# EDGAR Filing Document

**Accession Number:** 0001105076
**File Stem:** 0001410368-26-040979
**Filing Date:** 2026-4
**Character Count:** 115327
**Document Hash:** 01ac8d28b74d0cb1058c3fe4d8713f2e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-040979.hdr.sgml**: 20260428

**ACCESSION NUMBER**: 0001410368-26-040979

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260428

**DATE AS OF CHANGE**: 20260428

**PERIOD START**: 20260531

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ARBITRAGE FUNDS
- **CENTRAL INDEX KEY:** 0001105076

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09815
- **FILM NUMBER:** 26903810

**BUSINESS ADDRESS:**
- **STREET 1:** C/O WATER ISLAND CAPITAL, LLC
- **STREET 2:** 104 FIFTH AVENUE, 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10011
- **BUSINESS PHONE:** 800-560-8210

**MAIL ADDRESS:**
- **STREET 1:** C/O WATER ISLAND CAPITAL, LLC
- **STREET 2:** 104 FIFTH AVENUE, 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10011

## Series and Classes Contracts Data

### WATER ISLAND EVENT-DRIVEN FUND (Series ID: S000030113)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000092484 | Class R      | AEDFX           |
| C000092485 | Class I      | AEDNX           |
| C000127229 | Class A      | AGEAX           |

## Nport-Ex

<u>Arbitrage Fund</u> <u>Portfolio of Investments</u> <br> *February 28, 2026 (unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 76.60%** | **COMMON STOCKS - 76.60%** | **COMMON STOCKS - 76.60%** |
| &nbsp;&nbsp;&nbsp;**Apparel - 0.52%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skechers USA, Inc., Class A<sup>(a)(b)</sup> | 259875 | $4259351 |
| &nbsp;&nbsp;&nbsp;**Banks - 4.11%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stellar Bancorp, Inc.<sup>(c)</sup> | 296357 | 11160805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Webster Financial Corp. | 307416 | 22173916 |
|  |  | 33334721 |
| &nbsp;&nbsp;&nbsp;**Beverages - 1.40%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JDE Peet's NV | 302682 | 11337476 |
| &nbsp;&nbsp;&nbsp;**Biotechnology - 4.78%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amicus Therapeutics, Inc.<sup>(a)</sup> | 750710 | 10787703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcellx, Inc.<sup>(a)</sup> | 124165 | 14128735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RAPT Therapeutics, Inc.<sup>(a)(d)</sup> | 100700 | 5838586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ventyx Biosciences, Inc.<sup>(a)(d)</sup> | 575000 | 8032750 |
|  |  | 38787774 |
| &nbsp;&nbsp;&nbsp;**Chemicals - 0.80%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axalta Coating Systems Ltd.<sup>(a)(c)(d)</sup> | 195000 | 6514950 |
| &nbsp;&nbsp;&nbsp;**Cosmetics/Personal Care - 1.34%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenvue, Inc.<sup>(d)</sup> | 567511 | 10850810 |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services - 8.53%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DigitalBridge Group, Inc.<sup>(c)</sup> | 892474 | 13788724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Janus Henderson Group PLC<sup>(c)(d)</sup> | 716731 | 37341685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schroders PLC | 2288313 | 18071342 |
|  |  | 69201751 |
| &nbsp;&nbsp;&nbsp;**Electric - 3.83%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | 526006 | 31044874 |
| &nbsp;&nbsp;&nbsp;**Engineering & Construction - 1.98%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock Corp.<sup>(a)</sup> | 947458 | 16059413 |
| &nbsp;&nbsp;&nbsp;**Healthcare - Products - 12.88%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exact Sciences Corp.<sup>(a)(d)</sup> | 267160 | 27619001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hologic, Inc.<sup>(a)(d)</sup> | 395061 | 29771797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Masimo Corp.<sup>(a)</sup> | 103665 | 18177658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penumbra, Inc.<sup>(a)(c)</sup> | 84048 | 28945290 |
|  |  | 104513746 |
| &nbsp;&nbsp;&nbsp;**Healthcare - Services - 1.00%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enhabit, Inc.<sup>(a)</sup> | 593854 | 8082353 |
| &nbsp;&nbsp;&nbsp;**Home Builders - 2.23%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tri Pointe Homes, Inc.<sup>(a)</sup> | 390051 | 18059361 |
| &nbsp;&nbsp;&nbsp;**Machinery - Diversified - 3.76%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chart Industries, Inc.<sup>(a)</sup> | 147257 | 30526376 |
| &nbsp;&nbsp;&nbsp;**Media - 10.95%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endeavor Group Holdings, Inc., Class A<sup>(a)(b)</sup> | 1081507 | 32392215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TEGNA, Inc. | 1185517 | 24836581 |

---

<u>Arbitrage Fund</u> <u>Portfolio of Investments</u> <br> *February 28, 2026 (unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 76.60% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;**Media - 10.95% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc.<sup>(a)(d)</sup> | 1120451 | $31563105 |
|  |  | 88791901 |
| &nbsp;&nbsp;&nbsp;**Packaging & Containers - 1.63%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sealed Air Corp. | 316428 | 13252005 |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 0.02%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atrium Therapeutics, Inc.<sup>(a)</sup> | 13073 | 192827 |
| &nbsp;&nbsp;&nbsp;**Real Estate - 0.99%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kennedy-Wilson Holdings, Inc. | 738700 | 8037056 |
| &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts - 2.69%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alexander & Baldwin, Inc. | 178805 | 3717356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peakstone Realty Trust<sup>(d)</sup> | 480300 | 10019058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veris Residential, Inc. | 427715 | 8062428 |
|  |  | 21798842 |
| &nbsp;&nbsp;&nbsp;**Semiconductors - 0.99%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc.<sup>(a)(d)</sup> | 39100 | 7997123 |
| &nbsp;&nbsp;&nbsp;**Software - 7.27%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aspen Technology, Inc.<sup>(a)(b)</sup> | 53275 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc., Class A<sup>(a)(c)(d)</sup> | 173724 | 4063404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confluent, Inc., Class A<sup>(a)(d)</sup> | 731790 | 22443999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electronic Arts, Inc.<sup>(c)(d)</sup> | 162010 | 32494346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.<sup>(a)</sup> | 1 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pivotal Software, Inc.<sup>(a)(b)</sup> | 319502 |  |
|  |  | 59001879 |
| &nbsp;&nbsp;&nbsp;**Transportation - 4.90%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norfolk Southern Corp.<sup>(c)</sup> | 101059 | 31807310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZIM Integrated Shipping Services Ltd.<sup>(d)</sup> | 275100 | 7931133 |
|  |  | 39738443 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $603,945,564) |  | 621383032 |
| **RIGHTS<sup>(a)</sup> - 1.01%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Akero Therapeutics, Inc. CVR<sup>(b)(e)</sup> | 197023 | 130725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avadel Pharmaceuticals PLC CVR<sup>(b)(e)</sup> | 957437 | 615249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blueprint Medicines Corp. CVR, Expires 6/30/2032<sup>(b)(e)</sup> | 56349 | 27442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. CVR<sup>(b)(e)</sup> | 857631 | 964835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concert Pharmaceuticals, Inc. CVR, Expires 12/31/2029<sup>(b)(e)</sup> | 1669338 | 820146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contra Abiomed, Inc. CVR, Expires 12/31/2030<sup>(b)(e)</sup> | 163650 | 261840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contra Albireo Pharma, Inc. CVR, Expires 12/31/2027<sup>(b)(e)</sup> | 313065 | 894458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contra Metsera, Inc. CVR, Expires 12/31/2031<sup>(b)(e)</sup> | 164636 | 829008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contra Resolute Forest Products, Inc. CVR<sup>(b)(e)</sup> | 803806 | 1195500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flexion Therapy CVR, Expires 12/31/2030<sup>(b)(e)</sup> | 1411000 | 821625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icosavax, Inc. CVR, Expires 02/19/2030<sup>(b)(e)</sup> | 802494 | 301497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulus Therapeutics, Inc. CVR, Expires 12/31/2034<sup>(b)(e)</sup> | 500000 | 618400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TreeHouse Foods, Inc. CVR<sup>(b)(e)</sup> | 80813 | 156632 |

---

<u>Arbitrage Fund</u> <u>Portfolio of Investments</u> <br> *February 28, 2026 (unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **RIGHTS(a) - 1.01% (Continued)** | **RIGHTS(a) - 1.01% (Continued)** | **RIGHTS(a) - 1.01% (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verve Therapeutics, Inc. CVR, Expires 7/25/2035<sup>(b)(e)</sup> | 660593 | $440153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walgreens Boots Alliance, Inc. CVR, Expires 10/29/2031<sup>(b)(e)</sup> | 205000 | 113898 |
| **TOTAL RIGHTS** |  |  |
| (Cost $7,742,706) |  | 8191408 |
| **MUTUAL FUNDS<sup>(f)</sup> - 3.33%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Water Island Event-Driven Fund, Class I | 2088887 | 27009303 |
| **TOTAL MUTUAL FUNDS** |  |  |
| (Cost $18,653,757) |  | 27009303 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Maturity <br> Date** | **Rate** | **Principal <br> Amount** | **Value** |
| **CORPORATE BONDS - 3.02%** | **CORPORATE BONDS - 3.02%** | **CORPORATE BONDS - 3.02%** | **CORPORATE BONDS - 3.02%** | **CORPORATE BONDS - 3.02%** |
| &nbsp;&nbsp;&nbsp;**Machinery - Diversified - 0.97%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chart Industries, Inc.<sup>(g)</sup> | 01/01/2030 | 7.500% | $7566000 | $7859651 |
| &nbsp;&nbsp;&nbsp;**Telecommunications - 2.05%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frontier Communications Holdings LLC<sup>(g)</sup> | 05/15/2030 | 8.750% | 16155000 | 16653882 |
| **TOTAL CORPORATE BONDS** |  |  |  |  |
| (Cost $24,426,561) |  |  |  | 24513533 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Expiration <br> Date** | **Exercise<br> Price** | **Notional <br> Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS<sup>(a)</sup> - 0.13%** |  |  |  |  |  |
| **Call Options Purchased - 0.04%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander SA |  |  |  |  |  |
|  | 04/2026 | $13.00 | $1431288 | 1158 | $52110 |
|  | 04/2026 | 14.00 | 1431288 | 1158 | 23160 |
|  | 06/2026 | 13.00 | 2474472 | 2002 | 142142 |
|  | 06/2026 | 14.00 | 2473236 | 2001 | 90045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenvue, Inc. |  |  |  |  |  |
|  | 03/2026 | 19.00 | 956000 | 500 | 20000 |
|  | 03/2026 | 20.00 | 956000 | 500 | 3500 |
| **TOTAL CALL OPTIONS PURCHASED** |  |  |  |  |  |
| (Cost $370,603) |  |  |  |  | 330957 |
| **Put Options Purchased - 0.09%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axalta Coating Systems Ltd. |  |  |  |  |  |
|  | 04/2026 | 28.00 | 2171650 | 650 | 3250 |
|  | 04/2026 | 29.00 | 2171650 | 650 | 16250 |
|  | 04/2026 | 30.00 | 2171650 | 650 | 6500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc. |  |  |  |  |  |
|  | 03 /2026 | 20.00 | 3452364 | 1476 | 29520 |
|  | 06/2026 | 22.50 | 1195229 | 511 | 12775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compass, Inc. | 03/2026 | 12.00 | 487500 | 500 | 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confluent, Inc. | 03/2026 | 30.00 | 4220192 | 1376 | 0 |

---

<u>Arbitrage Fund</u> <u>Portfolio of Investments</u> <br> *February 28, 2026 (unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS<sup>(a)</sup> - 0.13% (Continued)** | | | | | |
| **Put Options Purchased - 0.09% (Continued)** | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electronic Arts, Inc. |  |  |  |  |  |
|  | 03/2026 | $195.00 | $2025757 | 101 | $11615 |
|  | 06/2026 | 200.00 | 12054257 | 601 | 294490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exact Sciences Corp. | 04/2026 | 75.00 | 10338000 | 1000 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hologic, Inc. | 03/2026 | 72.50 | 11183424 | 1484 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Janus Henderson Group PLC | 06/2026 | 45.00 | 8039030 | 1543 | 7715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenvue, Inc. |  |  |  |  |  |
|  | 05/2026 | 16.00 | 9066704 | 4742 | 47420 |
|  | 05/2026 | 17.00 | 1783896 | 933 | 16794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peakstone Realty Trust | 03/2026 | 20.00 | 10019058 | 4803 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RAPT Therapeutics, Inc. |  |  |  |  |  |
|  | 03/2026 | 45.00 | 98566 | 17 | 0 |
|  | 03/2026 | 50.00 | 1861158 | 321 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc. | 04/2026 | 200.00 | 7997123 | 391 | 74290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ventyx Biosciences, Inc. |  |  |  |  |  |
|  | 03/2026 | 10.00 | 790702 | 566 | 0 |
|  | 03/2026 | 12.50 | 3295523 | 2359 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc. | 03/2026 | 27.00 | 23409270 | 8310 | 58170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZIM Integrated Shipping Services Ltd. | 04/2026 | 25.00 | 7931133 | 2751 | 99036 |
| **TOTAL PUT OPTIONS PURCHASED** |  |  |  |  |  |
| (Cost $2,213,821) |  |  |  |  | 680325 |
| **TOTAL PURCHASED OPTIONS** |  |  |  |  |  |
| (Cost $2,584,424) |  |  |  |  | 1011282 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Yield** | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS - 16.33%** |  |  |  |
| **Money Market Funds** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Fund - Government Portfolio, Institutional Class | 3.595 %<sup>(h)</sup> | 66246230 | $66246230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class | 3.737 %<sup>(h)</sup> | 66246229 | 66246229 |
|  |  |  | 132492459 |
| **TOTAL SHORT-TERM INVESTMENTS** |  |  |  |
| (Cost $132,492,459) |  |  | 132492459 |
| **Total Investments - 100.42%** |  |  |  |
| (Cost $789,845,471) |  |  | 814601017 |
| **Liabilities in Excess of Other Assets - (0.42)%<sup>(i)</sup>** |  |  | (3419238) |
| **NET ASSETS - 100.00%** |  |  | $811181779 |

---

<u>Arbitrage Fund</u> <u>Portfolio of Investments</u> <br> *February 28, 2026 (unaudited)*

Portfolio Footnotes

---

| | |
|:---|:---|
| *<sup>(a)</sup>* | *Non-income-producing security.* |
| *<sup>(b)</sup>* | *Security fair valued using significant unobservable inputs and classified as a Level 3 security. As of February 28, 2026, the total fair market value of these securities was $44,842,974, representing 5.53% of net assets.* |
| *<sup>(c)</sup>* | *Security, or a portion of security, is being held as collateral for swaps, short sales, written option contracts or forward foreign currency exchange contracts. At February 28, 2026, the aggregate fair market value of those securities was $102,218,120, representing 12.60% of net assets.* |
| *<sup>(d)</sup>* | *Underlying security for a written/purchased call/put option.* |
|  | *Less than 0.005% of net assets.* |
| *<sup>(e)</sup>* | *Restricted securities (including private placements) - The Fund may own investment securities that have other legal or contractual limitations. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $8,191,408 or 1.01% of net assets.* |

---

---

| | | |
|:---|:---|:---|
| **Restricted Security** | **Acquisition Date** | **Acquisition Cost** |
| Akero Therapeutics, Inc. CVR | 12/10/2025 | $128065 |
| Avadel Pharmaceuticals PLC CVR | 02/13/2026 | 612760 |
| Blueprint Medicines Corp. CVR, Expires 6/30/2032 | 07/21/2025 | 25920 |
| Bristol-Myers Squibb Co. CVR | 11/20/2020 | 1185787 |
| Concert Pharmaceuticals, Inc. CVR, Expires 12/31/2029 | 03/07/2023 | 617655 |
| Contra Abiomed, Inc. CVR, Expires 12/31/2030 | 12/21/2022 | 166923 |
| Contra Albireo Pharma, Inc. CVR, Expires 12/31/2027 | 03/03/2023 | 673090 |
| Contra Metsera, Inc. CVR, Expires 12/31/2031 | 11/14/2025 | 806716 |
| Contra Resolute Forest Products, Inc. CVR | 03/01/2023 | 1141404 |
| Flexion Therapy CVR, Expires 12/31/2030 | 11/22/2021 | 874820 |
| Icosavax, Inc. CVR, Expires 02/19/2030 | 02/21/2024 | 248773 |
| Regulus Therapeutics, Inc. CVR, Expires 12/31/2034 | 06/26/2025 | 580000 |
| TreeHouse Foods, Inc. CVR | 02/11/2026 | 155969 |
| Verve Therapeutics, Inc. CVR, Expires 7/25/2035 | 07/28/2025 | 416174 |
| Walgreens Boots Alliance, Inc. CVR, Expires 10/29/2031 | 08/29/2025 | 108650 |
| **Total** |  | $**7742706** |

---

*<sup>(f)</sup>* *Affiliated investment.*

*<sup>(g)</sup>* *Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of February 28, 2026, these securities had a total value of $24,513,533 or 3.02% of net assets.*

*<sup>(h)</sup>* *Rate shown is the 7-day effective yield as of February 28, 2026.*

*<sup>(i)</sup>* *Includes cash held as collateral for short sales.*

<u>Arbitrage Fund</u> <u>Portfolio of Investments</u> <br> *February 28, 2026 (unaudited)*

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF SECURITIES SOLD SHORT** | **Shares** | **Value** |
| **COMMON STOCKS SOLD SHORT - (2.76%)** | **COMMON STOCKS SOLD SHORT - (2.76%)** | **COMMON STOCKS SOLD SHORT - (2.76%)** |
| &nbsp;&nbsp;&nbsp;**Banks - (1.94%)** | &nbsp;&nbsp;&nbsp;**Banks - (1.94%)** | &nbsp;&nbsp;&nbsp;**Banks - (1.94%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander SA, ADR | (631678) | $(7807540) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prosperity Bancshares, Inc. | (112705) | (7931051) |
|  |  | (15738591) |
| &nbsp;&nbsp;&nbsp;**Healthcare - Products - (0.82%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp. | (86943) | (6681569) |
| **TOTAL SECURITIES SOLD SHORT** |  |  |
| (Proceeds $23,351,282) |  | $(22420160) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **WRITTEN OPTIONS** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional <br> Amount** | **Contracts** | **Value** |
| **Written Call Options** | **Written Call Options** | **Written Call Options** | **Written Call Options** | **Written Call Options** | **Written Call Options** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenvue, Inc. | 05/2026 | $19.00 | $(10850600) | (5675) | $(482375) |
| **TOTAL WRITTEN CALL OPTIONS** | **TOTAL WRITTEN CALL OPTIONS** | **TOTAL WRITTEN CALL OPTIONS** | **TOTAL WRITTEN CALL OPTIONS** | **TOTAL WRITTEN CALL OPTIONS** | **TOTAL WRITTEN CALL OPTIONS** |
| (Premiums received $267,863) |  |  |  |  | (482375) |

---

**EQUITY SWAP CONTRACTS** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap<br> Counterparty/<br> Payment<br> Frequency** | **Reference<br> Obligation** | **Rate <br> Paid/Received<br> by the Fund** | **Termination<br> Date** | **Upfront <br> Payments <br> Made** | **Market <br> Value** | **Notional<br> Amount** | **Notional<br> Amount** | **Unrealized<br> Depreciation** |
| Morgan Stanley & Co./ Upon Termination | Union Pacific Corp. | Received 1 Month-Federal Rate Minus 40bps (3.240%) | 10/30/2026 | $– $– $| (3801025) | USD | 22689037 | $(3801025) |

---

<u>Arbitrage Fund</u> <u>Portfolio of Investments</u> <br> *February 28, 2026 (unaudited)*

**OUTSTANDING FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement <br> Date** | **Unrealized Appreciation** |
| GBP | 7442600 | USD | 10019233 | Morgan Stanley & Co. | 03/16/2026 | $10984 |
| USD | 16624299 | GBP | 12199100 | Morgan Stanley & Co. | 03/16/2026 | 183860 |
|  |  |  |  |  |  | $194844 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement <br> Date** | **Unrealized Depreciation** |
| USD | 11364830 | EUR | 9731200 | Morgan Stanley & Co. | 03/16/2026 | $(140770) |
| USD | 12332526 | GBP | 9248000 | Morgan Stanley & Co. | 03/16/2026 | (130786) |
|  |  |  |  |  |  | $(271556) |

---

The following is a summary of investments classified by country exposure:

---

| | |
|:---|:---|
| **Country** | **% of Net Assets<sup>(a)</sup>** |
| United States | 90.33% |
| Jersey | 4.60% |
| United Kingdom | 2.23% |
| Netherlands | 1.40% |
| Israel | 0.98% |
| Bermuda | 0.80% |
| Ireland | 0.08% |
| Liabilities in Excess of Other Assets | (0.42)% |
|  | 100.00% |

---

---

| | |
|:---|:---|
| (a) | *These percentages represent long positions only and are not net of short positions.* |
| ***Abbreviations:*** | ***Abbreviations:*** |
| *ADR - American Depositary Receipt* | *ADR - American Depositary Receipt* |
| *bps - Basis Points. 100 Basis Points is equal to 1 percentage point.* | *bps - Basis Points. 100 Basis Points is equal to 1 percentage point.* |
| *CVR - Contingent Value Rights* | *CVR - Contingent Value Rights* |
| *EUR - Euro* | *EUR - Euro* |
| *GBP - British pound* | *GBP - British pound* |
| *LLC - Limited Liability Company* | *LLC - Limited Liability Company* |
| *Ltd. - Limited* | *Ltd. - Limited* |
| *NV - Naamloze Vennootschap is the Dutch term for a public limited liability corporation.* | *NV - Naamloze Vennootschap is the Dutch term for a public limited liability corporation.* |
| *PLC - Public Limited Company* | *PLC - Public Limited Company* |
| *SA - Generally designates corporations in various countries, mostly those employing civil law. This translates literally in all languages mentioned as anonymous company.* | *SA - Generally designates corporations in various countries, mostly those employing civil law. This translates literally in all languages mentioned as anonymous company.* |
| *USD - United States Dollar* | *USD - United States Dollar* |

---

<u>Water Island Event-Driven Fund</u> <u>Portfolio of Investments</u> <br> *February 28, 2026 (unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 77.96%** | **COMMON STOCKS - 77.96%** | **COMMON STOCKS - 77.96%** |
| &nbsp;&nbsp;&nbsp;**Apparel - 1.28%** | &nbsp;&nbsp;&nbsp;**Apparel - 1.28%** | &nbsp;&nbsp;&nbsp;**Apparel - 1.28%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skechers USA, Inc., Class A<sup>(a)(b)</sup> | 39204 | $642554 |
| &nbsp;&nbsp;&nbsp;**Banks - 1.01%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stellar Bancorp, Inc. | 121 | 4557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Webster Financial Corp. | 6929 | 499789 |
|  |  | 504346 |
| &nbsp;&nbsp;&nbsp;**Beverages - 1.08%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JDE Peet's NV | 14489 | 542711 |
| &nbsp;&nbsp;&nbsp;**Biotechnology - 4.17%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amicus Therapeutics, Inc.<sup>(a)</sup> | 47787 | 686699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcellx, Inc.<sup>(a)</sup> | 7676 | 873452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RAPT Therapeutics, Inc.<sup>(a)(c)</sup> | 100 | 5798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ventyx Biosciences, Inc.<sup>(a)</sup> | 18076 | 252522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viking Therapeutics, Inc.<sup>(a)</sup> | 8060 | 272750 |
|  |  | 2091221 |
| &nbsp;&nbsp;&nbsp;**Commercial Services - 0.37%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. | 4000 | 184840 |
| &nbsp;&nbsp;&nbsp;**Cosmetics/Personal Care - 1.53%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenvue, Inc.<sup>(c)</sup> | 40091 | 766540 |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services - 11.06%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Lease Corp. | 13589 | 881111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DigitalBridge Group, Inc.<sup>(d)</sup> | 65910 | 1018309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Janus Henderson Group PLC<sup>(d)</sup> | 45590 | 2375239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schroders PLC | 126298 | 997405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Capital Holdings, Inc., Class A | 4000 | 276720 |
|  |  | 5548784 |
| &nbsp;&nbsp;&nbsp;**Electric - 2.62%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | 22297 | 1315969 |
| &nbsp;&nbsp;&nbsp;**Engineering & Construction - 2.00%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock Corp.<sup>(a)</sup> | 59079 | 1001389 |
| &nbsp;&nbsp;&nbsp;**Entertainment - 2.57%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(a)</sup> | 14000 | 350700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cineplex, Inc.<sup>(a)</sup> | 80000 | 623437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penn Entertainment, Inc.<sup>(a)</sup> | 20045 | 313504 |
|  |  | 1287641 |
| &nbsp;&nbsp;&nbsp;**Healthcare - Products - 14.59%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exact Sciences Corp.<sup>(a)</sup> | 19841 | 2051163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hologic, Inc.<sup>(a)(c)(d)</sup> | 27953 | 2106538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Masimo Corp.<sup>(a)</sup> | 7124 | 1249193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Biosciences of California, Inc.<sup>(a)</sup> | 155000 | 260400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penumbra, Inc.<sup>(a)(d)</sup> | 4788 | 1648939 |
|  |  | 7316233 |

---

<u>Water Island Event-Driven Fund</u> <u>Portfolio of Investments</u> <br> *February 28, 2026 (unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 77.96% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;**Healthcare - Services - 1.50%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enhabit, Inc.<sup>(a)</sup> | 55153 | $750632 |
| &nbsp;&nbsp;&nbsp;**Home Builders - 1.99%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tri Pointe Homes, Inc.<sup>(a)</sup> | 21534 | 997024 |
| &nbsp;&nbsp;&nbsp;**Machinery - Diversified - 2.98%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chart Industries, Inc.<sup>(a)(d)</sup> | 7211 | 1494840 |
| &nbsp;&nbsp;&nbsp;**Media - 10.35%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc.<sup>(a)(c)</sup> | 68572 | 1931673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TEGNA, Inc.<sup>(d)</sup> | 60492 | 1267308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endeavor Group Holdings, Inc., Class A<sup>(a)(b)</sup> | 66527 | 1992550 |
|  |  | 5191531 |
| &nbsp;&nbsp;&nbsp;**Packaging & Containers - 1.61%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sealed Air Corp. | 19339 | 809917 |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 1.38%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals, Inc.<sup>(a)</sup> | 4000 | 55240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atrium Therapeutics, Inc.<sup>(a)</sup> | 1150 | 16962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayer AG | 12500 | 620488 |
|  |  | 692690 |
| &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts - 1.49%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alexander & Baldwin, Inc. | 11826 | 245863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veris Residential, Inc. | 26592 | 501259 |
|  |  | 747122 |
| &nbsp;&nbsp;&nbsp;**Retail - 0.51%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | 1250 | 254538 |
| &nbsp;&nbsp;&nbsp;**Semiconductors - 0.98%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc.<sup>(a)(c)</sup> | 2406 | 492099 |
| &nbsp;&nbsp;&nbsp;**Software - 8.04%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc., Class A<sup>(a)(c)</sup> | 13202 | 308795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confluent, Inc., Class A<sup>(a)(c)</sup> | 45063 | 1382082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electronic Arts, Inc.<sup>(c)(d)</sup> | 10795 | 2165153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figma, Inc., Class A<sup>(a)</sup> | 6000 | 176340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.<sup>(a)(e)</sup> |  | 43 |
|  |  | 4032413 |
| &nbsp;&nbsp;&nbsp;**Telecommunications - 0.92%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EchoStar Corp., Class A<sup>(a)</sup> | 4000 | 462120 |
| &nbsp;&nbsp;&nbsp;**Transportation - 3.93%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norfolk Southern Corp.<sup>(d)</sup> | 4694 | 1477390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZIM Integrated Shipping Services Ltd.<sup>(c)</sup> | 17200 | 495876 |
|  |  | 1973266 |
| **TOTAL COMMON STOCKS**<br> (Cost $37,818,297) |  | 39100420 |

---

<u>Water Island Event-Driven Fund</u> <u>Portfolio of Investments</u> <br> *February 28, 2026 (unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **RIGHTS<sup>(a)</sup> - 0.92%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Akero Therapeutics, Inc. CVR<sup>(b)(f)</sup> | 16553 | $10983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avadel Pharmaceuticals PLC CVR<sup>(b)(f)</sup> | 35059 | 22529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. CVR<sup>(b)(f)</sup> | 67803 | 76278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concert Pharmaceuticals, Inc. CVR, Expires 12/31/2029<sup>(b)(f)</sup> | 154954 | 76129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contra Abiomed, Inc. CVR, Expires 12/31/2030<sup>(b)(f)</sup> | 13890 | 22224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contra Albireo Pharma, Inc. CVR, Expires 12/31/2027<sup>(b)(f)</sup> | 34047 | 97276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contra Metsera, Inc. CVR, Expires 12/31/2031<sup>(b)(f)</sup> | 8653 | 43571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contra Resolute Forest Products, Inc. CVR<sup>(b)(f)</sup> | 68936 | 102528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TreeHouse Foods, Inc. CVR<sup>(b)(f)</sup> | 5664 | 10978 |
| **TOTAL RIGHTS**<br> (Cost $439,900) |  | 462496 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Maturity <br> Date** | **Rate** | **Principal <br> Amount** | **Value** |
| **BANK LOAN - 0.57%** | **BANK LOAN - 0.57%** | **BANK LOAN - 0.57%** | **BANK LOAN - 0.57%** | **BANK LOAN - 0.57%** |
| &nbsp;&nbsp;&nbsp;**Construction Materials - 0.57%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMRLD Borrower LP, Term Loan B, Variable Rate, (3 mo. USD SOFR Plus 2.25%) | 05/31/2030 | 5.923% | $286000 | $285311 |
| **TOTAL BANK LOAN**<br> (Cost $287,424) |  |  |  | 285311 |
| **CORPORATE BONDS - 16.36%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Electric - 1.58%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calpine LLC<sup>(g)</sup> | 03/15/2028 | 5.125% | 794000 | 793706 |
| &nbsp;&nbsp;&nbsp;**Healthcare - Products - 1.63%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bausch & Lomb Corp.<sup>(g)</sup> | 10/01/2028 | 8.375% | 790000 | 818637 |
| &nbsp;&nbsp;&nbsp;**Machinery - Diversified - 1.01%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chart Industries, Inc.<sup>(g)</sup> | 01/01/2030 | 7.500% | 486000 | 504862 |
| &nbsp;&nbsp;&nbsp;**Media - 1.26%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TEGNA, Inc. | 09/15/2029 | 5.000% | 631000 | 630403 |
| &nbsp;&nbsp;&nbsp;**Real Estate - 1.55%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kennedy-Wilson, Inc. | 03/01/2031 | 5.000% | 804000 | 779374 |
| &nbsp;&nbsp;&nbsp;**Telecommunications - 9.33%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EchoStar Corp. | 11/30/2030 | 6.750% | 1860000 | 1883723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frontier Communications Holdings LLC<sup>(g)</sup> | 05/15/2030 | 8.750% | 2712000 | 2795749 |
|  |  |  |  | 4679472 |
| **TOTAL CORPORATE BONDS**<br> (Cost $8,189,613) |  |  |  | 8206454 |
| **CONVERTIBLE CORPORATE BONDS - 2.28%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Computers & Computer Services - 1.31%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rapid7, Inc. | 03/15/2029 | 1.250% | 768000 | 653760 |
| &nbsp;&nbsp;&nbsp;**Investment Company Security - 0.97%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gladstone Capital Corp. | 10/01/2030 | 5.875% | 519000 | 487668 |
| **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $1,208,731) |  |  |  | 1141428 |

---

<u>Water Island Event-Driven Fund</u> <u>Portfolio of Investments</u> <br> *February 28, 2026 (unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS<sup>(a)</sup> - 0.10%** | **PURCHASED OPTIONS<sup>(a)</sup> - 0.10%** | **PURCHASED OPTIONS<sup>(a)</sup> - 0.10%** | | | |
| **Call Options Purchased - 0.02%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Banco Santander SA |  |  |  |  |  |
|  | 06/2026 | $13.00 | $87756 | 71 | $5041 |
|  | 06/2026 | 14.00 | 87756 | 71 | 3195 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. |  |  |  |  |  |
|  | 03/2026 | 19.00 | 68832 | 36 | 1440 |
|  | 03/2026 | 20.00 | 68832 | 36 | 252 |
| **TOTAL CALL OPTIONS PURCHASED**<br> (Cost $11,742) |  |  |  |  | 9928 |
| **Put Options Purchased - 0.08%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc. |  |  |  |  |  |
|  | 03/2026 | 20.00 | 266646 | 114 | 2280 |
|  | 06/2026 | 22.50 | 86543 | 37 | 925 |
| &nbsp;&nbsp;&nbsp;Confluent, Inc. | 03/2026 | 30.00 | 242293 | 79 | 0 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. |  |  |  |  |  |
|  | 03/2026 | 195.00 | 140399 | 7 | 805 |
|  | 06/2026 | 200.00 | 802280 | 40 | 19600 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc. | 03/2026 | 72.50 | 715920 | 95 | 0 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. |  |  |  |  |  |
|  | 05/2026 | 16.00 | 640520 | 335 | 3350 |
|  | 05/2026 | 17.00 | 126192 | 66 | 1188 |
| &nbsp;&nbsp;&nbsp;RAPT Therapeutics, Inc. | 03/2026 | 45.00 | 5798 | 1 | 0 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc. | 04/2026 | 200.00 | 490872 | 24 | 4560 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc. | 03/2026 | 27.00 | 1453572 | 516 | 3612 |
| &nbsp;&nbsp;&nbsp;ZIM Integrated Shipping Services Ltd. | 04/2026 | 25.00 | 495876 | 172 | 6192 |
| **TOTAL PUT OPTIONS PURCHASED**<br> (Cost $117,569) |  |  |  |  | 42512 |
| **TOTAL PURCHASED OPTIONS**<br> (Cost $129,311) |  |  |  |  | 52440 |

---

<u>Water Island Event-Driven Fund</u> <u>Portfolio of Investments</u> <br> *February 28, 2026 (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Yield** | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS - 2.19%** |  |  |  |
| **Money Market Funds** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Fund - Government Portfolio, Institutional Class | 3.595 %<sup>(h)</sup> | 549464 | $549464 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class | 3.737 %<sup>(h)</sup> | 549464 | 549464 |
|  |  |  | 1098928 |
| **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $1,098,928) |  |  | 1098928 |
| **Total Investments - 100.38%**<br> (Cost $49,172,204) |  |  | 50347477 |
| **Liabilities in Excess of Other Assets - (0.38)%**<sup>(i)</sup> |  |  | (190463) |
| **NET ASSETS - 100.00%** |  |  | $50157014 |

---

---

| | |
|:---|:---|
| Portfolio Footnotes | Portfolio Footnotes |
| *<sup>(a)</sup>* | *Non-income-producing security.* |
| *<sup>(b)</sup>* | *Security fair valued using significant unobservable inputs and classified as a Level 3 security. As of February 28, 2026, the total fair market value of these securities was $3,097,600, representing 6.18% of net assets.* |
| *<sup>(c)</sup>* | *Underlying security for a written/purchased call/put option.* |
| *<sup>(d)</sup>* | *Security, or a portion of security, is being held as collateral for swaps, written options, short sales or forward foreign currency exchange contracts. At February 28, 2026, the aggregate fair market value of those securities was $7,181,471, representing 14.32% of net assets.* |
| *<sup>(e)</sup>* | *Fractional Shares, amount rounds to zero.* |
| *<sup>(f)</sup>* | *Restricted securities (including private placements) - The Fund may own investment securities that have other legal or contractual limitations. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $462,496 or 0.92% of net assets.* |

---

---

| | | |
|:---|:---|:---|
| **Restricted Security** | **Acquisition Date** | **Acquisition Cost** |
| Akero Therapeutics, Inc. CVR | 12/10/2025 | $10759 |
| Avadel Pharmaceuticals PLC CVR | 02/13/2026 | 22438 |
| Bristol-Myers Squibb Co. CVR | 11/20/2020 | 110781 |
| Concert Pharmaceuticals, Inc. CVR, Expires 12/31/2029 | 03/07/2023 | 57333 |
| Contra Abiomed, Inc. CVR, Expires 12/31/2030 | 12/21/2022 | 14168 |
| Contra Albireo Pharma, Inc. CVR, Expires 12/31/2027 | 03/03/2023 | 73201 |
| Contra Metsera, Inc. CVR, Expires 12/31/2031 | 11/14/2025 | 42400 |
| Contra Resolute Forest Products, Inc. CVR | 03/01/2023 | 97889 |
| TreeHouse Foods, Inc. CVR | 02/11/2026 | 10931 |
| **Total** |  | $**439900** |

---

*<sup>(g)</sup>* *Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of February 28, 2026, these securities had a total value of $4,912,954 or 9.80% of net assets.*

*<sup>(h)</sup>* *Rate shown is the 7-day effective yield as of February 28, 2026.*

*<sup>(i)</sup>* *Includes cash held as collateral for short sales.*

<u>Water Island Event-Driven Fund</u> <u>Portfolio of Investments</u> <br> *February 28, 2026 (unaudited)*

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF SECURITIES SOLD SHORT** | **Shares** | **Value** |
| **COMMON STOCKS SOLD SHORT - (1.30%)** | **COMMON STOCKS SOLD SHORT - (1.30%)** | **COMMON STOCKS SOLD SHORT - (1.30%)** |
| &nbsp;&nbsp;&nbsp;**Banks - (0.36%)** | &nbsp;&nbsp;&nbsp;**Banks - (0.36%)** | &nbsp;&nbsp;&nbsp;**Banks - (0.36%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander SA, ADR | (14238) | $(175982) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prosperity Bancshares, Inc. | (46) | (3237) |
|  |  | (179219) |
| &nbsp;&nbsp;&nbsp;**Computers & Computer Services - (0.02%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rapid7, Inc. | (1766) | (10985) |
| &nbsp;&nbsp;&nbsp;**Healthcare - Products - (0.76%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp. | (4958) | (381022) |
| &nbsp;&nbsp;&nbsp;**Investment Company Security - (0.16%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gladstone Capital Corp. | (4386) | (79825) |
| **TOTAL SECURITIES SOLD SHORT**<br> (Proceeds $718,622) |  | $(651051) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **WRITTEN OPTIONS** | **Expiration<br> Date** | **Exercise <br> Price** | **Notional<br> Amount** | **Contracts** | **Value** |
| **Written Call Options** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | 05/2026 | $19.00 | $(766712) | (401) | $(34085) |
| **TOTAL WRITTEN OPTIONS**<br> (Premiums received $18,914) |  |  |  |  | $(34085) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **EQUITY SWAP CONTRACTS** | **EQUITY SWAP CONTRACTS** | **EQUITY SWAP CONTRACTS** | **EQUITY SWAP CONTRACTS** | **EQUITY SWAP CONTRACTS** | **EQUITY SWAP CONTRACTS** | **EQUITY SWAP CONTRACTS** | **EQUITY SWAP CONTRACTS** | **EQUITY SWAP CONTRACTS** |
| **Swap<br> Counterparty/<br> Payment<br> Frequency** | **Reference<br> Obligation** | **Rate<br> Paid/Received<br> by the Fund** | **Termination<br> Date** | **Upfront<br> Payments<br> Made** | **Upfront<br> Payments<br> Received** | **Market<br> Value** | **Notional<br> Amount** | **Unrealized<br> Depreciation** |
| Morgan Stanley & Co./ Upon Termination | Union Pacific Corp. | Received 1 Month-Federal Rate Minus 40bps (3.240%) | 10/30/2026 | $— | $— | $(184475) | USD 1,045,166 | $(184475) |

---

<u>Water Island Event-Driven Fund</u> <u>Portfolio of Investments</u> <br> *February 28, 2026 (unaudited)*

**OUTSTANDING FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br> Date** | **Unrealized <br> Appreciation** |
| CAD | 174200 | USD | 126726 | Morgan Stanley & Co. | 03/16/2026 | $1057 |
| USD | 139359 | CAD | 189100 | Morgan Stanley & Co. | 03/16/2026 | 646 |
| EUR | 249100 | USD | 292177 | Morgan Stanley & Co. | 03/16/2026 | 2344 |
| USD | 59728 | EUR | 50200 | Morgan Stanley & Co. | 03/16/2026 | 375 |
| GBP | 637000 | USD | 857530 | Morgan Stanley & Co. | 03/16/2026 | 940 |
| USD | 923896 | GBP | 679600 | Morgan Stanley & Co. | 03/16/2026 | 8016 |
|  |  |  |  |  |  | $13378 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br> Date** | **Unrealized<br> Depreciation** |
| CAD | 66600 | USD | 49067 | Morgan Stanley & Co. | 03/16/2026 | $(214) |
| USD | 634978 | CAD | 874100 | Morgan Stanley & Co. | 03/16/2026 | (6212) |
| EUR | 21600 | USD | 25811 | Morgan Stanley & Co. | 03/16/2026 | (273) |
| USD | 1403706 | EUR | 1199300 | Morgan Stanley & Co. | 03/16/2026 | (14276) |
| GBP | 78500 | USD | 105890 | Morgan Stanley & Co. | 03/16/2026 | (97) |
| USD | 1077799 | GBP | 808800 | Morgan Stanley & Co. | 03/16/2026 | (12202) |
|  |  |  |  |  |  | $(33274) |

---

The following is a summary of investments classified by country exposure:

---

| | |
|:---|:---|
| **Country** | **% of Net Assets<sup>(a)</sup>** |
| United States | 87.43% |
| Jersey | 4.73% |
| Canada | 2.87% |
| United Kingdom | 1.99% |
| Germany | 1.24% |
| Netherlands | 1.08% |
| Israel | 0.99% |
| Ireland | 0.05% |
| Liabilities in Excess of Other Assets | (0.38)% |
|  | 100.00% |

---

<u>Water Island Event-Driven Fund</u> <u>Portfolio of Investments</u> <br> *February 28, 2026 (unaudited)*

*<sup>(a)</sup> These percentages represent long positions only and are not net of short positions.*

***Abbreviations:***

*ADR - American Depositary Receipt*

*AG - Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e., owned by shareholders.*

*bps - Basis Points. 100 Basis Points is equal to 1 percentage point.*

*CAD - Canadian dollar*

*CVR - Contingent Value Rights*

*EUR - Euro*

*GBP - British pound*

*LLC - Limited Liability Company*

*LP - Limited Partnership*

*Ltd. - Limited*

*NV - Naamloze Vennootschap is the Dutch term for a public limited liability corporation.*

*PLC - Public Limited Company*

*SA - Generally designates corporations in various countries, mostly those employing civil law. This translates literally in all languages mentioned as anonymous company.*

*SOFR - Secured Overnight Financing Rate*

*USD - United States Dollar*

<u>Water Island Credit Opportunities Fund</u> <u>Portfolio of Investments</u> <br> *February 28, 2026 (unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Maturity<br> Date** | **Rate** | **Principal<br> Amount** | **Value** |
| **BANK LOANS - 3.07%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Construction Materials - 1.77%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMRLD Borrower LP, Term Loan B, Variable Rate, (3 mo. USD SOFR Plus 2.25%) | 05/31/2030 | 5.923% | $2714000 | $2707459 |
| &nbsp;&nbsp;&nbsp;**Transportation - 1.30%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rand Parent LLC, 2025 Term Loan B, Variable Rate, (3 mo. USD SOFR Plus 3.00%) | 03/18/2030 | 6.672% | 1994962 | 1998583 |
| **TOTAL BANK LOANS** |  |  |  |  |
| (Cost $4,729,961) |  |  |  | 4706042 |
| **CORPORATE BONDS - 46.58%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Advertising - 2.83%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup> |  |  |  |  |
|  | 04/15/2028 | 7.750% | 1000000 | 1007936 |
|  | 06/01/2029 | 7.500% | 3302000 | 3325510 |
|  |  |  |  | 4333446 |
| &nbsp;&nbsp;&nbsp;**Electric - 2.16%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calpine LLC<sup>(a)</sup> | 03/15/2028 | 5.125% | 3303000 | 3301776 |
| &nbsp;&nbsp;&nbsp;**Electrical Components & Equipment - 2.30%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WESCO Distribution, Inc.<sup>(a)</sup> | 06/15/2028 | 7.250% | 3500000 | 3525533 |
| &nbsp;&nbsp;&nbsp;**Entertainment - 3.28%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.<sup>(a)</sup> | 05/15/2027 | 6.500% | 5000000 | 5023700 |
| &nbsp;&nbsp;&nbsp;**Healthcare - Products - 7.10%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bausch & Lomb Corp.<sup>(a)</sup> | 10/01/2028 | 8.375% | 3296000 | 3415480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hologic, Inc.<sup>(a)</sup> | 02/15/2029 | 3.250% | 7500000 | 7461090 |
|  |  |  |  | 10876570 |
| &nbsp;&nbsp;&nbsp;**Healthcare - Services - 1.30%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surgery Center Holdings, Inc.<sup>(a)</sup> | 04/15/2032 | 7.250% | 2000000 | 1997574 |
| &nbsp;&nbsp;&nbsp;**Iron/Steel - 1.50%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Steel Corp. | 03/01/2029 | 6.875% | 2300000 | 2295939 |
| &nbsp;&nbsp;&nbsp;**Machinery - Diversified - 5.39%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chart Industries, Inc.<sup>(a)(b)</sup> |  |  |  |  |
|  | 01/01/2030 | 7.500% | 6155000 | 6393887 |
|  | 01/01/2031 | 9.500% | 1768000 | 1859782 |
|  |  |  |  | 8253669 |
| &nbsp;&nbsp;&nbsp;**Media - 2.27%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TEGNA, Inc.<sup>(b)</sup> | 09/15/2029 | 5.000% | 3473000 | 3469712 |
| &nbsp;&nbsp;&nbsp;**Packaging & Containers - 3.97%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sealed Air Corp./Sealed Air Corp. U.S.<sup>(a)(b)</sup> | 02/01/2028 | 6.125% | 6000000 | 6083358 |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 2.89%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organon & Co./Organon Foreign Debt Co-Issuer BV<sup>(a)(b)</sup> | 04/30/2028 | 4.125% | 4509000 | 4426330 |

---

<u>Water Island Credit Opportunities Fund</u> <u>Portfolio of Investments</u> <br> *February 28, 2026 (unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Maturity<br> Date** | **Rate** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS - 46.58% (Continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Real Estate - 3.91%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kennedy-Wilson, Inc.<sup>(b)</sup> | 02/01/2030 | 4.750% | 1220000 | 1183296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kennedy-Wilson, Inc. | 03/01/2031 | 5.000% | 4959000 | 4807108 |
|  |  |  |  | 5990404 |
| &nbsp;&nbsp;&nbsp;**Telecommunications - 7.68%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EchoStar Corp.<sup>(b)</sup> | 11/30/2030 | 6.750% | 5093000 | 5157956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frontier Communications Holdings LLC<sup>(a)</sup> | 05/15/2030 | 8.750% | 6408000 | 6605886 |
|  |  |  |  | 11763842 |
| **TOTAL CORPORATE BONDS** |  |  |  |  |
| (Cost $71,232,739) |  |  |  | 71341853 |
| **CONVERTIBLE CORPORATE BONDS - 40.24%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Biotechnology - 4.15%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynavax Technologies Corp.<sup>(a)</sup> | 03/15/2030 | 2.000% | 3000000 | 3138000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.<sup>(b)</sup> | 03/01/2027 | 0.250% | 3000000 | 3219375 |
|  |  |  |  | 6357375 |
| &nbsp;&nbsp;&nbsp;**Computers & Computer Services - 6.86%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rapid7, Inc.<sup>(b)</sup> |  |  |  |  |
|  | 03/15/2027 | 0.250% | 2500000 | 2350000 |
|  | 03/15/2029 | 1.250% | 2125000 | 1808906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varonis Systems, Inc.<sup>(b)</sup> | 09/15/2029 | 1.000% | 3000000 | 2689500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zscaler, Inc.<sup>(a)(b)(c)</sup> | 07/15/2028 | 3.598% | 4000000 | 3664000 |
|  |  |  |  | 10512406 |
| &nbsp;&nbsp;&nbsp;**Electric - 2.63%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | 06/01/2054 | 5.750% | 3000000 | 4032153 |
| &nbsp;&nbsp;&nbsp;**Electronics - 1.62%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Itron, Inc.<sup>(c)(d)</sup> | 03/15/2026 | 0.000% | 2500000 | 2478750 |
| &nbsp;&nbsp;&nbsp;**Healthcare - Products - 4.07%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exact Sciences Corp. | 03/01/2028 | 0.375% | 6000000 | 6231000 |
| &nbsp;&nbsp;&nbsp;**Investment Company Security - 0.87%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gladstone Capital Corp. | 10/01/2030 | 5.875% | 1423000 | 1337094 |
| &nbsp;&nbsp;&nbsp;**Real Estate - 2.81%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redfin Corp.<sup>(b)</sup> | 04/01/2027 | 0.500% | 4500000 | 4297500 |
| &nbsp;&nbsp;&nbsp;**Software - 17.23%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bentley Systems, Inc. | 07/01/2027 | 0.375% | 5000000 | 4770000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackLine, Inc.<sup>(c)</sup> | 03/15/2026 | 5.415% | 3071000 | 3061787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confluent, Inc.<sup>(b)(c)</sup> | 01/15/2027 | 2.542% | 5000000 | 4890000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSG Systems International, Inc. | 09/15/2028 | 3.875% | 5000000 | 6072500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nutanix, Inc.<sup>(b)</sup> | 12/15/2029 | 0.500% | 5000000 | 4597500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyler Technologies, Inc. | 03/15/2026 | 0.250% | 3000000 | 2994000 |
|  |  |  |  | 26385787 |
| **TOTAL CONVERTIBLE CORPORATE BONDS** |  |  |  |  |
| (Cost $61,397,309) |  |  |  | 61632065 |

---

<u>Water Island Credit Opportunities Fund</u> <u>Portfolio of Investments</u> <br> *February 28, 2026 (unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS<sup>(d)</sup> - 0.01%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Call Option Purchased - 0.01%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust | 03/2026 | $710.00 | $13719800 | 200 | $18200 |
| **TOTAL PURCHASED OPTIONS** |  |  |  |  |  |
| (Cost $95,335) |  |  |  |  | 18200 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Yield** | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS - 7.78%** |  |  |  |
| **Money Market Funds** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Fund - Government Portfolio, Institutional Class | 3.595 %<sup>(e)</sup> | 5957219 | $5957219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class | 3.737 %<sup>(e)</sup> | 5957220 | 5957220 |
|  |  |  | 11914439 |
| **TOTAL SHORT-TERM INVESTMENTS** |  |  |  |
| (Cost $11,914,439) |  |  | 11914439 |
| **Total Investments - 97.68%** |  |  |  |
| (Cost $149,369,783) |  |  | 149612599 |
| **Other Assets in Excess of Liabilities - 2.32%**<sup>(f)</sup> |  |  | 3558877 |
| **NET ASSETS - 100.00%** |  |  | $153171476 |

---

---

| | |
|:---|:---|
| Portfolio Footnotes | Portfolio Footnotes |
| *<sup>(a)</sup>* | *Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of February 28, 2026, these securities had a total value of $61,229,842 or 39.97% of net assets.* |
| *<sup>(b)</sup>* | *Security, or a portion of security, is being held as collateral for swaps, short sales, written option contracts or forward foreign currency exchange contracts. At February 28, 2026, the aggregate fair market value of those securities was $46,139,086, representing 30.12% of net assets.* |
| *<sup>(c)</sup>* | *Represents a zero coupon bond. Interest rate presented is yield to maturity.* |
| *<sup>(d)</sup>* | *Non-income-producing security.* |
| *<sup>(e)</sup>* | *Rate shown is the 7-day effective yield as of February 28, 2026.* |
| *<sup>(f)</sup>* | *Includes cash held as collateral for short sales.* |

---

<u>Water Island Credit Opportunities Fund</u> <u>Portfolio of Investments</u> <br> *February 28, 2026 (unaudited)*

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF SECURITIES SOLD SHORT** | **Shares** | **Value** |
| **COMMON STOCKS SOLD SHORT - (7.65%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Biotechnology - (1.81%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exact Sciences Corp. | (12400) | $(1281912) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc. | (21400) | (1487942) |
|  |  | (2769854) |
| &nbsp;&nbsp;&nbsp;**Computers & Computer Services - (0.36%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rapid7, Inc. | (6087) | (37861) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varonis Systems, Inc. | (11100) | (256410) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zscaler, Inc. | (1740) | (255763) |
|  |  | (550034) |
| &nbsp;&nbsp;&nbsp;**Electric - (2.08%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | (54000) | (3187080) |
| &nbsp;&nbsp;&nbsp;**Healthcare - Services - (0.01%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surgery Partners, Inc. | (500) | (7750) |
| &nbsp;&nbsp;&nbsp;**Investment Company Security - (0.14%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gladstone Capital Corp. | (12024) | (218837) |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals - (0.10%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organon & Co. | (20300) | (147987) |
| &nbsp;&nbsp;&nbsp;**Real Estate - (0.32%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kennedy-Wilson Holdings, Inc. | (45700) | (497216) |
| &nbsp;&nbsp;&nbsp;**Software - (2.83%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bentley Systems, Inc., Class B | (6000) | (219300) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSG Systems International, Inc. | (41000) | (3275900) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nutanix, Inc., Class A | (22100) | (845988) |
|  |  | (4341188) |
| **TOTAL SECURITIES SOLD SHORT** |  |  |
| (Proceeds $12,141,903) |  | $(11719946) |

---

**EQUITY SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap<br> Counterparty/<br> Payment<br> Frequency** | **Reference<br> Obligation** | **Rate <br> Paid/Received<br> by the Fund** | **Termination<br> Date** | **Upfront<br> Payments<br> Made** | **Upfront<br> Payments<br> Received** | **Market<br> Value** | **Notional<br> Amount** | **Notional<br> Amount** | **Unrealized<br> Appreciation** |
| Morgan Stanley & Co./ Upon Termination | iShares iBoxx High Yield Corporate Bond ETF | Received 1 Month- Federal Rate Minus 109bps (2.550%) | 10/30/2026 | $— | $— | $36843 | USD | 1854000 | $36843 |
| Morgan Stanley & Co./ Upon Termination | SPDR Bloomberg High Yield Bond ETF | Received 1 Month- Federal Rate Minus 40bps (3.240%) | 10/30/2026 |  |  | 57874 | USD | 1251695 | 57874 |
|  |  |  |  |  |  | $94717 |  |  | $94717 |

---

<u>Water Island Credit Opportunities Fund</u> <u>Portfolio of Investments</u> <br> *February 28, 2026 (unaudited)*

The following is a summary of investments classified by country exposure:

---

| | |
|:---|:---|
| **Country** | **% of Net Assets<sup>(a)</sup>** |
| United States | 95.45% |
| Canada | 2.23% |
| Other Assets in Excess of Liabilities | 2.32% |
|  | 100.00% |

---

---

| | |
|:---|:---|
| *<sup>(a)</sup>* | *These percentages represent long positions only and are not net of short positions.* |
| ***Abbreviations:*** | ***Abbreviations:*** |
| *bps - Basis Points. 100 Basis Points is equal to 1 percentage point.* | *bps - Basis Points. 100 Basis Points is equal to 1 percentage point.* |
| *ETF - Exchange-Traded Fund* | *ETF - Exchange-Traded Fund* |
| *LLC - Limited Liability Company* | *LLC - Limited Liability Company* |
| *LP - Limited Partnership* | *LP - Limited Partnership* |
| *SOFR - Secured Overnight Financing Rate* | *SOFR - Secured Overnight Financing Rate* |
| *S&P - Standard & Poor's* | *S&P - Standard & Poor's* |
| *SPDR - Standard & Poor's Depositary Receipt* | *SPDR - Standard & Poor's Depositary Receipt* |
| *USD - United States Dollar* | *USD - United States Dollar* |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** ARBITRAGE FUNDS

- **b. Investment Company Act file number:** 811-09815

- **c. CIK number of Registrant:** 0001105076

- **d. LEI of Registrant:** 549300NPBJYDNFZ58M30

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

  - **Street Address 1:** C/O WATER ISLAND CAPITAL, LLC

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10011

  - **Telephone number:** 800-560-8210

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

- **a. Name of Series:** Water Island Event-Driven Fund

- **b. EDGAR series identifier (if any):** S000030113

- **c. LEI of Series:** 71ZPS0ACY0O0VMTK8636

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

- **a. Date of fiscal year-end:** 2026-05-31

- **b. Date as of which information is reported:** 2026-02-28

**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:** $51190824.82

**Total Liabilities:** $1063641.48

**Net Assets:** $50127183.34

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000092484 | 0.68%                | 0.08%                | 0.87%                |
| Class ID C000127229 | 0.77%                | 0.08%                | 0.87%                |
| Class ID C000092485 | 0.71%                | 0.08%                | 0.94%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-322592.62              | $587782.18                                 |
| Month 2  | $-54493.04               | $156475.51                                 |
| Month 3  | $594168.07               | $122625.09                                 |

**Designated Index Information**

- **Index Name:** Securities Portfolio VaR

- **Index Identifier:** Designated Reference Portfolio is the Fund`s Securities Portfolio

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SEK CASH COLLATERAL                   | SEK CASH COLLATERAL                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Short            | STIV             | CORP              | SE        |       -12 | NS      | $-1.29        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED USD / SOLD CAD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-256.13      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED EUR / SOLD USD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |         1 | NC      | $-73.04       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Penn Entertainment Inc                | Penn Entertainment Inc                                                                           | CUSIP: 707569109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19230 | NS      | $300757.20    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros Discovery Inc             | Warner Bros Discovery Inc                                                                        | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |     68572 | NS      | $1931673.24   | 3.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED CAD / SOLD USD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $34.40        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC              | Long: UNPMSS    TRS USD R V 00MFEDL FEDL01 -40 BPS / Short: UNPMSS    TRS USD P E UNPMSS TRS P E | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |   1045166 | OU      | $-198650.08   | -0.40%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED CAD / SOLD USD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $170.50       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Enhabit Inc                           | Enhabit Inc                                                                                      | CUSIP: 29332G102<br>LEI: 549300RFQ78SLDFSHF49 | Long             | EC               | CORP              | US        |     48082 | NS      | $654396.02    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| EchoStar Corp                         | EchoStar Corp                                                                                    | CUSIP: 278768106<br>LEI: 549300EE20907QZ9GT38 | Long             | EC               | CORP              | US        |      2500 | NS      | $288825.00    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Endeavor Group Holdings Inc           | Endeavor Group Holdings Inc                                                                      | CUSIP: 29260Y109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     66527 | NS      | $1992550.11   | 3.97%             |  |  |  | No            |                  3 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED CAD / SOLD USD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $110.26       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED USD / SOLD EUR                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $70.53        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED CAD / SOLD USD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $-43.08       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Exact Sciences Corp                   | Exact Sciences Corp                                                                              | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |     19841 | NS      | $2051162.58   | 4.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | KENVUE INC                                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       335 | NC      | $3350.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Gladstone Capital Corp                | Gladstone Capital Corp                                                                           | CUSIP: 376535878<br>LEI: 549300AWMOT9JR1SIJ74 | Short            | EC               | CORP              | US        |     -4386 | NS      | $-79825.20    | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| KENNEDY-WILSON INC                    | Kennedy-Wilson Inc                                                                               | CUSIP: 489399AM7<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |    804000 | PA      | $779373.74    | 1.55%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED EUR / SOLD USD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |         1 | NC      | $41.55        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED CAD / SOLD USD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $-93.50       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED USD / SOLD CAD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $528.27       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Pacific Biosciences of California Inc | Pacific Biosciences of California Inc                                                            | CUSIP: 69404D108<br>LEI: 529900F1BWRE1M0KZN89 | Long             | EC               | CORP              | US        |    155000 | NS      | $260400.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | CLEARWATER ANALYTICS HOLDINGS                                                                    | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |        37 | NC      | $925.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CALPINE LLC                           | Calpine LLC                                                                                      | CUSIP: 131347CN4<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |    794000 | PA      | $793705.82    | 1.58%             | 2028-03-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC              | BANCO SANTANDER SA                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | ES        |        71 | NC      | $3195.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Caesars Entertainment Inc             | Caesars Entertainment Inc                                                                        | CUSIP: 12769G100<br>LEI: 549300FA4CTCW903Y781 | Long             | EC               | CORP              | US        |     12400 | NS      | $310620.00    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA AKERO THERAPEUT                | CONTRA AKERO THERAPEUT                                                                           | CUSIP: 009CVR044<br>LEI: 549300SI3KG74LBE2955 | N/A              | DE               |  | US        |     16553 | NS      | $10982.92     | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| State Street Global Advisors          | State Street Institutional US Government Money Market Fund                                       | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |    549464 | NS      | $549463.78    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | ELECTRONIC ARTS INC                                                                              | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |        32 | NC      | $15680.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED CAD / SOLD USD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $-28.92       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED USD / SOLD EUR                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-52.12       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ZIM Integrated Shipping Services Ltd  | ZIM Integrated Shipping Services Ltd                                                             | CUSIP: 000000000<br>LEI: 21380089EIJRELKAIL21 | Long             | EC               | CORP              | IL        |     17200 | NS      | $495876.00    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp                | Boston Scientific Corp                                                                           | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Short            | EC               | CORP              | US        |     -4958 | NS      | $-381022.30   | -0.76%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | WARNER BROS DISCOVERY INC                                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       516 | NC      | $3612.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Lease Corp                        | Air Lease Corp                                                                                   | CUSIP: 00912X302<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EC               | CORP              | US        |     13589 | NS      | $881110.76    | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| GLADSTONE CAPITAL CORP                | Gladstone Capital Corp                                                                           | CUSIP: 376535AG5<br>LEI: 549300AWMOT9JR1SIJ74 | Long             | DBT              | CORP              | US        |    519000 | PA      | $487668.30    | 0.97%             | 2030-10-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC              | ELECTRONIC ARTS INC                                                                              | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |         7 | NC      | $805.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED EUR / SOLD USD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |         1 | NC      | $-199.73      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC              | CONFLUENT INC                                                                                    | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |        79 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED USD / SOLD GBP                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $1.85         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED USD / SOLD GBP                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $3851.34      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Tri Pointe Homes Inc                  | Tri Pointe Homes Inc                                                                             | CUSIP: 87265H109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21534 | NS      | $997024.20    | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC               | ZIM INTEGRATED SHIPPING SERVIC                                                                   | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | IL        |       172 | NC      | $6192.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC               | SILICON LABORATORIES INC                                                                         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |        24 | NC      | $4560.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED EUR / SOLD USD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |         1 | NC      | $2075.48      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BAUSCH + LOMB CORP                    | Bausch + Lomb Corp                                                                               | CUSIP: 071705AA5<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | CA        |    790000 | PA      | $818637.50    | 1.63%             | 2028-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC              | KENVUE INC                                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |        36 | NC      | $252.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA ABIOMED INC                    | CONTRA ABIOMED INC                                                                               | CUSIP: 003CVR016<br>LEI: N/A                  | N/A              | DE               |  | US        |     13890 | NS      | $22224.00     | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FRONTIER COMMUNICATIONS               | Frontier Communications Holdings LLC                                                             | CUSIP: 35908MAD2<br>LEI: 549300ZCZ76HYCS0H445 | Long             | DBT              | CORP              | US        |   2712000 | PA      | $2795749.27   | 5.58%             | 2030-05-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| RAPID7 INC                            | Rapid7 Inc                                                                                       | CUSIP: 753422AH7<br>LEI: 549300GNVG5D60KEYN14 | Long             | DBT              | CORP              | US        |    768000 | PA      | $653760.00    | 1.30%             | 2029-03-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED CAD / SOLD USD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $137.53       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED GBP / SOLD USD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |         1 | NC      | $-97.49       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Norfolk Southern Corp                 | Norfolk Southern Corp                                                                            | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |      4694 | NS      | $1477389.56   | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED CAD / SOLD USD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $234.93       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Sealed Air Corp                       | Sealed Air Corp                                                                                  | CUSIP: 81211K100<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | EC               | CORP              | US        |     19340 | NS      | $809959.20    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Viking Therapeutics Inc               | Viking Therapeutics Inc                                                                          | CUSIP: 92686J106<br>LEI: 529900IVC72YPFA25M37 | Long             | EC               | CORP              | US        |      8060 | NS      | $272750.40    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Penumbra Inc                          | Penumbra Inc                                                                                     | CUSIP: 70975L107<br>LEI: 549300RGE06P3ECANU72 | Long             | EC               | CORP              | US        |      4788 | NS      | $1648939.32   | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED CAD / SOLD USD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $223.55       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED CAD / SOLD USD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $-47.98       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED USD / SOLD CAD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-50.39       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED EUR / SOLD USD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |         1 | NC      | $15.91        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CONTRA ALBIREO PHARMA                 | CONTRA ALBIREO PHARMA                                                                            | CUSIP: 013CVR022<br>LEI: 549300835H8LC7O8VC29 | N/A              | DE               |  | US        |     34047 | NS      | $97275.68     | 0.19%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Goldman Sachs & Co. LLC               | KENVUE INC                                                                                       | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |        66 | NC      | $1188.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Dick's Sporting Goods Inc             | Dick's Sporting Goods Inc                                                                        | CUSIP: 253393102<br>LEI: 529900SSBV5I4LWSK313 | Long             | EC               | CORP              | US        |      1250 | NS      | $254537.50    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED USD / SOLD EUR                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-31.24       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TEGNA INC                             | TEGNA Inc                                                                                        | CUSIP: 87901JAH8<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |    631000 | PA      | $630402.63    | 1.26%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONTRA AVADEL PHARMACE                | CONTRA AVADEL PHARMACE                                                                           | CUSIP: 000000000<br>LEI: 549300E27PTSG2RHC762 | N/A              | DE               |  | IE        |     35059 | NS      | $22528.91     | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Morgan Stanley & Co. LLC              | CLEARWATER ANALYTICS HOLDINGS                                                                    | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       114 | NC      | $2280.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JDE Peet's NV                         | JDE Peet's NV                                                                                    | CUSIP: 000000000<br>LEI: 724500EHG519SE5ZRT89 | Long             | EC               | CORP              | NL        |     14489 | NS      | $542710.47    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ESC PIVOTAL SOFTWARE I                | ESC PIVOTAL SOFTWARE I                                                                           | CUSIP: 725ESC016<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       745 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED USD / SOLD EUR                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-73.57       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED USD / SOLD EUR                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-162.05      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Skechers USA Inc                      | Skechers USA Inc                                                                                 | CUSIP: 830566105<br>LEI: 529900D2R54KZPA4XR56 | Long             | EC               | CORP              | US        |     39204 | NS      | $642553.56    | 1.28%             |  |  |  | No            |                  3 | On Loan: No      |
| Janus Henderson Group PLC             | Janus Henderson Group PLC                                                                        | CUSIP: 000000000<br>LEI: 2138009WPYMWJN3RVF44 | Long             | EC               | CORP              | JE        |     45590 | NS      | $2375239.00   | 4.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | BANCO SANTANDER SA                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | ES        |        71 | NC      | $5041.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexander & Baldwin Inc               | Alexander & Baldwin Inc                                                                          | CUSIP: 014491104<br>LEI: N/A                  | Long             | EC               |  | US        |     11826 | NS      | $245862.54    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED USD / SOLD CAD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-38.32       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Schroders PLC                         | Schroders PLC                                                                                    | CUSIP: 000000000<br>LEI: 2138001YYBULX5SZ2H24 | Long             | EC               | CORP              | GB        |    111041 | NS      | $876916.71    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED USD / SOLD GBP                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $4162.91      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY PRIME BROKER CA        | MORGAN STANLEY PRIME BROKER CA                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | CA        |         7 | NS      | $5.36         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED USD / SOLD CAD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $12.74        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| EMRLD Borrower LP                     | EMRLD Borrower LP Term Loan B                                                                    | CUSIP: 26872NAC3<br>LEI: 5493000GJYE7GAQCUC61 | Long             | LON              | CORP              | US        |    286000 | PA      | $285310.74    | 0.57%             | 2030-05-31      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED CAD / SOLD USD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $19.52        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Santander SA                    | Banco Santander SA                                                                               | CUSIP: 05964H105<br>LEI: 5493006QMFDDMYWIAM13 | Short            | EC               | CORP              | ES        |    -14238 | NS      | $-175981.68   | -0.35%            |  |  |  | No            |                  1 | On Loan: No      |
| TXNM Energy Inc                       | TXNM Energy Inc                                                                                  | CUSIP: 69349H107<br>LEI: 5493003JOBJGLZSDDQ28 | Long             | EC               | CORP              | US        |     22297 | NS      | $1315968.94   | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED USD / SOLD EUR                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-154.65      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Kenvue Inc                            | Kenvue Inc                                                                                       | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |     40091 | NS      | $766539.92    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA METSERA INC                    | CONTRA METSERA INC                                                                               | CUSIP: 592CVR013<br>LEI: N/A                  | N/A              | DE               |  | US        |      8653 | NS      | $43571.32     | 0.09%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED EUR / SOLD USD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |         1 | NC      | $79.12        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CONTRA CONCERT PHARMAC                | CONTRA CONCERT PHARMAC                                                                           | CUSIP: 206CVR011<br>LEI: 529900PYI5BSGQNATP82 | N/A              | DE               |  | US        |    154954 | NS      | $76128.90     | 0.15%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED CAD / SOLD USD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $16.27        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC               | HOLOGIC INC                                                                                      | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |        95 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Stellar Bancorp Inc                   | Stellar Bancorp Inc                                                                              | CUSIP: 858927106<br>LEI: 54930070P8Z0WHFBB536 | Long             | EC               | CORP              | US        |       121 | NS      | $4556.86      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC               | RAPT THERAPEUTICS INC                                                                            | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |         1 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co               | Bristol-Myers Squibb Co                                                                          | CUSIP: 110122157<br>LEI: HLYYNH7UQUORYSJQCN42 | N/A              | DE               |  | US        |     67803 | NS      | $76278.38     | 0.15%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MORGAN STANLEY PRIME BROKER EU        | MORGAN STANLEY PRIME BROKER EU                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Short            |  | CORP              | EE        |        -1 | NS      | $-1.56        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Arcellx Inc                           | Arcellx Inc                                                                                      | CUSIP: 03940C100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7676 | NS      | $873452.04    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED USD / SOLD CAD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-40.85       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED USD / SOLD CAD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-135.04      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Figma Inc                             | Figma Inc                                                                                        | CUSIP: 316841105<br>LEI: 254900273Q0J4Z65HU28 | Long             | EC               | CORP              | US        |      1600 | NS      | $47024.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED USD / SOLD EUR                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $56.40        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED USD / SOLD EUR                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-136.74      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED USD / SOLD EUR                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-161.65      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| RAPT Therapeutics Inc                 | RAPT Therapeutics Inc                                                                            | CUSIP: 75382E208<br>LEI: 549300MB473BIU78ES48 | Long             | EC               | CORP              | US        |       100 | NS      | $5798.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED USD / SOLD CAD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-64.59       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bayer AG                              | Bayer AG                                                                                         | CUSIP: 000000000<br>LEI: 549300J4U55H3WP1XT59 | Long             | EC               | CORP              | DE        |      9500 | NS      | $471570.70    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc                | Palo Alto Networks Inc                                                                           | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |         0 | NS      | $42.74        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED CAD / SOLD USD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $12.37        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED USD / SOLD EUR                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $11.74        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED USD / SOLD EUR                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-13500.97    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED GBP / SOLD USD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |         1 | NC      | $940.10       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ventyx Biosciences Inc                | Ventyx Biosciences Inc                                                                           | CUSIP: 92332V107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18076 | NS      | $252521.72    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED USD / SOLD CAD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $98.36        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED USD / SOLD GBP                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-12076.87    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Clearwater Analytics Holdings Inc     | Clearwater Analytics Holdings Inc                                                                | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13202 | NS      | $308794.78    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA TREEHOUSE FOODS                | CONTRA TREEHOUSE FOODS                                                                           | CUSIP: 894CVR018<br>LEI: 5493007M7EVHE470Q576 | N/A              | DE               |  | US        |      5664 | NS      | $10977.96     | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED CAD / SOLD USD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $60.91        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Rapid7 Inc                            | Rapid7 Inc                                                                                       | CUSIP: 753422104<br>LEI: 549300GNVG5D60KEYN14 | Short            | EC               | CORP              | US        |     -1766 | NS      | $-10984.52    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Prosperity Bancshares Inc             | Prosperity Bancshares Inc                                                                        | CUSIP: 743606105<br>LEI: N/A                  | Short            | EC               | CORP              | US        |       -46 | NS      | $-3237.02     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED EUR / SOLD USD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |         1 | NC      | $132.46       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Webster Financial Corp                | Webster Financial Corp                                                                           | CUSIP: 947890109<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EC               | CORP              | US        |      6929 | NS      | $499788.77    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Masimo Corp                           | Masimo Corp                                                                                      | CUSIP: 574795100<br>LEI: 549300Q4A8JK0PIYCU29 | Long             | EC               | CORP              | US        |      7124 | NS      | $1249193.40   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Silicon Laboratories Inc              | Silicon Laboratories Inc                                                                         | CUSIP: 826919102<br>LEI: 4PRDF8Q9TDHRVZKZSZ47 | Long             | EC               | CORP              | US        |      2406 | NS      | $492099.18    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED USD / SOLD CAD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-121.46      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Cineplex Inc                          | Cineplex Inc                                                                                     | CUSIP: 172454100<br>LEI: 549300WDU0AS30W35T75 | Long             | EC               | CORP              | CA        |     80000 | NS      | $623437.56    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc                   | Electronic Arts Inc                                                                              | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |     10795 | NS      | $2165153.15   | 4.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED USD / SOLD CAD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-5299.81     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC              | Morgan Stanley Institutional Liquidity Funds - Government Portfolio                              | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |    549464 | NS      | $549463.83    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| TEGNA Inc                             | TEGNA Inc                                                                                        | CUSIP: 87901J105<br>LEI: 549300YC5EDBGX85AO10 | Long             | EC               | CORP              | US        |     60492 | NS      | $1267307.40   | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED CAD / SOLD USD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $36.60        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED USD / SOLD CAD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-33.29       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Great Lakes Dredge & Dock Corp        | Great Lakes Dredge & Dock Corp                                                                   | CUSIP: 390607109<br>LEI: 549300H65E3MZ1CX0P05 | Long             | EC               | CORP              | US        |     59079 | NS      | $1001389.05   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Veris Residential Inc                 | Veris Residential Inc                                                                            | CUSIP: 554489104<br>LEI: 254900KTVBRYJCQU2J23 | Long             | EC               |  | US        |     26592 | NS      | $501259.20    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED USD / SOLD CAD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-69.07       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED USD / SOLD CAD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-63.14       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED USD / SOLD EUR                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $236.32       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED USD / SOLD CAD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-40.92       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Amicus Therapeutics Inc               | Amicus Therapeutics Inc                                                                          | CUSIP: 03152W109<br>LEI: 549300MRD1SMUTNBPQ53 | Long             | EC               | CORP              | US        |     47787 | NS      | $686699.19    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Chart Industries Inc                  | Chart Industries Inc                                                                             | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |      7211 | NS      | $1494840.30   | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA RESOLUTE FOREST                | CONTRA RESOLUTE FOREST                                                                           | CUSIP: 761CVR042<br>LEI: N/A                  | N/A              | DE               |  | US        |     68936 | NS      | $102528.51    | 0.20%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Morgan Stanley & Co. LLC              | KENVUE INC                                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |      -401 | NC      | $-34085.00    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | KENVUE INC                                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |        36 | NC      | $1440.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY PRIME BROKER US        | MORGAN STANLEY PRIME BROKER US                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |    661779 | NS      | $661779.08    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Atrium Therapeutics Inc               | Atrium Therapeutics Inc                                                                          | CUSIP: 04965N104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1150 | NS      | $16962.50     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc               | DigitalBridge Group Inc                                                                          | CUSIP: 25401T603<br>LEI: 549300XG87L902AGBO89 | Long             | EC               | CORP              | US        |     65910 | NS      | $1018309.50   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Hologic Inc                           | Hologic Inc                                                                                      | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |     27953 | NS      | $2106538.08   | 4.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Confluent Inc                         | Confluent Inc                                                                                    | CUSIP: 20717M103<br>LEI: 254900MRZ83YWUV7SN74 | Long             | EC               | CORP              | US        |     45063 | NS      | $1382082.21   | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| CHART INDUSTRIES INC                  | Chart Industries Inc                                                                             | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |    486000 | PA      | $504862.59    | 1.01%             | 2030-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                         | EchoStar Corp                                                                                    | CUSIP: 278768AA4<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |   1860000 | PA      | $1883722.44   | 3.76%             | 2030-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-27

**Name of Applicant:** ARBITRAGE FUNDS

**Signature:** Jonathon Hickey

**Name of Signer:** Jonathon Hickey

**Title:** Treasurer