# EDGAR Filing Document

**Accession Number:** 0001105076
**File Stem:** 0001410368-26-000052
**Filing Date:** 2026-1
**Character Count:** 60984
**Document Hash:** de2178f6288fd6836c24b3a4ebde82a9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-000052.hdr.sgml**: 20260105

**ACCESSION NUMBER**: 0001410368-26-000052

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260105

**DATE AS OF CHANGE**: 20260105

**PERIOD START**: 20260531

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09815
- **FILM NUMBER:** 26505101

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10011

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

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

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

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

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

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $62500394.58

**Total Liabilities:** $5769216.34

**Net Assets:** $56731178.24

**Cash Not Reported:** $17370.76

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000092484 | 0.56%                | 0.16%                | 1.04%                |
| Class ID C000092485 | 0.56%                | 0.16%                | 1.02%                |
| Class ID C000127229 | 0.56%                | 0.08%                | 0.96%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $265638.15               | $-154074.06                                |
| Month 2  | $333900.42               | $-483445.27                                |
| Month 3  | $309766.00               | $279013.05                                 |

**Designated Index Information**

- **Index Name:** Securities Portfolio VaR

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

### Schedule of Portfolio Investments

| Name                             | Title                                                                                             | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CONTRA ABIOMED INC               | CONTRA ABIOMED INC                                                                                | CUSIP: 003CVR016<br>LEI: N/A                  | N/A              | DE               |  | US        |     13890 | NS      | $22224.00     | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Air Lease Corp                   | Air Lease Corp                                                                                    | CUSIP: 00912X302<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EC               | CORP              | US        |     22156 | NS      | $1416433.08   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Akero Therapeutics Inc           | Akero Therapeutics Inc                                                                            | CUSIP: 00973Y108<br>LEI: 549300SI3KG74LBE2955 | Long             | EC               | CORP              | US        |     16553 | NS      | $899821.08    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA ALBIREO PHARMA            | CONTRA ALBIREO PHARMA                                                                             | CUSIP: 013CVR022<br>LEI: 549300835H8LC7O8VC29 | N/A              | DE               |  | US        |     34047 | NS      | $95011.56     | 0.17%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Astria Therapeutics Inc          | Astria Therapeutics Inc                                                                           | CUSIP: 04635X102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64065 | NS      | $810422.25    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Avidity Biosciences Inc          | Avidity Biosciences Inc                                                                           | CUSIP: 05370A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12879 | NS      | $923424.30    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| BAUSCH + LOMB CORP               | Bausch + Lomb Corp                                                                                | CUSIP: 071705AA5<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | CA        |    790000 | PA      | $823575.00    | 1.45%             | 2028-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| BioCryst Pharmaceuticals Inc     | BioCryst Pharmaceuticals Inc                                                                      | CUSIP: 09058V103<br>LEI: 549300Z0INP1Z5NP6J59 | Short            | EC               | CORP              | US        |    -37825 | NS      | $-271583.50   | -0.48%            |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co          | Bristol-Myers Squibb Co                                                                           | CUSIP: 110122157<br>LEI: HLYYNH7UQUORYSJQCN42 | N/A              | DE               |  | US        |     67803 | NS      | $42376.88     | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CSG Systems International Inc    | CSG Systems International Inc                                                                     | CUSIP: 126349109<br>LEI: 549300D7FJZUOHHXUA81 | Long             | EC               | CORP              | US        |      9232 | NS      | $727204.64    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Bank                     | Cadence Bank                                                                                      | CUSIP: 12740C103<br>LEI: Q7C315HKI8VX0SSKBS64 | Long             | EC               | CORP              | US        |     15307 | NS      | $609830.88    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CALPINE CORP                     | Calpine Corp                                                                                      | CUSIP: 131347CN4<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |    794000 | PA      | $796227.17    | 1.40%             | 2028-03-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Chart Industries Inc             | Chart Industries Inc                                                                              | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |      8076 | NS      | $1647100.20   | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| CHART INDUSTRIES INC             | Chart Industries Inc                                                                              | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |    341000 | PA      | $355301.20    | 0.63%             | 2030-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Cidara Therapeutics Inc          | Cidara Therapeutics Inc                                                                           | CUSIP: 171757206<br>LEI: 549300IHQ9Z7RI1X2D22 | Long             | EC               | CORP              | US        |      4982 | NS      | $1095442.16   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Cineplex Inc                     | Cineplex Inc                                                                                      | CUSIP: 172454100<br>LEI: 549300WDU0AS30W35T75 | Long             | EC               | CORP              | CA        |     67088 | NS      | $594939.93    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Comerica Inc                     | Comerica Inc                                                                                      | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EC               | CORP              | US        |     19619 | NS      | $1576975.22   | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMSCOPE LLC                    | CommScope LLC                                                                                     | CUSIP: 20338MAA0<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |   1043000 | PA      | $1058081.78   | 1.87%             | 2031-12-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CONTRA CONCERT PHARMAC           | CONTRA CONCERT PHARMAC                                                                            | CUSIP: 206CVR011<br>LEI: 529900PYI5BSGQNATP82 | N/A              | DE               |  | US        |    154954 | NS      | $74362.42     | 0.13%             |  |  |  | Yes           |                  3 | On Loan: No      |
| DANA INC                         | Dana Inc                                                                                          | CUSIP: 235825AG1<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |    862000 | PA      | $862396.52    | 1.52%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD CAD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $18518.77     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD EUR                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $28441.75     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD GBP                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $42418.85     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD CAD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $3708.64      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD CAD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $4204.78      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD CAD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $1024.43      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD CAD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $2396.16      | 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      | $-3983.23     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED CAD / SOLD USD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $-2215.10     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD EUR                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $7182.70      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED CAD / SOLD USD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $-318.23      | -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      | $-888.39      | -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      | $-80.30       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD EUR                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $1573.06      | 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      | $-154.53      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD EUR                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $373.38       | 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      | $-147.91      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD CAD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $52.63        | 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      | $-739.33      | -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      | $-453.14      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED EUR / SOLD USD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |         1 | NC      | $-14279.49    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD CAD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $560.62       | 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      | $60.04        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD EUR                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $41.99        | 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      | $52.43        | 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      | $31.40        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD GBP                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $127.12       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED EUR / SOLD USD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |         1 | NC      | $-3.86        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD CAD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-50.44       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD CAD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-155.62      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED EUR / SOLD USD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |         1 | NC      | $-93.78       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD CAD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $5.77         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD EUR                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $44.03        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD CAD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-2.49        | -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      | $-79.93       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED EUR / SOLD USD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |         1 | NC      | $16.20        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED GBP / SOLD USD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |         1 | NC      | $5388.98      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED CAD / SOLD USD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $2174.30      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED EUR / SOLD USD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |         1 | NC      | $10.50        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD EUR                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $6.43         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD CAD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-28.84       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD EUR                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $16.43        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD CAD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-45.89       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED EUR / SOLD USD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |         1 | NC      | $-29.04       | -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      | $76.78        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD CAD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-87.63       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED EUR / SOLD USD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |         1 | NC      | $19.36        | 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      | $39.17        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD CAD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-46.18       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD EUR                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-364.80      | -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      | $79.66        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD CAD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-104.17      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                    | EchoStar Corp                                                                                     | CUSIP: 278768AA4<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |   1860000 | PA      | $1931684.40   | 3.40%             | 2030-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Electronic Arts Inc              | Electronic Arts Inc                                                                               | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |     11130 | NS      | $2248593.90   | 3.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Endeavor Group Holdings Inc      | Endeavor Group Holdings Inc                                                                       | CUSIP: 29260Y109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     66527 | NS      | $1945914.75   | 3.43%             |  |  |  | No            |                  3 | On Loan: No      |
| Exact Sciences Corp              | Exact Sciences Corp                                                                               | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |     13981 | NS      | $1416135.49   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp              | Fifth Third Bancorp                                                                               | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Short            | EC               | CORP              | US        |    -36615 | NS      | $-1591287.90  | -2.80%            |  |  |  | No            |                  1 | On Loan: No      |
| FRONTIER COMMUNICATIONS          | Frontier Communications Holdings LLC                                                              | CUSIP: 35908MAD2<br>LEI: 549300ZCZ76HYCS0H445 | Long             | DBT              | CORP              | US        |   2712000 | PA      | $2835252.26   | 5.00%             | 2030-05-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| BOOST NEWCO BORROWER LLC         | Boost Newco Borrower LLC                                                                          | CUSIP: 36268NAA8<br>LEI: 254900S8RE1OL7TTCU64 | Long             | DBT              | CORP              | US        |   1020000 | PA      | $1083189.00   | 1.91%             | 2031-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Gladstone Capital Corp           | Gladstone Capital Corp                                                                            | CUSIP: 376535878<br>LEI: 549300AWMOT9JR1SIJ74 | Short            | EC               | CORP              | US        |     -4386 | NS      | $-93114.78    | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| GLADSTONE CAPITAL CORP           | Gladstone Capital Corp                                                                            | CUSIP: 376535AG5<br>LEI: 549300AWMOT9JR1SIJ74 | Long             | DBT              | CORP              | US        |    519000 | PA      | $509226.65    | 0.90%             | 2030-10-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Hillenbrand Inc                  | Hillenbrand Inc                                                                                   | CUSIP: 431571108<br>LEI: U246OE781574J2BUD366 | Long             | EC               | CORP              | US        |     27745 | NS      | $883400.80    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Hologic Inc                      | Hologic Inc                                                                                       | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |     19694 | NS      | $1476459.18   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Bancshares Inc/OH     | Huntington Bancshares Inc/OH                                                                      | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Short            | EC               | CORP              | US        |    -37885 | NS      | $-617525.50   | -1.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Integral Ad Science Holding Corp | Integral Ad Science Holding Corp                                                                  | CUSIP: 45828L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     58398 | NS      | $600331.44    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Jamf Holding Corp                | Jamf Holding Corp                                                                                 | CUSIP: 47074L105<br>LEI: 254900IHLXZU4Z5ANA12 | Long             | EC               | CORP              | US        |     45317 | NS      | $585948.81    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Kellanova                        | Kellanova                                                                                         | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Short            | EC               | CORP              | US        |      -800 | NS      | $-66912.00    | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| Kenvue Inc                       | Kenvue Inc                                                                                        | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |     44900 | NS      | $779015.00    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corp              | Kimberly-Clark Corp                                                                               | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Short            | EC               | CORP              | US        |     -1949 | NS      | $-212674.88   | -0.37%            |  |  |  | No            |                  1 | On Loan: No      |
| Bayer AG                         | Bayer AG                                                                                          | CUSIP: 000000000<br>LEI: 549300J4U55H3WP1XT59 | Long             | EC               | CORP              | DE        |     12589 | NS      | $445179.76    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| LUMEN TECHNOLOGIES INC           | Lumen Technologies Inc                                                                            | CUSIP: 550241AB9<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |    513000 | PA      | $507228.75    | 0.89%             | 2029-04-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies Inc           | Lumen Technologies Inc 2024 Extended Term Loan B1                                                 | CUSIP: 55024EAF2<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | LON              | CORP              | US        |   1022170 | PA      | $1018148.00   | 1.79%             | 2029-04-16      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| McGrath RentCorp                 | McGrath RentCorp                                                                                  | CUSIP: 580589109<br>LEI: 254900EUH6IPWFQ83445 | Long             | EC               | CORP              | US        |      6398 | NS      | $659505.84    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA METSERA INC               | CONTRA METSERA INC                                                                                | CUSIP: 592CVR013<br>LEI: N/A                  | N/A              | DE               |  | US        |      8653 | NS      | $42557.18     | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Norfolk Southern Corp            | Norfolk Southern Corp                                                                             | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |      5257 | NS      | $1535517.13   | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| TXNM Energy Inc                  | TXNM Energy Inc                                                                                   | CUSIP: 69349H107<br>LEI: 5493003JOBJGLZSDDQ28 | Long             | EC               | CORP              | US        |     30749 | NS      | $1797279.05   | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc           | Palo Alto Networks Inc                                                                            | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Short            | EC               | CORP              | US        |    -13240 | NS      | $-2517321.20  | -4.44%            |  |  |  | No            |                  1 | On Loan: No      |
| PAPA JOHN'S INTERNATIONA         | Papa John's International Inc                                                                     | CUSIP: 698813AA0<br>LEI: HZYLD3DK5XOX0WBVNB56 | Long             | DBT              | CORP              | US        |    303000 | PA      | $290895.39    | 0.51%             | 2029-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Paramount Group Inc              | Paramount Group Inc                                                                               | CUSIP: 69924R108<br>LEI: 5493006GJU1CFI7Z5J17 | Long             | EC               |  | US        |     45328 | NS      | $298711.52    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| ESC PIVOTAL SOFTWARE I           | ESC PIVOTAL SOFTWARE I                                                                            | CUSIP: 725ESC016<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       745 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Plymouth Industrial REIT Inc     | Plymouth Industrial REIT Inc                                                                      | CUSIP: 729640102<br>LEI: N/A                  | Long             | EC               |  | US        |     22967 | NS      | $503895.98    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| PROS Holdings Inc                | PROS Holdings Inc                                                                                 | CUSIP: 74346Y103<br>LEI: 549300LPE1KNL5RWKQ48 | Long             | EC               | CORP              | US        |     32416 | NS      | $753347.84    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                        | Qorvo Inc                                                                                         | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |      6738 | NS      | $578726.82    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Rapid7 Inc                       | Rapid7 Inc                                                                                        | CUSIP: 753422104<br>LEI: 549300GNVG5D60KEYN14 | Short            | EC               | CORP              | US        |     -1766 | NS      | $-27690.88    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| RAPID7 INC                       | Rapid7 Inc                                                                                        | CUSIP: 753422AH7<br>LEI: 549300GNVG5D60KEYN14 | Long             | DBT              | CORP              | US        |    768000 | PA      | $687974.40    | 1.21%             | 2029-03-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| CONTRA RESOLUTE FOREST           | CONTRA RESOLUTE FOREST                                                                            | CUSIP: 761CVR042<br>LEI: N/A                  | N/A              | DE               |  | US        |     68936 | NS      | $110159.73    | 0.19%             |  |  |  | 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        |   2027567 | NS      | $2027567.45   | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Sealed Air Corp                  | Sealed Air Corp                                                                                   | CUSIP: 81211K100<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | EC               | CORP              | US        |     28002 | NS      | $1202685.90   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Skechers USA Inc                 | Skechers USA Inc                                                                                  | CUSIP: 830566105<br>LEI: 529900D2R54KZPA4XR56 | Long             | EC               | CORP              | US        |     39204 | NS      | $642553.56    | 1.13%             |  |  |  | No            |                  3 | On Loan: No      |
| Skyworks Solutions Inc           | Skyworks Solutions Inc                                                                            | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Short            | EC               | CORP              | US        |       -54 | NS      | $-3561.30     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC           | Spirit AeroSystems Inc                                                                            | CUSIP: 85205TAR1<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |    690000 | PA      | $755972.18    | 1.33%             | 2030-11-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Teck Resources Ltd               | Teck Resources Ltd                                                                                | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |     14978 | NS      | $642406.42    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| TEGNA Inc                        | TEGNA Inc                                                                                         | CUSIP: 87901J105<br>LEI: 549300YC5EDBGX85AO10 | Long             | EC               | CORP              | US        |     83247 | NS      | $1624981.44   | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| TEGNA INC                        | TEGNA Inc                                                                                         | CUSIP: 87901JAH8<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |    631000 | PA      | $625169.43    | 1.10%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TreeHouse Foods Inc              | TreeHouse Foods Inc                                                                               | CUSIP: 89469A104<br>LEI: 5493007M7EVHE470Q576 | Long             | EC               | CORP              | US        |      6343 | NS      | $151534.27    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp               | Union Pacific Corp                                                                                | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Short            | EC               | CORP              | US        |      -425 | NS      | $-98527.75    | -0.17%            |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY PRIME BROKER EU   | MORGAN STANLEY PRIME BROKER EU                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Short            |  | CORP              | EE        |        -1 | NS      | $-1.53        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY PRIME BROKER US   | MORGAN STANLEY PRIME BROKER US                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |   5424240 | NS      | $5424240.30   | 9.56%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY PRIME BROKER CA   | MORGAN STANLEY PRIME BROKER CA                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | CA        |         7 | NS      | $5.23         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros Discovery Inc        | Warner Bros Discovery Inc                                                                         | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |     25395 | NS      | $609480.00    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| SEK CASH COLLATERAL              | SEK CASH COLLATERAL                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Short            | STIV             | CORP              | SE        |       -12 | NS      | $-1.24        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | Morgan Stanley Institutional Liquidity Funds - Government Portfolio                               | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |   2027567 | NS      | $2027567.46   | 3.57%             |  |  |  | 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        |   1075893 | OU      | $-44309.44    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | Long: SWKSMSS   TRS USD R V 00MFEDL FEDL01 -40 BPS / Short: SWKSMSS   TRS USD P E SWKSMSS TRS P E | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |    445308 | OU      | $22502.61     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| JDE Peet's NV                    | JDE Peet's NV                                                                                     | CUSIP: 000000000<br>LEI: 724500EHG519SE5ZRT89 | Long             | EC               | CORP              | NL        |     16289 | NS      | $597467.46    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC          | TECK RESOURCES LTD                                                                                | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | CA        |      -148 | NC      | $-16280.00    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC          | TECK RESOURCES LTD                                                                                | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | CA        |       148 | NC      | $4440.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC          | MERUS NV                                                                                          | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | NL        |        63 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | AKERO THERAPEUTICS INC                                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |        56 | NC      | $280.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | AKERO THERAPEUTICS INC                                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |        56 | NC      | $280.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC          | AKERO THERAPEUTICS INC                                                                            | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |        52 | NC      | $260.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | HILLENBRAND INC                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       165 | NC      | $4125.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | HILLENBRAND INC                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |        45 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | HILLENBRAND INC                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |        44 | NC      | $440.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC          | HOLOGIC INC                                                                                       | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |        39 | NC      | $975.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | AVIDITY BIOSCIENCES INC                                                                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |        61 | NC      | $1525.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | AVIDITY BIOSCIENCES INC                                                                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |        68 | NC      | $1700.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | KIMBERLY-CLARK CORP                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |        17 | NC      | $6460.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC          | KENVUE INC                                                                                        | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |       225 | NC      | $8325.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC          | KENVUE INC                                                                                        | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |       225 | NC      | $4050.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | KIMBERLY-CLARK CORP                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |        11 | NC      | $6655.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | CIDARA THERAPEUTICS INC                                                                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |         2 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | CIDARA THERAPEUTICS INC                                                                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |         1 | NC      | $25.00        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | CIDARA THERAPEUTICS INC                                                                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |         4 | NC      | $80.00        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | CIDARA THERAPEUTICS INC                                                                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |         1 | NC      | $5.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | WARNER BROS DISCOVERY INC                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |      -100 | NC      | $-19000.00    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | WARNER BROS DISCOVERY INC                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |      -100 | NC      | $-6800.00     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | WARNER BROS DISCOVERY INC                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       -54 | NC      | $-6156.00     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Just Group PLC                   | Just Group PLC                                                                                    | CUSIP: 000000000<br>LEI: 5493006456YEZEELRR90 | Long             | EC               | CORP              | GB        |    325228 | NS      | $923989.68    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Avadel Pharmaceuticals PLC       | Avadel Pharmaceuticals PLC                                                                        | CUSIP: 000000000<br>LEI: 549300E27PTSG2RHC762 | Long             | EC               | CORP              | IE        |     39264 | NS      | $843783.36    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| CyberArk Software Ltd            | CyberArk Software Ltd                                                                             | CUSIP: 000000000<br>LEI: 529900YEXNDM894PWS93 | Long             | EC               | CORP              | IL        |      6017 | NS      | $2759336.03   | 4.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Merus NV                         | Merus NV                                                                                          | CUSIP: 000000000<br>LEI: 549300W8GPUWU8QNU293 | Long             | EC               | CORP              | NL        |     11563 | NS      | $1111666.82   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** ARBITRAGE FUNDS

**Signature:** Jonathon Hickey

**Name of Signer:** Jonathon Hickey

**Title:** Treasurer