# EDGAR Filing Document

**Accession Number:** 0001779306
**File Stem:** 0001410368-25-017339
**Filing Date:** 2025-10
**Character Count:** 72425
**Document Hash:** 65211ace0e7d9ef3b59f516794ee7644
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-017339.hdr.sgml**: 20251024

**ACCESSION NUMBER**: 0001410368-25-017339

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251024

**DATE AS OF CHANGE**: 20251024

**PERIOD START**: 20260531

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALTSHARES TRUST
- **CENTRAL INDEX KEY:** 0001779306

**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:** 811-23475
- **FILM NUMBER:** 251416331

**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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AltShares Trust
- **DATE OF NAME CHANGE:** 20191002

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** wicShares Trust
- **DATE OF NAME CHANGE:** 20190930

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AltShares Trust
- **DATE OF NAME CHANGE:** 20190926

## Series and Classes Contracts Data

### AltShares Event-Driven ETF (Series ID: S000072757)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000229260 | AltShares Event-Driven ETF | EVNT            |

## Nport-Ex

<u>AltShares Merger Arbitrage ETF</u> <u>Portfolio of Investments</u> <br> *August 31, 2025 (unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 90.50%** |  |  |
| &nbsp;&nbsp;&nbsp;**Advertising - 1.88%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interpublic Group of Cos., Inc.<sup>(a)</sup> | 61201 | $1642635 |
| &nbsp;&nbsp;&nbsp;**Apparel - 1.04%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skechers USA, Inc., Class A<sup>(b)</sup> | 14481 | 913462 |
| &nbsp;&nbsp;&nbsp;**Banks - 3.04%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HarborOne Bancorp, Inc.<sup>(a)</sup> | 22242 | 286032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provident Bancorp, Inc.<sup>(a)(b)</sup> | 28093 | 361557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veritex Holdings, Inc.<sup>(a)</sup> | 58605 | 2013082 |
|  |  | 2660671 |
| &nbsp;&nbsp;&nbsp;**Biotechnology - 1.63%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CureVac NV<sup>(a)(b)</sup> | 264525 | 1420499 |
| &nbsp;&nbsp;&nbsp;**Capital Market - 0.85%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bridge Investment Group Holdings, Inc., Class A | 77633 | 745277 |
| &nbsp;&nbsp;&nbsp;**Commercial Services - 1.57%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cross Country Healthcare, Inc.<sup>(a)(b)</sup> | 61075 | 817183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performant Healthcare, Inc.<sup>(a)(b)</sup> | 72660 | 554396 |
|  |  | 1371579 |
| &nbsp;&nbsp;&nbsp;**Computers & Computer Services - 1.44%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cantaloupe, Inc.<sup>(a)(b)</sup> | 116100 | 1262007 |
| &nbsp;&nbsp;&nbsp;**Construction Materials - 1.44%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Woodmark Corp.<sup>(a)(b)</sup> | 19524 | 1260665 |
| &nbsp;&nbsp;&nbsp;**Distribution/Wholesale - 1.00%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRC Global, Inc.<sup>(a)(b)</sup> | 58029 | 875077 |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services - 3.54%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha Group International PLC | 33303 | 1879265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Money Express, Inc.<sup>(a)(b)</sup> | 83923 | 1216883 |
|  |  | 3096148 |
| &nbsp;&nbsp;&nbsp;**Electric - 3.89%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northwestern Energy Group, Inc.<sup>(a)</sup> | 14162 | 814456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | 45684 | 2587542 |
|  |  | 3401998 |
| &nbsp;&nbsp;&nbsp;**Electronics - 2.91%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spectris PLC | 46476 | 2541574 |
| &nbsp;&nbsp;&nbsp;**Entertainment - 0.64%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soho House & Co., Inc.<sup>(b)</sup> | 63515 | 560838 |
| &nbsp;&nbsp;&nbsp;**Food - 2.16%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SpartanNash Co. | 70429 | 1887497 |
| &nbsp;&nbsp;&nbsp;**Healthcare - Products - 3.50%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STAAR Surgical Co.<sup>(b)</sup> | 91198 | 2495177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zimvie, Inc.<sup>(b)</sup> | 29807 | 562756 |
|  |  | 3057933 |

---

<u>AltShares Merger Arbitrage ETF</u> <u>Portfolio of Investments</u> <br> *August 31, 2025 (unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 90.50% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;**Insurance - 4.18%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Just Group PLC | 626864 | $1787738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ProAssurance Corp.<sup>(b)</sup> | 78560 | 1870514 |
|  |  | 3658252 |
| &nbsp;&nbsp;&nbsp;**Internet - 5.12%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deliveroo PLC<sup>(b)(c)</sup> | 789377 | 1904455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Just Eat Takeaway.com NV<sup>(b)(c)</sup> | 108818 | 2569039 |
|  |  | 4473494 |
| &nbsp;&nbsp;&nbsp;**Machinery - Diversified - 3.71%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chart Industries, Inc.<sup>(b)</sup> | 16278 | 3245182 |
| &nbsp;&nbsp;&nbsp;**Media - 6.05%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WideOpenWest, Inc.<sup>(b)</sup> | 108937 | 554489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TEGNA, Inc. | 123408 | 2616250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Broadband Corp., Class C<sup>(a)(b)</sup> | 34862 | 2121701 |
|  |  | 5292440 |
| &nbsp;&nbsp;&nbsp;**Mining - 3.62%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MAC Copper Ltd.<sup>(b)</sup> | 46995 | 570519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sandstorm Gold Ltd.<sup>(a)</sup> | 232749 | 2597479 |
|  |  | 3167998 |
| &nbsp;&nbsp;&nbsp;**Office Furnishings - 1.93%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steelcase, Inc., Class A<sup>(a)</sup> | 100656 | 1684981 |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 4.32%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calliditas Therapeutics AB<sup>(b)(d)(e)</sup> | 1 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verona Pharma PLC, ADR<sup>(b)</sup> | 30410 | 3220723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Y-mAbs Therapeutics, Inc.<sup>(b)</sup> | 65191 | 557383 |
|  |  | 3778128 |
| &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts - 0.43%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City Office REIT, Inc.<sup>(a)</sup> | 53783 | 372716 |
| &nbsp;&nbsp;&nbsp;**Retail - 5.00%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMS, Inc.<sup>(b)</sup> | 39742 | 4368838 |
| &nbsp;&nbsp;&nbsp;**Savings & Loans - 2.95%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookline Bancorp, Inc.<sup>(a)</sup> | 84588 | 926239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Premier Bancorp, Inc. | 67349 | 1649377 |
|  |  | 2575616 |
| &nbsp;&nbsp;&nbsp;**Semiconductors - 1.44%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphawave IP Group PLC<sup>(b)</sup> | 512074 | 1259657 |
| &nbsp;&nbsp;&nbsp;**Software - 12.55%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvidXchange Holdings, Inc.<sup>(b)</sup> | 261511 | 2599419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoreCard Corp.<sup>(a)(b)</sup> | 15528 | 429660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dayforce, Inc.<sup>(b)</sup> | 22474 | 1568011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Informatica, Inc., Class A<sup>(a)(b)</sup> | 130500 | 3253365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meridianlink, Inc.<sup>(b)</sup> | 62196 | 1237079 |

---

<u>AltShares Merger Arbitrage ETF</u> <u>Portfolio of Investments</u> <br> *August 31, 2025 (unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 90.50% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;**Software - 12.55% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olo, Inc., Class A<sup>(b)</sup> | 183780 | $1883745 |
|  |  | 10971279 |
| &nbsp;&nbsp;&nbsp;**Telecommunications - 3.70%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frontier Communications Parent, Inc.<sup>(a)(b)</sup> | 87141 | 3231188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GCI Liberty, Inc.<sup>(b)(e)</sup> | 2728 |  |
|  |  | 3231188 |
| &nbsp;&nbsp;&nbsp;**Transportation - 4.97%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Andlauer Healthcare Group, Inc. | 31894 | 1238045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 11099 | 3107498 |
|  |  | 4345543 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $78,258,635) |  | 79123172 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Yield** | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS - 9.14%** |  |  |  |
| **Money Market Funds** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Fund - Government Portfolio, Institutional Class | 4.190 %(f) | 3993194 | $3993194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class | 4.343 %(f) | 3993193 | 3993193 |
|  |  |  | 7986387 |
| **TOTAL SHORT-TERM INVESTMENTS** |  |  |  |
| (Cost $7,986,387) |  |  | 7986387 |
| **Total Investments - 99.64%** |  |  |  |
| (Cost $86,245,022) |  |  | 87109559 |
| **Other Assets in Excess of Liabilities - 0.36%**<sup>(g)</sup>** |  |  | 315954 |
| **NET ASSETS - 100.00%** |  |  | $87425513 |

---

Portfolio Footnotes

*<sup>(a)</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 August 31, 2025, the aggregate fair market value of those securities was $19,033,930, representing 21.77% of net assets.*

*<sup>(b)</sup>* *Non-income-producing security.*

*<sup>(c)</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 August 31, 2025, these securities had a total value of $4,473,494 or 5.12% of net assets.*

*<sup>(d)</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 $22 or 0.0% of net assets.*

<u>AltShares Merger Arbitrage ETF</u> <u>Portfolio of Investments</u> <br> *August 31, 2025 (unaudited)*

---

| | | |
|:---|:---|:---|
| **Restricted Security** | **Acquisition Date** | **Acquisition Cost** |
| Calliditas Therapeutics AB | 09/18/2024 | $20 |
| **Total** |  | $**20** |

---

*<sup>(e)</sup>* *Security fair valued using significant unobservable inputs and classified as a Level 3 security. As of August 31, 2025, the total fair market value of these securities was $22, representing 0.0% of net assets.*

*<sup>(f)</sup>* *Rate shown is the 7-day effective yield as of August 31, 2025.*

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

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF SECURITIES SOLD SHORT** | **Shares** | **Value** |
| **SECURITIES SOLD SHORT - (8.29%)** |  |  |
| **COMMON STOCKS SOLD SHORT - (8.29%)** |  |  |
| &nbsp;&nbsp;**Banks - (0.59%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | (28811) | $(513124) |
| &nbsp;&nbsp;**Biotechnology - (1.26%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BioNTech SE, ADR | (11041) | (1104100) |
| &nbsp;&nbsp;**Commercial Services - (0.52%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Euronet Worldwide, Inc. | (4879) | (454674) |
| &nbsp;&nbsp;**Construction Materials - (1.46%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Masterbrand, Inc. | (100540) | (1277863) |
| &nbsp;&nbsp;**Electric - (0.95%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Black Hills Corp. | (13879) | (830103) |
| &nbsp;&nbsp;**Media - (2.50%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A | (8227) | (2184927) |
| &nbsp;&nbsp;**Oil & Gas Services - (1.01%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DNOW, Inc. | (55063) | (881008) |
| **TOTAL SECURITIES SOLD SHORT** |  |  |
| (Proceeds $8,012,577) |  | $(7245799) |

---

**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 | Apollo Global Management, Inc. | Received 1 Month-Federal Rate Minus 40bps (3.930%) | 05/06/2026 | $— | $— | $12933 | USD | 755060 | $12933 |
| Morgan Stanley & Co./ Upon Termination | Berkshire Hills Bancorp, Inc. | Received 1 Month-Federal Rate Minus 40bps (3.930%) | 05/06/2026 |  |  | 9933 | USD | 925352 | 9933 |
|  |  |  |  |  |  | $22866 |  |  | $22866 |

---

<u>AltShares Merger Arbitrage ETF</u> <u>Portfolio of Investments</u> <br> *August 31, 2025 (unaudited)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap<br> Counterparty/<br> Payment<br> Frequency** | &nbsp;&nbsp;&nbsp;**Reference<br> Obligation** | &nbsp;&nbsp;&nbsp;**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> Depreciation** |
| Morgan Stanley & Co./ Upon Termination | Columbia Banking System, Inc. | Received 1 Month-Federal Rate Minus 40bps (3.930%) | 05/06/2026 | $— | $— | $(131160) | USD | 1528872 | $(131160) |
| Morgan Stanley & Co./ Upon Termination | Eastern Bankshares, Inc. | Received 1 Month-Federal Rate Minus 40bps (3.930%) | 05/06/2026 |  |  | (27174) | USD | 188852 | (27174) |
| Morgan Stanley & Co./ Upon Termination | Huntington Bancshares, Inc. | Received 1 Month-Federal Rate Minus 40bps (3.930%) | 05/06/2026 |  |  | (160544) | USD | 1358573 | (160544) |
| Morgan Stanley & Co./ Upon Termination | HNI Corp. | Received 1 Month-Federal Rate Minus 40bps (3.930%) | 05/06/2026 |  |  | (42247) | USD | 959443 | (42247) |
| Morgan Stanley & Co./ Upon Termination | NB Bancorp, Inc. | Received 1 Month-Federal Rate Minus 40bps (3.930%) | 05/06/2026 |  |  | (15250) | USD | 167883 | (15250) |
| Morgan Stanley & Co./ Upon Termination | Omnicom Group, Inc. | Received 1 Month-Federal Rate Minus 40bps (3.930%) | 05/06/2026 |  |  | (94847) | USD | 1540980 | (94847) |
| Morgan Stanley & Co./ Upon Termination | Royal Gold, Inc. | Received 1 Month-Federal Rate Minus 40bps (3.930%) | 05/06/2026 |  |  | (220947) | USD | 2375609 | (220947) |
| Morgan Stanley & Co./ Upon Termination | Union Pacific Corp. | Received 1 Month-Federal Rate Minus 40bps (3.930%) | 05/06/2026 |  |  | (53009) | USD | 2438288 | (53009) |
|  |  |  |  |  |  | $(745178) |  |  | $(745178) |

---

<u>AltShares Merger Arbitrage ETF</u> <u>Portfolio of Investments</u> <br> *August 31, 2025 (unaudited)*

**OUTSTANDING FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement <br> Date** | **Unrealized <br> Appreciation** |
| CAD | 5178130 | USD | 3767880 | Morgan Stanley & Co. | 09/15/2025 | $4930 |
| USD | 8600721 | CAD | 11674110 | Morgan Stanley & Co. | 09/15/2025 | 94910 |
| EUR | 1532900 | USD | 1786276 | Morgan Stanley & Co. | 09/15/2025 | 8466 |
| GBP | 828900 | USD | 1119788 | Morgan Stanley & Co. | 09/15/2025 | 695 |
| USD | 7128279 | GBP | 5244700 | Morgan Stanley & Co. | 09/15/2025 | 38635 |
| SEK | 16202360 | USD | 1711195 | Morgan Stanley & Co. | 09/15/2025 | 2041 |
| USD | 1688722 | SEK | 15826510 | Morgan Stanley & Co. | 09/15/2025 | 15230 |
|  |  |  |  |  |  | $164907 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement <br> Date** | **Unrealized <br> Depreciation** |
| CAD | 4759140 | USD | 3479792 | Morgan Stanley & Co. | 09/15/2025 | $(12260) |
| EUR | 1663280 | USD | 1952562 | Morgan Stanley & Co. | 09/15/2025 | (5169) |
| USD | 6274111 | EUR | 5383260 | Morgan Stanley & Co. | 09/15/2025 | (28691) |
| GBP | 1372300 | USD | 1857115 | Morgan Stanley & Co. | 09/15/2025 | (2077) |
| USD | 3989682 | GBP | 2959200 | Morgan Stanley & Co. | 09/15/2025 | (10484) |
| USD | 39498 | SEK | 376060 | Morgan Stanley & Co. | 09/15/2025 | (267) |
|  |  |  |  |  |  | $(58948) |

---

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

---

| | |
|:---|:---|
| **Country** | **% of Net Assets<sup>(a)</sup>** |
| United States | 75.63% |
| United Kingdom | 14.40% |
| Netherlands | 4.57% |
| Canada | 4.39% |
| Jersey | 0.65% |
| Sweden | 0.00 %<sup>(b)</sup> |
| Other Assets in Excess of Liabilities | 0.36% |
|  | 100.00% |

---

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

*<sup>(b)</sup>* *Less than 0.005% of net assets.*

<u>AltShares Merger Arbitrage ETF</u> <u>Portfolio of Investments</u> <br> *August 31, 2025 (unaudited)*

***Abbreviations:***

 

*AB - Aktiebolag is the Swedish term for a limited company.*

*ADR - American Depositary Receipt*

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

*CAD - Canadian dollar*

*EUR - Euro*

*GBP - British pound*

*Ltd. - Limited*

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

*PLC - Public Limited Company*

*REIT - Real Estate Investment Trust*

*SE - SE Regulation. A European Company which can operate on a Europe-wide basis and be governed by Community law directly applicable in all Member States*

*SEK - Swedish krona*

*USD - United States Dollar*

 

<u>AltShares Event-Driven ETF</u> <u>Portfolio of Investments</u> <br> *August 31, 2025 (unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 90.88%** |  |  |
| &nbsp;&nbsp;&nbsp;**Apparel - 7.48%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hanesbrands, Inc.<sup>(a)(b)</sup> | 18883 | $119152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skechers USA, Inc., Class A<sup>(a)</sup> | 3562 | 224691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VF Corp.<sup>(b)(c)</sup> | 9885 | 149560 |
|  |  | 493403 |
| &nbsp;&nbsp;&nbsp;**Banks - 3.76%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FineMark Holdings, Inc.<sup>(a)(b)</sup> | 2977 | 124945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provident Bancorp, Inc.<sup>(a)</sup> | 9530 | 122651 |
|  |  | 247596 |
| &nbsp;&nbsp;&nbsp;**Biotechnology - 0.88%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aura Biosciences, Inc.<sup>(a)</sup> | 8235 | 51551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearside Biomedical, Inc.<sup>(a)(b)</sup> | 17880 | 6571 |
|  |  | 58122 |
| &nbsp;&nbsp;&nbsp;**Commercial Services - 0.36%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cross Country Healthcare, Inc.<sup>(a)</sup> | 1746 | 23361 |
| &nbsp;&nbsp;&nbsp;**Computers & Computer Services - 8.20%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cantaloupe, Inc.<sup>(a)</sup> | 5723 | 62209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software Ltd.<sup>(a)(b)</sup> | 659 | 298698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WNS Holdings Ltd.<sup>(a)(b)</sup> | 2387 | 180099 |
|  |  | 541006 |
| &nbsp;&nbsp;&nbsp;**Electric - 2.05%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | 2387 | 135200 |
| &nbsp;&nbsp;&nbsp;**Entertainment - 2.89%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(a)(b)</sup> | 2145 | 57421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penn Entertainment, Inc.<sup>(a)(b)(c)</sup> | 6590 | 133316 |
|  |  | 190737 |
| &nbsp;&nbsp;&nbsp;**Food - 2.44%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SpartanNash Co. | 3576 | 95837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WK Kellogg Co. | 2831 | 64886 |
|  |  | 160723 |
| &nbsp;&nbsp;&nbsp;**Healthcare - Products - 4.48%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Biosciences of California, Inc.<sup>(a)(b)</sup> | 27455 | 35966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STAAR Surgical Co.<sup>(a)(b)</sup> | 5334 | 145938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zimvie, Inc.<sup>(a)(b)</sup> | 6005 | 113375 |
|  |  | 295279 |
| &nbsp;&nbsp;&nbsp;**Insurance - 7.59%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aspen Insurance Holdings Ltd., Class A<sup>(a)</sup> | 6744 | 246156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ProAssurance Corp.<sup>(a)(b)</sup> | 10686 | 254434 |
|  |  | 500590 |
| &nbsp;&nbsp;&nbsp;**Internet - 2.55%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Just Eat Takeaway.com NV<sup>(a)(d)</sup> | 7124 | 168187 |

---

<u>AltShares Event-Driven ETF</u> <u>Portfolio of Investments</u> <br> *August 31, 2025 (unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 90.88% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;**Lodging - 1.54%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marcus Corp.<sup>(b)</sup> | 6590 | $101750 |
| &nbsp;&nbsp;&nbsp;**Machinery - Diversified - 1.81%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chart Industries, Inc.<sup>(a)(b)</sup> | 599 | 119417 |
| &nbsp;&nbsp;&nbsp;**Media - 5.58%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TEGNA, Inc.<sup>(b)</sup> | 13725 | 290970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc.<sup>(a)(c)</sup> | 6590 | 76708 |
|  |  | 367678 |
| &nbsp;&nbsp;&nbsp;**Oil & Gas - 3.46%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Corp. | 4395 | 227837 |
| &nbsp;&nbsp;&nbsp;**Oil & Gas Services - 1.46%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger NV | 2621 | 96558 |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 2.76%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayer AG, ADR | 3681 | 30258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verona Pharma PLC, ADR<sup>(a)(c)</sup> | 1434 | 151875 |
|  |  | 182133 |
| &nbsp;&nbsp;&nbsp;**Real Estate - 0.18%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McGrath RentCorp | 99 | 12027 |
| &nbsp;&nbsp;&nbsp;**Retail - 7.00%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | 525 | 111720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foot Locker, Inc.<sup>(a)</sup> | 5836 | 145054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMS, Inc.<sup>(a)</sup> | 859 | 94430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QXO, Inc.<sup>(a)</sup> | 5490 | 110513 |
|  |  | 461717 |
| &nbsp;&nbsp;&nbsp;**Savings & Loans - 2.89%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Premier Bancorp, Inc.<sup>(b)</sup> | 7791 | 190802 |
| &nbsp;&nbsp;&nbsp;**Software - 14.71%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvidXchange Holdings, Inc.<sup>(a)</sup> | 16779 | 166783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoreWeave, Inc., Class A<sup>(a)</sup> | 275 | 28336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dayforce, Inc.<sup>(a)</sup> | 660 | 46048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Informatica, Inc., Class A<sup>(a)(b)</sup> | 3689 | 91967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meridianlink, Inc.<sup>(a)</sup> | 9728 | 193490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olo, Inc., Class A<sup>(a)</sup> | 9553 | 97918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sapiens International Corp. NV | 4551 | 195238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verint Systems, Inc.<sup>(a)</sup> | 7373 | 150336 |
|  |  | 970116 |
| &nbsp;&nbsp;&nbsp;**Telecommunications - 1.35%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frontier Communications Parent, Inc.<sup>(a)</sup> | 2394 | 88769 |
| &nbsp;&nbsp;&nbsp;**Transportation - 5.46%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Andlauer Healthcare Group, Inc. | 3562 | 138268 |

---

<u>AltShares Event-Driven ETF</u> <u>Portfolio of Investments</u> <br> *August 31, 2025 (unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 90.88% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;**Transportation - 5.46% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norfolk Southern Corp.<sup>(b)</sup> | 791 | $221464 |
|  |  | 359732 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $5,833,355) |  | 5992740 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Maturity <br> Date** | **Rate** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS - 13.77%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Auto Parts & Equipment - 0.94%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dana, Inc. | 06/15/2028 | 5.625% | $62000 | $61965 |
| &nbsp;&nbsp;&nbsp;**Commercial Services - 1.43%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boost Newco Borrower LLC<sup>(d)</sup> | 01/15/2031 | 7.500% | 89000 | 94424 |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services - 1.17%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nationstar Mortgage Holdings, Inc.<sup>(d)</sup> | 08/15/2028 | 5.500% | 77000 | 76845 |
| &nbsp;&nbsp;&nbsp;**Electric - 0.86%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calpine Corp.<sup>(d)</sup> | 03/15/2028 | 5.125% | 57000 | 56958 |
| &nbsp;&nbsp;&nbsp;**Healthcare - Products - 0.85%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bausch & Lomb Corp.<sup>(d)</sup> | 10/01/2028 | 8.375% | 54000 | 56249 |
| &nbsp;&nbsp;&nbsp;**Media - 1.48%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DISH Network Corp.<sup>(d)</sup> | 11/15/2027 | 11.750% | 77000 | 81410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TEGNA, Inc. | 09/15/2029 | 5.000% | 16000 | 16016 |
|  |  |  |  | 97426 |
| &nbsp;&nbsp;&nbsp;**Retail - 1.52%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundation Building Materials, Inc.<sup>(d)</sup> | 03/01/2029 | 6.000% | 99000 | 100096 |
| &nbsp;&nbsp;&nbsp;**Telecommunications - 5.52%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CommScope LLC<sup>(d)</sup> | 12/15/2031 | 9.500% | 95000 | 98248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EchoStar Corp. | 11/30/2030 | 6.750% | 65000 | 64127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frontier Communications Holdings LLC<sup>(d)</sup> | 05/15/2030 | 8.750% | 193000 | 201711 |
|  |  |  |  | 364086 |
| **TOTAL CORPORATE BONDS** |  |  |  |  |
| (Cost $904,136) |  |  |  | 908049 |
| **CONVERTIBLE CORPORATE BONDS - 0.42%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Internet - 0.42%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fuboTV, Inc. | 02/15/2026 | 3.250% | 28000 | 27594 |
| **TOTAL CONVERTIBLE CORPORATE BONDS** |  |  |  |  |
| (Cost $27,545) |  |  |  | 27594 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **RIGHTS<sup>(a)</sup> - 0.07%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concert Pharmaceuticals, Inc. CVR, Expires 12/31/2029<sup>(e)(f)</sup> | 2000 | $937 |

---

<u>AltShares Event-Driven ETF</u> <u>Portfolio of Investments</u> <br> *August 31, 2025 (unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **RIGHTS<sup>(a)</sup> - 0.07% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contra Abiomed, Inc. CVR, Expires 12/31/2030<sup>(e)(f)</sup> | 200 | $320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contra Albireo Pharma, Inc. CVR, Expires 12/31/2027<sup>(e)(f)</sup> | 415 | 1131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contra CinCor Pharma, Inc. CVR, Expires 12/31/2027<sup>(e)(f)</sup> | 639 | 2485 |
| **TOTAL RIGHTS** |  |  |
| (Cost $3,792) |  | 4873 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Expiration<br> Date** | **Exercise <br> Price** | **Notional <br> Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS<sup>(a)</sup> - 0.00%**<sup>(g)</sup>** |  |  |  |  |  |
| **Put Options Purchased - 0.00%<sup>(g)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dana, Inc. | &nbsp;&nbsp;09/2025 | $9.00 | $8064 | 4 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verona Pharma PLC | &nbsp;&nbsp;12/2025 | 100.00 | 10591 | 1 | 0 |
| **TOTAL PURCHASED OPTIONS** |  |  |  |  |  |
| (Cost $598) |  |  |  |  | 0 |
| **Total Investments - 105.14%** |  |  |  |  |  |
| (Cost $6,769,426) |  |  |  |  | 6933256 |
| **Liabilities in Excess of Other Assets - (5.14)%**<sup>(h)</sup>** |  |  |  |  | (338870) |
| **NET ASSETS - 100.00%** |  |  |  |  | $6594386 |

---

Portfolio Footnotes

*<sup>(a)</sup>* *Non-income-producing security.*

*<sup>(b)</sup>* *Security, or a portion of security, is being held as collateral for swaps, short sales or forward foreign currency exchange contracts. At August 31, 2025, the aggregate fair market value of those securities was $1,243,134, representing 18.85% of net assets.*

*<sup>(c)</sup>* *Underlying security for a written/purchased call/put option.*

*<sup>(d)</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 August 31, 2025, these securities had a total value of $934,128 or 14.17% 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 $4,873 or 0.07% of net assets.*

---

| | | |
|:---|:---|:---|
| **Restricted Security** | **Acquisition Date** | **Acquisition Cost** |
| Concert Pharmaceuticals, Inc. CVR, Expires 12/31/2029 | 03/07/2023 | $740 |
| Contra Abiomed, Inc. CVR, Expires 12/31/2030 | 12/21/2022 | 204 |
| Contra Albireo Pharma, Inc. CVR, Expires 12/31/2027 | 01/09/2023 | 892 |
| Contra CinCor Pharma, Inc. CVR, Expires 12/31/2027 | 02/23/2023 | 1956 |
| **Total** |  | $**3792** |

---

*<sup>(f)</sup>* *Security fair valued using significant unobservable inputs and classified as a Level 3 security. As of August 31, 2025, the total fair market value of these securities was $4,873, representing 0.07% of net assets.*

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

<u>AltShares Event-Driven ETF</u> <u>Portfolio of Investments</u> <br> *August 31, 2025 (unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **WRITTEN OPTIONS** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional Amount** | **Contracts** | **Value** |
| &nbsp;&nbsp;&nbsp;**Written Call Options** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penn Entertainment, Inc. |  |  |  |  |  |
|  | 09/2025 | $20.00 | $(30345) | (15) | $(1380) |
|  | 09/2025 | 19.00 | (30345) | (15) | (2295) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VF Corp. |  |  |  |  |  |
|  | 09/2025 | 15.00 | (15130) | (10) | (780) |
|  | 09/2025 | 14.00 | (15130) | (10) | (1400) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc. |  |  |  |  |  |
|  | 09/2025 | 12.00 | (69840) | (60) | (1740) |
|  | 09/2025 | 13.00 | (46560) | (40) | (280) |
| **TOTAL WRITTEN OPTIONS** |  |  |  |  |  |
| (Premiums received $7,459) |  |  |  |  | $(7875) |

---

**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 | Gildan Activewear, Inc. | Received 1 Month-Federal Rate Minus 40bps (3.930%) | 10/03/2025 | $— | $— | $756 | USD | 96624 | $756 |
| Morgan Stanley & Co./ Upon Termination | Bayer AG | Paid 1 Month-Federal Rate Plus 50bps (4.880%) | 10/23/2026 |  |  | 8166 | USD | 57570 | 8166 |
| Morgan Stanley & Co./ Upon Termination | McGrath RentCorp | Paid 1 Month-Federal Rate Plus 50bps (4.880%) | 10/23/2026 |  |  | 777 | USD | 25917 | 777 |
|  |  |  |  |  |  | $9699 |  |  | $9699 |

---

<u>AltShares Event-Driven ETF</u> <u>Portfolio of Investments</u> <br> *August 31, 2025 (unaudited)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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> Depreciation** |
| Morgan Stanley & Co./ Upon Termination | Commerce Bancshares, Inc. | Received 1 Month-Federal Rate Minus 40bps (3.930%) | 10/03/2025 | $— | $— | $(106) | USD | 127240 | $(106) |
| Morgan Stanley & Co./ Upon Termination | Columbia Banking System, Inc. | Received 1 Month-Federal Rate Minus 40bps (3.930%) | 10/03/2025 |  |  | (9883) | USD | 150099 | (9883) |
| Morgan Stanley & Co./ Upon Termination | NB Bancorp, Inc. | Received 1 Month-Federal Rate Minus 40bps (3.930%) | 10/03/2025 |  |  | (4486) | USD | 52043 | (4486) |
| Morgan Stanley & Co./ Upon Termination | Palo Alto Networks, Inc. | Received 1 Month-Federal Rate Minus 40bps (3.930%) | 10/03/2025 |  |  | (9161) | USD | 266257 | (9161) |
| Morgan Stanley & Co./ Upon Termination | Union Pacific Corp. | Received 1 Month-Federal Rate Minus 40bps (3.930%) | 10/03/2025 |  |  | (1139) | USD | 160696 | (1139) |
|  |  |  |  |  |  | $(24775) |  |  | $(24775) |

---

<u>AltShares Event-Driven ETF</u> <u>Portfolio of Investments</u> <br> *August 31, 2025 (unaudited)*

**OUTSTANDING FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br> Date** | **Unrealized<br> Appreciation** |
| CAD | 262130 | USD | 190270 | Morgan Stanley & Co. | 09/15/2025 | $719 |
| USD | 310493 | CAD | 420990 | Morgan Stanley & Co. | 09/15/2025 | 3757 |
| USD | 6057 | EUR | 5160 | Morgan Stanley & Co. | 09/15/2025 | 16 |
|  |  |  |  |  |  | $4492 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement <br> Date** | **Unrealized<br> Depreciation** |
| USD | 14035 | CAD | 19450 | Morgan Stanley & Co. | 09/15/2025 | $(137) |
| USD | 147494 | EUR | 126570 | Morgan Stanley & Co. | 09/15/2025 | (695) |
|  |  |  |  |  |  | $(832) |

---

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

---

| | |
|:---|:---|
| **Country** | **% of Net Assets<sup>(a)</sup>** |
| United States | 82.93% |
| Israel | 4.53% |
| Bermuda | 3.73% |
| Cayman Islands | 2.96% |
| Canada | 2.95% |
| Jersey | 2.73% |
| Netherlands | 2.55% |
| United Kingdom | 2.30% |
| Germany | 0.46% |
| Liabilities in Excess of Other Assets | (5.14)% |
|  | 100.00% |

---

*<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* |
| *LLC - Limited Liability Company* |
| *Ltd. - Limited* |
| *NV - Naamloze Vennootschap is the Dutch term for a public limited liability corporation.* |
| *PLC - Public Limited Company* |
| *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:** AltShares Trust

- **b. Investment Company Act file number:** 811-23475

- **c. CIK number of Registrant:** 0001779306

- **d. LEI of Registrant:** 549300MJC5CESCLT8M40

- **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:** AltShares Event-Driven ETF

- **b. EDGAR series identifier (if any):** S000072757

- **c. LEI of Series:** 549300W6I6KRV9NKQV40

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

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

- **b. Date as of which information is reported:** 2025-08-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $6382803.23

**Total Liabilities:** $378121.46

**Net Assets:** $6004681.77

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000229260 | 2.33%                | 1.14%                | 2.08%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $57807.05                | $80691.08                                  |
| Month 2  | $122125.83               | $-50098.40                                 |
| Month 3  | $48666.83                | $96604.94                                  |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Morgan Stanley & Co. LLC              | Long: MGRCMS    TRS USD R E MGRCMS R E USD / Short: MGRCMS    TRS USD P V 01MFEDL FEDL01M-40 BPS  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |     25917 | OU      | $1661.64      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp                              | EQT Corp                                                                                          | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |      4000 | NS      | $207360.00    | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Penn Entertainment Inc                | Penn Entertainment Inc                                                                            | CUSIP: 707569109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6000 | NS      | $121380.00    | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros Discovery Inc             | Warner Bros Discovery Inc                                                                         | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |      6000 | NS      | $69840.00     | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | VF CORP                                                                                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       -10 | NC      | $-780.00      | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| DISH NETWORK CORP                     | DISH Network Corp                                                                                 | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |     77000 | PA      | $81409.68     | 1.36%             | 2027-11-15      | Fixed         | 11.75%                | 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        |    160696 | OU      | $-497.85      | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PENN ENTERTAINMENT INC                                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       -15 | NC      | $-2295.00     | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| FUBOTV INC                            | fuboTV Inc                                                                                        | CUSIP: 35953DAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     28000 | PA      | $27594.00     | 0.46%             | 2026-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| COMMSCOPE LLC                         | CommScope LLC                                                                                     | CUSIP: 20338MAA0<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |     95000 | PA      | $98248.24     | 1.64%             | 2031-12-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Schlumberger NV                       | Schlumberger NV                                                                                   | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |      2386 | NS      | $87900.24     | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacific Biosciences of California Inc | Pacific Biosciences of California Inc                                                             | CUSIP: 69404D108<br>LEI: 529900F1BWRE1M0KZN89 | Long             | EC               | CORP              | US        |     25000 | NS      | $32750.00     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA CINCOR PHARMA I                | CONTRA CINCOR PHARMA I                                                                            | CUSIP: 172CVR011<br>LEI: N/A                  | N/A              | DE               |  | US        |       639 | NS      | $2484.75      | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CALPINE CORP                          | Calpine Corp                                                                                      | CUSIP: 131347CN4<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |     57000 | PA      | $56958.20     | 0.95%             | 2028-03-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Cantaloupe Inc                        | Cantaloupe Inc                                                                                    | CUSIP: 138103106<br>LEI: 529900O54DBQQVWO9Q85 | Long             | EC               | CORP              | US        |      5213 | NS      | $56665.31     | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Aura Biosciences Inc                  | Aura Biosciences Inc                                                                              | CUSIP: 05153U107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7500 | NS      | $46950.00     | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Caesars Entertainment Inc             | Caesars Entertainment Inc                                                                         | CUSIP: 12769G100<br>LEI: 549300FA4CTCW903Y781 | Long             | EC               | CORP              | US        |      1500 | NS      | $40155.00     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Meridianlink Inc                      | Meridianlink Inc                                                                                  | CUSIP: 58985J105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8858 | NS      | $176185.62    | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED USD / SOLD CAD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-84.90       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Hanesbrands Inc                       | Hanesbrands Inc                                                                                   | CUSIP: 410345102<br>LEI: GX5LWVWZLL5S4W1L2F20 | Long             | EC               | CORP              | US        |     17193 | NS      | $108487.83    | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Just Eat Takeaway.com NV              | Just Eat Takeaway.com NV                                                                          | CUSIP: 000000000<br>LEI: 724500FVZIBSSQ7SHI95 | Long             | EC               | CORP              | NL        |      6489 | NS      | $153196.07    | 2.55%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | Long: CBSHMSS   TRS USD R V 00MFEDL FEDL01 -40 BPS / Short: CBSHMSS   TRS USD P E CBSHMSS TRS R E | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |    115781 | OU      | $-232.21      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| AvidXchange Holdings Inc              | AvidXchange Holdings Inc                                                                          | CUSIP: 05368X102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15279 | NS      | $151873.26    | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONSTAR MTG HLD INC                | Nationstar Mortgage Holdings Inc                                                                  | CUSIP: 63861CAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     77000 | PA      | $76845.05     | 1.28%             | 2028-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BAUSCH + LOMB CORP                    | Bausch + Lomb Corp                                                                                | CUSIP: 071705AA5<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | CA        |     54000 | PA      | $56249.10     | 0.94%             | 2028-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Marcus Corp/The                       | Marcus Corp/The                                                                                   | CUSIP: 566330106<br>LEI: 549300NL0OKPNEMP6B79 | Long             | EC               | CORP              | US        |      6000 | NS      | $92640.00     | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontier Communications Parent Inc    | Frontier Communications Parent Inc                                                                | CUSIP: 35909D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2179 | NS      | $80797.32     | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayer AG                              | Bayer AG                                                                                          | CUSIP: 072730302<br>LEI: 549300J4U55H3WP1XT59 | Long             | EC               | CORP              | DE        |      2616 | NS      | $21503.52     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Provident Bancorp Inc                 | Provident Bancorp Inc                                                                             | CUSIP: 74383L105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8680 | NS      | $111711.60    | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA ABIOMED INC                    | CONTRA ABIOMED INC                                                                                | CUSIP: 003CVR016<br>LEI: N/A                  | N/A              | DE               |  | US        |       200 | NS      | $320.00       | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FRONTIER COMMUNICATIONS               | Frontier Communications Holdings LLC                                                              | CUSIP: 35908MAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    193000 | PA      | $201711.06    | 3.36%             | 2030-05-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CoreWeave Inc                         | CoreWeave Inc                                                                                     | CUSIP: 21873S108<br>LEI: 984500511DP2B6186053 | Long             | EC               | CORP              | US        |       250 | NS      | $25760.00     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED USD / SOLD CAD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-51.67       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Norfolk Southern Corp                 | Norfolk Southern Corp                                                                             | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |       721 | NS      | $201865.58    | 3.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Olo Inc                               | Olo Inc                                                                                           | CUSIP: 68134L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8698 | NS      | $89154.50     | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED USD / SOLD EUR                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-46.90       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| STAAR Surgical Co                     | STAAR Surgical Co                                                                                 | CUSIP: 852312305<br>LEI: 5299006LRHI7OJ8BY308 | Long             | EC               | CORP              | US        |      4859 | NS      | $132942.24    | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Verona Pharma PLC                     | Verona Pharma PLC                                                                                 | CUSIP: 925050106<br>LEI: 213800EVI6O6J3TIAL06 | Long             | EC               | CORP              | GB        |      1304 | NS      | $138106.64    | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED USD / SOLD EUR                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-648.24      | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CONTRA ALBIREO PHARMA                 | CONTRA ALBIREO PHARMA                                                                             | CUSIP: 013CVR022<br>LEI: 549300835H8LC7O8VC29 | N/A              | DE               |  | US        |       415 | NS      | $1131.12      | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| WNS Holdings Ltd                      | WNS Holdings Ltd                                                                                  | CUSIP: 000000000<br>LEI: 529900RM7QHUD3W9DM42 | Long             | EC               | CORP              | JE        |      2172 | NS      | $163877.40    | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Dayforce Inc                          | Dayforce Inc                                                                                      | CUSIP: 15677J108<br>LEI: 549300T64GVCHFJ8L449 | Long             | EC               | CORP              | US        |       600 | NS      | $41862.00     | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| CyberArk Software Ltd                 | CyberArk Software Ltd                                                                             | CUSIP: 000000000<br>LEI: 529900YEXNDM894PWS93 | Long             | EC               | CORP              | IL        |       599 | NS      | $271502.74    | 4.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Dick's Sporting Goods Inc             | Dick's Sporting Goods Inc                                                                         | CUSIP: 253393102<br>LEI: 529900SSBV5I4LWSK313 | Long             | EC               | CORP              | US        |       250 | NS      | $53200.00     | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC               | VERONA PHARMA PLC                                                                                 | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | GB        |         1 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | WARNER BROS DISCOVERY INC                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       -40 | NC      | $-280.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| TEGNA INC                             | TEGNA Inc                                                                                         | CUSIP: 87901JAH8<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |     16000 | PA      | $16016.61     | 0.27%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GMS Inc                               | GMS Inc                                                                                           | CUSIP: 36251C103<br>LEI: 52990057RENOQO4U0D72 | Long             | EC               | CORP              | US        |       859 | NS      | $94429.87     | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Verint Systems Inc                    | Verint Systems Inc                                                                                | CUSIP: 92343X100<br>LEI: 549300KEQJS5FRVUCO94 | Long             | EC               | CORP              | US        |      6713 | NS      | $136878.07    | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | WARNER BROS DISCOVERY INC                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       -60 | NC      | $-1740.00     | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Skechers USA Inc                      | Skechers USA Inc                                                                                  | CUSIP: 830566105<br>LEI: 529900D2R54KZPA4XR56 | Long             | EC               | CORP              | US        |      3242 | NS      | $204505.36    | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| WK Kellogg Co                         | WK Kellogg Co                                                                                     | CUSIP: 92942W107<br>LEI: 529900SWC935GFWUJ804 | Long             | EC               | CORP              | US        |      2576 | NS      | $59041.92     | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| FOUNDATION BUILDING M                 | Foundation Building Materials Inc                                                                 | CUSIP: 350392AA4<br>LEI: 549300ZVE6MONHB01I28 | Long             | DBT              | CORP              | US        |     99000 | PA      | $100095.44    | 1.67%             | 2029-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC              | Long: GILMSS    TRS USD R V 00MFEDL FEDL01 -40 BPS / Short: GILMSS    TRS USD P E GILMSS TRS P E  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |     92912 | OU      | $965.32       | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Andlauer Healthcare Group Inc         | Andlauer Healthcare Group Inc                                                                     | CUSIP: 034223107<br>LEI: 549300FEFF2VDKFOGG32 | Long             | EC               | CORP              | CA        |      3242 | NS      | $125846.30    | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | Long: COLBMSS   TRS USD R V 01MFEDL FEDL01M-40BPS / Short: COLBMSS   TRS USD P E COLB US PE       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |    150099 | OU      | $-9396.52     | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED USD / SOLD EUR                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $15.49        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TXNM Energy Inc                       | TXNM Energy Inc                                                                                   | CUSIP: 69349H107<br>LEI: 5493003JOBJGLZSDDQ28 | Long             | EC               | CORP              | US        |      2172 | NS      | $123022.08    | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | VF CORP                                                                                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       -10 | NC      | $-1400.00     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA CONCERT PHARMAC                | CONTRA CONCERT PHARMAC                                                                            | CUSIP: 206CVR011<br>LEI: 529900PYI5BSGQNATP82 | N/A              | DE               |  | US        |      2000 | NS      | $937.40       | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED USD / SOLD CAD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $3757.21      | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC              | Long: BAYRYMS   TRS USD R E BAYRYMS R E USD / Short: BAYRYMS   TRS USD P V 01MFEDL FEDL01M-40 BPS | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |     57570 | OU      | $10130.28     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Foot Locker Inc                       | Foot Locker Inc                                                                                   | CUSIP: 344849104<br>LEI: 549300X383CBNP6MTV94 | Long             | EC               | CORP              | US        |      5316 | NS      | $132129.18    | 2.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED CAD / SOLD USD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $59.89        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Zimvie Inc                            | Zimvie Inc                                                                                        | CUSIP: 98888T107<br>LEI: 549300GFKURT1J6XR665 | Long             | EC               | CORP              | US        |      5470 | NS      | $103273.60    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Aspen Insurance Holdings Ltd          | Aspen Insurance Holdings Ltd                                                                      | CUSIP: 000000000<br>LEI: 549300YX6HECG9XQCQ75 | Long             | EC               | CORP              | BM        |      5671 | NS      | $206991.50    | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| FineMark Holdings Inc                 | FineMark Holdings Inc                                                                             | CUSIP: 31788B108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2712 | NS      | $113822.64    | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | DANA INC                                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |         4 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearside Biomedical Inc              | Clearside Biomedical Inc                                                                          | CUSIP: 185063104<br>LEI: 529900GQSUZO5HQ9DS29 | Long             | EC               | CORP              | US        |     16280 | NS      | $5982.90      | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacific Premier Bancorp Inc           | Pacific Premier Bancorp Inc                                                                       | CUSIP: 69478X105<br>LEI: 549300Q1KIC3KLI0XG98 | Long             | EC               | CORP              | US        |      7791 | NS      | $190801.59    | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PURCHASED CAD / SOLD USD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $658.86       | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| QXO Inc                               | QXO Inc                                                                                           | CUSIP: 82846H405<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5000 | NS      | $100650.00    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| TEGNA Inc                             | TEGNA Inc                                                                                         | CUSIP: 87901J105<br>LEI: 549300YC5EDBGX85AO10 | Long             | EC               | CORP              | US        |     12500 | NS      | $265000.00    | 4.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Cross Country Healthcare Inc          | Cross Country Healthcare Inc                                                                      | CUSIP: 227483104<br>LEI: 54930037L0NBIPZ5S663 | Long             | EC               | CORP              | US        |      1591 | NS      | $21287.58     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Informatica Inc                       | Informatica Inc                                                                                   | CUSIP: 45674M101<br>LEI: 984500E0DEFFE6DE9588 | Long             | EC               | CORP              | US        |      3359 | NS      | $83739.87     | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | Long: PANWMSS   TRS USD R V 00MFEDL FEDL01 -40 BPS / Short: PANWMSS   TRS USD P E PANWMSS TRS R E | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |    241490 | OU      | $-9425.08     | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| DANA INC                              | Dana Inc                                                                                          | CUSIP: 235825AG1<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |     62000 | PA      | $61965.16     | 1.03%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BOOST NEWCO BORROWER LLC              | Boost Newco Borrower LLC                                                                          | CUSIP: 36268NAA8<br>LEI: 254900S8RE1OL7TTCU64 | Long             | DBT              | CORP              | US        |     89000 | PA      | $94423.48     | 1.57%             | 2031-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Sapiens International Corp NV         | Sapiens International Corp NV                                                                     | CUSIP: 000000000<br>LEI: 2549009P4ZS02GC5QV68 | Long             | EC               | CORP              | KY        |      4146 | NS      | $177863.40    | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| McGrath RentCorp                      | McGrath RentCorp                                                                                  | CUSIP: 580589109<br>LEI: 254900EUH6IPWFQ83445 | Long             | EC               | CORP              | US        |        69 | NS      | $8382.81      | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Chart Industries Inc                  | Chart Industries Inc                                                                              | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |       544 | NS      | $108451.84    | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| VF Corp                               | VF Corp                                                                                           | CUSIP: 918204108<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | EC               | CORP              | US        |      9000 | NS      | $136170.00    | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| ProAssurance Corp                     | ProAssurance Corp                                                                                 | CUSIP: 74267C106<br>LEI: 54930015E5J57R675E89 | Long             | EC               | CORP              | US        |      9731 | NS      | $231695.11    | 3.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC              | PENN ENTERTAINMENT INC                                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       -15 | NC      | $-1380.00     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| SpartanNash Co                        | SpartanNash Co                                                                                    | CUSIP: 847215100<br>LEI: 549300TV3QCCSQLF5X16 | Long             | EC               | CORP              | US        |      3256 | NS      | $87260.80     | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| ECHOSTAR CORP                         | EchoStar Corp                                                                                     | CUSIP: 278768AA4<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |     65000 | PA      | $64127.05     | 1.07%             | 2030-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC              | Long: NBBKMSS   TRS USD R V 00MFEDL FEDL01 -40 BPS / Short: NBBKMSS   TRS USD P E NBBKMSS TRS P E | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |     52043 | OU      | $-4626.76     | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

**Name of Applicant:** AltShares Trust

**Signature:** Jonathon Hickey

**Name of Signer:** Jonathon Hickey

**Title:** Chief Financial Officer