# EDGAR Filing Document

**Accession Number:** 0001779306
**File Stem:** 0001752724-25-165071
**Filing Date:** 2025-7
**Character Count:** 41199
**Document Hash:** a0ed3b11901324c17b2176bc38d80412
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-165071.hdr.sgml**: 20250708

**ACCESSION NUMBER**: 0001752724-25-165071

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250708

**DATE AS OF CHANGE**: 20250708

**PERIOD START**: 20250531

**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:** 251111225

**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 Merger Arbitrage ETF (Series ID: S000067196)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000216184 | AltShares Merger Arbitrage ETF | ARB             |

## 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 Merger Arbitrage ETF

- **b. EDGAR series identifier (if any):** S000067196

- **c. LEI of Series:** 549300253RKVXL6EB213

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

- **a. Date of fiscal year-end:** 2025-05-31

- **b. Date as of which information is reported:** 2025-05-31

**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:** $88468521.24

**Total Liabilities:** $1810909.66

**Net Assets:** $86657611.58

**Cash Not Reported:** $2166628.58

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000216184 | 0.04%                | -0.11%               | 0.53%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $508379.90               | $-418475.66                                |
| Month 2  | $655642.09               | $-75336.80                                 |
| Month 3  | $456713.94               | $241239.37                                 |

**Designated Index Information**

- **Index Name:** Water Island Merger Arbitrage USD Hedged Index

- **Index Identifier:** WIMARBH

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Playa Hotels & Resorts NV            | Playa Hotels & Resorts NV                                                                         | CUSIP: 000000000<br>LEI: 529900BUP3KWPCJNLS49 | Long             | EC               | CORP              | NL        |    275434 | NS      | $3707341.64   | 4.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC             | PURCHASED USD / SOLD EUR                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-50493.41    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC             | PURCHASED USD / SOLD GBP                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-109566.09   | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC             | PURCHASED USD / SOLD DKK                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $47.27        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Inozyme Pharma Inc                   | Inozyme Pharma Inc                                                                                | CUSIP: 45790W108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    199176 | NS      | $790728.72    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC             | PURCHASED USD / SOLD DKK                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-1630.68     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC             | PURCHASED NOK / SOLD USD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NO        |         1 | NC      | $18149.47     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC             | PURCHASED USD / SOLD GBP                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $774.17       | 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      | $8453.86      | 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        |    248638 | NS      | $248637.79    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC             | PURCHASED USD / SOLD SEK                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $1423.28      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC             | PURCHASED USD / SOLD SEK                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-22636.30    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Eastern Bankshares Inc               | Eastern Bankshares Inc                                                                            | CUSIP: 27627N105<br>LEI: 549300J245MBQU3DO403 | Short            | EC               | CORP              | US        |    -35295 | NS      | $-529425.00   | -0.61%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC             | PURCHASED USD / SOLD CAD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-34854.30    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC             | PURCHASED USD / SOLD EUR                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-29290.30    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Walgreens Boots Alliance Inc         | Walgreens Boots Alliance Inc                                                                      | CUSIP: 931427108<br>LEI: 549300RPTUOIXG4LIH86 | Long             | EC               | CORP              | US        |    383192 | NS      | $4310910.00   | 4.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Blue Group Holding AG         | Global Blue Group Holding AG                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |     89964 | NS      | $668432.52    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Dun & Bradstreet Holdings Inc        | Dun & Bradstreet Holdings Inc                                                                     | CUSIP: 26484T106<br>LEI: 254900LNALVKD1ZX7U27 | Long             | EC               | CORP              | US        |    432994 | NS      | $3901275.94   | 4.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC             | PURCHASED USD / SOLD EUR                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-62879.10    | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC             | PURCHASED USD / SOLD EUR                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-3023.30     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC             | PURCHASED USD / SOLD NOK                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-23037.21    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC             | PURCHASED CAD / SOLD USD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $24232.57     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC             | Long: OMCMSS    TRS USD R V 00MFEDL FEDL01M-40BPS / Short: OMCMSS    TRS USD P E OMCMSS US TRS RE | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |   1471299 | OU      | $-6313.66     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Just Eat Takeaway.com NV             | Just Eat Takeaway.com NV                                                                          | CUSIP: 000000000<br>LEI: 724500FVZIBSSQ7SHI95 | Long             | EC               | CORP              | NL        |    204134 | NS      | $4511675.05   | 5.21%             |  |  |  | Yes           |                  1 | On Loan: No      |
| AvidXchange Holdings Inc             | AvidXchange Holdings Inc                                                                          | CUSIP: 05368X102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    310489 | NS      | $3039687.31   | 3.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridge Investment Group Holdings Inc | Bridge Investment Group Holdings Inc                                                              | CUSIP: 10806B100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     73191 | NS      | $673357.20    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC             | PURCHASED USD / SOLD CAD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-2521.21     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Frontier Communications Parent Inc   | Frontier Communications Parent Inc                                                                | CUSIP: 35909D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    125109 | NS      | $4532699.07   | 5.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC             | Long: BHLBMSS   TRS USD R V 01MFEDL FEDL01 -40 BPS / Short: BHLBMSS   TRS USD P E BHLBMSS TRS P E | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |    942435 | OU      | $79351.14     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC             | PURCHASED USD / SOLD CAD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-103787.90   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC             | PURCHASED USD / SOLD EUR                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-130.08      | -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      | $-3847.91     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC             | PURCHASED USD / SOLD SEK                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-0.93        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Omnicom Group Inc                    | Omnicom Group Inc                                                                                 | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Short            | EC               | CORP              | US        |     -3444 | NS      | $-252927.36   | -0.29%            |  |  |  | No            |                  1 | On Loan: No      |
| Landsea Homes Corp                   | Landsea Homes Corp                                                                                | CUSIP: 51509P103<br>LEI: 549300RP8AZAKHNILS36 | Long             | EC               | CORP              | US        |    103000 | NS      | $1160810.00   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC             | PURCHASED USD / SOLD GBP                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-4160.73     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ChampionX Corp                       | ChampionX Corp                                                                                    | CUSIP: 15872M104<br>LEI: 549300EP2909K6DYYP38 | Long             | EC               | CORP              | US        |      9500 | NS      | $228665.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Kellanova                            | Kellanova                                                                                         | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | EC               | CORP              | US        |     54172 | NS      | $4476232.36   | 5.17%             |  |  |  | No            |                  1 | On Loan: No      |
| H&T Group PLC                        | H&T Group PLC                                                                                     | CUSIP: 000000000<br>LEI: 2138006N2X1XSBSDSU74 | Long             | EC               | CORP              | GB        |       450 | NS      | $3843.99      | 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      | $-1901.96     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC             | PURCHASED USD / SOLD DKK                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-66286.62    | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| Southern States Bancshares Inc       | Southern States Bancshares Inc                                                                    | CUSIP: 843878307<br>LEI: 54930074ZMW7KARTWQ27 | Long             | EC               | CORP              | US        |      6406 | NS      | $220942.94    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Everi Holdings Inc                   | Everi Holdings Inc                                                                                | CUSIP: 30034T103<br>LEI: 5299006DK5S7BG10K532 | Long             | EC               | CORP              | US        |    136816 | NS      | $1930473.76   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC             | PURCHASED GBP / SOLD USD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |         1 | NC      | $1347.62      | 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      | $-2301.93     | -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      | $-123703.89   | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC             | PURCHASED SEK / SOLD USD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SE        |         1 | NC      | $483.63       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY PRIME BROKER G        | MORGAN STANLEY PRIME BROKER G                                                                     | CUSIP: 927HZF903<br>LEI: N/A                  | Long             | STIV             | CORP              | GB        |         2 | NS      | $2.68         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Skechers USA Inc                     | Skechers USA Inc                                                                                  | CUSIP: 830566105<br>LEI: 529900D2R54KZPA4XR56 | Long             | EC               | CORP              | US        |     75001 | NS      | $4653062.04   | 5.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC             | PURCHASED SEK / SOLD USD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SE        |         1 | NC      | $-99.16       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deliveroo PLC                        | Deliveroo PLC                                                                                     | CUSIP: 000000000<br>LEI: 984500F6537F74DDEE77 | Long             | EC               | CORP              | GB        |    773725 | NS      | $1829548.69   | 2.11%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC             | PURCHASED USD / SOLD GBP                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-4301.99     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HarborOne Bancorp Inc                | HarborOne Bancorp Inc                                                                             | CUSIP: 41165Y100<br>LEI: 549300CNOEY2QUB7F917 | Long             | EC               | CORP              | US        |     61172 | NS      | $696137.36    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC             | Long: HRIMSS    TRS USD R V 01MFEDL FDL01 - 40 BPS / Short: HRIMSS    TRS USD P E HRIMSS TRS P E  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |    255942 | OU      | $9925.72      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Andlauer Healthcare Group Inc        | Andlauer Healthcare Group Inc                                                                     | CUSIP: 034223107<br>LEI: 549300FEFF2VDKFOGG32 | Long             | EC               | CORP              | CA        |     20699 | NS      | $806180.31    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC             | PURCHASED GBP / SOLD USD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |         1 | NC      | $10043.33     | 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      | $5.25         | 0.00%             |  |  |  | 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        |   1608373 | OU      | $96785.90     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC             | PURCHASED USD / SOLD GBP                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-22858.09    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Global Advisors         | State Street Institutional US Government Money Market Fund                                        | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |   2162854 | NS      | $2162853.93   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC             | PURCHASED EUR / SOLD USD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |         1 | NC      | $1287.45      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TXNM Energy Inc                      | TXNM Energy Inc                                                                                   | CUSIP: 69349H107<br>LEI: 5493003JOBJGLZSDDQ28 | Long             | EC               | CORP              | US        |     68583 | NS      | $3887970.27   | 4.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC             | PURCHASED USD / SOLD GBP                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-10382.66    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC             | PURCHASED SEK / SOLD USD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SE        |         1 | NC      | $-3499.27     | -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      | $2512.35      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC             | PURCHASED USD / SOLD SEK                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-11905.37    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC             | PURCHASED CAD / SOLD USD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $23884.37     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC             | PURCHASED USD / SOLD CAD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-15467.20    | -0.02%            |  |  |  | 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        |   2162854 | NS      | $2162853.93   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| ESC GCI LIBERTY INC SR               | ESC GCI LIBERTY INC SR                                                                            | CUSIP: 361ESC049<br>LEI: 5493003JDENERRDYFN86 | Long             | EC               | CORP              | US        |      2728 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Morgan Stanley & Co. LLC             | PURCHASED USD / SOLD SEK                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-6774.38     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Renewi PLC                           | Renewi PLC                                                                                        | CUSIP: 000000000<br>LEI: 213800CNEIDZBL17KU22 | Long             | EC               | CORP              | GB        |    153666 | NS      | $1795052.29   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC             | PURCHASED DKK / SOLD USD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | DK        |         1 | NC      | $-3130.89     | -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      | $14816.28     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Pacific Premier Bancorp Inc          | Pacific Premier Bancorp Inc                                                                       | CUSIP: 69478X105<br>LEI: 549300Q1KIC3KLI0XG98 | Long             | EC               | CORP              | US        |     70661 | NS      | $1498013.20   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| CALLIDITAS THERAPEUTICS AB           | CALLIDITAS THERAPEUTICS AB                                                                        | CUSIP: 000000000<br>LEI: 549300PVPZO8TNT76B58 | Long             | EC               | CORP              | SE        |         1 | NS      | $21.70        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Innergex Renewable Energy Inc        | Innergex Renewable Energy Inc                                                                     | CUSIP: 45790B104<br>LEI: 549300EORYEC4J59SU80 | Long             | EC               | CORP              | CA        |    278381 | NS      | $2770929.03   | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookline Bancorp Inc                | Brookline Bancorp Inc                                                                             | CUSIP: 11373M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     82992 | NS      | $857307.36    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC             | Long: APOMSS    TRS USD R V 01MFEDL FEDL01M-40BPS / Short: APOMSS    TRS USD P E APO US PE        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |    709084 | OU      | $31717.65     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| FARO Technologies Inc                | FARO Technologies Inc                                                                             | CUSIP: 311642102<br>LEI: 529900MFEFNOFP3YR823 | Long             | EC               | CORP              | US        |     66114 | NS      | $2801250.18   | 3.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC             | PURCHASED USD / SOLD EUR                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-19019.88    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Cross Country Healthcare Inc         | Cross Country Healthcare Inc                                                                      | CUSIP: 227483104<br>LEI: 54930037L0NBIPZ5S663 | Long             | EC               | CORP              | US        |    108702 | NS      | $1432692.36   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC             | PURCHASED USD / SOLD GBP                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-1534.63     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Interpublic Group of Cos Inc/The     | Interpublic Group of Cos Inc/The                                                                  | CUSIP: 460690100<br>LEI: 5493008IUOJ5VWTRC333 | Long             | EC               | CORP              | US        |     59459 | NS      | $1424637.64   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| CI Financial Corp                    | CI Financial Corp                                                                                 | CUSIP: 125491100<br>LEI: 549300M9W7JJQSVCEM78 | Long             | EC               | CORP              | CA        |    162389 | NS      | $3719084.98   | 4.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Triumph Group Inc                    | Triumph Group Inc                                                                                 | CUSIP: 896818101<br>LEI: 5493007L6S47Q14SL582 | Long             | EC               | CORP              | US        |    147841 | NS      | $3812819.39   | 4.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC             | PURCHASED USD / SOLD SEK                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-10958.81    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Biotage AB                           | Biotage AB                                                                                        | CUSIP: 000000000<br>LEI: 529900SR87NBUKX74L58 | Long             | EC               | CORP              | SE        |    111610 | NS      | $1650816.79   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC             | PURCHASED GBP / SOLD USD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |         1 | NC      | $17870.64     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| ProAssurance Corp                    | ProAssurance Corp                                                                                 | CUSIP: 74267C106<br>LEI: 54930015E5J57R675E89 | Long             | EC               | CORP              | US        |     82637 | NS      | $1916352.03   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY PRIME BROKER US       | MORGAN STANLEY PRIME BROKER US                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |    788597 | NS      | $788597.20    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| SpringWorks Therapeutics Inc         | SpringWorks Therapeutics Inc                                                                      | CUSIP: 85205L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     97452 | NS      | $4551982.92   | 5.25%             |  |  |  | No            |                  1 | On Loan: No      |
| H&E Equipment Services Inc           | H&E Equipment Services Inc                                                                        | CUSIP: 404030108<br>LEI: 254900KVLRCDMQRYY541 | Long             | EC               | CORP              | US        |     35678 | NS      | $3376565.92   | 3.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC             | PURCHASED USD / SOLD EUR                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $586.56       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Radius Recycling Inc                 | Radius Recycling Inc                                                                              | CUSIP: 806882106<br>LEI: 549300F62TK8VRDSM285 | Long             | EC               | CORP              | US        |     88923 | NS      | $2633010.03   | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC             | PURCHASED GBP / SOLD USD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |         1 | NC      | $18806.70     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC             | Long: FBKMSS    TRS USD R V 01MFEDL0 FEDL01-40BPS / Short: FBKMSS    TRS USD P E                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |    218511 | OU      | $-5238.90     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| State Street Global Advisors         | State Street Institutional U.S. Government Money Market Fund                                      | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |    248638 | NS      | $248637.79    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC             | PURCHASED USD / SOLD SEK                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-174.15      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-13

**Name of Applicant:** AltShares Trust

**Signature:** Jonathon Hickey

**Name of Signer:** Jonathon Hickey

**Title:** Chief Financial Officer