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-219387.17   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS TRANSOCEAN LTD                                                                                                             | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-389238.35   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| ARCHIMEDES TECH SPAC PARTNERS II CO              | Archimedes Tech SPAC Partners II Co. ORD SHS                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    789859 | NS      | $8222432.19   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                 | DBRG A 2026-04-17 CALL 16                                                                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |    -20462 | NC      | $-102310.00   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-52246.92    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Cantaloupe Inc.                                  | Cantaloupe Inc. COM                                                                                                            | CUSIP: 138103106<br>LEI: 529900O54DBQQVWO9Q85 | Long             | EC               | CORP              | US        |    376024 | NS      | $4064819.44   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| APEX TREASURY CORP                               | Apex Treasury Corp. ORD SHS CL A                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    824824 | NS      | $8239991.76   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus Henderson Group PLC                        | Janus Henderson Group PLC ORD USD1.50                                                                                          | CUSIP: 000000000<br>LEI: 2138009WPYMWJN3RVF44 | Long             | EC               | CORP              | JE        |    192122 | NS      | $9869307.14   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Graf Global Corp                                 | Graf Global Corp ORD SHS CL A                                                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    188770 | NS      | $2021726.70   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| GRAF GLOBAL CORP                                 | Graf Global Corp WT EXP 053132                                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |     94292 | NC      | $12248.53     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PROCAP ACQUISITION CORP                          | Procap Acquisition Corp. UNIT EX 051630                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     56745 | NS      | $579933.90    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS UNION PACIFIC CORP                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-18109.23    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FACT II ACQUISITION CORP                         | FACT II Acquisition Corp. WT EXP 112631                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |     49780 | NC      | $19912.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HARVARD AVE ACQUISITION CORP                     | Harvard Ave Acquisition Corp. UNIT EXP 100330                                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    493478 | NS      | $4993997.36   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| SPACE ASSET ACQUISITION CORP                     | Space Asset Acquisition Corp. UNITS 1 CL A & 1/3 WT                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     51451 | NS      | $523513.93    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                 | DBRG A 2026-04-17 CALL 16                                                                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |       -98 | NC      | $-490.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                 | WBD A 2026-04-17 CALL 30                                                                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |     -2560 | NC      | $-2560.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CALISA ACQUISITION CORP                          | Calisa Acquisition Corp. ORD 0.000075 CL A                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    230004 | NS      | $2306940.12   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CANTOR EQUITY PARTNERS III INC                   | Cantor Equity Partners III Inc. SHS CL A                                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     41061 | NS      | $423338.91    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| STARRY SEA ACQUISITION CORP                      | Starry Sea Acquisition Corp. SHS                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    309087 | NS      | $3137233.05   | 0.13%             |  |  |  | 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      | $13277.55     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION        | TRS DEVON ENERGY CORP                                                                                                          | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               | CORP              | US        |         1 | NC      | $-992.76      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CHAMPIONSGATE ACQUISITION CORP                   | ChampionsGate Acquisition Corp. UNITS CONSISTING ONE CL A ORD SH & ONE RT                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     49277 | NS      | $499176.01    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| OYSTER ENTERPRISES II ACQUISITION CORP           | Oyster Enterprises II Acquisition Corp. RT EXP 052230                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    768972 | NS      | $115345.80    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                 | WBD A 2026-04-17 CALL 28                                                                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |      -426 | NC      | $-4686.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Syniverse Holdings Inc.                          | Syniverse Holdings Term Loan B 700 2027-04-21                                                                                  | CUSIP: 87168TAB7<br>LEI: 549300CYZBHMZC8VLL59 | Long             | LON              | CORP              | US        |   5191700 | PA      | $4789343.25   | 0.19%             | 2027-05-13      | Floating      | 10.70%                | No            |                  2 | On Loan: No      |
| SPACSPHERE ACQUISITION CORP                      | SPACSphere Acquisition Corp. UNIT EXP 020631                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    412633 | NS      | $4155214.31   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS SCHRODERS PLC                                                                                                              | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-5459.02     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SIM ACQUISITION CORP I                           | SIM Acquisition Corp. I WTS 01/06/31 (TO SUB FOR ORD)                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |    147304 | NC      | $39772.08     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc                          | DigitalBridge Group Inc CL A NEW                                                                                               | CUSIP: 25401T603<br>LEI: 549300XG87L902AGBO89 | Long             | EC               | CORP              | US        |   2664540 | NS      | $41087206.80  | 1.66%             |  |  |  | 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      | $32084.97     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ARCHIMEDES TECH SPAC PARTNERS III CO             | Archimedes Tech SPAC Partners III Co. UNIT EXP 012331                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     82300 | NS      | $821354.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PYROPHYTE ACQUISITION CORP II                    | Pyrophyte Acquisition Corp. II CL A SHS                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    206058 | NS      | $2079125.22   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corporation                    | Boston Scientific Corporation COM                                                                                              | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Short            | EC               | CORP              | US        |     -8094 | NS      | $-507898.50   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| WESTIN ACQUISITION CORP                          | Westin Acquisition Corp. ORD SHS CL A                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    186147 | NS      | $1859608.53   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corporation                         | Devon Energy Corporation COM                                                                                                   | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Short            | EC               | CORP              | US        |   -320244 | NS      | $-16114678.08 | -0.65%            |  |  |  | No            |                  1 | On Loan: No      |
| Cohen Circle Acquisition Corp II                 | Cohen Circle Acquisition Corp II UNIT EXP 070130                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    172946 | NS      | $1788261.64   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | GBP/USD FORWARD                                                                                                                | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |         1 | NC      | $753812.54    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Norfolk Southern Corporation                     | Norfolk Southern Corporation COM                                                                                               | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |    435637 | NS      | $125027819.00 | 5.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CAL REDWOOD ACQUISITION CORP                     | Cal Redwood Acquisition Corp. RT EXP 051530                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    123178 | NS      | $22172.04     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION        | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               | CORP              | US        |         1 | NC      | $170983.52    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Flag Ship Acquisition Corp                       | Flag Ship Acquisition Corp ORD SHS                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     43434 | NS      | $475167.96    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Axiom Intelligence Acquisition Corp 1            | Axiom Intelligence Acquisition Corp 1 ORD USD0.0001 CLASS A                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    555799 | NS      | $5630243.87   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ACTIVATE ENERGY ACQUISITION CORP                 | Activate Energy Acquisition Corp. CL A ORD SHS                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    206387 | NS      | $2041167.43   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Abiomed Inc                                      | Abiomed Inc USD0.01 SUBS RTS                                                                                                   | CUSIP: 003CVR016<br>LEI: 5493001EZN4ZTB4Z5887 | Long             | EC               | CORP              | US        |     60860 | NS      | $109548.00    | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Jena Acquisition Corp II                         | Jena Acquisition Corp II USD CL A ORD SHS                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    750366 | NS      | $7668740.52   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corporation                        | Union Pacific Corporation COM                                                                                                  | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Short            | EC               | CORP              | US        |    -22814 | NS      | $-5535132.68  | -0.22%            |  |  |  | No            |                  1 | On Loan: No      |
| OYSTER ENTERPRISES II ACQUISITION CORP           | Oyster Enterprises II Acquisition Corp. ORD SHS CL A                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |   1112420 | NS      | $11368932.40  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-36422.42    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CRANE HARBOR ACQUISITION CORP II                 | Crane Harbor Acquisition Corp. II UNIT EXP 120930                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     41185 | NS      | $415968.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SILVERBOX CORP V                                 | Silverbox Corp. V UNITS EACH CONSISTING OF ONE CLASS A ORDINARY SHARE AND ONE-THIRD OF ONE REDEEMABLE WARRANT                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     82351 | NS      | $827627.55    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS VENTURES ACQUISITION III CORP              | Texas Ventures Acquisition III Corp. USD CL A ORD SHS                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    129665 | NS      | $1347219.35   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| DT CLOUD STAR ACQUISITION CORP                   | DT Cloud Star Acquisition Corporation SHS                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    150697 | NS      | $1668215.79   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BEAZLEY PLC                                                                                                                | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $77674.58     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Oxley Bridge Acquisition Ltd.                    | Oxley Bridge Acquisition Ltd. WT EXP 061730                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |     82131 | NC      | $15613.10     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DREYFUS GOVERNMENT CASH MANAGE                   | DREYFUS GOVERNMENT CASH MANAGE                                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    160846 | NS      | $160846.47    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS UNION PACIFIC CORP                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-8182.51     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ACROPOLIS INFRASTRUCTURE CVR                     | ACROPOLIS INFRASTRUCTURE CVR                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    315662 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION        | TRS DEVON ENERGY CORP                                                                                                          | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               | CORP              | US        |         1 | NC      | $-474869.84   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BEAZLEY PLC                                                                                                                | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $58654.38     | 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      | $22019.36     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS SKYWORKS SOLUTIONS INC                                                                                                     | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $131238.78    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| FIGX CAPITAL ACQUISITION CORP                    | FIGX Capital Acquisition Corp. USD CL A ORD SHS                                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    107002 | NS      | $1083930.26   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Legato Merger Corp IV                            | Legato Merger Corp IV UNITS 1 ORD & 1/3 WT                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    123450 | NS      | $1232031.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SC II ACQUISITION CORP                           | SC II Acquisition Corp. ORD SHS USD0.0001 CL A                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    411153 | NS      | $4103306.94   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                 | EA A 2026-06-18 CALL 210                                                                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |       -69 | NC      | $-345.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MILUNA ACQUISITION CORP                          | Miluna Acquisition Corp. USD CL A ORD SHS                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    370330 | NS      | $3707003.30   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION        | TRS SKYWORKS SOLUTIONS INC                                                                                                     | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               | CORP              | US        |         1 | NC      | $173776.13    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CAYSON ACQUISITION CORP                          | Cayson Acquisition Corp. COM USD0.0001 SUB/RIGHTS                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    134839 | NS      | $22005.72     | 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      | $117445.35    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LAFAYETTE DIGITAL ACQUISITION CORP I             | Lafayette Digital Acquisition Corp. I UNIT EXP 122330                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     82251 | NS      | $816752.43    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-12878.58    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PRAETORIAN ACQUISITION CORP                      | Praetorian Acquisition Corp. UNITS 1 ORD A & 1/3 RED WT (16/01/2031)                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    123450 | NS      | $1220920.50   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS KIMBERLY-CLARK CORP                                                                                                        | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $299608.44    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS DEVON ENERGY CORP                                                                                                          | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-1052883.02  | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION        | TRS WEBSTER FINANCIAL CORP                                                                                                     | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               | CORP              | US        |         1 | NC      | $-128393.84   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| SIM ACQUISITION CORP I                           | SIM Acquisition Corp. I SHS CL A                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    665811 | NS      | $7144152.03   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-6380.54     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DRUGS MADE IN AMERICA ACQUISITION CORP           | Drugs Made In America Acquisition Corp. ORD SHS                                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |   1627571 | NS      | $17089495.50  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| ams OSRAM AG                                     | AMSSW 10.5 03/30/29 REGs                                                                                                       | CUSIP: 000000000<br>LEI: 5299001JPPT2QFTV5D76 | Long             | DBT              | CORP              | AT        |   2990000 | PA      | $3618269.97   | 0.15%             | 2029-03-30      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $228571.11    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Jena Acquisition Corp II                         | Jena Acquisition Corp II RT EXP 033130                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    328390 | NS      | $42033.92     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BOSTON SCIENTIFIC CORP                                                                                                     | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $423919.46    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BEAZLEY PLC                                                                                                                | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $85373.96     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WEN ACQUISITION CORP                             | Wen Acquisition Corp. COM CL A                                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    552730 | NS      | $5626791.40   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Apellis Pharmaceuticals Inc                      | Apellis Pharmaceuticals Inc COM                                                                                                | CUSIP: 03753U106<br>LEI: 254900HS0ZFRXXSB9D42 | Long             | EC               | CORP              | US        |    177107 | NS      | $7125014.61   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| WINTERGREEN ACQUISITION CORP                     | Wintergreen Acquisition Corp. SHS                                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    209760 | NS      | $2152137.60   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| WHITE PEARL ACQUISITION CORP                     | White Pearl Acquisition Corp. UNITS CONSISTING OF ONE CL A ORD SH & ONE RT                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | VG        |    121184 | NS      | $1223958.40   | 0.05%             |  |  |  | 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      | $176224.17    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                 | SPY A 2026-05-15 CALL 675                                                                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |      -889 | NC      | $-701421.00   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                 | SPY A 2026-05-15 PUT 565                                                                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |      -978 | NC      | $-293400.00   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| QUANTUMSPHERE ACQUISITION CORP                   | Quantumsphere Acquisition Corp. UNIT EXP 073030                                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     82383 | NS      | $832892.13    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| KOCHAV DEFENSE ACQUISITION CORP                  | Kochav Defense Acquisition Corp. SHS CL A                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |   1178014 | NS      | $12074643.50  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION        | TRS SKYWORKS SOLUTIONS INC                                                                                                     | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               | CORP              | US        |         1 | NC      | $122031.36    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| EQV VENTURES ACQUISITION CORP II                 | EQV Ventures Acquisition Corp. II UNIT EXP 063032                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    405332 | NS      | $4118173.12   | 0.17%             |  |  |  | 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      | $-1012849.70  | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| SILVER PEGASUS ACQUISITION CORP                  | Silver Pegasus Acquisition Corp. UNIT EXP 062630                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    102663 | NS      | $1064615.31   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CAL REDWOOD ACQUISITION CORP                     | Cal Redwood Acquisition Corp. COM CL A                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    822672 | NS      | $8350120.80   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Pershing Square Tontine Holdings Ltd             | Pershing Square Tontine Holdings Ltd SHS                                                                                       | CUSIP: 715ESC018<br>LEI: 549300ZDVEYEVCF35B08 | Long             | EC               | CORP              | US        |    547537 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Goal Acquisitions Corp                           | Goal Acquisitions Corp WT EXP                                                                                                  | CUSIP: 38021H115<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    564935 | NC      | $56.49        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CALISA ACQUISITION CORP                          | Calisa Acquisition Corp. UNITS(1 ORD & 1 RT)11/09/2030                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     12980 | NS      | $136290.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWN RESERVE ACQUISITION CORP I                 | Crown Reserve Acquisition Corp.I UNIT EXP 101430                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    205950 | NS      | $2084214.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $129639.18    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| DUNE ACQUISITION CORP II                         | Dune Acquisition Corp. II WT EXP 040430                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |    393117 | NC      | $106141.59    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FIGX CAPITAL ACQUISITION CORP                    | FIGX Capital Acquisition Corp. UNIT EXP 061730                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     69803 | NS      | $711292.57    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| M3-BRIGADE ACQUISITION VI CORP                   | M3-Brigade Acquisition VI Corp. UNIT EXP 081830                                                                                | CUSIP: 000000000<br>LEI: 529900K3KULJYPOBI946 | Long             | EC               | CORP              | KY        |     41204 | NS      | $418220.60    | 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      | $8944.33      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KRAKACQUISITION CORP                             | KRAKacquisition Corp. UNITS CONS 1 SHS A & 1/4 WT(23/12/2030)                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     41162 | NS      | $412031.62    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| EMMIS ACQUISITION CORP                           | Emmis Acquisition Corp. ORD USD0.0001 (S/R 12/09/2030)                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    144253 | NS      | $17324.79     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ABONY ACQUISITION CORP I                         | Abony Acquisition Corp. I UNIT 1 CL A ORD & 1/3 WT                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    103187 | NS      | $1025678.78   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BEAZLEY PLC                                                                                                                | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $56847.46     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Rising Dragon Acquisition Corp                   | Rising Dragon Acquisition Corp SHS                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    350634 | NS      | $3660618.96   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | GBP/USD FORWARD                                                                                                                | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |         1 | NC      | $863875.68    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| ALDEL FINANCIAL II INC                           | Aldel Financial II Inc. CL A                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |   1100357 | NS      | $11630773.49  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Trust                              | Goldman Sachs Trust SQR TRY IN FST                                                                                             | CUSIP: 38142B500<br>LEI: S2FHCT8U6D2VORP0J605 | Long             | STIV             | RF                | US        | 192800000 | NS      | $192800000.00 | 7.81%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSLATIONAL DEVELOPMENT ACQUISITION CORP       | Translational Development Acquisition Corp. COM CL A                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    162558 | NS      | $1716612.48   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbus Circle Capital Corp II                  | Columbus Circle Capital Corp II UNIT EXP 021131                                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    123826 | NS      | $1230830.44   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-21624.99    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MOZAYYX ACQUISITION CORP                         | Mozayyx Acquisition Corp. UNITS CONSISTING ONE CL A ORD SH & ONE-QTR ONE RED WT                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    165243 | NS      | $1642515.42   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                 | WBD A 2026-04-17 CALL 27                                                                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |      -908 | NC      | $-46308.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| HCM III ACQUISITION CORP                         | HCM III Acquisition Corp. UNIT EXP 072330                                                                                      | CUSIP: 000000000<br>LEI: 529900X6CMNA2LN6C461 | Long             | EC               | CORP              | KY        |     20555 | NS      | $211510.95    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS SCHRODERS PLC                                                                                                              | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-16252.07    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS UNION PACIFIC CORP                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-29643.25    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LAUNCH TWO ACQUISITION CORP                      | Launch Two Acquisition Corp. C/WTS 09/10/2029 (TO PUR COM)                                                                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |    117471 | NC      | $18337.22     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BEAZLEY PLC                                                                                                                | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $33914.57     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Tavia Acquisition Corp                           | Tavia Acquisition Corp SHS                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    625033 | NS      | $6606598.81   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BEAZLEY PLC                                                                                                                | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $7759.74      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Big River Steel LLC / BRS Finance Corp           | BIGBRS 6.625 01/31/29 144A                                                                                                     | CUSIP: 08949LAB6<br>LEI: 549300FDOTXSG1N4RG27 | Long             | DBT              | CORP              | US        |   8202000 | PA      | $8183018.93   | 0.33%             | 2029-01-31      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| NEWHOLD INVESTMENT CORP III                      | NewHold Investment Corp. III ORD SHS CL A                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    408082 | NS      | $4239971.98   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Brighthouse Financial Inc.                       | Brighthouse Financial Inc. COM                                                                                                 | CUSIP: 10922N103<br>LEI: 5493003T8SZSHOGGAW52 | Long             | EC               | CORP              | US        |     37181 | NS      | $2226398.28   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontier Communications Holdings Llc             | FYBR 6 01/15/30 144A                                                                                                           | CUSIP: 35908MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  23463000 | PA      | $23603355.67  | 0.96%             | 2030-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Trust                              | Goldman Sachs Financial Square Government Fund                                                                                 | CUSIP: 38141W273<br>LEI: S2FHCT8U6D2VORP0J605 | Long             | STIV             | RF                | US        |  27753950 | NS      | $27753949.71  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| STELLAR V CAPITAL CORP                           | Stellar V Capital Corp. WT EXP 101529                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |     82858 | NC      | $18228.76     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BTC DEVELOPMENT CORP                             | BTC Development Corp. UNIT EXP 091130                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     41217 | NS      | $415879.53    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Quartzsea Acquisition Corp                       | Quartzsea Acquisition Corp ORD SHS                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    283194 | NS      | $2939553.72   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                 | MASI A 2026-09-18 CALL 180                                                                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |      -360 | NC      | $-41400.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc.                             | Electronic Arts Inc. COM                                                                                                       | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |    660873 | NS      | $134732178.51 | 5.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ZALATORIS ACQUISITION CORP                       | ZALATORIS ACQUISITION CORP                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    252668 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| GLOBA TERRA ACQUISITION CORP                     | Globa Terra Acquisition Corp. CL A ORD SHS                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |   1123374 | NS      | $11514583.50  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-72744.42    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SIZZLE ACQUISITION CORP II                       | Sizzle Acquisition Corp. II USD CL A ORD SHS                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |   1372305 | NS      | $14079849.30  | 0.57%             |  |  |  | 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      | $57607.51     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                 | CWAN A 2026-06-18 PUT 17.5                                                                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |         9 | NC      | $225.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EGH ACQUISITION CORP                             | EGH Acquisition Corp. SHS CL A                                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     66454 | NS      | $678495.34    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Future Vision II Acquisition Corp                | Future Vision II Acquisition Corp SHS                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    322503 | NS      | $3473357.31   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| SOCIAL COMMERCE PARTNERS CORP                    | Social Commerce Partners Corp. UNIT EXP 112430                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    102579 | NS      | $1026815.79   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW PROVIDENCE ACQUISITION CORP III              | New Providence Acquisition Corp. III WT EXP 042430                                                                             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |    301244 | NC      | $57386.98     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Aldel Financial II Inc.                          | Aldel Financial II Inc. WT EXP 092631                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    274770 | NC      | $71467.68     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PROEM ACQUISITION CORP I                         | Proem Acquisition Corp. I UNIT 1 COM & 1/2 WT                                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    100871 | NS      | $1006692.58   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| A PARADISE ACQUISITION CORP                      | A Paradise Acquisition Corp. COM CL A                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | VG        |    327404 | NS      | $3329698.68   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ALDABRA 4 LIQUIDITY OPPORTUNITY VEHICLE INC      | Aldabra 4 Liquidity Opportunity Vehicle Inc. UNIT EXP 122330                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    205685 | NS      | $2050679.45   | 0.08%             |  |  |  | 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      | $497657.87    | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| HAYMAKER ACQUISITION CORP 4                      | Haymaker Acquisition Corp IV CLASS A                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |   1780002 | NS      | $20398822.92  | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| CO2 ENERGY TRANSITION CORP                       | CO2 Energy Transition Corp. COM                                                                                                | CUSIP: 12664M103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    125000 | NS      | $1296250.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| CARTESIAN GROWTH CORP II                         | Cartesian Growth Corp II C/WTS 12/07/2028 (TO PUR COM CL A)                                                                    | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |     69832 | NC      | $5586.56      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ITHAX ACQUISITION CORP III                       | Ithax Acquisition Corp. III UNIT EXP 111730                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    205930 | NS      | $2051062.80   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS CHARTER COMMUNICATIONS INC                                                                                                 | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $1207693.44   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Liberty Broadband Corporation                    | Liberty Broadband Corporation COM SER A                                                                                        | CUSIP: 530307107<br>LEI: 549300MIX43II8JLN536 | Long             | EC               | CORP              | US        |    144002 | NS      | $7231780.44   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| CHENGHE ACQUISITION III CO                       | Chenghe Acquisition III Co. ORD SHS CL A                                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      1648 | NS      | $16620.08     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AI INFRASTRUCTURE ACQUISITION CORP               | AI Infrastructure Acquisition Corp. ORD SHS CL A                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    218207 | NS      | $2188616.21   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BEAZLEY PLC                                                                                                                | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $61273.79     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DRUGS MADE IN AMERICA ACQUISITION CORP           | Drugs Made In America Acquisition Corp. RT EXP 101529                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    458571 | NS      | $25267.26     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CN Healthy Food Tech Group Corp.                 | CN Healthy Food Tech Group Corp. WT EXP 093030                                                                                 | CUSIP: 462837113<br>LEI: 5493000JDZP9ZR3A1A41 | N/A              | DE               | CORP              | US        |    187379 | NC      | $16864.11     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UY SCUTI ACQUISITION CORP                        | UY Scuti Acquisition Corp. RT EXP 030330                                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    291138 | NS      | $32025.18     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION        | TRS WEBSTER FINANCIAL CORP                                                                                                     | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               | CORP              | US        |         1 | NC      | $-199390.63   | -0.01%            |  |  |  | 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      | $260.67       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS SCHRODERS PLC                                                                                                              | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-15157.81    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS UNION PACIFIC CORP                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-110744.99   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VINE HILL CAPITAL INVESTMENT CORP                | Vine Hill Capital Investment Corp. ORD SHS CL A                                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    113470 | NS      | $1211859.60   | 0.05%             |  |  |  | No            |                  2 | On Loan: —       |
| Wen Acquisition Corp.                            | Wen Acquisition Corp. WT EXP                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |    157954 | NC      | $50624.26     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                          | BRISTOL-MYERS SQUIBB CO                                                                                                        | CUSIP: 110122157<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    453175 | NS      | $623115.63    | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| TREEHOUSE FOODS INC                              | TREEHOUSE FOODS INC                                                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    464569 | NS      | $1103351.38   | 0.04%             |  |  |  | No            |                  3 | On Loan: No      |
| Churchill Capital Corp IX                        | Churchill Capital Corp IX CL A SHS                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    786411 | NS      | $8414597.70   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS CINTAS CORP                                                                                                                | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $5598.95      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LAUNCHPAD CADENZA ACQUISITION CORP I             | Launchpad Cadenza Acquisition Corp. I UNIT EXP 121530                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    273602 | NS      | $2730547.96   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| GigCapital7 Corp                                 | GigCapital7 Corp ORD SHS CL A                                                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    354535 | NS      | $3775797.75   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| INFLECTION POINT ACQUISITION CORP V              | Inflection Point Acquisition Corp. V ORD SHS CL A                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    501772 | NS      | $5218428.80   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros. Discovery Inc.                      | Warner Bros. Discovery Inc. COM SER A                                                                                          | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |   4711588 | NS      | $129380206.48 | 5.24%             |  |  |  | No            |                  1 | On Loan: No      |
| COPLEY ACQUISITION CORP                          | Copley Acquisition Corp. ORD SHS CL A                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    781303 | NS      | $8039607.87   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS UNION PACIFIC CORP                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-1947187.51  | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                 | WBD A 2026-04-17 CALL 29                                                                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |     -1973 | NC      | $-1973.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| JACKSON ACQUISITION COMPANY II                   | Jackson Acquisition Co II COM SHS CL A                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |   1081376 | NS      | $11451771.84  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| INHIBRX INC                                      | INHIBRX INC                                                                                                                    | CUSIP: 457CVR017<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    198509 | NS      | $223322.63    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| A PARADISE ACQUISITION CORP                      | A Paradise Acquisition Corp. UNIT EXP 072930                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | VG        |     82202 | NS      | $865587.06    | 0.04%             |  |  |  | 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      | $65233.38     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MOUNTAIN LAKE ACQUISITION CORP                   | Mountain Lake Acquisition Corp. SHS CL A                                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    748758 | NS      | $7884421.74   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ARMADA ACQUISITION CORP II                       | Armada Acquisition Corp. II WT EXP 052130                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |     82020 | NC      | $49212.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                 | CWAN A 2026-06-18 PUT 17.5                                                                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |         9 | NC      | $225.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| OXLEY BRIDGE ACQUISITION LTD                     | Oxley Bridge Acquisition Ltd. USD CL A ORD SHS                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    863538 | NS      | $8747639.94   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-13662.82    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GESHER ACQUISITION CORP II                       | Gesher Acquisition Corporation II WT EXP 103131                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |     99312 | NC      | $21848.64     | 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      | $4063.22      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Endeavor Group Holdings Inc                      | Endeavor Group Holdings Inc CL A COM                                                                                           | CUSIP: 29260Y109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4740188 | NS      | $143532892.64 | 5.82%             |  |  |  | No            |                  3 | On Loan: No      |
| LIGHTWAVE ACQUISITION CORP                       | LightWave Acquisition Corp. WT EXP 060630                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |    203258 | NC      | $48802.25     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Origin Investment Corp I                         | Origin Investment Corp I ORD SHS                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    370300 | NS      | $3780763.00   | 0.15%             |  |  |  | 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      | $4168.08      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ARMADA ACQUISITION CORP II                       | Armada Acquisition Corp. II COM CL A                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    697697 | NS      | $7193256.07   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACK HAWK ACQUISITION CORP                      | Black Hawk Acquisition Corp. RT EXP 062025                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      9803 | NS      | $12743.90     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MUZERO ACQUISITION CORP                          | Muzero Acquisition Corp. UNITS 1 ORD SHS A & 1/2 WT(30/01/2031)                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    164704 | NS      | $1635510.72   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| STELLAR V CAPITAL CORP                           | Stellar V Capital Corp. SHS CL A                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    165716 | NS      | $1735046.52   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS SCHRODERS PLC                                                                                                              | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-38046.08    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CANTOR EQUITY PARTNERS V INC                     | Cantor Equity Partners V Inc. SHS CL A S                                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    370588 | NS      | $3742938.80   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS DEVON ENERGY CORP                                                                                                          | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-40558.98    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| KOCHAV DEFENSE ACQUISITION CORP                  | Kochav Defense Acquisition Corp. RT EXP 052130                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    938080 | NS      | $196996.80    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BLUEROCK ACQUISITION CORP                        | Bluerock Acquisition Corp. UNIT 1 CL A & 1/3 WAR                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    205938 | NS      | $2065558.14   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| INDIGO ACQUISITION CORP                          | Indigo Acquisition Corp. ORD SHS                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    206081 | NS      | $2089661.34   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan Acquisition Corp                           | Titan Acquisition Corp CL A                                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |   1214636 | NS      | $12547189.88  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| WINTERGREEN ACQUISITION CORP                     | Wintergreen Acquisition Corp. RT                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      3715 | NS      | $446.17       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Kennedy Wilson Inc                               | KW 4.75 02/01/30                                                                                                               | CUSIP: 489399AN5<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |  12894000 | PA      | $12810771.04  | 0.52%             | 2030-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-7411.94     | -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      | $7479.35      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TEVOGEN BIO HOLDINGS INC                         | Tevogen Bio Holdings Inc. WT EXP 021429                                                                                        | CUSIP: 88165K119<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     83731 | NC      | $2838.48      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Pioneer Acquisition I Corp.                      | Pioneer Acquisition I Corp. C/WTS 16/06/2030(TO PUR COM)                                                                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |    354902 | NC      | $74564.91     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS SKYWORKS SOLUTIONS INC                                                                                                     | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $3864.74      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CARTESIAN GROWTH CORP III                        | Cartesian Growth Corp. III COM CL A                                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    279845 | NS      | $2868411.25   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BEST SPAC I ACQUISITION CORP                     | BEST SPAC I Acquisition Corp. RT EXP 052730                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | VG        |     41072 | NS      | $3725.23      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LAKE SUPERIOR ACQUISITION CORP                   | Lake Superior Acquisition Corp. UNIT EXP 091930                                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | VG        |    210187 | NS      | $2127092.44   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| JACKSON ACQUISITION COMPANY II                   | Jackson Acquisition Co II RT                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    781676 | NS      | $78949.28     | 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      | $-181620.02   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS SCHRODERS PLC                                                                                                              | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-13554.76    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS SCHRODERS PLC                                                                                                              | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-6282.01     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | USD/GBP FORWARD                                                                                                                | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |         1 | NC      | $460469.68    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS SKYWORKS SOLUTIONS INC                                                                                                     | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $225620.50    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BERTO ACQUISITION CORP                           | Berto Acquisition Corp. WT EXP 050130                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |     31113 | NC      | $7778.25      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EUREKA ACQUISITION CORP                          | Eureka Acquisition Corp. SHS CL A                                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     41046 | NS      | $465461.64    | 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      | $22057.34     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MCKINLEY ACQUISITION CORP                        | Mckinley Acquisition Corp. UNIT EXP 072530                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     82396 | NS      | $836319.40    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $3080.33      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| D. BORAL ARC ACQUISITION I CORP                  | D. Boral ARC Acquisition I Corp. SHS CL A                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | VG        |    308551 | NS      | $3122536.12   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| IB ACQUISITION CORP                              | IB Acquisition Corp. RT EXP 092826                                                                                             | CUSIP: 44934N116<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    344716 | NS      | $35781.52     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Kenvue Inc.                                      | Kenvue Inc. COM                                                                                                                | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |    281611 | NS      | $4854973.64   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION        | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               | CORP              | US        |         1 | NC      | $-9928.77     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Exact Sciences Corporation                       | EXAS 2 03/01/30                                                                                                                | CUSIP: 30063PAD7<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | DBT              | CORP              | US        |   9766000 | PA      | $13843305.00  | 0.56%             | 2030-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $11434.05     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AI INFRASTRUCTURE ACQUISITION CORP               | AI Infrastructure Acquisition Corp. UNIT 1 COM & 1 RT                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    329547 | NS      | $3374561.28   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| THAYER VENTURES ACQUISITION CORP II              | Thayer Ventures Acquisition Corp. II RT EXP 051530                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    232490 | NS      | $34920.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS WEBSTER FINANCIAL CORP                                                                                                     | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-74743.70    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Tavia Acquisition Corp                           | Tavia Acquisition Corp RT EXP 112629                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    363217 | NS      | $47218.21     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS SCHRODERS PLC                                                                                                              | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $1723.81      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS UNION PACIFIC CORP                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-61313.12    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-12336.24    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $17749.93     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PANTAGES CAPITAL ACQUISITION CORP                | Pantages Capital Acquisition Corp. COM USD0.0001 A (SUBS/RTS) 15/11/2029                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    367393 | NS      | $58819.62     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LAKESHORE ACQUISITION III CORP                   | Lakeshore Acquisition III Corp. RT EXP 080126                                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    360704 | NS      | $64962.79     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                 | WBD A 2026-04-17 CALL 29                                                                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |     -1974 | NC      | $-1974.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-5141.03     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FG MERGER II CORP                                | FG Merger II Corp. COM                                                                                                         | CUSIP: 30334J102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    227688 | NS      | $2299648.80   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                 | DBRG A 2026-06-18 CALL 16                                                                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |      -424 | NC      | $-2120.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS CINTAS CORP                                                                                                                | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $2164069.92   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| PERSHING SQUARE SPARC HOLDINGS LTD               | Pershing Square Sparc Hldgs Ltd SPECIAL PURPOSE ACQUISITION RIGHTS                                                             | CUSIP: 714920113<br>LEI: 5493000J0QXAU1Z8FB80 | Long             | EC               | CORP              | US        |    136884 | NS      | $61597.80     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Vendome Acquisition Corp I                       | Vendome Acquisition Corp I COM CL A                                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    425585 | NS      | $4311176.05   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| 26 Capital Acquisition Corp                      | 26 Capital Acquisition Corp WT EXP 123127                                                                                      | CUSIP: 90138P118<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     61000 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| DT CLOUD ACQUISITION CORP                        | DT Cloud Acquisition Corp. RT EXP 021429                                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    124820 | NS      | $28708.60     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CROWN RESERVE ACQUISITION CORP I                 | Crown Reserve Acquisition Corp.I ORD SHS CL A                                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    502418 | NS      | $5034228.36   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS SKYWORKS SOLUTIONS INC                                                                                                     | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $157283.09    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-13667.48    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OTG ACQUISITION CORP I                           | Otg Acquisition Corp. I UNIT EXP 090530                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    103025 | NS      | $1048794.50   | 0.04%             |  |  |  | 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      | $21852.78     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS DEVON ENERGY CORP                                                                                                          | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-619521.30   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-15504.40    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chart Industries Inc                             | Chart Industries Inc COM                                                                                                       | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |    460340 | NS      | $95175295.00  | 3.86%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEA ACQUISITION CORP                            | Idea Acquisition Corp. UNIT CONST CL A ORD & 1/3 WT(06/01/2031)                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    123826 | NS      | $1227115.66   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS UNION PACIFIC CORP                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-122429.05   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ANDRETTI ACQUISITION CORP II                     | Andretti Acquisition Corp. II COM USD0.0001 CL A                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |   1010011 | NS      | $10761667.21  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $5078.60      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION        | TRS APOLLO COMMERCIAL REAL ESTATE FINANCE INC                                                                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              | CORP              | US        |         1 | NC      | $393.80       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NCR Atleos Corp.                                 | NCRATL 9.5 04/01/29 144A                                                                                                       | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |   5357000 | PA      | $5734359.72   | 0.23%             | 2029-04-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| PROCAP ACQUISITION CORP                          | Procap Acquisition Corp. SHS CL A                                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    202759 | NS      | $2066114.21   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-16537.26    | -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      | $5953.43      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $11462.23     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LAUNCH TWO ACQUISITION CORP                      | Launch Two Acquisition Corp. ORD SHS CL A                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    888665 | NS      | $9437622.30   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS UNION PACIFIC CORP                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-22609.38    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| THAYER VENTURES ACQUISITION CORP II              | Thayer Ventures Acquisition Corp. II CL A                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    437717 | NS      | $4477844.91   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                 | GTLS A 2026-06-18 CALL 210                                                                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |       -14 | NC      | $-350.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| VOYAGER ACQUISITION CORP                         | Voyager Acquisition Corp. C/WTS 16/05/2031 (TO PUR COM)                                                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |    160809 | NC      | $22014.75     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PANTAGES CAPITAL ACQUISITION CORP                | Pantages Capital Acquisition Corp. ORD SHS CL A                                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    425393 | NS      | $4458118.64   | 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      | $47479.36     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BLUEPORT ACQUISITION LTD                         | Blueport Acquisition Ltd. USD CL A ORD SHS                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     82278 | NS      | $823602.78    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| LIVE OAK ACQUISITION CORP V                      | Live Oak Acquisition Corp V C/WTS (TO PUR COM)                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |     67428 | NC      | $97770.60     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SOULPOWER ACQUISITION CORP                       | Soulpower Acquisition Corp. USD CL A ORD SHS                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |   1142683 | NS      | $11712500.75  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $41536.53     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $530.93       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Frontier Communications Holdings Llc             | FYBR 5.875 11/01/29                                                                                                            | CUSIP: 35908MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  16699040 | PA      | $16799217.54  | 0.68%             | 2029-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Republic Digital Acquisition Co.                 | Republic Digital Acquisition Co. WT EXP 050130                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |     31113 | NC      | $13686.61     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CHENGHE ACQUISITION III CO                       | Chenghe Acquisition III Co. UNIT EXP 090930                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    226646 | NS      | $2291391.06   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS CINTAS CORP                                                                                                                | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $14884.56     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Newbury Street II Acquisition Corp               | Newbury Street II Acquisition Corp                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    189039 | NC      | $34027.02     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Axiom Intelligence Acquisition Corp 1            | Axiom Intelligence Acquisition Corp 1 ORD USD0.0001 CL A (SUBS/RTS) 10/06/2030                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    143743 | NS      | $21575.82     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CARTESIAN GROWTH CORP III                        | Cartesian Growth Corp. III WT EXP 050230                                                                                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |     92475 | NC      | $60127.25     | 0.00%             |  |  |  | No            |                  1 | On Loan: —       |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION        | TRS UNION PACIFIC CORP                                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               | CORP              | US        |         1 | NC      | $995169.32    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BEAZLEY PLC                                                                                                                | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $107647.49    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-3026.21     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| RIBBON ACQUISITION CORP                          | Ribbon Acquisition Corp. ORD SHS CL A                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    250715 | NS      | $2630000.35   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| CHURCHILL CAPITAL CORP XI                        | Churchill Capital Corp. XI UNITS EXP 121030                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     40902 | NS      | $419245.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Sealed Air Corp.                                 | Sealed Air Corp. COM                                                                                                           | CUSIP: 81211K100<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | EC               | CORP              | US        |    847851 | NS      | $35652134.55  | 1.44%             |  |  |  | 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      | $172017.72    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| SOULPOWER ACQUISITION CORP                       | Soulpower Acquisition Corp. RT EXP                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    669501 | NS      | $120510.18    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CN Healthy Food Tech Group Corp.                 | CN Healthy Food Tech Group Corp. COM                                                                                           | CUSIP: 462837105<br>LEI: 5493000JDZP9ZR3A1A41 | Long             | EC               | CORP              | US        |     37475 | NS      | $206487.25    | 0.01%             |  |  |  | No            |                  2 | On Loan: —       |
| Cantor Equity Partners I Inc                     | Cantor Equity Partners I Inc SHS CL A                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    104507 | NS      | $1097323.50   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION        | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               | CORP              | US        |         1 | NC      | $330.55       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BEAZLEY PLC                                                                                                                | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $129223.18    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BEAZLEY PLC                                                                                                                | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $54572.95     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Virtus Event Opportunities Trust                 | Virtus Westchester Event-Driven Fund                                                                                           | CUSIP: 95737C608<br>LEI: 549300CPNDRO644GZH21 | Long             | EC               | RF                | US        |  10027381 | NS      | $103482568.24 | 4.19%             |  |  |  | No            |                  1 | On Loan: No      |
| FUTURECREST ACQUISITION CORP                     | FutureCrest Acquisition Corp. USD UNITS CONSISTING ONE-QUARTER OF ONE RED WT                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      8243 | NS      | $83913.74     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ROMAN DBDR ACQUISITION CORP II                   | Roman DBDR Acquisition Corp. II ORD SHS CL A                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    152688 | NS      | $1598643.36   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Galata Acquisition Corp II                       | Galata Acquisition Corp II ORD SHS CL A                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    144239 | NS      | $1440947.61   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| UY SCUTI ACQUISITION CORP                        | UY Scuti Acquisition Corp. ORD SHS                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    291138 | NS      | $3013278.30   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $192.02       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Clearwater Analytics Holdings Inc                | Clearwater Analytics Holdings Inc CL A                                                                                         | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2157153 | NS      | $51016668.45  | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| DRUGS MADE IN AMERICA ACQUISITION II CORP        | Drugs Made In America Acquisition II Corp. UNITS 1 ORD SH &S 1 RT                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    414523 | NS      | $4161810.92   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| BITCOIN INFRASTRUCTURE ACQUISITION CORP LTD      | Bitcoin Infrastructure Acquisition Corp Ltd. UNIT EXP 110630                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    181150 | NS      | $1811500.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CAMBRIDGE ACQUISITION CORP                       | Cambridge Acquisition Corp. UNITS 1 CL A SHS ORD & 1/3 WT(30/01/2031                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    164983 | NS      | $1643230.68   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| SPRING VALLEY ACQUISITION CORP III               | Spring Valley Acquisition Corp. III UNIT EXP 090430                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     61814 | NS      | $636684.20    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC DIGITAL ACQUISITION COMPANY             | Republic Digital Acquisition Co. USD CL A ORD SHS                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    681549 | NS      | $6965430.78   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BEAZLEY PLC                                                                                                                | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $54680.34     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MCKINLEY ACQUISITION CORP                        | Mckinley Acquisition Corp. SHS CL A                                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    609330 | NS      | $6129859.80   | 0.25%             |  |  |  | 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      | $11327.39     | 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      | $-270868.34   | -0.01%            |  |  |  | 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      | $-83632.92    | -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      | $136433.50    | 0.01%             |  |  |  | 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      | $1631.96      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PERMIAN RESOURCES OPERATING LLC                  | PR 8 04/15/27 144A                                                                                                             | CUSIP: 27034RAA1<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |   4088000 | PA      | $4091485.88   | 0.17%             | 2027-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GIGCAPITAL8 CORP                                 | GigCapital8 Corp. ORD CL A                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |   1095713 | NS      | $10924258.61  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS SCHRODERS PLC                                                                                                              | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $10733.48     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WHITE PEARL ACQUISITION CORP                     | White Pearl Acquisition Corp. ORD SHS CL A                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | VG        |    206554 | NS      | $2036622.44   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| AGRICULTURE & NATURAL SOLUTIONS ACQUISITION CORP | Agriculture & Natural Solutions Acquisition Corp. SHS CL A                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |   1852650 | NS      | $20897892.00  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Copley Acquisition Corp.                         | Copley Acquisition Corp. WT EXP                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |    334561 | NC      | $50184.15     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS SKYWORKS SOLUTIONS INC                                                                                                     | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $321718.99    | 0.01%             |  |  |  | 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      | $-187055.39   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| LIGHTWAVE ACQUISITION CORP                       | LightWave Acquisition Corp. USD CL A ORD SHS                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    612574 | NS      | $6199248.88   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| NEWHOLD INVESTMENT CORP III                      | NewHold Investment Corp. III C/WTS 30/01/2030 (TO PUR COM)                                                                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |     86725 | NC      | $39017.58     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| REAL ASSET ACQUISITION CORP                      | Real Asset Acquisition Corp. SHS CL A                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    182497 | NS      | $1914393.53   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| AGRICULTURE & NATURAL SOLUTIONS ACQUISITION CORP | Agriculture & Natural Solutions Acquisition Corp. WT EXP 100128                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |    124247 | NC      | $22364.46     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BLUE WATER ACQUISITION CORP III                  | Blue Water Acquisition Corp. III ORD SHS CL A                                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    465117 | NS      | $4786053.93   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| LIONHEART HOLDINGS LTD                           | Lionheart Holdings SHS CL A                                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    329651 | NS      | $3543748.25   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $76017.37     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $59156.64     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS CINTAS CORP                                                                                                                | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $1643379.35   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Legato Merger Corp III                           | Legato Merger Corp III ORD SHS                                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    451946 | NS      | $4966886.54   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Kennedy Wilson Inc                               | KW 5 03/01/31                                                                                                                  | CUSIP: 489399AM7<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |  18939000 | PA      | $18894378.20  | 0.77%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-46548.77    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PLUM ACQUISITION CORP IV                         | Plum Acquisition Corp. IV SHS CL A                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    873367 | NS      | $9222755.52   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| SOREN ACQUISITION CORP                           | Soren Acquisition Corp. UNIT EXP 121930                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    164462 | NS      | $1633107.66   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $20475.34     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DRUGS MADE IN AMERICA ACQUISITION II CORP        | Drugs Made In America Acquisition II Corp. USD ORD SHS                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    411754 | NS      | $4109304.92   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| SILVER PEGASUS ACQUISITION CORP                  | Silver Pegasus Acquisition Corp. SHS CL A                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    288479 | NS      | $2933831.43   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Masimo Corporation                               | Masimo Corporation COM                                                                                                         | CUSIP: 574795100<br>LEI: 549300Q4A8JK0PIYCU29 | Long             | EC               | CORP              | US        |    117770 | NS      | $20947749.90  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION        | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               | CORP              | US        |         1 | NC      | $87734.76     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BAIN CAPITAL GSS INVESTMENT CORP                 | Bain Capital GSS Investment Corp. UNITS, EACH CONSISTING OF ONE CLASS A ORDINARY SHARE AND ONE-FIFTH OF ONE REDEEMABLE WARRANT | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    206081 | NS      | $2104087.01   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| EMMIS ACQUISITION CORP                           | Emmis Acquisition Corp. COM USD0.0001 CLASS A                                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    144253 | NS      | $1449742.65   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| SILICON VALLEY ACQUISITION CORP                  | Silicon Valley Acquisition Corp. UNIT EXP 120830                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    143611 | NS      | $1438982.22   | 0.06%             |  |  |  | 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      | $6701.15      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AKOUOS INC                                       | AKOUOS INC                                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    336679 | NS      | $252509.25    | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| SIDDHI ACQUISITION CORP                          | Siddhi Acquisition Corp. CL A SHS                                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |   1046378 | NS      | $10861403.64  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| NMP ACQUISITION CORP                             | NMP Acquisition Corp. CL A                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    412088 | NS      | $4186814.08   | 0.17%             |  |  |  | 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      | $69309.81     | 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      | $13658.30     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Perimeter Acquisition Corp. I                    | Perimeter Acquisition Corp. I WT EXP 051330                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |     61598 | NC      | $36958.80     | 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      | $23765.94     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $34956.90     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TARGET GLOBAL ACQUISITION I CORP                 | Target Global Acquisition I Corp C/WTS (TO PUR COM)                                                                            | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |    125200 | NC      | $1327.12      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $52134.35     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Mercer Park Opportunities Corp                   | Mercer Park Opportunities Corp USD CL A R                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    219167 | NS      | $2292486.82   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| QUANTUMSPHERE ACQUISITION CORP                   | Quantumsphere Acquisition Corp. ORD SHS                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    206081 | NS      | $2085539.72   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Altenergy Acquisition Corporation                | Altenergy Acquisition Corporation WT EXP                                                                                       | CUSIP: 02157M116<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     62809 | NC      | $4019.78      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Galata Acquisition Corp II                       | Galata Acquisition Corp II C/WTS 12/09/2030 (TO PUR ORD)                                                                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |     48079 | NC      | $11548.58     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LEAPFROG ACQUISITION CORP                        | Leapfrog Acquisition Corp. UNIT EXP 111030                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    102989 | NS      | $1035039.45   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Viking Acquisition Corp I                        | Viking Acquisition Corp I UNITS EACH CONSISTING OF ONE CLASS A ORDINARY SHARE AND ONE-THIRD OF ONE WARRANT                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     61770 | NS      | $618317.70    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AA Mission Acquisition Corp. II                  | AA Mission Acquisition Corp. II WT EXP 072332                                                                                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |    197480 | NC      | $31794.28     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| INFINITE EAGLE ACQUISITION CORP                  | Infinite Eagle Acquisition Corp. UNIT EXP 011331                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     41115 | NS      | $417728.40    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BAYVIEW ACQUISITION CORP                         | Bayview Acquisition Corp. RT                                                                                                   | CUSIP: 07323B118<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    233688 | NS      | $39189.48     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                       | USD/EUR FORWARD                                                                                                                | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DFE              | CORP              | US        |         1 | NC      | $80536.51     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| K&F Growth Acquisition Corp II                   | K&F Growth Acquisition Corp II RT EXP 082931                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    206991 | NS      | $21547.76     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CORNER GROWTH ACQUISITION CORP                   | Corner Growth Acquisition Corp WT EX                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |     62938 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Blue Water Acquisition Corp. III                 | Blue Water Acquisition Corp. III C/WTS EXP 23/05/2030 (TO PUR COM)                                                             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |    163328 | NC      | $73497.60     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | USD/JPY FORWARD                                                                                                                | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |         1 | NC      | $98468.20     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CSLM DIGITAL ASSET ACQUISITION CORP III LTD      | CSLM Digital Asset Acquisition Corp III Ltd. COM USD0.0001 CL A                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    536331 | NS      | $5384763.24   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc                               | Coterra Energy Inc COM                                                                                                         | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |   1325369 | NS      | $46573466.66  | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| COLOMBIER ACQUISITION CORP III                   | Colombier Acquisition Corp. III UNITS 1 CL A ORD SH & 1/8 WT                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     71857 | NS      | $731504.26    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Lease Corporation                            | Air Lease Corporation CL A                                                                                                     | CUSIP: 00912X302<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EC               | CORP              | US        |    284389 | NS      | $18468221.66  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN DRIVE ACQUISITION COMPANY               | American Drive Acquisition Co. UNIT EXP 120430                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    122705 | NS      | $1223368.85   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MELAR ACQUISITION CORP I                         | Melar Acquisition Corp. I SHS CL A                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    402775 | NS      | $4345942.25   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| HIGHVIEW MERGER CORP                             | Highview Merger Corp. ORD SH CL A                                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    140462 | NS      | $1411643.10   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| DYNAMIX CORP III                                 | Dynamix Corp. III UNIT EXP 100930                                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     41201 | NS      | $413658.04    | 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      | $93324.02     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ATRIUM THERAPEUTICS INC                          | Atrium Therapeutics Inc. COM                                                                                                   | CUSIP: 04965N104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     46590 | NS      | $622908.30    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Centurion Acquisition Corp                       | Centurion Acquisition Corp COM USD0.0001 CLASS A                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    659210 | NS      | $7102987.75   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| AA MISSION ACQUISITION CORP II                   | AA Mission Acquisition Corp. II ORD SHS CL A                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    394961 | NS      | $3961458.83   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Oak Acquisition Corp V                      | Live Oak Acquisition Corp V CL A SHS                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    447323 | NS      | $4652159.20   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Mountain Lake Acquisition Corp II                | Mountain Lake Acquisition Corp II UNIT EXP 012131                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    505956 | NS      | $5024143.08   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS UNION PACIFIC CORP                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-128489.93   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| OAK WOODS ACQUISITION CORP                       | Oak Woods Acquisition Corp. CL A                                                                                               | CUSIP: 67190B104<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     53000 | NS      | $646600.00    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| ARCHIMEDES TECH SPAC PARTNERS II CO              | Archimedes Tech SPAC Partners II Co. WT EXP 101529                                                                             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |    171663 | NC      | $87548.13     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SIZZLE ACQUISITION CORP II                       | Sizzle Acquisition Corp. II RT EXP 040230                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    910825 | NS      | $180343.35    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MOUNTAIN LAKE ACQUISITION CORP                   | Mountain Lake Acquisition Corp. COM USD0.0001 CL A (SUB/RIGHTS) 15/11/28                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    619745 | NS      | $161133.70    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| STONEBRIDGE ACQUISITION II CORP                  | StoneBridge Acquisition II Corp. CL A SHS                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     72462 | NS      | $728243.10    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BEST SPAC I ACQUISITION CORP                     | BEST SPAC I Acquisition Corp. USD CL A ORD SHS                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | VG        |     41072 | NS      | $419755.84    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS WEBSTER FINANCIAL CORP                                                                                                     | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-173717.12   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS SCHRODERS PLC                                                                                                              | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-12252.09    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NEW PROVIDENCE ACQUISITION CORP III              | New Providence Acquisition Corp. III USD CL A ORD SHS                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    934526 | NS      | $9588236.76   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| IRON HORSE ACQUISITIONS CORP II                  | Iron Horse Acquisitions II Corp. UNIT EXP 071130                                                                               | CUSIP: 46283H202<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    122705 | NS      | $1222141.80   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| KEEN VISION ACQUISITION CORP                     | Keen Vision Acquisition Corp WT EXP 031528                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | VG        |    502127 | NC      | $15164.24     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS BANCO SANTANDER SA                                                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $63452.72     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                 | SPY A 2026-05-15 PUT 615                                                                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |      1333 | NC      | $1129051.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                          | TRS SCHRODERS PLC                                                                                                              | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |         1 | NC      | $-53481.53    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TITAN ACQUISITION CORP                           | Titan Acquisition Corp WT EXP 051631                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |    607318 | NC      | $157963.41    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GORES HOLDINGS X INC                             | Gores Holdings X Inc. WT EXP 050230                                                                                            | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |    105845 | NC      | $52922.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Penumbra Inc.                                    | Penumbra Inc. COM                                                                                                              | CUSIP: 70975L107<br>LEI: 549300RGE06P3ECANU72 | Long             | EC               | CORP              | US        |     62650 | NS      | $20572380.50  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                 | WBD A 2026-04-17 CALL 28                                                                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |      -852 | NC      | $-9372.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| YORKVILLE ACQUISITION CORP                       | Yorkville Acquisition Corp. SHS CL A                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    453704 | NS      | $4586947.44   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ILLUMINATION ACQUISITION CORP I                  | Illumination Acquisition Corp. I UNIT 1 CL A & 1/3 WT                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    123931 | NS      | $1229395.52   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CINTAS CORP                                      | Cintas Corporation COM                                                                                                         | CUSIP: 172908105<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -15158 | NS      | $-2563824.12  | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| AIMEI HEALTH TECHNOLOGY CO LTD                   | Aimei Health Technology Co Ltd. RT EXP 111728                                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    269392 | NS      | $86474.83     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ARTIUS II ACQUISITION INC                        | Artius II Acquisition Inc. SHS CL A                                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    943963 | NS      | $9751137.79   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARLTON ARIA ACQUISITION CORP                   | Charlton Aria Acquisition Corporation ORD SHS CL A                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    189665 | NS      | $2004759.05   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| OneStream Inc                                    | OneStream Inc CL A                                                                                                             | CUSIP: 68278B107<br>LEI: 254900CRBCHIYDC37W82 | Long             | EC               | CORP              | US        |    553338 | NS      | $13280112.00  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| M EVO GLOBAL ACQUISITION CORP II                 | M Evo Global Acquisition Corp. II UNIT EXP 012331                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    241404 | NS      | $2416454.04   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BLUE WATER ACQUISITION CORP IV                   | Blue Water Acquisition Corp. IV UNITS EACH CONSISTING OF ONE CLASS A ORDINARY SHARE AND ONE-HALF OF ONE REDEEMABLE WARRANT     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     82791 | NS      | $821286.72    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| GIGCAPITAL9 CORP                                 | GigCapital9 Corp. UNIT CL A & RT PUR 1/5TH CL A                                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    247524 | NS      | $2485140.96   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-29

**Name of Applicant:** Merger Fund

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer