# EDGAR Filing Document

**Accession Number:** 0001105076
**File Stem:** 0001410368-26-000051
**Filing Date:** 2026-1
**Character Count:** 56176
**Document Hash:** 4866b0514e4f49ad3e681a1d6bd653aa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-000051.hdr.sgml**: 20260105

**ACCESSION NUMBER**: 0001410368-26-000051

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260105

**DATE AS OF CHANGE**: 20260105

**PERIOD START**: 20260531

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09815
- **FILM NUMBER:** 26505100

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

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

## Series and Classes Contracts Data

### ARBITRAGE FUND (Series ID: S000006440)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017637 | Class R      | ARBFX           |
| C000017638 | Class I      | ARBNX           |
| C000115401 | Class C      | ARBCX           |
| C000127228 | Class A      | ARGAX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10011

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

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

- **a. Name of Series:** THE ARBITRAGE FUND

- **b. EDGAR series identifier (if any):** S000006440

- **c. LEI of Series:** 5ID2Z4T6QF54X8TFRS62

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

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

- **b. Date as of which information is reported:** 2025-11-30

**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:** $816134463.25

**Total Liabilities:** $70913975.02

**Net Assets:** $745220488.23

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017637 | 0.59%                | 0.07%                | 1.17%                |
| Class ID C000017638 | 0.64%                | 0.07%                | 1.19%                |
| Class ID C000115401 | 0.56%                | 0.00%                | 1.12%                |
| Class ID C000127228 | 0.66%                | 0.00%                | 1.17%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3961819.57              | $723786.28                                 |
| Month 2  | $4201719.77              | $-7322804.73                               |
| Month 3  | $6890914.83              | $3951304.25                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CONTRA ABIOMED INC               | CONTRA ABIOMED INC                                                                                | CUSIP: 003CVR016<br>LEI: N/A                  | N/A              | DE               |  | US        |    163650 | NS      | $261840.00    | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CONTRA ADAMAS PHARMACE           | CONTRA ADAMAS PHARMACE                                                                            | CUSIP: 005CVR022<br>LEI: N/A                  | N/A              | DE               |  | US        |   1150652 | NS      | $101142.31    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Air Lease Corp                   | Air Lease Corp                                                                                    | CUSIP: 00912X302<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EC               | CORP              | US        |    229850 | NS      | $14694310.50  | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Akero Therapeutics Inc           | Akero Therapeutics Inc                                                                            | CUSIP: 00973Y108<br>LEI: 549300SI3KG74LBE2955 | Long             | EC               | CORP              | US        |    197023 | NS      | $10710170.28  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA ALBIREO PHARMA            | CONTRA ALBIREO PHARMA                                                                             | CUSIP: 013CVR022<br>LEI: 549300835H8LC7O8VC29 | N/A              | DE               |  | US        |    313065 | NS      | $873639.19    | 0.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Water Island Event Driven Fund   | Water Island Event Driven Fund                                                                    | CUSIP: 03875R403<br>LEI: 71ZPS0ACY0O0VMTK8636 | Long             | EC               | RF                | US        |   2618877 | NS      | $33600186.64  | 4.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Astria Therapeutics Inc          | Astria Therapeutics Inc                                                                           | CUSIP: 04635X102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    310148 | NS      | $3923372.20   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Avidity Biosciences Inc          | Avidity Biosciences Inc                                                                           | CUSIP: 05370A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    130738 | NS      | $9373914.60   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| BioCryst Pharmaceuticals Inc     | BioCryst Pharmaceuticals Inc                                                                      | CUSIP: 09058V103<br>LEI: 549300Z0INP1Z5NP6J59 | Short            | EC               | CORP              | US        |   -182987 | NS      | $-1313846.66  | -0.18%            |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA BLUEPRINT MEDIC           | CONTRA BLUEPRINT MEDIC                                                                            | CUSIP: 096CVR048<br>LEI: 5299004CC60O9T5HVM83 | N/A              | DE               |  | US        |     56349 | NS      | $26805.22     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Bristol-Myers Squibb Co          | Bristol-Myers Squibb Co                                                                           | CUSIP: 110122157<br>LEI: HLYYNH7UQUORYSJQCN42 | N/A              | DE               |  | US        |    857631 | NS      | $536019.38    | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CSG Systems International Inc    | CSG Systems International Inc                                                                     | CUSIP: 126349109<br>LEI: 549300D7FJZUOHHXUA81 | Long             | EC               | CORP              | US        |    116536 | NS      | $9179540.72   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Bank                     | Cadence Bank                                                                                      | CUSIP: 12740C103<br>LEI: Q7C315HKI8VX0SSKBS64 | Long             | EC               | CORP              | US        |    192838 | NS      | $7682665.92   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Chart Industries Inc             | Chart Industries Inc                                                                              | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |    137957 | NS      | $28136330.15  | 3.78%             |  |  |  | No            |                  1 | On Loan: No      |
| CHART INDUSTRIES INC             | Chart Industries Inc                                                                              | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |   4276000 | PA      | $4455331.16   | 0.60%             | 2030-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Cidara Therapeutics Inc          | Cidara Therapeutics Inc                                                                           | CUSIP: 171757206<br>LEI: 549300IHQ9Z7RI1X2D22 | Long             | EC               | CORP              | US        |     67497 | NS      | $14841240.36  | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Comerica Inc                     | Comerica Inc                                                                                      | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EC               | CORP              | US        |    288941 | NS      | $23225077.58  | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMSCOPE LLC                    | CommScope LLC                                                                                     | CUSIP: 20338MAA0<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |  15772000 | PA      | $16000063.12  | 2.15%             | 2031-12-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CONTRA CONCERT PHARMAC           | CONTRA CONCERT PHARMAC                                                                            | CUSIP: 206CVR011<br>LEI: 529900PYI5BSGQNATP82 | N/A              | DE               |  | US        |   1669338 | NS      | $801115.31    | 0.11%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Core Scientific Inc              | Core Scientific Inc                                                                               | CUSIP: 21874A106<br>LEI: 5299003RGB2LAZ65RK73 | Long             | EC               | CORP              | US        |     99800 | NS      | $1685622.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD EUR                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $361803.31    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD GBP                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $508619.75    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD CAD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $173561.44    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD CAD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $12623.89     | 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      | $-22105.87    | -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      | $-9939.11     | -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      | $-3760.27     | -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      | $2399.96      | 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      | $-761.73      | -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      | $1716.68      | 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      | $-3653.51     | -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      | $-1804.43     | -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      | $-117516.66   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD CAD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $700.41       | 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      | $112.83       | 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      | $279.87       | 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      | $213.58       | 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      | $485.06       | 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      | $-228.82      | -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      | $-79692.99    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED GBP / SOLD USD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |         1 | NC      | $73005.19     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Electronic Arts Inc              | Electronic Arts Inc                                                                               | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |    128758 | NS      | $26012978.74  | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Aspen Technology Inc             | Aspen Technology Inc                                                                              | CUSIP: 29109X106<br>LEI: 254900545H80W6GA2J08 | Long             | EC               | CORP              | US        |     53275 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Endeavor Group Holdings Inc      | Endeavor Group Holdings Inc                                                                       | CUSIP: 29260Y109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1081507 | NS      | $31634079.75  | 4.24%             |  |  |  | No            |                  3 | On Loan: No      |
| Exact Sciences Corp              | Exact Sciences Corp                                                                               | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |    147160 | NS      | $14905836.40  | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp              | Fifth Third Bancorp                                                                               | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Short            | EC               | CORP              | US        |   -539251 | NS      | $-23435848.46 | -3.14%            |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA FLEXION THERAPE           | CONTRA FLEXION THERAPE                                                                            | CUSIP: 339CVR011<br>LEI: N/A                  | N/A              | DE               |  | US        |   1411000 | NS      | $802435.70    | 0.11%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Forge Global Holdings Inc        | Forge Global Holdings Inc                                                                         | CUSIP: 34629L202<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    168175 | NS      | $7460243.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FRONTIER COMMUNICATIONS          | Frontier Communications Holdings LLC                                                              | CUSIP: 35908MAD2<br>LEI: 549300ZCZ76HYCS0H445 | Long             | DBT              | CORP              | US        |  16155000 | PA      | $16889196.29  | 2.27%             | 2030-05-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ESC GCI LIBERTY INC SR           | ESC GCI LIBERTY INC SR                                                                            | CUSIP: 361ESC049<br>LEI: 5493003JDENERRDYFN86 | Long             | EC               | CORP              | US        |    660966 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| BOOST NEWCO BORROWER LLC         | Boost Newco Borrower LLC                                                                          | CUSIP: 36268NAA8<br>LEI: 254900S8RE1OL7TTCU64 | Long             | DBT              | CORP              | US        |   2336000 | PA      | $2480715.20   | 0.33%             | 2031-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Hillenbrand Inc                  | Hillenbrand Inc                                                                                   | CUSIP: 431571108<br>LEI: U246OE781574J2BUD366 | Long             | EC               | CORP              | US        |    234231 | NS      | $7457915.04   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Hologic Inc                      | Hologic Inc                                                                                       | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |    298128 | NS      | $22350656.16  | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Bancshares Inc/OH     | Huntington Bancshares Inc/OH                                                                      | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Short            | EC               | CORP              | US        |   -477274 | NS      | $-7779566.20  | -1.04%            |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA ICOSAVAX INC              | CONTRA ICOSAVAX INC                                                                               | CUSIP: 451CVR021<br>LEI: N/A                  | N/A              | DE               |  | US        |    802494 | NS      | $294515.30    | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Integral Ad Science Holding Corp | Integral Ad Science Holding Corp                                                                  | CUSIP: 45828L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    908375 | NS      | $9338095.00   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Jamf Holding Corp                | Jamf Holding Corp                                                                                 | CUSIP: 47074L105<br>LEI: 254900IHLXZU4Z5ANA12 | Long             | EC               | CORP              | US        |    572059 | NS      | $7396722.87   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Kellanova                        | Kellanova                                                                                         | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Short            | EC               | CORP              | US        |    -10000 | NS      | $-836400.00   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Kenvue Inc                       | Kenvue Inc                                                                                        | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |    567511 | NS      | $9846315.85   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corp              | Kimberly-Clark Corp                                                                               | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Short            | EC               | CORP              | US        |    -24629 | NS      | $-2687516.48  | -0.36%            |  |  |  | No            |                  1 | On Loan: No      |
| LUMEN TECHNOLOGIES INC           | Lumen Technologies Inc                                                                            | CUSIP: 550241AK9<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5036750.00   | 0.68%             | 2032-10-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| McGrath RentCorp                 | McGrath RentCorp                                                                                  | CUSIP: 580589109<br>LEI: 254900EUH6IPWFQ83445 | Long             | EC               | CORP              | US        |     84898 | NS      | $8751285.84   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA METSERA INC               | CONTRA METSERA INC                                                                                | CUSIP: 592CVR013<br>LEI: N/A                  | N/A              | DE               |  | US        |    164636 | NS      | $809712.78    | 0.11%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Norfolk Southern Corp            | Norfolk Southern Corp                                                                             | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |    101059 | NS      | $29518323.31  | 3.96%             |  |  |  | No            |                  1 | On Loan: No      |
| TXNM Energy Inc                  | TXNM Energy Inc                                                                                   | CUSIP: 69349H107<br>LEI: 5493003JOBJGLZSDDQ28 | Long             | EC               | CORP              | US        |    451856 | NS      | $26410983.20  | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc           | Palo Alto Networks Inc                                                                            | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Short            | EC               | CORP              | US        |   -152571 | NS      | $-29008324.23 | -3.89%            |  |  |  | No            |                  1 | On Loan: No      |
| Paramount Group Inc              | Paramount Group Inc                                                                               | CUSIP: 69924R108<br>LEI: 5493006GJU1CFI7Z5J17 | Long             | EC               |  | US        |    562063 | NS      | $3703995.17   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle Financial Partners Inc  | Pinnacle Financial Partners Inc                                                                   | CUSIP: 72346Q104<br>LEI: 54930098EZ8JMSAZGS24 | Short            | EC               | CORP              | US        |    -16891 | NS      | $-1548566.88  | -0.21%            |  |  |  | No            |                  1 | On Loan: No      |
| ESC PIVOTAL SOFTWARE I           | ESC PIVOTAL SOFTWARE I                                                                            | CUSIP: 725ESC016<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    319502 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Plymouth Industrial REIT Inc     | Plymouth Industrial REIT Inc                                                                      | CUSIP: 729640102<br>LEI: N/A                  | Long             | EC               |  | US        |    373592 | NS      | $8196608.48   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                        | Qorvo Inc                                                                                         | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |     88462 | NS      | $7598001.18   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Anywhere Real Estate Inc         | Anywhere Real Estate Inc                                                                          | CUSIP: 75605Y106<br>LEI: 5493004HBTOTE9DI9P12 | Long             | EC               | CORP              | US        |    693800 | NS      | $9886650.00   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA REGULUS THERAPE           | CONTRA REGULUS THERAPE                                                                            | CUSIP: 759CVR012<br>LEI: N/A                  | N/A              | DE               |  | US        |    500000 | NS      | $604000.00    | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CONTRA RESOLUTE FOREST           | CONTRA RESOLUTE FOREST                                                                            | CUSIP: 761CVR042<br>LEI: N/A                  | N/A              | DE               |  | US        |    803806 | NS      | $1284481.99   | 0.17%             |  |  |  | Yes           |                  3 | 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        |  53457525 | NS      | $53457525.00  | 7.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Sealed Air Corp                  | Sealed Air Corp                                                                                   | CUSIP: 81211K100<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | EC               | CORP              | US        |    405526 | NS      | $17417341.70  | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMrush Holdings Inc             | SEMrush Holdings Inc                                                                              | CUSIP: 81686C104<br>LEI: 254900WQEX0OLGK16D27 | Long             | EC               | CORP              | US        |    315000 | NS      | $3726450.00   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Skechers USA Inc                 | Skechers USA Inc                                                                                  | CUSIP: 830566105<br>LEI: 529900D2R54KZPA4XR56 | Long             | EC               | CORP              | US        |    259875 | NS      | $4259351.25   | 0.57%             |  |  |  | No            |                  3 | On Loan: No      |
| Skyworks Solutions Inc           | Skyworks Solutions Inc                                                                            | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Short            | EC               | CORP              | US        |    -21255 | NS      | $-1401767.25  | -0.19%            |  |  |  | No            |                  1 | On Loan: No      |
| Synovus Financial Corp           | Synovus Financial Corp                                                                            | CUSIP: 87161C501<br>LEI: 549300EIUS8UN5JTLE54 | Long             | EC               | CORP              | US        |    391300 | NS      | $18860660.00  | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Teck Resources Ltd               | Teck Resources Ltd                                                                                | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |    259100 | NS      | $11112799.00  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| TEGNA Inc                        | TEGNA Inc                                                                                         | CUSIP: 87901J105<br>LEI: 549300YC5EDBGX85AO10 | Long             | EC               | CORP              | US        |   1055173 | NS      | $20596976.96  | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| TreeHouse Foods Inc              | TreeHouse Foods Inc                                                                               | CUSIP: 89469A104<br>LEI: 5493007M7EVHE470Q576 | Long             | EC               | CORP              | US        |     80813 | NS      | $1930622.57   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| JPY CSSH AT MORGAN STANLEY       | JPY CSSH AT MORGAN STANLEY                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Short            |  | CORP              | JP        |       -17 | NS      | $-0.11        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA VERVE THERAPEUT           | CONTRA VERVE THERAPEUT                                                                            | CUSIP: 925CVR011<br>LEI: N/A                  | N/A              | DE               |  | US        |    660593 | NS      | $429913.92    | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MORGAN STANLEY PRIME BROKER US   | MORGAN STANLEY PRIME BROKER US                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |  67155493 | NS      | $67155492.82  | 9.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA WALGREENS BOOTS           | CONTRA WALGREENS BOOTS                                                                            | CUSIP: 931CVR013<br>LEI: 549300RPTUOIXG4LIH86 | N/A              | DE               |  | US        |    205000 | NS      | $111253.50    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SEK CASH COLLATERAL              | SEK CASH COLLATERAL                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Short            | STIV             | CORP              | SE        |        -1 | NS      | $-0.13        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY PRIME BROKER      | MORGAN STANLEY PRIME BROKER                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Short            | STIV             | CORP              | NO        |        -7 | NS      | $-0.67        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | Morgan Stanley Institutional Liquidity Funds - Government Portfolio                               | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |  53457525 | NS      | $53457525.05  | 7.17%             |  |  |  | No            |                  1 | On Loan: No      |
| WideOpenWest Inc                 | WideOpenWest Inc                                                                                  | CUSIP: 96758W101<br>LEI: 549300RM6J2BWWOFU889 | Long             | EC               | CORP              | US        |   1448000 | NS      | $7500640.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MS PRIME BROKER ZAR              | MS PRIME BROKER ZAR                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | ZA        |        10 | NS      | $0.58         | 0.00%             |  |  |  | No            |                  1 | 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        |  22689037 | OU      | $-739471.03   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | Long: SWKSMSS   TRS USD R V 00MFEDL FEDL01 -40 BPS / Short: SWKSMSS   TRS USD P E SWKSMSS TRS P E | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |   4419670 | OU      | $223337.79    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| JDE Peet's NV                    | JDE Peet's NV                                                                                     | CUSIP: 000000000<br>LEI: 724500EHG519SE5ZRT89 | Long             | EC               | CORP              | NL        |    302682 | NS      | $11102133.17  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC          | SYNOVUS FINANCIAL CORP                                                                            | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |     -3913 | NC      | $-78260.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC          | SYNOVUS FINANCIAL CORP                                                                            | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |      3606 | NC      | $205542.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC          | TECK RESOURCES LTD                                                                                | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | CA        |      -925 | NC      | $-101750.00   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC          | TECK RESOURCES LTD                                                                                | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | CA        |      1337 | NC      | $40110.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC          | TECK RESOURCES LTD                                                                                | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | CA        |      -841 | NC      | $-42050.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC          | TECK RESOURCES LTD                                                                                | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | CA        |       841 | NC      | $54665.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC          | SYNOVUS FINANCIAL CORP                                                                            | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |       311 | NC      | $65310.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC          | ANYWHERE REAL ESTATE INC                                                                          | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |      7110 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC          | MERUS NV                                                                                          | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | NL        |      1444 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | AKERO THERAPEUTICS INC                                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       678 | NC      | $3390.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | AKERO THERAPEUTICS INC                                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       678 | NC      | $3390.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC          | AKERO THERAPEUTICS INC                                                                            | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |       615 | NC      | $3075.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | HILLENBRAND INC                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |      1390 | NC      | $34750.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | HILLENBRAND INC                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       376 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | HILLENBRAND INC                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       370 | NC      | $3700.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC          | CORE SCIENTIFIC INC                                                                               | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |      1438 | NC      | $28760.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC          | CORE SCIENTIFIC INC                                                                               | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |      -526 | NC      | $-63646.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC          | HOLOGIC INC                                                                                       | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |       499 | NC      | $12475.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC          | CORE SCIENTIFIC INC                                                                               | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |       943 | NC      | $145222.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | AVIDITY BIOSCIENCES INC                                                                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       621 | NC      | $15525.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | AVIDITY BIOSCIENCES INC                                                                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       687 | NC      | $17175.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | KIMBERLY-CLARK CORP                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       214 | NC      | $81320.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC          | KENVUE INC                                                                                        | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |      2837 | NC      | $104969.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC          | KENVUE INC                                                                                        | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |      2837 | NC      | $51066.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | KIMBERLY-CLARK CORP                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       133 | NC      | $80465.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC          | CORE SCIENTIFIC INC                                                                               | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |      -472 | NC      | $-35400.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | CORE SCIENTIFIC INC                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |        55 | NC      | $6490.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | CIDARA THERAPEUTICS INC                                                                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |        75 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | CIDARA THERAPEUTICS INC                                                                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |        38 | NC      | $950.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | CIDARA THERAPEUTICS INC                                                                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |        59 | NC      | $1180.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | CIDARA THERAPEUTICS INC                                                                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |        36 | NC      | $180.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | CIDARA THERAPEUTICS INC                                                                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |        40 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | CIDARA THERAPEUTICS INC                                                                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |        39 | NC      | $195.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | AXALTA COATING SYSTEMS LTD                                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | BM        |        70 | NC      | $350.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | AXALTA COATING SYSTEMS LTD                                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | BM        |      1880 | NC      | $9400.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | TECK RESOURCES LTD                                                                                | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | CA        |       413 | NC      | $13216.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | ANYWHERE REAL ESTATE INC                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       711 | NC      | $17775.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PINNACLE FINANCIAL PARTNERS IN                                                                    | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |        -2 | NC      | $-940.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC          | ANYWHERE REAL ESTATE INC                                                                          | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |       172 | NC      | $16340.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Just Group PLC                   | Just Group PLC                                                                                    | CUSIP: 000000000<br>LEI: 5493006456YEZEELRR90 | Long             | EC               | CORP              | GB        |   3383000 | NS      | $9611279.18   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Aspen Insurance Holdings Ltd     | Aspen Insurance Holdings Ltd                                                                      | CUSIP: 000000000<br>LEI: 549300YX6HECG9XQCQ75 | Long             | EC               | CORP              | BM        |    504099 | NS      | $18676867.95  | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Axalta Coating Systems Ltd       | Axalta Coating Systems Ltd                                                                        | CUSIP: 000000000<br>LEI: 529900AGLPA40GV6H619 | Long             | EC               | CORP              | BM        |    195000 | NS      | $5875350.00   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Avadel Pharmaceuticals PLC       | Avadel Pharmaceuticals PLC                                                                        | CUSIP: 000000000<br>LEI: 549300E27PTSG2RHC762 | Long             | EC               | CORP              | IE        |    957437 | NS      | $20575321.13  | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| CyberArk Software Ltd            | CyberArk Software Ltd                                                                             | CUSIP: 000000000<br>LEI: 529900YEXNDM894PWS93 | Long             | EC               | CORP              | IL        |     69334 | NS      | $31795879.06  | 4.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Merus NV                         | Merus NV                                                                                          | CUSIP: 000000000<br>LEI: 549300W8GPUWU8QNU293 | Long             | EC               | CORP              | NL        |    144400 | NS      | $13882616.00  | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-15

**Name of Applicant:** ARBITRAGE FUNDS

**Signature:** Jonathon Hickey

**Name of Signer:** Jonathon Hickey

**Title:** Treasurer