# EDGAR Filing Document

**Accession Number:** 0001105076
**File Stem:** 0001410368-25-017337
**Filing Date:** 2025-10
**Character Count:** 101241
**Document Hash:** 7ee9a4ee0027e9e52b1ece21123fddd6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-017337.hdr.sgml**: 20251024

**ACCESSION NUMBER**: 0001410368-25-017337

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251024

**DATE AS OF CHANGE**: 20251024

**PERIOD START**: 20260531

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** 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:** 251416328

**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           |

## Nport-Ex

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 76.87%** |  |  |
| &nbsp;&nbsp;&nbsp;**Apparel - 3.43%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hanesbrands, Inc.<sup>(a)(b)</sup> | 1412364 | $8912017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skechers USA, Inc., Class A<sup>(a)</sup> | 259875 | 16392915 |
|  |  | 25304932 |
| &nbsp;&nbsp;&nbsp;**Banks - 6.07%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synovus Financial Corp.<sup>(b)(c)</sup> | 391300 | 20194993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veritex Holdings, Inc.<sup>(b)</sup> | 714042 | 24527343 |
|  |  | 44722336 |
| &nbsp;&nbsp;&nbsp;**Beverages - 1.50%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JDE Peet's NV | 302682 | 11062322 |
| &nbsp;&nbsp;&nbsp;**Biotechnology - 0.48%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CureVac NV<sup>(a)</sup> | 655000 | 3517350 |
| &nbsp;&nbsp;&nbsp;**Computers & Computer Services - 7.72%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cantaloupe, Inc.<sup>(a)</sup> | 659676 | 7170678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software Ltd.<sup>(a)(b)</sup> | 69334 | 31426329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WNS Holdings Ltd.<sup>(a)(b)</sup> | 243266 | 18354420 |
|  |  | 56951427 |
| &nbsp;&nbsp;&nbsp;**Electric - 2.46%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TXNM Energy, Inc.<sup>(b)</sup> | 320856 | 18173284 |
| &nbsp;&nbsp;&nbsp;**Food - 2.63%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SpartanNash Co. | 316067 | 8470596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WK Kellogg Co.<sup>(b)</sup> | 476999 | 10932817 |
|  |  | 19403413 |
| &nbsp;&nbsp;&nbsp;**Healthcare - Products - 1.75%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STAAR Surgical Co.<sup>(a)(b)</sup> | 471360 | 12896410 |
| &nbsp;&nbsp;&nbsp;**Insurance - 3.31%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aspen Insurance Holdings Ltd., Class A<sup>(a)</sup> | 504099 | 18399613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Just Group PLC | 2096000 | 5977531 |
|  |  | 24377144 |
| &nbsp;&nbsp;&nbsp;**Internet - 3.58%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Couchbase, Inc.<sup>(a)(b)</sup> | 602426 | 14693170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Just Eat Takeaway.com NV<sup>(a)(d)</sup> | 495120 | 11689080 |
|  |  | 26382250 |
| &nbsp;&nbsp;&nbsp;**Investment Company Security - 1.99%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core Scientific, Inc.<sup>(a)(b)(c)</sup> | 1024000 | 14694400 |
| &nbsp;&nbsp;&nbsp;**Machinery - Diversified - 2.40%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chart Industries, Inc.<sup>(a)(b)</sup> | 88887 | 17720512 |
| &nbsp;&nbsp;&nbsp;**Media - 7.80%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endeavor Group Holdings, Inc., Class A<sup>(a)(e)</sup> | 1081507 | 31634080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TEGNA, Inc.<sup>(b)</sup> | 872673 | 18500667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WideOpenWest, Inc.<sup>(a)(b)</sup> | 1448000 | 7370320 |
|  |  | 57505067 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 76.87% (Continued)** | **COMMON STOCKS - 76.87% (Continued)** | **COMMON STOCKS - 76.87% (Continued)** |
| &nbsp;&nbsp;&nbsp;**Oil & Gas - 0.90%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEG Energy Corp. | 322600 | $6635927 |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 3.14%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verona Pharma PLC, ADR<sup>(a)(b)(c)</sup> | 218647 | 23156904 |
| &nbsp;&nbsp;&nbsp;**Real Estate - 1.40%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McGrath RentCorp | 84898 | 10314258 |
| &nbsp;&nbsp;&nbsp;**Retail - 5.09%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foot Locker, Inc.<sup>(a)(c)</sup> | 742922 | 18465326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMS, Inc.<sup>(a)</sup> | 173577 | 19081320 |
|  |  | 37546646 |
| &nbsp;&nbsp;&nbsp;**Savings & Loans - 1.14%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Premier Bancorp, Inc. | 343000 | 8400070 |
| &nbsp;&nbsp;&nbsp;**Software - 14.29%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aspen Technology, Inc.<sup>(a)(e)</sup> | 53275 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvidXchange Holdings, Inc.<sup>(a)(b)</sup> | 2034759 | 20225505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dayforce, Inc.<sup>(a)(b)</sup> | 107162 | 7476693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Informatica, Inc., Class A<sup>(a)(b)</sup> | 895885 | 22334413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meridianlink, Inc.<sup>(a)(b)</sup> | 739751 | 14713647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olo, Inc., Class A<sup>(a)(b)</sup> | 1429839 | 14655850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sapiens International Corp. NV | 344196 | 14766008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verint Systems, Inc.<sup>(a)</sup> | 547064 | 11154635 |
|  |  | 105326751 |
| &nbsp;&nbsp;&nbsp;**Telecommunications - 1.55%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GCI Liberty, Inc.<sup>(a)(e)</sup> | 660966 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spirent Communications PLC | 4316000 | 11410335 |
|  |  | 11410335 |
| &nbsp;&nbsp;&nbsp;**Transportation - 4.24%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Andlauer Healthcare Group, Inc. | 188189 | 7305024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norfolk Southern Corp.<sup>(b)</sup> | 85559 | 23954809 |
|  |  | 31259833 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $553,601,020) |  | 566761571 |
| **RIGHTS<sup>(a)</sup> - 1.01%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blueprint Medicines Corp. CVR<sup>(e)(f)</sup> | 56349 | 26180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. CVR<sup>(e)(f)</sup> | 857631 | 643223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concert Pharmaceuticals, Inc. CVR, Expires 12/31/2029<sup>(e)(f)</sup> | 1669338 | 782419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contra Abiomed, Inc. CVR, Expires 12/31/2030<sup>(e)(f)</sup> | 163650 | 261840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contra Adamas Pharmaceuticals, Inc. CVR, Expires 12/31/2025<sup>(e)(f)</sup> | 1150652 | 98841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contra Albireo Pharma, Inc. CVR, Expires 12/31/2027<sup>(e)(f)</sup> | 313065 | 853290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contra CinCor Pharma, Inc. CVR, Expires 12/31/2027<sup>(e)(f)</sup> | 339795 | 1321293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contra Resolute Forest Products, Inc. CVR<sup>(e)(f)</sup> | 803806 | 1285125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flexion Therapy CVR, Expires 12/31/2030<sup>(e)(f)</sup> | 1411000 | 783810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icosavax, Inc. CVR, Expires 02/19/2030<sup>(e)(f)</sup> | 802494 | 287694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulus Therapeutics, Inc. CVR<sup>(e)(f)</sup> | 500000 | 589950 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **RIGHTS<sup>(a)</sup> - 1.01% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verve Therapeutics, Inc. CVR<sup>(e)(f)</sup> | 660593 | $419939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walgreens Boots Alliance, Inc. CVR<sup>(e)(f)</sup> | 205000 | 108650 |
| **TOTAL RIGHTS** |  |  |
| (Cost $7,148,008) |  | 7462254 |
| **MUTUAL FUNDS<sup>(g)</sup> - 4.86%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Water Island Event-Driven Fund, Class I | 2844314 | 35866794 |
| **TOTAL MUTUAL FUNDS** |  |  |
| (Cost $25,399,720) |  | 35866794 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Maturity<br> Date** | **Rate** | **Principal <br> Amount** | **Value** |
| **CORPORATE BONDS - 2.29%** | **CORPORATE BONDS - 2.29%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Telecommunications - 2.29%** | &nbsp;&nbsp;&nbsp;**Telecommunications - 2.29%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frontier Communications Holdings LLC<sup>(d)</sup> | &nbsp;&nbsp;05/15/2030 | 8.750% | $16155000 | $16884156 |
| **TOTAL CORPORATE BONDS** |  |  |  |  |
| (Cost $16,758,760) |  |  |  | 16884156 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Expiration<br> Date** | **Exercise <br> Price** | **Notional <br> Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS<sup>(a)</sup> - 0.31%** |  |  |  |  |  |
| **Call Options Purchased - 0.06%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BioNTech SE | 09/2025 | $120.00 | $480000 | 48 | $1440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. |  |  |  |  |  |
|  | 09/2025 | 165.00 | 18854440 | 1174 | 143228 |
|  | 09/2025 | 170.00 | 18870500 | 1175 | 42300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | 09/2025 | 190.00 | 2702560 | 127 | 279400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walgreens Boots Alliance, Inc. | 09/2025 | 12.00 | 0 | 6443 | 0 |
| **TOTAL CALL OPTIONS PURCHASED** |  |  |  |  |  |
| (Cost $1,406,994) |  |  |  |  | 466368 |
| **Put Options Purchased - 0.25%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core Scientific, Inc. |  |  |  |  |  |
|  | 10/2025 | 12.00 | 2367750 | 1650 | 92400 |
|  | 10/2025 | 13.00 | 6184850 | 4310 | 413760 |
|  | 10/2025 | 14.00 | 6141800 | 4280 | 633440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foot Locker, Inc. | 01/2026 | 20.00 | 3802815 | 1530 | 7650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synovus Financial Corp. |  |  |  |  |  |
|  | 09/2025 | 45.00 | 5093907 | 987 | 9870 |
|  | 12/2025 | 45.00 | 15101086 | 2926 | 424270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verona Pharma PLC | 12/2025 | 100.00 | 8663438 | 818 | 0 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Expiration<br> Date** | **Exercise<br> Price** | **Notional <br> Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS<sup>(a)</sup> - 0.31% (Continued)** |  |  |  |  |  |
| **Put Options Purchased - 0.25% (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walgreens Boots Alliance, Inc. | &nbsp;&nbsp;09/2025 | $10.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 8200 | $241803 |
| **TOTAL PUT OPTIONS PURCHASED** |  |  |  |  |  |
| (Cost $2,913,767) |  |  |  |  | 1823193 |
| **TOTAL PURCHASED OPTIONS** |  |  |  |  |  |
| (Cost $4,320,761) |  |  |  |  | 2289561 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Yield** | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS - 15.46%** |  |  |  |
| **Money Market Funds** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Fund - Government Portfolio, Institutional Class | 4.190 %<sup>(h)</sup> | 56987901 | $56987901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class | 4.343 %<sup>(h)</sup> | 56987901 | 56987901 |
|  |  |  | 113975802 |
| **TOTAL SHORT-TERM INVESTMENTS** |  |  |  |
| (Cost $113,975,802) |  |  | 113975802 |
| **Total Investments - 100.80%** |  |  |  |
| (Cost $721,204,071) |  |  | 743240138 |
| **Liabilities in Excess of Other Assets - (0.80)%**<sup>(i)</sup> |  |  | (5926767) |
| **NET ASSETS - 100.00%** |  |  | $737313371 |

---

---

| | |
|:---|:---|
| Portfolio Footnotes | Portfolio Footnotes |
| *<sup>(a)</sup>* | *Non-income-producing security.* |
| *<sup>(b)</sup>* | *Security, or a portion of security, is being held as collateral for swaps, short sales, written option contracts or forward foreign currency exchange contracts. At August 31, 2025, the aggregate fair market value of those securities was $134,125,730, representing 18.19% of net assets.* |
| *<sup>(c)</sup>* | *Underlying security for a written/purchased call/put option.* |
| *<sup>(d)</sup>* | *Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of August 31, 2025, these securities had a total value of $28,573,236 or 3.88% of net assets.* |
| *<sup>(e)</sup>* | *Security fair valued using significant unobservable inputs and classified as a Level 3 security. As of August 31, 2025, the total fair market value of these securities was $39,096,334, representing 5.30% of net assets.* |
| *<sup>(f)</sup>* | *Restricted securities (including private placements) - The Fund may own investment securities that have other legal or contractual limitations. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $7,462,254 or 1.01% of net assets.* |

---

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

---

| | | |
|:---|:---|:---|
| **Restricted Security** | **Acquisition Date** | **Acquisition Cost** |
| Blueprint Medicines Corp. CVR | 07/21/2025 | $25920 |
| Bristol-Myers Squibb Co. CVR | 11/20/2020 | 1185787 |
| Concert Pharmaceuticals, Inc. CVR, Expires 12/31/2029 | 03/07/2023 | 617655 |
| Contra Abiomed, Inc. CVR, Expires 12/31/2030 | 12/21/2022 | 166923 |
| Contra Adamas Pharmaceuticals, Inc. CVR, Expires 12/31/2025 | 11/23/2021 | 69039 |
| Contra Albireo Pharma, Inc. CVR, Expires 12/31/2027 | 03/03/2023 | 673090 |
| Contra CinCor Pharma, Inc. CVR, Expires 12/31/2027 | 02/23/2023 | 1039773 |
| Contra Resolute Forest Products, Inc. CVR | 03/01/2023 | 1141404 |
| Flexion Therapy CVR, Expires 12/31/2030 | 11/22/2021 | 874820 |
| Icosavax, Inc. CVR, Expires 02/19/2030 | 02/21/2024 | 248773 |
| Regulus Therapeutics, Inc. CVR | 06/26/2025 | 580000 |
| Verve Therapeutics, Inc. CVR | 07/28/2025 | 416174 |
| Walgreens Boots Alliance, Inc. CVR | 08/29/2025 | 108650 |
| **Total** |  | $**7148008** |

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF SECURITIES SOLD SHORT** | **Shares** | **Value** |
| **COMMON STOCKS SOLD SHORT - (4.27%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Biotechnology - (0.09%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BioNTech SE, ADR | (6550) | $(655000) |
| &nbsp;&nbsp;&nbsp;**Internet - (3.94%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc. | (152571) | (29067827) |
| &nbsp;&nbsp;&nbsp;**Oil & Gas - (0.24%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cenovus Energy, Inc. | (106900) | (1777840) |
| **TOTAL SECURITIES SOLD SHORT** |  |  |
| (Proceeds $29,543,575) |  | $(31500667) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **WRITTEN OPTIONS** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional <br> Amount** | **Contracts** | **Value** |
| **Written Call Options** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core Scientific, Inc. | &nbsp;&nbsp;10/2025 | $17.00 | $(3817100) | (2660) | $(151620) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. |  |  |  |  |  |
|  | &nbsp;&nbsp;09/2025 | 220.00 | (7064960) | (332) | (90636) |
|  | &nbsp;&nbsp;09/2025 | 222.50 | (7043680) | (331) | (49650) |
|  | &nbsp;&nbsp;09/2025 | 225.00 | (7043680) | (331) | (46009) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synovus Financial Corp. |  |  |  |  |  |
|  | &nbsp;&nbsp;09/2025 | 55.00 | (2549534) | (494) | (24700) |
|  | &nbsp;&nbsp;12/2025 | 60.00 | (15101086) | (2926) | (395010) |
| **TOTAL WRITTEN CALL OPTIONS** |  |  |  |  |  |
| (Premiums received $1,598,500) |  |  |  |  | (757625) |

---

**EQUITY SWAP CONTRACTS** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap<br> Counterparty/<br> Payment<br> Frequency** | **Reference<br> Obligation** | **Rate<br> Paid/Received<br> by the Fund** | **Termination<br> Date** | **Upfront<br> Payments<br> Made** | **Market<br> Value** | **Notional<br> Amount** | **Notional<br> Amount** | **Unrealized<br> Appreciation** |
| Morgan Stanley & Co./ Upon Termination | Gildan Activewear, Inc. | Received 1 Month-Federal Rate Minus 40bps (3.930%) | 10/31/2025 | $– $– $| 66962 | USD | 7950323 | $66962 |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap<br> Counterparty/<br> Payment<br> Frequency** | **Reference<br> Obligation** | **Rate<br> Paid/Received<br> by the Fund** | **Termination<br> Date** | **Upfront<br> Payments<br> Made** | **Upfront<br> Payments<br> Received** | **Market<br> Value** | **Notional<br> Amount** | **Notional<br> Amount** | **Unrealized<br> Depreciation** |
| Morgan Stanley & Co./ Upon Termination | Columbia Banking System, Inc. | Received 1 Month-Federal Rate Minus 40bps (3.930%) | 10/31/2025 | $— | $— | $(521139) | USD | 7899479 | $(521139) |
| Morgan Stanley & Co./ Upon Termination | Huntington Bancshares, Inc. | Received 1 Month-Federal Rate Minus 40bps (3.930%) | 10/31/2025 |  |  | (2242400) | USD | 22487981 | (2242400) |
| Morgan Stanley & Co./ Upon Termination | Union Pacific Corp. | Received 1 Month-Federal Rate Minus 40bps (3.930%) | 10/31/2025 |  |  | (152257) | USD | 19050567 | (152257) |
|  |  |  |  |  |  | $(2915796) |  |  | $(2915796) |

---

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

**OUTSTANDING FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement <br> Date** | **Unrealized <br> Appreciation** |
| CAD | 7374500 | USD | 5366634 | Morgan Stanley & Co. | 09/15/2025 | $6462 |
| USD | 13091369 | CAD | 17750300 | Morgan Stanley & Co. | 09/15/2025 | 158416 |
| USD | 11322984 | GBP | 8321200 | Morgan Stanley & Co. | 09/15/2025 | 74610 |
|  |  |  |  |  |  | $239488 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement <br> Date** | **Unrealized <br> Depreciation** |
| USD | 2251036 | CAD | 3111300 | Morgan Stanley & Co. | 09/15/2025 | $(15872) |
| EUR | 2223900 | USD | 2612440 | Morgan Stanley & Co. | 09/15/2025 | (8664) |
| USD | 25658426 | EUR | 22006100 | Morgan Stanley & Co. | 09/15/2025 | (106643) |
| USD | 6251022 | GBP | 4723500 | Morgan Stanley & Co. | 09/15/2025 | (134078) |
|  |  |  |  |  |  | $(265257) |

---

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

---

| | |
|:---|:---|
| **Country** | **% of Net Assets<sup>(a)</sup>** |
| United States | 78.59% |
| United Kingdom | 5.50% |
| Israel | 4.26% |
| Netherlands | 3.57% |
| Bermuda | 2.50% |
| Jersey | 2.49% |
| Cayman Islands | 2.00% |
| Canada | 1.89% |
| Liabilities in Excess of Other Assets | (0.80)% |
|  | 100.00% |

---

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

---

| |
|:---|
| ***Abbreviations:*** |
| *ADR - American Depositary Receipt* |
| *bps - Basis Points. 100 Basis Points is equal to 1 percentage point.* |
| *CAD - Canadian dollar* |
| *CVR - Contingent Value Rights* |
| *EUR - Euro* |

---

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

---

| |
|:---|
| *GBP - British pound* |
| *LLC - Limited Liability Company* |
| *Ltd. - Limited* |
| *NV - Naamloze Vennootschap is the Dutch term for a public limited liability corporation.* |
| *PLC - Public Limited Company* |
| *SE - SE Regulation. A European Company which can operate on a Europe-wide basis and be governed by Community law directly applicable in all Member States* |
| *USD - United States Dollar* |

---

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

Summary of affiliated issuer transactions for the period ended August 31, 2025:

**Arbitrage Fund**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuer** | **Beginning<br> Value as of<br> May 31, 2025** | **Purchases at<br> Cost** | **Proceeds<br> from Sales** | **Net Realized<br> Gain/(Loss) on <br> Sales** | **Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Ending Value as of<br> August 31, 2025** | **Shares as of August<br> 31, 2025** | **Dividend<br> Income** | **Capital Gain<br> Distributions** |
| Water Island Event-Driven Fund, Class I | $34785955 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $1080839 | $35866794 | 2844314 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |

---

<u>Water Island Event-Driven Fund</u> <u>Portfolio of Investments</u> <br> *August 31, 2025 (unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 72.38%** | **COMMON STOCKS - 72.38%** | **COMMON STOCKS - 72.38%** |
| &nbsp;&nbsp;&nbsp;**Apparel - 5.34%** | &nbsp;&nbsp;&nbsp;**Apparel - 5.34%** | &nbsp;&nbsp;&nbsp;**Apparel - 5.34%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hanesbrands, Inc.<sup>(a)(b)</sup> | 115043 | $725922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skechers USA, Inc., Class A<sup>(a)</sup> | 39204 | 2472989 |
|  |  | 3198911 |
| &nbsp;&nbsp;&nbsp;**Banks - 1.33%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veritex Holdings, Inc.<sup>(b)</sup> | 23098 | 793416 |
| &nbsp;&nbsp;&nbsp;**Computers & Computer Services - 9.68%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cantaloupe, Inc.<sup>(a)(b)</sup> | 145215 | 1578487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software Ltd.<sup>(a)(b)</sup> | 6017 | 2727266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WNS Holdings Ltd.<sup>(a)(b)</sup> | 19749 | 1490062 |
|  |  | 5795815 |
| &nbsp;&nbsp;&nbsp;**Electric - 2.91%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | 30749 | 1741623 |
| &nbsp;&nbsp;&nbsp;**Food - 3.95%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SpartanNash Co. | 66111 | 1771775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WK Kellogg Co. | 25882 | 593215 |
|  |  | 2364990 |
| &nbsp;&nbsp;&nbsp;**Healthcare - Products - 1.51%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STAAR Surgical Co.<sup>(a)(b)</sup> | 33051 | 904275 |
| &nbsp;&nbsp;&nbsp;**Insurance - 6.20%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aspen Insurance Holdings Ltd., Class A<sup>(a)</sup> | 41057 | 1498580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Just Group PLC | 325228 | 927510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ProAssurance Corp.<sup>(a)(b)</sup> | 54013 | 1286050 |
|  |  | 3712140 |
| &nbsp;&nbsp;&nbsp;**Internet - 3.31%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Couchbase, Inc.<sup>(a)</sup> | 24006 | 585506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Just Eat Takeaway.com NV<sup>(a)(c)</sup> | 59185 | 1397274 |
|  |  | 1982780 |
| &nbsp;&nbsp;&nbsp;**Machinery - Diversified - 1.96%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chart Industries, Inc.<sup>(a)(b)</sup> | 5883 | 1172835 |
| &nbsp;&nbsp;&nbsp;**Media - 5.77%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TEGNA, Inc. | 71024 | 1505709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endeavor Group Holdings, Inc., Class A<sup>(a)(d)</sup> | 66527 | 1945915 |
|  |  | 3451624 |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 3.59%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayer AG | 12589 | 413264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verona Pharma PLC, ADR<sup>(a)(b)(e)</sup> | 16406 | 1737560 |
|  |  | 2150824 |
| &nbsp;&nbsp;&nbsp;**Real Estate - 1.30%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McGrath RentCorp<sup>(b)</sup> | 6398 | 777293 |
| &nbsp;&nbsp;&nbsp;**Retail - 1.01%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foot Locker, Inc.<sup>(a)</sup> | 24452 | 607754 |

---

<u>Water Island Event-Driven Fund</u> <u>Portfolio of Investments</u> <br> *August 31, 2025 (unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 72.38% (Continued)** | **COMMON STOCKS - 72.38% (Continued)** | **COMMON STOCKS - 72.38% (Continued)** |
| &nbsp;&nbsp;&nbsp;**Savings & Loans - 2.33%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Premier Bancorp, Inc. | 57070 | $1397644 |
| &nbsp;&nbsp;&nbsp;**Software - 15.90%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvidXchange Holdings, Inc.<sup>(a)(b)</sup> | 237099 | 2356764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dayforce, Inc.<sup>(a)</sup> | 13091 | 913359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Informatica, Inc., Class A<sup>(a)(b)</sup> | 52747 | 1314983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meridianlink, Inc.<sup>(a)</sup> | 60242 | 1198213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olo, Inc., Class A<sup>(a)</sup> | 114123 | 1169761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sapiens International Corp. NV | 28006 | 1201457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verint Systems, Inc.<sup>(a)</sup> | 66961 | 1365335 |
|  |  | 9519872 |
| &nbsp;&nbsp;&nbsp;**Telecommunications - 1.39%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spirent Communications PLC | 314105 | 830409 |
| &nbsp;&nbsp;&nbsp;**Transportation - 4.90%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Andlauer Healthcare Group, Inc. | 37657 | 1461750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norfolk Southern Corp.<sup>(b)</sup> | 5257 | 1471855 |
|  |  | 2933605 |
| **TOTAL COMMON STOCKS**<br> (Cost $42,489,084) |  | 43335810 |
| **RIGHTS<sup>(a)</sup> - 0.84%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. CVR<sup>(d)(f)</sup> | 67803 | 50852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concert Pharmaceuticals, Inc. CVR, Expires 12/31/2029<sup>(d)(f)</sup> | 154954 | 72626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contra Abiomed, Inc. CVR, Expires 12/31/2030<sup>(d)(f)</sup> | 13890 | 22224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contra Albireo Pharma, Inc. CVR, Expires 12/31/2027<sup>(d)(f)</sup> | 34047 | 92799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contra CinCor Pharma, Inc. CVR, Expires 12/31/2027<sup>(d)(f)</sup> | 39632 | 154109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contra Resolute Forest Products, Inc. CVR<sup>(d)(f)</sup> | 68936 | 110215 |
| **TOTAL RIGHTS**<br> (Cost $474,646) |  | 502825 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Maturity <br> Date** | **Rate** | **Principal<br> Amount** | **Value** |
| **BANK LOAN - 1.71%** | **BANK LOAN - 1.71%** | **BANK LOAN - 1.71%** | **BANK LOAN - 1.71%** | **BANK LOAN - 1.71%** |
| &nbsp;&nbsp;&nbsp;**Telecommunications - 1.71%** | &nbsp;&nbsp;&nbsp;**Telecommunications - 1.71%** | &nbsp;&nbsp;&nbsp;**Telecommunications - 1.71%** | &nbsp;&nbsp;&nbsp;**Telecommunications - 1.71%** | &nbsp;&nbsp;&nbsp;**Telecommunications - 1.71%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumen Technologies, Inc., 2024 Extended Term Loan B1, Variable Rate, (1 mo. USD SOFR Plus 2.35%) | 04/16/2029 | 6.780% | $1024782 | $1020375 |
| **TOTAL BANK LOANS**<br> (Cost $1,017,407) |  |  |  | 1020375 |
| **CORPORATE BONDS - 19.82%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 1.27%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spirit AeroSystems, Inc.<sup>(c)</sup> | 11/15/2030 | 9.750% | 690000 | 759911 |

---

<u>Water Island Event-Driven Fund</u> <u>Portfolio of Investments</u> <br> *August 31, 2025 (unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Maturity<br> Date** | **Rate** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS - 19.82% (Continued)** | **CORPORATE BONDS - 19.82% (Continued)** | **CORPORATE BONDS - 19.82% (Continued)** | **CORPORATE BONDS - 19.82% (Continued)** | **CORPORATE BONDS - 19.82% (Continued)** |
| &nbsp;&nbsp;&nbsp;**Auto Parts & Equipment - 1.44%** | &nbsp;&nbsp;&nbsp;**Auto Parts & Equipment - 1.44%** | &nbsp;&nbsp;&nbsp;**Auto Parts & Equipment - 1.44%** | &nbsp;&nbsp;&nbsp;**Auto Parts & Equipment - 1.44%** | &nbsp;&nbsp;&nbsp;**Auto Parts & Equipment - 1.44%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dana, Inc. | 06/15/2028 | 5.625% | $862000 | $861516 |
| &nbsp;&nbsp;&nbsp;**Commercial Services - 1.81%** | &nbsp;&nbsp;&nbsp;**Commercial Services - 1.81%** | &nbsp;&nbsp;&nbsp;**Commercial Services - 1.81%** | &nbsp;&nbsp;&nbsp;**Commercial Services - 1.81%** | &nbsp;&nbsp;&nbsp;**Commercial Services - 1.81%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boost Newco Borrower LLC<sup>(c)</sup> | 01/15/2031 | 7.500% | 1020000 | 1082157 |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services - 1.60%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services - 1.60%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services - 1.60%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services - 1.60%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services - 1.60%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nationstar Mortgage Holdings, Inc.<sup>(c)</sup> | 08/15/2028 | 5.500% | 961000 | 959066 |
| &nbsp;&nbsp;&nbsp;**Electric - 1.33%** | &nbsp;&nbsp;&nbsp;**Electric - 1.33%** | &nbsp;&nbsp;&nbsp;**Electric - 1.33%** | &nbsp;&nbsp;&nbsp;**Electric - 1.33%** | &nbsp;&nbsp;&nbsp;**Electric - 1.33%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calpine Corp.<sup>(c)</sup> | 03/15/2028 | 5.125% | 794000 | 793418 |
| &nbsp;&nbsp;&nbsp;**Healthcare - Products - 1.37%** | &nbsp;&nbsp;&nbsp;**Healthcare - Products - 1.37%** | &nbsp;&nbsp;&nbsp;**Healthcare - Products - 1.37%** | &nbsp;&nbsp;&nbsp;**Healthcare - Products - 1.37%** | &nbsp;&nbsp;&nbsp;**Healthcare - Products - 1.37%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bausch & Lomb Corp.<sup>(c)</sup> | 10/01/2028 | 8.375% | 790000 | 822903 |
| &nbsp;&nbsp;&nbsp;**Media - 1.63%** | &nbsp;&nbsp;&nbsp;**Media - 1.63%** | &nbsp;&nbsp;&nbsp;**Media - 1.63%** | &nbsp;&nbsp;&nbsp;**Media - 1.63%** | &nbsp;&nbsp;&nbsp;**Media - 1.63%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DISH Network Corp.<sup>(c)</sup> | 11/15/2027 | 11.750% | 762000 | 805639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TEGNA, Inc. | 09/15/2029 | 5.000% | 170000 | 170176 |
|  |  |  |  | 975815 |
| &nbsp;&nbsp;&nbsp;**Retail - 1.76%** | &nbsp;&nbsp;&nbsp;**Retail - 1.76%** | &nbsp;&nbsp;&nbsp;**Retail - 1.76%** | &nbsp;&nbsp;&nbsp;**Retail - 1.76%** | &nbsp;&nbsp;&nbsp;**Retail - 1.76%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundation Building Materials, Inc.<sup>(c)</sup> | 03/01/2029 | 6.000% | 1043000 | 1054541 |
| &nbsp;&nbsp;&nbsp;**Telecommunications - 7.61%** | &nbsp;&nbsp;&nbsp;**Telecommunications - 7.61%** | &nbsp;&nbsp;&nbsp;**Telecommunications - 7.61%** | &nbsp;&nbsp;&nbsp;**Telecommunications - 7.61%** | &nbsp;&nbsp;&nbsp;**Telecommunications - 7.61%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CommScope LLC<sup>(c)</sup> | 12/15/2031 | 9.500% | 1043000 | 1078662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EchoStar Corp. | 11/30/2030 | 6.750% | 653000 | 644230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frontier Communications Holdings LLC<sup>(c)</sup> | 05/15/2030 | 8.750% | 2712000 | 2834406 |
|  |  |  |  | 4557298 |
| **TOTAL CORPORATE BONDS** <br>(Cost $11,800,862) |  |  |  | 11866625 |
| **CONVERTIBLE CORPORATE BONDS - 0.63%** | **CONVERTIBLE CORPORATE BONDS - 0.63%** | **CONVERTIBLE CORPORATE BONDS - 0.63%** | **CONVERTIBLE CORPORATE BONDS - 0.63%** | **CONVERTIBLE CORPORATE BONDS - 0.63%** |
| &nbsp;&nbsp;&nbsp;**Internet - 0.63%** | &nbsp;&nbsp;&nbsp;**Internet - 0.63%** | &nbsp;&nbsp;&nbsp;**Internet - 0.63%** | &nbsp;&nbsp;&nbsp;**Internet - 0.63%** | &nbsp;&nbsp;&nbsp;**Internet - 0.63%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fuboTV, Inc. | 02/15/2026 | 3.250% | 385000 | 379418 |
| **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $378,745) |  |  |  | 379418 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Expiration<br> Date** | **Exercise <br> Price** | **Notional <br> Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS<sup>(a)</sup> - 0.03%** |  |  |  |  |  |
| **Call Options Purchased - 0.03%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. |  |  |  |  |  |
|  | 09/2025 | $165.00 | $1670240 | 104 | $12688 |
|  | 09/2025 | 170.00 | 1670240 | 104 | 3744 |
| **TOTAL CALL OPTIONS PURCHASED** <br> (Cost $100,078) |  |  |  |  | 16432 |
| **Put Options Purchased - 0.00%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dana, Inc. | 09/2025 | 9.00 | 100800 | 50 | 0 |

---

<u>Water Island Event-Driven Fund</u> <u>Portfolio of Investments</u> <br> *August 31, 2025 (unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Expiration<br> Date** | **Exercise <br> Price** | **Notional <br> Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS<sup>(a)</sup> - 0.03% (Continued)** |  |  |  |  |  |
| **Put Options Purchased - 0.00% (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verona Pharma PLC | 12/2025 | $100.00 | $84728 | 8 | $0 |
| **TOTAL PUT OPTIONS PURCHASED**<br> (Cost $7,237) |  |  |  |  | 0 |
| **TOTAL PURCHASED OPTIONS**<br> (Cost $107,315) |  |  |  |  | 16432 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Yield** | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS - 4.64%** |  |  |  |
| **Money Market Funds** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Fund - Government Portfolio, Institutional Class | 4.190 %<sup>(g)</sup> | 1388402 | $1388402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class | 4.343 %<sup>(g)</sup> | 1388403 | 1388403 |
|  |  |  | 2776805 |
| **TOTAL SHORT-TERM INVESTMENTS** |  |  |  |
| (Cost $2,776,805) |  |  | 2776805 |
| **Total Investments - 100.05%** |  |  |  |
| (Cost $59,044,864) |  |  | 59898290 |
| **Liabilities in Excess of Other Assets - (0.05)%**<sup>(h)</sup> |  |  | (29159) |
| **NET ASSETS - 100.00%** |  |  | $59869131 |

---

---

| | |
|:---|:---|
| Portfolio Footnotes | Portfolio Footnotes |
| *<sup>(a)</sup>* | *Non-income-producing security.* |
| *<sup>(b)</sup>* | *Security, or a portion of security, is being held as collateral for swaps, written options, short sales or forward foreign currency exchange contracts. At August 31, 2025, the aggregate fair market value of those securities was $11,677,335, representing 19.50% of net assets.* |
| *<sup>(c)</sup>* | *Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of August 31, 2025, these securities had a total value of $11,587,977 or 19.36% of net assets.* |
| *<sup>(d)</sup>* | *Security fair valued using significant unobservable inputs and classified as a Level 3 security. As of August 31, 2025, the total fair market value of these securities was $2,448,740, representing 4.09% of net assets.* |
| *<sup>(e)</sup>* | *Underlying security for a written/purchased call/put option.* |
| *<sup>(f)</sup>* | *Restricted securities (including private placements) - The Fund may own investment securities that have other legal or contractual limitations. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $502,825 or 0.84% of net assets.* |

---

<u>Water Island Event-Driven Fund</u> <u>Portfolio of Investments</u> <br> *August 31, 2025 (unaudited)*

---

| | | |
|:---|:---|:---|
| **Restricted Security** | **Acquisition Date** | **Acquisition Cost** |
| Bristol-Myers Squibb Co. CVR | 11/20/2020 | $110781 |
| Concert Pharmaceuticals, Inc. CVR, Expires 12/31/2029 | 03/07/2023 | 57333 |
| Contra Abiomed, Inc. CVR, Expires 12/31/2030 | 12/21/2022 | 14168 |
| Contra Albireo Pharma, Inc. CVR, Expires 12/31/2027 | 03/03/2023 | 73201 |
| Contra CinCor Pharma, Inc. CVR, Expires 12/31/2027 | 02/23/2023 | 121274 |
| Contra Resolute Forest Products, Inc. CVR | 03/01/2023 | 97889 |
| **Total** |  | $**474646** |

---

*<sup>(g)</sup>* *Rate shown is the 7-day effective yield as of August 31, 2025.* <br> *<sup>(h)</sup>* *Includes cash held as collateral for short sales.*

<u>Water Island Event-Driven Fund</u> <u>Portfolio of Investments</u> <br> *August 31, 2025 (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| **SCHEDULE OF SECURITIES SOLD SHORT** | **Shares** | **Shares** | **Value** |
| **COMMON STOCKS SOLD SHORT - (4.37%)** | **COMMON STOCKS SOLD SHORT - (4.37%)** | **COMMON STOCKS SOLD SHORT - (4.37%)** | **COMMON STOCKS SOLD SHORT - (4.37%)** |
| &nbsp;&nbsp;&nbsp;**Internet - (4.21%)** | &nbsp;&nbsp;&nbsp;**Internet - (4.21%)** | &nbsp;&nbsp;&nbsp;**Internet - (4.21%)** | &nbsp;&nbsp;&nbsp;**Internet - (4.21%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc. | | (13240) | $(2522485) |
|  | |  |  |
| &nbsp;&nbsp;&nbsp;**Transportation - (0.16%)** | |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Pacific Corp. | | (425) | (95017) |
| **TOTAL SECURITIES SOLD SHORT**<br> (Proceeds $2,470,268) | |  | $(2617502) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **WRITTEN OPTIONS** | **Expiration<br> Date** | **Exercise <br> Price** | **Notional <br> Amount** | **Contracts** | **Value** |
| **Written Call Options** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. |  |  |  |  |  |
|  | 09/2025 | $220.00 | $(212800) | (10) | $(2730) |
|  | 09/2025 | 222.50 | (212800) | (10) | (1500) |
|  | 09/2025 | 225.00 | (191520) | (9) | (1251) |
| **TOTAL WRITTEN OPTIONS**<br> (Premiums received $29,831) |  |  |  |  | $(5481) |

---

**EQUITY SWAP CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap<br> Counterparty/<br> Payment<br> Frequency** | **Reference<br> Obligation** | **Rate <br> Paid/Received<br> by the Fund** | **Termination<br> Date** | **Upfront<br> Payments<br> Made** | **Upfront<br> Payments<br> Received** | **Market<br> Value** | **Notional<br> Amount** | **Notional<br> Amount** | **Unrealized<br> Appreciation** |
| Morgan Stanley & Co./ Upon Termination | Gildan Activewear, Inc. | Received 1 Month-Federal Rate Minus 40bps (3.930%) | 10/31/2025 | $— | $— | $5467 | USD | 647580 | $5467 |
| **Swap<br> Counterparty/<br> Payment<br> Frequency** | **Reference<br> Obligation** | **Rate <br> Paid/Received<br> by the Fund** | **Termination<br> Date** | **Upfront<br> Payments<br> Made** | **Upfront<br> Payments<br> Received** | **Market<br> Value** | **Notional<br> Amount** | **Notional<br> Amount** | **Unrealized<br> Depreciation** |
| Morgan Stanley & Co./ Upon Termination | Columbia Banking System, Inc. | Received 1 Month-Federal Rate Minus 40bps (3.930%) | 10/31/2025 | $— | $— | $(159973) | USD | 1244166 | $(159973) |
| Morgan Stanley & Co./ Upon Termination | Huntington Bancshares, Inc. | Received 1 Month-Federal Rate Minus 40bps (3.930%) | 10/31/2025 |  |  | (52617) | USD | 746521 | (52617) |
| Morgan Stanley & Co./ Upon Termination | Union Pacific Corp. | Received 1 Month-Federal Rate Minus 40bps (3.930%) | 10/31/2025 |  |  | (8599) | USD | 1075893 | (8599) |
|  |  |  |  |  |  | $(221189) |  |  | $(221189) |

---

<u>Water Island Event-Driven Fund</u> <u>Portfolio of Investments</u> <br> *August 31, 2025 (unaudited)*

**OUTSTANDING FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement <br> Date** | **Unrealized Appreciation** |
| CAD | 4466300 | USD | 3243084 | Morgan Stanley & Co. | 09/15/2025 | $11084 |
| USD | 4806107 | CAD | 6537400 | Morgan Stanley & Co. | 09/15/2025 | 42927 |
| EUR | 60500 | USD | 70152 | Morgan Stanley & Co. | 09/15/2025 | 682 |
| USD | 37790 | EUR | 32100 | Morgan Stanley & Co. | 09/15/2025 | 207 |
| USD | 981666 | GBP | 721700 | Morgan Stanley & Co. | 09/15/2025 | 6091 |
|  |  |  |  |  |  | $60991 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement <br> Date** | **Unrealized Depreciation** |
| USD | 1846127 | EUR | 1583500 | Morgan Stanley & Co. | 09/15/2025 | $(7859) |
| USD | 806892 | GBP | 603800 | Morgan Stanley & Co. | 09/15/2025 | (9309) |
|  |  |  |  |  |  | $(17168) |

---

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

---

| | |
|:---|:---|
| **Country** | **% of Net Assets<sup>(a)</sup>** |
| United States | 75.83% |
| United Kingdom | 5.84% |
| Israel | 4.55% |
| Canada | 3.81% |
| Bermuda | 2.50% |
| Jersey | 2.49% |
| Netherlands | 2.33% |
| Cayman Islands | 2.01% |
| Germany | 0.69% |
| Liabilities in Excess of Other Assets | (0.05)% |
|  | 100.00% |

---

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

---

| |
|:---|
| ***Abbreviations:*** |
| *ADR - American Depositary Receipt* |
| *AG - Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e., owned by shareholders.* |
| *bps - Basis Points. 100 Basis Points is equal to 1 percentage point.* |

---

<u>Water Island Event-Driven Fund</u> <u>Portfolio of Investments</u> <br> *August 31, 2025 (unaudited)*

---

| |
|:---|
| *CAD - Canadian dollar* |
| *CVR - Contingent Value Rights* |
| *EUR - Euro* |
| *GBP - British pound* |
| *LLC - Limited Liability Company* |
| *Ltd. - Limited* |
| *NV - Naamloze Vennootschap is the Dutch term for a public limited liability corporation.* |
| *PLC - Public Limited Company* |
| *SOFR - Secured Overnight Financing Rate* |
| *USD - United States Dollar* |

---

<u>Water Island Credit Opportunities Fund</u> <u>Portfolio of Investments</u> <br> *August 31, 2025 (unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Maturity <br> Date** | **Rate** | **Principal <br> Amount** | **Value** |
| **BANK LOANS - 6.12%** | **BANK LOANS - 6.12%** | **BANK LOANS - 6.12%** | **BANK LOANS - 6.12%** | **BANK LOANS - 6.12%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 1.21%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spirit Aerosystems, Inc., 2022 Term Loan, Variable Rate, (3 mo. USD SOFR plus 4.50%) | 01/15/2027 | 8.808% | $1969620 | $1981930 |
| &nbsp;&nbsp;&nbsp;**Telecommunications - 4.91%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CommScope, Inc., 2024 Term Loan<sup>(a)</sup> | 12/17/2029 | TBD | 5000000 | 5097650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumen Technologies, Inc., 2024 Extended Term Loan B1, Variable Rate, (1 mo. USD SOFR Plus 2.35%) | 04/16/2029 | 6.780% | 2952688 | 2939991 |
|  |  |  |  | 8037641 |
| **TOTAL BANK LOANS** |  |  |  |  |
| (Cost $10,063,445) |  |  |  | 10019571 |
| **CORPORATE BONDS - 51.06%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 3.30%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spirit AeroSystems, Inc.<sup>(b)</sup> | 11/15/2030 | 9.750% | 4911000 | 5408583 |
| &nbsp;&nbsp;&nbsp;**Auto Parts & Equipment - 2.08%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dana, Inc. | 06/15/2028 | 5.625% | 3413000 | 3411082 |
| &nbsp;&nbsp;&nbsp;**Commercial Services - 6.48%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boost Newco Borrower LLC<sup>(b)(c)</sup> | 01/15/2031 | 7.500% | 5771000 | 6122673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WASH Multifamily Acquisition, Inc.<sup>(b)</sup> | 04/15/2026 | 5.750% | 4500000 | 4497480 |
|  |  |  |  | 10620153 |
| &nbsp;&nbsp;&nbsp;**Cosmetics/Personal Care - 3.03%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coty, Inc.<sup>(b)(c)</sup> | 04/15/2026 | 5.000% | 5000000 | 4968558 |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services - 2.53%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nationstar Mortgage Holdings, Inc.<sup>(b)(c)</sup> | 08/15/2028 | 5.500% | 4158000 | 4149632 |
| &nbsp;&nbsp;&nbsp;**Electric - 2.02%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calpine Corp.<sup>(b)(c)</sup> | 03/15/2028 | 5.125% | 3303000 | 3300578 |
| &nbsp;&nbsp;&nbsp;**Entertainment - 3.09%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.<sup>(b)</sup> | 05/15/2027 | 6.500% | 5000000 | 5052445 |
| &nbsp;&nbsp;&nbsp;**Healthcare - Products - 2.10%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bausch & Lomb Corp.<sup>(b)</sup> | 10/01/2028 | 8.375% | 3296000 | 3433278 |
| &nbsp;&nbsp;&nbsp;**Healthcare - Services - 1.27%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surgery Center Holdings, Inc.<sup>(b)</sup> | 04/15/2032 | 7.250% | 2000000 | 2074176 |
| &nbsp;&nbsp;&nbsp;**Iron/Steel - 1.41%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Steel Corp. | 03/01/2029 | 6.875% | 2300000 | 2317275 |
| &nbsp;&nbsp;&nbsp;**Machinery - Diversified - 4.29%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chart Industries, Inc.<sup>(b)</sup> |  |  |  |  |
|  | 01/01/2030 | 7.500% | 4895000 | 5130396 |
|  | 01/01/2031 | 9.500% | 1768000 | 1893461 |
|  |  |  |  | 7023857 |
| &nbsp;&nbsp;&nbsp;**Media - 3.26%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DISH Network Corp.<sup>(b)</sup> | 11/15/2027 | 11.750% | 4161000 | 4399294 |

---

<u>Water Island Credit Opportunities Fund</u> <u>Portfolio of Investments</u> <br> *August 31, 2025 (unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Maturity <br> Date** | **Rate** | **Principal <br> Amount** | **Value** |
| **CORPORATE BONDS - 51.06% (Continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Media - 3.26% (Continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TEGNA, Inc. | 09/15/2029 | 5.000% | $933000 | $933969 |
|  |  |  |  | 5333263 |
| &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts - 3.21%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC<sup>(b)(c)</sup> | 02/15/2028 | 10.500% | 5000000 | 5261150 |
| &nbsp;&nbsp;&nbsp;**Retail - 6.02%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foot Locker, Inc.<sup>(b)</sup> | 10/01/2029 | 4.000% | 2000000 | 1914360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundation Building Materials, Inc.<sup>(b)</sup> | 03/01/2029 | 6.000% | 2854000 | 2885579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GYP Holdings III Corp.<sup>(b)</sup> | 05/01/2029 | 4.625% | 5000000 | 5051500 |
|  |  |  |  | 9851439 |
| &nbsp;&nbsp;&nbsp;**Telecommunications - 6.97%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CommScope LLC<sup>(b)</sup> | 12/15/2031 | 9.500% | 2862000 | 2959857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EchoStar Corp. | 11/30/2030 | 6.750% | 1782000 | 1758068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frontier Communications Holdings LLC<sup>(b)(c)</sup> | 05/15/2030 | 8.750% | 6408000 | 6697225 |
|  |  |  |  | 11415150 |
| **TOTAL CORPORATE BONDS** |  |  |  |  |
| (Cost $83,334,349) |  |  |  | 83620619 |
| **CONVERTIBLE CORPORATE BONDS - 32.28%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Biotechnology - 2.06%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.<sup>(c)</sup> | 03/01/2027 | 0.250% | 3000000 | 3369971 |
| &nbsp;&nbsp;&nbsp;**Commercial Services - 2.98%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repay Holdings Corp.<sup>(b)(d)</sup> | 02/01/2026 | 6.358% | 5000000 | 4880000 |
| &nbsp;&nbsp;&nbsp;**Computers & Computer Services - 1.42%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rapid7, Inc. | 03/15/2027 | 0.250% | 2500000 | 2324749 |
| &nbsp;&nbsp;&nbsp;**Electric - 2.40%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | 06/01/2054 | 5.750% | 3000000 | 3924900 |
| &nbsp;&nbsp;&nbsp;**Internet - 8.17%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fuboTV, Inc.<sup>(c)</sup> | 02/15/2026 | 3.250% | 815000 | 803183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spotify USA, Inc.<sup>(d)(e)</sup> | 03/15/2026 | 0.000% | 5000000 | 6707500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc.<sup>(c)(d)(e)</sup> | 12/15/2025 | 0.000% | 5000000 | 5880000 |
|  |  |  |  | 13390683 |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 1.97%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dexcom, Inc. | 05/15/2028 | 0.375% | 3500000 | 3223500 |
| &nbsp;&nbsp;&nbsp;**Real Estate - 2.53%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redfin Corp. | 04/01/2027 | 0.500% | 4500000 | 4139923 |
| &nbsp;&nbsp;&nbsp;**Real Estate Investment Trusts - 0.61%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood Trust, Inc. | 06/15/2027 | 7.750% | 1000000 | 1004334 |
| &nbsp;&nbsp;&nbsp;**Software - 10.14%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.<sup>(c)</sup> | 09/01/2027 | 0.375% | 4500000 | 4331250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bentley Systems, Inc. | 07/01/2027 | 0.375% | 5000000 | 4742500 |

---

<u>Water Island Credit Opportunities Fund</u> <u>Portfolio of Investments</u> <br> *August 31, 2025 (unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Maturity <br> Date** | **Rate** | **Principal <br> Amount** | **Value** |
| **CONVERTIBLE CORPORATE BONDS - 32.28% (Continued)** | **CONVERTIBLE CORPORATE BONDS - 32.28% (Continued)** | **CONVERTIBLE CORPORATE BONDS - 32.28% (Continued)** | **CONVERTIBLE CORPORATE BONDS - 32.28% (Continued)** | **CONVERTIBLE CORPORATE BONDS - 32.28% (Continued)** |
| &nbsp;&nbsp;&nbsp;**Software - 10.14% (Continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackLine, Inc.<sup>(c)(d)</sup> | 03/15/2026 | 5.847% | $3071000 | $2969657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evolent Health, Inc. | 12/01/2029 | 3.500% | 2000000 | 1648000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verint Systems, Inc.<sup>(c)</sup> | 04/15/2026 | 0.250% | 3000000 | 2926500 |
|  |  |  |  | 16617907 |
| **TOTAL CONVERTIBLE CORPORATE BONDS** |  |  |  |  |
| (Cost $49,915,887) |  |  |  | 52875967 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Maturity <br> Date** | **Rate** | **Shares** | **Value** |
| **PREFERRED STOCK - 3.64%** | **PREFERRED STOCK - 3.64%** | **PREFERRED STOCK - 3.64%** | **PREFERRED STOCK - 3.64%** | **PREFERRED STOCK - 3.64%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 3.64%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Co. | &nbsp;&nbsp;10/15/2027 | 6.000% | 80000 | $5953600 |
| **TOTAL PREFERRED STOCKS** |  |  |  |  |
| (Cost $4,293,752) |  |  |  | 5953600 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Expiration<br> Date** | **Exercise <br> Price** | **Notional <br> Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS<sup>(e)</sup> - 0.00%<sup>(f)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Call Option Purchased - 0.00%<sup>(f)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surgery Partners, Inc. | 09/2025 | $22.50 | $226900 | 100 | $0 |
| &nbsp;&nbsp;&nbsp;**Put Option Purchased - 0.00%<sup>(f)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dana, Inc. | 09/2025 | 9.00 | 395136 | 196 | 0 |
| **TOTAL PURCHASED OPTIONS** | **TOTAL PURCHASED OPTIONS** | **TOTAL PURCHASED OPTIONS** | **TOTAL PURCHASED OPTIONS** | **TOTAL PURCHASED OPTIONS** | **TOTAL PURCHASED OPTIONS** |
| (Cost $40,218) |  |  |  |  | 0 |

---

<u>Water Island Credit Opportunities Fund</u> <u>Portfolio of Investments</u> <br> *August 31, 2025 (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Yield** | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS - 8.03%** | **SHORT-TERM INVESTMENTS - 8.03%** | **SHORT-TERM INVESTMENTS - 8.03%** | **SHORT-TERM INVESTMENTS - 8.03%** |
| **Money Market Funds** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Fund - Government Portfolio, Institutional Class | 4.190 %(g) | 6578755 | $6578755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class | 4.343 %(g) | 6578755 | 6578755 |
|  |  |  | 13157510 |
| **TOTAL SHORT-TERM INVESTMENTS** |  |  |  |
| (Cost $13,157,510) |  |  | 13157510 |
| **Total Investments - 101.13%** |  |  |  |
| (Cost $160,805,161) |  |  | 165627267 |
| **Liabilities in Excess of Other Assets - (1.13)%**<sup>(h)</sup> |  |  | (1843014) |
| **NET ASSETS - 100.00%** |  |  | $163784253 |

---

---

| | |
|:---|:---|
| Portfolio Footnotes | Portfolio Footnotes |
| *<sup>(a)</sup>* | *This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.* |
| *<sup>(b)</sup>* | *Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of August 31, 2025, these securities had a total value of $80,080,225 or 48.89% of net assets.* |
| *<sup>(c)</sup>* | *Security, or a portion of security, is being held as collateral for short sales, or forward foreign currency exchange contracts. At August 31, 2025, the aggregate fair market value of those securities was $32,172,020, representing 19.64% of net assets.* |
| *<sup>(d)</sup>* | *Represents a zero coupon bond. Interest rate presented is yield to maturity.* |
| *<sup>(e)</sup>* | *Non-income-producing security.* |
| *<sup>(f)</sup>* | *Less than 0.005% of net assets.* |
| *<sup>(g)</sup>* | *Rate shown is the 7-day effective yield as of August 31, 2025.* |
| *<sup>(h)</sup>* | *Includes cash held as collateral for short sales.* |

---

<u>Water Island Credit Opportunities Fund</u> <u>Portfolio of Investments</u> <br> *August 31, 2025 (unaudited)*

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF SECURITIES SOLD SHORT** | **Shares** | **Value** |
| **COMMON STOCKS SOLD SHORT - (14.00%)** |  |  |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense - (3.04%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Co. | (21200) | $(4975216) |
| &nbsp;&nbsp;&nbsp;**Biotechnology - (1.02%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc. | (22900) | (1675135) |
| &nbsp;&nbsp;&nbsp;**Computers & Computer Services - (0.03%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rapid7, Inc. | (2400) | (49704) |
| &nbsp;&nbsp;&nbsp;**Electric - (1.87%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | (54000) | (3058560) |
| &nbsp;&nbsp;&nbsp;**Entertainment - (0.43%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc. | (4200) | (699258) |
| &nbsp;&nbsp;&nbsp;**Healthcare - Services - (0.02%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surgery Partners, Inc. | (1500) | (34035) |
| &nbsp;&nbsp;&nbsp;**Internet - (6.36%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology SA | (8400) | (5727792) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc. | (50100) | (4696875) |
|  |  | (10424667) |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals - (0.21%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dexcom, Inc. | (4700) | (354098) |
| &nbsp;&nbsp;&nbsp;**Software - (1.02%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Akamai Technologies, Inc. | (10700) | (846691) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bentley Systems, Inc., Class B | (12000) | (667800) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evolent Health, Inc., Class A | (15800) | (152470) |
|  |  | (1666961) |
| **TOTAL SECURITIES SOLD SHORT** |  |  |
| (Proceeds $20,071,878) |  | $(22937634) |

---

**EQUITY SWAP CONTRACTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap<br> Counterparty/<br> Payment<br> Frequency** | **Reference<br> Obligation** | **Rate <br> Paid/Received<br> by the Fund** | **Termination<br> Date** | **Upfront<br> Payments<br> Made** | **Market<br> Value** | **Notional<br> Amount** | **Notional<br> Amount** | **Unrealized<br> Appreciation** |
| Morgan Stanley & Co./ Upon Termination | SPDR Bloomberg High Yield Bond ETF | Received 1 Month-Federal Rate Minus 83bps (3.500%) | 10/31/2025 | $– $– $| 35242 | USD | 1251695 | $35242 |

---

<u>Water Island Credit Opportunities Fund</u> <u>Portfolio of Investments</u> <br> *August 31, 2025 (unaudited)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap<br> Counterparty/<br> Payment<br> Frequency** | **Reference<br> Obligation** | **Rate<br> Paid/Received<br> by the Fund** | **Termination<br> Date** | **Upfront<br> Payments<br> Made** | **Market<br> Value** | **Notional<br> Amount** | **Notional<br> Amount** | **Unrealized<br> Depreciation** |
| Morgan Stanley & Co./ Upon Termination | iShares iBoxx High Yield Corporate Bond ETF | Received 1 Month-Federal Rate Minus 93bps (3.400%) | 10/31/2025 | $– $– $| (2731) | USD | 1854000 | $(2731) |

---

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

---

| | |
|:---|:---|
| **Country** | **% of Net Assets<sup>(a)</sup>** |
| United States | 99.03% |
| Canada | 2.10% |
| Liabilities in Excess of Other Assets | (1.13)% |
|  | 100.00% |

---

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

***Abbreviations:***

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

*ETF - Exchange-Traded Fund*

*LLC - Limited Liability Company*

*LP - Limited Partnership*

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

*SOFR - Secured Overnight Financing Rate*

*SPDR - Standard & Poor's Depositary Receipt*

*USD - United States Dollar*

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10011

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

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

- **a. Name of Series:** 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:** 2025-08-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $777187717.27

**Total Liabilities:** $40125507.19

**Net Assets:** $737062210.08

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000127228 | 1.21%                | 0.90%                | 0.45%                |
| Class ID C000017638 | 1.23%                | 0.93%                | 0.50%                |
| Class ID C000115401 | 1.07%                | 0.90%                | 0.40%                |
| Class ID C000017637 | 1.21%                | 0.90%                | 0.52%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-241123.15              | $10175368.76                               |
| Month 2  | $12493410.54             | $-4476856.13                               |
| Month 3  | $4549156.46              | $3201488.88                                |

**Designated Index Information**

- **Index Name:** Securities Portfolio VaR

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

### Schedule of Portfolio Investments

| Name                           | Title                                                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Morgan Stanley & Co. LLC       | FOOT LOCKER INC                                                                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |      1530 | NC      | $7650.00      | 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      | $-14539.61    | -0.00%            |  |  |  | No            |                  2 | 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      |
| Just Group PLC                 | Just Group PLC                                                                                   | CUSIP: 000000000<br>LEI: 5493006456YEZEELRR90 | Long             | EC               | CORP              | GB        |   2096000 | NS      | $5977531.01   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC        | SYNOVUS FINANCIAL CORP                                                                           | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |     -2926 | NC      | $-395010.00   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Couchbase Inc                  | Couchbase Inc                                                                                    | CUSIP: 22207T101<br>LEI: 5493004VX52ODFMQLF07 | Long             | EC               | CORP              | US        |    602426 | NS      | $14693170.14  | 1.99%             |  |  |  | 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        |  19050567 | OU      | $-77858.69    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC       | PURCHASED USD / SOLD GBP                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-128660.63   | -0.02%            |  |  |  | No            |                  2 | 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  | 4.29%             |  |  |  | No            |                  3 | On Loan: No      |
| MEG Energy Corp                | MEG Energy Corp                                                                                  | CUSIP: 552704108<br>LEI: 5493002WXPTG5ZC1T326 | Long             | EC               | CORP              | CA        |    247400 | NS      | $5089052.32   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| WideOpenWest Inc               | WideOpenWest Inc                                                                                 | CUSIP: 96758W101<br>LEI: 549300RM6J2BWWOFU889 | Long             | EC               | CORP              | US        |   1448000 | NS      | $7370320.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC       | PURCHASED USD / SOLD GBP                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $74609.61     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC       | CORE SCIENTIFIC INC                                                                              | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |      1650 | NC      | $92400.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC        | CORE SCIENTIFIC INC                                                                              | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |     -2660 | NC      | $-151620.00   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc         | Palo Alto Networks Inc                                                                           | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Short            | EC               | CORP              | US        |   -152571 | NS      | $-29067826.92 | -3.94%            |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA BLUEPRINT MEDIC         | CONTRA BLUEPRINT MEDIC                                                                           | CUSIP: 096CVR048<br>LEI: 5299004CC60O9T5HVM83 | N/A              | DE               |  | US        |     56349 | NS      | $26179.75     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Morgan Stanley & Co. LLC       | Morgan Stanley Institutional Liquidity Funds - Government Portfolio                              | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |    337301 | NS      | $337301.46    | 0.05%             |  |  |  | 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        |  56650599 | NS      | $56650599.38  | 7.69%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA CINCOR PHARMA I         | CONTRA CINCOR PHARMA I                                                                           | CUSIP: 172CVR011<br>LEI: N/A                  | N/A              | DE               |  | US        |    339795 | NS      | $1321292.86   | 0.18%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Cantaloupe Inc                 | Cantaloupe Inc                                                                                   | CUSIP: 138103106<br>LEI: 529900O54DBQQVWO9Q85 | Long             | EC               | CORP              | US        |    659676 | NS      | $7170678.12   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA FLEXION THERAPE         | CONTRA FLEXION THERAPE                                                                           | CUSIP: 339CVR011<br>LEI: N/A                  | N/A              | DE               |  | US        |   1411000 | NS      | $783810.50    | 0.11%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Meridianlink Inc               | Meridianlink Inc                                                                                 | CUSIP: 58985J105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    739751 | NS      | $14713647.39  | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC        | DICK'S SPORTING GOODS INC                                                                        | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |       127 | NC      | $279400.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanesbrands Inc                | Hanesbrands Inc                                                                                  | CUSIP: 410345102<br>LEI: GX5LWVWZLL5S4W1L2F20 | Long             | EC               | CORP              | US        |   1412364 | NS      | $8912016.84   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Just Eat Takeaway.com NV       | Just Eat Takeaway.com NV                                                                         | CUSIP: 000000000<br>LEI: 724500FVZIBSSQ7SHI95 | Long             | EC               | CORP              | NL        |    495120 | NS      | $11689079.92  | 1.59%             |  |  |  | Yes           |                  1 | On Loan: No      |
| AvidXchange Holdings Inc       | AvidXchange Holdings Inc                                                                         | CUSIP: 05368X102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2034759 | NS      | $20225504.46  | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Synovus Financial Corp         | Synovus Financial Corp                                                                           | CUSIP: 87161C501<br>LEI: 549300EIUS8UN5JTLE54 | Long             | EC               | CORP              | US        |    391300 | NS      | $20194993.00  | 2.74%             |  |  |  | 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      | $0.57         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| 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      |
| FRONTIER COMMUNICATIONS        | Frontier Communications Holdings LLC                                                             | CUSIP: 35908MAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  16155000 | PA      | $16884155.93  | 2.29%             | 2030-05-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Norfolk Southern Corp          | Norfolk Southern Corp                                                                            | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |     85559 | NS      | $23954808.82  | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Olo Inc                        | Olo Inc                                                                                          | CUSIP: 68134L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1429839 | NS      | $14655849.75  | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| STAAR Surgical Co              | STAAR Surgical Co                                                                                | CUSIP: 852312305<br>LEI: 5299006LRHI7OJ8BY308 | Long             | EC               | CORP              | US        |    471360 | NS      | $12896409.60  | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Verona Pharma PLC              | Verona Pharma PLC                                                                                | CUSIP: 925050106<br>LEI: 213800EVI6O6J3TIAL06 | Long             | EC               | CORP              | GB        |    218647 | NS      | $23156903.77  | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA ALBIREO PHARMA          | CONTRA ALBIREO PHARMA                                                                            | CUSIP: 013CVR022<br>LEI: 549300835H8LC7O8VC29 | N/A              | DE               |  | US        |    313065 | NS      | $853289.96    | 0.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| WNS Holdings Ltd               | WNS Holdings Ltd                                                                                 | CUSIP: 000000000<br>LEI: 529900RM7QHUD3W9DM42 | Long             | EC               | CORP              | JE        |    243266 | NS      | $18354419.70  | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC        | SYNOVUS FINANCIAL CORP                                                                           | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |       987 | NC      | $9870.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Dayforce Inc                   | Dayforce Inc                                                                                     | CUSIP: 15677J108<br>LEI: 549300T64GVCHFJ8L449 | Long             | EC               | CORP              | US        |    107162 | NS      | $7476692.74   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC       | BIONTECH SE                                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | DE        |        48 | NC      | $1440.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CyberArk Software Ltd          | CyberArk Software Ltd                                                                            | CUSIP: 000000000<br>LEI: 529900YEXNDM894PWS93 | Long             | EC               | CORP              | IL        |     69334 | NS      | $31426328.84  | 4.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC       | PURCHASED USD / SOLD EUR                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-48671.50    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC        | VERONA PHARMA PLC                                                                                | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | GB        |       818 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GMS Inc                        | GMS Inc                                                                                          | CUSIP: 36251C103<br>LEI: 52990057RENOQO4U0D72 | Long             | EC               | CORP              | US        |    173577 | NS      | $19081319.61  | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC       | CORE SCIENTIFIC INC                                                                              | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |      4280 | NC      | $633440.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC       | Long: HBANMSS   TRS USD R V 01MFEDL FEDL01M-40 BPS / Short: HBANMSS   TRS USD P E HBAN US PE     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |  22487981 | OU      | $-2310342.68  | -0.31%            |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA WALGREENS BOOTS         | CONTRA WALGREENS BOOTS                                                                           | CUSIP: 931CVR013<br>LEI: 549300RPTUOIXG4LIH86 | N/A              | DE               |  | US        |    205000 | NS      | $108650.00    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Verint Systems Inc             | Verint Systems Inc                                                                               | CUSIP: 92343X100<br>LEI: 549300KEQJS5FRVUCO94 | Long             | EC               | CORP              | US        |    547064 | NS      | $11154634.96  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC       | PURCHASED USD / SOLD GBP                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-4476.38     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JDE Peet's NV                  | JDE Peet's NV                                                                                    | CUSIP: 000000000<br>LEI: 724500EHG519SE5ZRT89 | Long             | EC               | CORP              | NL        |    302682 | NS      | $11062322.53  | 1.50%             |  |  |  | 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      |
| Water Island Event Driven Fund | Water Island Event Driven Fund                                                                   | CUSIP: 03875R403<br>LEI: 71ZPS0ACY0O0VMTK8636 | Long             | EC               | RF                | US        |   2844314 | NS      | $35866794.36  | 4.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Skechers USA Inc               | Skechers USA Inc                                                                                 | CUSIP: 830566105<br>LEI: 529900D2R54KZPA4XR56 | Long             | EC               | CORP              | US        |    259875 | NS      | $16392915.00  | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC       | CHEVRON CORP                                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |      1174 | NC      | $143228.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC       | PURCHASED USD / SOLD EUR                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-7308.14     | -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      | $6461.54      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WK Kellogg Co                  | WK Kellogg Co                                                                                    | CUSIP: 92942W107<br>LEI: 529900SWC935GFWUJ804 | Long             | EC               | CORP              | US        |    476999 | NS      | $10932817.08  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC       | Long: GILMSS    TRS USD R V 00MFEDL FEDL01 -40 BPS / Short: GILMSS    TRS USD P E GILMSS TRS P E | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |   7950323 | OU      | $84592.17     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC       | WALGREENS BOOTS ALLIANCE INC                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |      6443 | NC      | $0.00         | 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      | $-1331.93     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Veritex Holdings Inc           | Veritex Holdings Inc                                                                             | CUSIP: 923451108<br>LEI: 549300F3SMOML02SC814 | Long             | EC               | CORP              | US        |    714042 | NS      | $24527342.70  | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Andlauer Healthcare Group Inc  | Andlauer Healthcare Group Inc                                                                    | CUSIP: 034223107<br>LEI: 549300FEFF2VDKFOGG32 | Long             | EC               | CORP              | CA        |    188189 | NS      | $7305024.64   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY PRIME BROKER CA | MORGAN STANLEY PRIME BROKER CA                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | CA        |        11 | NS      | $8.24         | 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        |   7899479 | OU      | $-502152.00   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Cenovus Energy Inc             | Cenovus Energy Inc                                                                               | CUSIP: 15135U109<br>LEI: 549300F4XPHJ7NOSP309 | Short            | EC               | CORP              | CA        |    -82000 | NS      | $-1363731.02  | -0.19%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC       | PURCHASED USD / SOLD GBP                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-941.47      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TXNM Energy Inc                | TXNM Energy Inc                                                                                  | CUSIP: 69349H107<br>LEI: 5493003JOBJGLZSDDQ28 | Long             | EC               | CORP              | US        |    320856 | NS      | $18173283.84  | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA CONCERT PHARMAC         | CONTRA CONCERT PHARMAC                                                                           | CUSIP: 206CVR011<br>LEI: 529900PYI5BSGQNATP82 | N/A              | DE               |  | US        |   1669338 | NS      | $782418.72    | 0.11%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Morgan Stanley & Co. LLC       | CHEVRON CORP                                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |      1175 | NC      | $42300.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA REGULUS THERAPE         | CONTRA REGULUS THERAPE                                                                           | CUSIP: 759CVR012<br>LEI: N/A                  | N/A              | DE               |  | US        |    500000 | NS      | $589950.00    | 0.08%             |  |  |  | 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        |  56650599 | NS      | $56650599.35  | 7.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC       | DICK'S SPORTING GOODS INC                                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |      -332 | NC      | $-90636.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Foot Locker Inc                | Foot Locker Inc                                                                                  | CUSIP: 344849104<br>LEI: 549300X383CBNP6MTV94 | Long             | EC               | CORP              | US        |    742922 | NS      | $18465326.31  | 2.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co        | Bristol-Myers Squibb Co                                                                          | CUSIP: 110122157<br>LEI: HLYYNH7UQUORYSJQCN42 | N/A              | DE               |  | US        |    857631 | NS      | $643223.25    | 0.09%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Aspen Insurance Holdings Ltd   | Aspen Insurance Holdings Ltd                                                                     | CUSIP: 000000000<br>LEI: 549300YX6HECG9XQCQ75 | Long             | EC               | CORP              | BM        |    462024 | NS      | $16863876.00  | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC        | CORE SCIENTIFIC INC                                                                              | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |      4310 | NC      | $413760.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC        | SYNOVUS FINANCIAL CORP                                                                           | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |      2926 | NC      | $424270.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC       | PURCHASED USD / SOLD CAD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $158416.27    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CONTRA ADAMAS PHARMACE         | CONTRA ADAMAS PHARMACE                                                                           | CUSIP: 005CVR022<br>LEI: N/A                  | N/A              | DE               |  | US        |   1150652 | NS      | $98841.01     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Goldman Sachs & Co. LLC        | SYNOVUS FINANCIAL CORP                                                                           | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |      -494 | NC      | $-24700.00    | -0.00%            |  |  |  | No            |                  1 | 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      |
| Morgan Stanley & Co. LLC       | PURCHASED EUR / SOLD USD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |         1 | NC      | $-8664.43     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CONTRA ICOSAVAX INC            | CONTRA ICOSAVAX INC                                                                              | CUSIP: 451CVR021<br>LEI: N/A                  | N/A              | DE               |  | US        |    802494 | NS      | $287694.10    | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Morgan Stanley & Co. LLC       | DICK'S SPORTING GOODS INC                                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |      -331 | NC      | $-46009.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Core Scientific Inc            | Core Scientific Inc                                                                              | CUSIP: 21874A106<br>LEI: 5299003RGB2LAZ65RK73 | Long             | EC               | CORP              | US        |   1024000 | NS      | $14694400.00  | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC       | PURCHASED USD / SOLD EUR                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-5022.47     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Pacific Premier Bancorp Inc    | Pacific Premier Bancorp Inc                                                                      | CUSIP: 69478X105<br>LEI: 549300Q1KIC3KLI0XG98 | Long             | EC               | CORP              | US        |    343000 | NS      | $8400070.00   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC       | WALGREENS BOOTS ALLIANCE INC                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |      8200 | NC      | $0.00         | 0.00%             |  |  |  | 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      |
| 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      |
| TEGNA Inc                      | TEGNA Inc                                                                                        | CUSIP: 87901J105<br>LEI: 549300YC5EDBGX85AO10 | Long             | EC               | CORP              | US        |    872673 | NS      | $18500667.60  | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| CureVac NV                     | CureVac NV                                                                                       | CUSIP: 000000000<br>LEI: 724500BUT8GAG9LMYN56 | Long             | EC               | CORP              | NL        |    655000 | NS      | $3517350.00   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Informatica Inc                | Informatica Inc                                                                                  | CUSIP: 45674M101<br>LEI: 984500E0DEFFE6DE9588 | Long             | EC               | CORP              | US        |    895885 | NS      | $22334413.05  | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Spirent Communications PLC     | Spirent Communications PLC                                                                       | CUSIP: 000000000<br>LEI: 213800HKCUNWP1916L38 | Long             | EC               | CORP              | GB        |   4316000 | NS      | $11410334.87  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC       | PURCHASED USD / SOLD EUR                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-45640.24    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Sapiens International Corp NV  | Sapiens International Corp NV                                                                    | CUSIP: 000000000<br>LEI: 2549009P4ZS02GC5QV68 | Long             | EC               | CORP              | KY        |    344196 | NS      | $14766008.40  | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| McGrath RentCorp               | McGrath RentCorp                                                                                 | CUSIP: 580589109<br>LEI: 254900EUH6IPWFQ83445 | Long             | EC               | CORP              | US        |     84898 | NS      | $10314258.02  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Chart Industries Inc           | Chart Industries Inc                                                                             | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |     73357 | NS      | $14624451.52  | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA RESOLUTE FOREST         | CONTRA RESOLUTE FOREST                                                                           | CUSIP: 761CVR042<br>LEI: N/A                  | N/A              | DE               |  | US        |    803806 | NS      | $1285125.03   | 0.17%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MORGAN STANLEY PRIME BROKER US | MORGAN STANLEY PRIME BROKER US                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |  31069838 | NS      | $31069838.10  | 4.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC       | DICK'S SPORTING GOODS INC                                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |      -331 | NC      | $-49650.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| BioNTech SE                    | BioNTech SE                                                                                      | CUSIP: 09075V102<br>LEI: 894500UZJ5LG1F8J1U58 | Short            | EC               | CORP              | DE        |     -6550 | NS      | $-655000.00   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| SpartanNash Co                 | SpartanNash Co                                                                                   | CUSIP: 847215100<br>LEI: 549300TV3QCCSQLF5X16 | Long             | EC               | CORP              | US        |    316067 | NS      | $8470595.60   | 1.15%             |  |  |  | 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      |
| State Street Global Advisors   | State Street Institutional U.S. Government Money Market Fund                                     | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |    337301 | NS      | $337301.46    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA VERVE THERAPEUT         | CONTRA VERVE THERAPEUT                                                                           | CUSIP: 925CVR011<br>LEI: N/A                  | N/A              | DE               |  | US        |    660593 | NS      | $419938.97    | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |

### Signature

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

**Name of Applicant:** ARBITRAGE FUNDS

**Signature:** Jonathon Hickey

**Name of Signer:** Jonathon Hickey

**Title:** Treasurer