# EDGAR Filing Document

**Accession Number:** 0001105076
**File Stem:** 0001752724-23-000119
**Filing Date:** 2023-1
**Character Count:** 61305
**Document Hash:** 5f9b6ea7c56a3d3aebe295e4e5870c07
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-000119.hdr.sgml**: 20230104

**ACCESSION NUMBER**: 0001752724-23-000119

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230104

**DATE AS OF CHANGE**: 20230104

**PERIOD START**: 20230531

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ARBITRAGE FUNDS
- **CENTRAL INDEX KEY:** 0001105076
- **IRS NUMBER:** 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:** 23505603

**BUSINESS ADDRESS:**
- **STREET 1:** C/O ALPS FUND SERVICES, INC.
- **STREET 2:** 1290 BROADWAY, SUITE 1100
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80203
- **BUSINESS PHONE:** 303-623-2577

**MAIL ADDRESS:**
- **STREET 1:** C/O ALPS FUND SERVICES, INC.
- **STREET 2:** 1290 BROADWAY, SUITE 1100
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80203

## 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 ALPS FUND SERVICES, INC.

  - **City:** DENVER

  - **State:** CO

  - **Foreign country:** US

  - **Zip / Postal Code:** 80203

  - **Telephone number:** 303-623-2577

**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:** 2023-05-31

- **b. Date as of which information is reported:** 2022-11-30

**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:** $113975337.31

**Total Liabilities:** $1535593.90

**Net Assets:** $112439743.41

**Cash Not Reported:** $1224242.58

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000092484 | -0.64%               | 1.85%                | -0.82%               |
| Class ID C000127229 | -0.65%               | 1.86%                | -0.91%               |
| Class ID C000092485 | -0.55%               | 1.83%                | -0.81%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $23632.25                | $-1610383.21                               |
| Month 2  | $1340199.91              | $767361.80                                 |
| Month 3  | $569669.37               | $-652290.22                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Cano Health Inc                           | Cano Health Inc                                                                               | CUSIP: 13781Y103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15669 | NS      | $29771.10     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Swedish Orphan Biovitrum AB               | Swedish Orphan Biovitrum AB                                                                   | CUSIP: 000000000<br>LEI: 549300124Y3MQI87PT35 | Long             | EC               | CORP              | SE        |     31212 | NS      | $674952.05    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| SEK CASH COLLATERAL                       | SEK CASH COLLATERAL                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Short            | STIV             | CORP              | SE        |       -12 | NS      | $-1.11        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA ZOGENIX INC                        | CONTRA ZOGENIX INC                                                                            | CUSIP: 989CVR014<br>LEI: N/A                  | N/A              | DE               |  | US        |     26158 | NS      | $19077.03     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| STORE Capital Corp                        | STORE Capital Corp                                                                            | CUSIP: 862121100<br>LEI: 5493004EA6C9IHDZ7N66 | Long             | EC               |  | US        |    101741 | NS      | $3245537.90   | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED GBP / SOLD USD                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |         1 | NC      | $56488.59     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Rogers Corp                               | Rogers Corp                                                                                   | CUSIP: 775133101<br>LEI: PW0CN80KNFR7RUOOKJ84 | Long             | EC               | CORP              | US        |     10508 | NS      | $1145792.32   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED USD / SOLD EUR                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-10224.23    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Forterra Inc                              | Forterra Inc                                                                                  | CUSIP: 34960W106<br>LEI: 549300M8CB93DI1JD480 | Long             | EC               | CORP              | US        |     53067 | NS      | $1273608.00   | 1.13%             |  |  |  | No            |                  3 | On Loan: No      |
| Biffa PLC                                 | Biffa PLC                                                                                     | CUSIP: 000000000<br>LEI: 2138008RB4WDK7HYYS91 | Long             | EC               | CORP              | GB        |    164172 | NS      | $807303.05    | 0.72%             |  |  |  | Yes           |                  1 | On Loan: No      |
| ESC FRESH MKT INC                         | ESC FRESH MKT INC                                                                             | CUSIP: 358ESC010<br>LEI: 529900QM5ZSBEBR6CS58 | Long             | EC               | CORP              | US        |     71352 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| AVEVA Group PLC                           | AVEVA Group PLC                                                                               | CUSIP: 000000000<br>LEI: 213800XHATUM2LFMKG16 | Long             | EC               | CORP              | GB        |     29261 | NS      | $1121838.07   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED EUR / SOLD USD                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |         1 | NC      | $10035.88     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Altra Industrial Motion Corp              | Altra Industrial Motion Corp                                                                  | CUSIP: 02208R106<br>LEI: NQ0NIXPGW4YKG4MWM571 | Long             | EC               | CORP              | US        |     21882 | NS      | $1282722.84   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnachip Semiconductor Corp              | Magnachip Semiconductor Corp                                                                  | CUSIP: 55933J203<br>LEI: 529900P54J1ATLRBUV29 | Long             | EC               | CORP              | US        |     37044 | NS      | $374885.28    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED EUR / SOLD USD                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |         1 | NC      | $89325.70     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED USD / SOLD SEK                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-58.88       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LIGHTNING EMOTORS INC                     | Lightning eMotors Inc                                                                         | CUSIP: 53228RAA3<br>LEI: 549300JQ9U3NF5XD5A71 | Long             | DBT              | CORP              | US        |     79000 | PA      | $46910.20     | 0.04%             | 2024-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| KALEYRA INC                               | Kaleyra Inc                                                                                   | CUSIP: 483379AA1<br>LEI: 549300Q16CZ1PDK9BL93 | Long             | DBT              | CORP              | US        |    488000 | PA      | $386322.22    | 0.34%             | 2026-06-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| AVEO Pharmaceuticals Inc                  | AVEO Pharmaceuticals Inc                                                                      | CUSIP: 053588307<br>LEI: 529900PLC55DUQO4CR76 | Long             | EC               | CORP              | US        |     34422 | NS      | $514608.90    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED USD / SOLD EUR                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-30075.18    | -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      | $-13601.97    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Archaea Energy Inc                        | Archaea Energy Inc                                                                            | CUSIP: 03940F103<br>LEI: 549300ZBE567NNMH7V89 | Long             | EC               | CORP              | US        |    106475 | NS      | $2761961.50   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED USD / SOLD SEK                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-1765.41     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED USD / SOLD SEK                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-7688.68     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED USD / SOLD GBP                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-4426.31     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Moneylion Inc                             | Moneylion Inc                                                                                 | CUSIP: 60938K114<br>LEI: N/A                  | N/A              | DE               |  | US        |     22640 | NS      | $2264.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED USD / SOLD EUR                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-890.20      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Black Knight Inc                          | Black Knight Inc                                                                              | CUSIP: 09215C105<br>LEI: 549300TUSNXS3BFFML48 | Long             | EC               | CORP              | US        |      5765 | NS      | $357372.35    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Micro Focus International PLC             | Micro Focus International PLC                                                                 | CUSIP: 000000000<br>LEI: 213800F8E4X648142844 | Long             | EC               | CORP              | GB        |    122402 | NS      | $770375.95    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Global Advisors              | State Street Institutional US Government Money Market Fund                                    | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |  10797420 | NS      | $10797420.09  | 9.60%             |  |  |  | No            |                  1 | On Loan: No      |
| First Horizon Corp                        | First Horizon Corp                                                                            | CUSIP: 320517105<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EC               | CORP              | US        |    128284 | NS      | $3187857.40   | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED USD / SOLD GBP                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-11505.44    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED USD / SOLD GBP                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-2157.71     | -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      | $-108295.84   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED USD / SOLD SEK                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-3357.57     | -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      | $-24945.58    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Just Eat Takeaway.com NV                  | Just Eat Takeaway.com NV                                                                      | CUSIP: 000000000<br>LEI: 724500FVZIBSSQ7SHI95 | Long             | EC               | CORP              | NL        |      7623 | NS      | $171262.55    | 0.15%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED USD / SOLD EUR                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-10852.99    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Aerojet Rocketdyne Holdings Inc           | Aerojet Rocketdyne Holdings Inc                                                               | CUSIP: 007800105<br>LEI: 549300VULNLWHE8QWI76 | Long             | EC               | CORP              | US        |     33241 | NS      | $1728532.00   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| MS PRIME BROKER ZAR                       | MS PRIME BROKER ZAR                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Short            | STIV             | CORP              | ZA        |       -11 | NS      | $-0.64        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| KnowBe4 Inc                               | KnowBe4 Inc                                                                                   | CUSIP: 49926T104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     53318 | NS      | $1316421.42   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| iRobot Corp                               | iRobot Corp                                                                                   | CUSIP: 462726100<br>LEI: 5493009PRNKOUKBAT390 | Long             | EC               | CORP              | US        |     32771 | NS      | $1707041.39   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlas Corp                                | Atlas Corp                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MH        |     85839 | NS      | $1319345.43   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED USD / SOLD SEK                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $107.02       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UpHealth Inc                              | UpHealth Inc                                                                                  | CUSIP: 91532B119<br>LEI: 549300OSKGXG2OH2XE50 | N/A              | DE               |  | US        |       834 | NS      | $21.68        | 0.00%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED USD / SOLD CAD                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-2969.34     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UPHEALTH INC                              | UpHealth Inc                                                                                  | CUSIP: 91532BAA9<br>LEI: 549300OSKGXG2OH2XE50 | Long             | DBT              | CORP              | US        |    217000 | PA      | $64557.50     | 0.06%             | 2026-06-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Momentive Global Inc                      | Momentive Global Inc                                                                          | CUSIP: 60878Y108<br>LEI: 549300PR9RG3VC9OH575 | Long             | EC               | CORP              | US        |    135658 | NS      | $1075767.94   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED USD / SOLD EUR                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-3247.94     | -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      | $-4203.33     | -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      | $2859.63      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED SEK / SOLD USD                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SE        |         1 | NC      | $1294.91      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS PRIME BROKER GBP            | GOLDMAN SACHS PRIME BROKER GBP                                                                | CUSIP: 000000000<br>LEI: N/A                  | Short            |  | CORP              | GB        |       -13 | NS      | $-16.14       | -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        |  10797420 | NS      | $10797420.08  | 9.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Pershing LLC                              | TENNECO INC                                                                                   | CUSIP: 000000000<br>LEI: ZI8Q1A8EI8LQFJNM0D94 | N/A              | DE               |  | US        |        -4 | 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      | $23743.32     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED SEK / SOLD USD                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SE        |         1 | NC      | $-25367.09    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED USD / SOLD GBP                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-119826.47   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | Long: ICEMSS    TRS USD R V 01MFEDL FEDL01/-40BPS / Short: ICEMSS    TRS USD P E ICE US SWAP  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |     78176 | OU      | $-10421.32    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Summit Industrial Income REIT             | Summit Industrial Income REIT                                                                 | CUSIP: 866120116<br>LEI: 2549002JNRHTJ9H0MR86 | Long             | EC               |  | CA        |     19349 | NS      | $324365.28    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED USD / SOLD EUR                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-7158.73     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | BROADCOM INC                                                                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |         2 | NC      | $11010.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED SEK / SOLD USD                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SE        |         1 | NC      | $168.08       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Somfy SA                                  | Somfy SA                                                                                      | CUSIP: 000000000<br>LEI: 969500D830K8WFLKFS83 | Long             | EC               | CORP              | FR        |      1860 | NS      | $277940.11    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Sierra Wireless Inc                       | Sierra Wireless Inc                                                                           | CUSIP: 826516106<br>LEI: 549300E33RZ5BJ726L53 | Long             | EC               | CORP              | CA        |     99244 | NS      | $2910826.52   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED USD / SOLD CAD                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-182.72      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED USD / SOLD SEK                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-9050.35     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | Long: DGHMS     TRS ZAR R E DGH SJ RE / Short: DGHMS     TRS ZAR P V 01MSABOR SAONBOR+125 BPS | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | XX        |   1140749 | OU      | $387.88       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Resolute Forest Products Inc              | Resolute Forest Products Inc                                                                  | CUSIP: 76117W109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     58862 | NS      | $1241988.20   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Myovant Sciences Ltd                      | Myovant Sciences Ltd                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |     48869 | NS      | $1312621.34   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED USD / SOLD EUR                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-11179.61    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Caverion Oyj                              | Caverion Oyj                                                                                  | CUSIP: 000000000<br>LEI: 7437007ECQWVPCJIS695 | Long             | EC               | CORP              | FI        |     53072 | NS      | $384378.01    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED USD / SOLD EUR                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-4549.48     | -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      | $-19509.41    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Silicon Motion Technology Corp            | Silicon Motion Technology Corp                                                                | CUSIP: 82706C108<br>LEI: 5299005RBVBZQJTYFC89 | Long             | EC               | CORP              | KY        |     18764 | NS      | $1184008.40   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED SEK / SOLD USD                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SE        |         1 | NC      | $1546.02      | 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      | $-4200.43     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Activision Blizzard Inc                   | Activision Blizzard Inc                                                                       | CUSIP: 00507V109<br>LEI: 549300TPQQDBP9GNOF40 | Long             | EC               | CORP              | US        |     52611 | NS      | $3890583.45   | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| SWAP GOLDMAN SACHS COC                    | SWAP GOLDMAN SACHS COC                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |    630000 | NS      | $630000.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| HomeServe PLC                             | HomeServe PLC                                                                                 | CUSIP: 000000000<br>LEI: 213800EKBJTGNMXEDF11 | Long             | EC               | CORP              | GB        |     40134 | NS      | $576104.87    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| UpHealth Inc                              | UpHealth Inc                                                                                  | CUSIP: 91532B101<br>LEI: 549300OSKGXG2OH2XE50 | Long             | EC               | CORP              | US        |      8340 | NS      | $2881.47      | 0.00%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Pershing LLC                              | BROADCOM INC                                                                                  | CUSIP: 000000000<br>LEI: ZI8Q1A8EI8LQFJNM0D94 | N/A              | DE               |  | US        |        19 | NC      | $35530.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED CAD / SOLD USD                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $341.86       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | Long: AVGOMSS   TRS USD R V 01MFEDL FEDL01 -40BPS / Short: AVGOMSS   TRS USD P V 01MFEDL      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |   1229364 | OU      | $-211579.62   | -0.19%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED USD / SOLD EUR                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-6237.92     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Shaw Communications Inc                   | Shaw Communications Inc                                                                       | CUSIP: 82028K200<br>LEI: 549300SCT0RG6178CI40 | Long             | EC               | CORP              | CA        |     21912 | NS      | $597992.43    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED SEK / SOLD USD                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SE        |         1 | NC      | $2719.21      | 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      | $-58032.74    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                   | Long: DGHGS     TRS ZAR R E DGH SJ RE / Short: DGHGS     TRS ZAR P V 01MSABOR JIBA1M +150 BPS | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | XX        |   5097392 | OU      | $4545.69      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Mediclinic International PLC              | Mediclinic International PLC                                                                  | CUSIP: 000000000<br>LEI: 2138002S5BSBIZTD5I60 | Long             | EC               | CORP              | GB        |    147780 | NS      | $882010.26    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Houghton Mifflin Harcourt Co              | Houghton Mifflin Harcourt Co                                                                  | CUSIP: 44157R109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    156912 | NS      | $3295152.00   | 2.93%             |  |  |  | No            |                  3 | On Loan: No      |
| Pershing LLC                              | IRONSOURCE LTD                                                                                | CUSIP: 000000000<br>LEI: ZI8Q1A8EI8LQFJNM0D94 | N/A              | DE               |  | US        |       251 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Switch Inc                                | Switch Inc                                                                                    | CUSIP: 87105L104<br>LEI: 549300EZ98N5Y55J4X37 | Long             | EC               | CORP              | US        |     71836 | NS      | $2460383.00   | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Electricite de France SA                  | Electricite de France SA                                                                      | CUSIP: 000000000<br>LEI: 549300X3UK4GG3FNMO06 | Long             | EC               | CORP              | FR        |    122660 | NS      | $1531680.03   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED CAD / SOLD USD                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $259.32       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Cineplex Inc                              | Cineplex Inc                                                                                  | CUSIP: 172454100<br>LEI: 549300WDU0AS30W35T75 | Short            | EC               | CORP              | CA        |     -3228 | NS      | $-24717.24    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| PNM Resources Inc                         | PNM Resources Inc                                                                             | CUSIP: 69349H107<br>LEI: 5493003JOBJGLZSDDQ28 | Long             | EC               | CORP              | US        |     67249 | NS      | $3295201.00   | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Imago Biosciences Inc                     | Imago Biosciences Inc                                                                         | CUSIP: 45250K107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9049 | NS      | $322958.81    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ForgeRock Inc                             | ForgeRock Inc                                                                                 | CUSIP: 34631B101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     72568 | NS      | $1578354.00   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED USD / SOLD SEK                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-5924.81     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Pershing LLC                              | TENNECO INC                                                                                   | CUSIP: 000000000<br>LEI: ZI8Q1A8EI8LQFJNM0D94 | N/A              | DE               |  | US        |       240 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co                   | Bristol-Myers Squibb Co                                                                       | CUSIP: 110122157<br>LEI: HLYYNH7UQUORYSJQCN42 | N/A              | DE               |  | US        |     67803 | NS      | $67803.00     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY PRIME BROKER EU            | MORGAN STANLEY PRIME BROKER EU                                                                | CUSIP: 000000000<br>LEI: N/A                  | Short            |  | CORP              | EE        |        -1 | NS      | $-1.35        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Home Capital Group Inc                    | Home Capital Group Inc                                                                        | CUSIP: 436913107<br>LEI: 529900BYMJZJJLBC8L85 | Long             | EC               | CORP              | CA        |     20532 | NS      | $651761.07    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED USD / SOLD SEK                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-6879.15     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED USD / SOLD SEK                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $69.14        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlas Air Worldwide Holdings Inc          | Atlas Air Worldwide Holdings Inc                                                              | CUSIP: 049164205<br>LEI: 549300R0A2TUVCYZB465 | Long             | EC               | CORP              | US        |     23597 | NS      | $2377869.69   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED SEK / SOLD USD                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SE        |         1 | NC      | $776.69       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED SEK / SOLD USD                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SE        |         1 | NC      | $140.57       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UPHEALTH INC                              | UpHealth Inc                                                                                  | CUSIP: 91532BAC5<br>LEI: 549300OSKGXG2OH2XE50 | Long             | DBT              | CORP              | US        |    409000 | PA      | $380779.00    | 0.34%             | 2025-12-15      | Floating      | 12.81%                | No            |                  2 | On Loan: No      |
| Cowen Inc                                 | Cowen Inc                                                                                     | CUSIP: 223622606<br>LEI: 5493008QI0EFC5WBED75 | Long             | EC               | CORP              | US        |     34116 | NS      | $1318924.56   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED USD / SOLD EUR                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-5999.82     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| 1Life Healthcare Inc                      | 1Life Healthcare Inc                                                                          | CUSIP: 68269G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    135311 | NS      | $2298933.89   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED USD / SOLD SEK                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-340.68      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Moneylion Inc                             | Moneylion Inc                                                                                 | CUSIP: 60938K106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    263426 | NS      | $196673.85    | 0.17%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED USD / SOLD CAD                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-153.69      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED USD / SOLD SEK                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-742.78      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Siemens Gamesa Renewable Energy SA        | Siemens Gamesa Renewable Energy SA                                                            | CUSIP: 000000000<br>LEI: 9598004BR8D81D3M1D64 | Long             | EC               | CORP              | ES        |     59269 | NS      | $1112006.10   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| LHC Group Inc                             | LHC Group Inc                                                                                 | CUSIP: 50187A107<br>LEI: 5299009NPLWAMRQYZX73 | Long             | EC               | CORP              | US        |     14545 | NS      | $2376798.45   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ABIOMED Inc                               | ABIOMED Inc                                                                                   | CUSIP: 003654100<br>LEI: 5493001EZN4ZTB4Z5887 | Long             | EC               | CORP              | US        |      5159 | NS      | $1949018.61   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                              | Broadcom Inc                                                                                  | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Short            | EC               | CORP              | US        |      -371 | NS      | $-204432.13   | -0.18%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED EUR / SOLD USD                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |         1 | NC      | $498.08       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Evo Payments Inc                          | Evo Payments Inc                                                                              | CUSIP: 26927E104<br>LEI: 549300Z5UL344C8KEC55 | Long             | EC               | CORP              | US        |     70574 | NS      | $2379049.54   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED USD / SOLD SEK                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $51.61        | 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      | $-2602.56     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Signify Health Inc                        | Signify Health Inc                                                                            | CUSIP: 82671G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     57601 | NS      | $1648540.62   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Pershing LLC                              | BROADCOM INC                                                                                  | CUSIP: 000000000<br>LEI: ZI8Q1A8EI8LQFJNM0D94 | N/A              | DE               |  | US        |         5 | NC      | $19325.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Cineplex Inc                              | Cineplex Inc                                                                                  | CUSIP: 172454100<br>LEI: 549300WDU0AS30W35T75 | Long             | EC               | CORP              | CA        |     23133 | NS      | $177132.59    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Financial Services Group Inc/The | Hartford Financial Services Group Inc/The                                                     | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |      5355 | NS      | $408961.35    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| JPY CSSH AT MORGAN STANLEY                | JPY CSSH AT MORGAN STANLEY                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Short            |  | CORP              | JP        |        -2 | NS      | $-0.01        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MaxLinear Inc                             | MaxLinear Inc                                                                                 | CUSIP: 57776J100<br>LEI: 549300EMOI0SM2IY4F64 | Short            | EC               | CORP              | US        |     -7281 | NS      | $-266484.60   | -0.24%            |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS PRIME BROKER NOK            | GOLDMAN SACHS PRIME BROKER NOK                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | NO        |         1 | NS      | $0.08         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED USD / SOLD EUR                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-18841.17    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| TEGNA Inc                                 | TEGNA Inc                                                                                     | CUSIP: 87901J105<br>LEI: 549300YC5EDBGX85AO10 | Long             | EC               | CORP              | US        |    174541 | NS      | $3445439.34   | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BTRS Holdings Inc                         | BTRS Holdings Inc                                                                             | CUSIP: 11778X104<br>LEI: 549300K51KDPS5MBVB54 | Long             | EC               | CORP              | US        |    211865 | NS      | $2006361.55   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED SEK / SOLD USD                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SE        |         1 | NC      | $663.55       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CINEPLEX INC                              | Cineplex Inc                                                                                  | CUSIP: 172454AC4<br>LEI: 549300WDU0AS30W35T75 | Long             | DBT              | CORP              | CA        |    392000 | PA      | $313838.96    | 0.28%             | 2025-09-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FAST SPONSOR CAPITAL                      | FAST SPONSOR CAPITAL                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22800 | NS      | $45600.00     | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| South Jersey Industries Inc               | South Jersey Industries Inc                                                                   | CUSIP: 838518108<br>LEI: 549300DJYWYT5VXLFA46 | Long             | EC               | CORP              | US        |     78614 | NS      | $2727905.80   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED USD / SOLD SEK                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-1307.49     | -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      | $-4293.74     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS PRIME BROKER CAD            | GOLDMAN SACHS PRIME BROKER CAD                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | CA        |         0 | NS      | $0.24         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UserTesting Inc                           | UserTesting Inc                                                                               | CUSIP: 91734E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    173588 | NS      | $1288022.96   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED USD / SOLD EUR                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-32661.14    | -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      | $1036.61      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Poshmark Inc                              | Poshmark Inc                                                                                  | CUSIP: 73739W104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64031 | NS      | $1141672.73   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY PRIME BROKER US            | MORGAN STANLEY PRIME BROKER US                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |    542621 | NS      | $542621.32    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Pershing LLC                              | MOMENTIVE GLOBAL INC                                                                          | CUSIP: 000000000<br>LEI: ZI8Q1A8EI8LQFJNM0D94 | N/A              | DE               |  | US        |      1002 | NC      | $7515.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| VMware Inc                                | VMware Inc                                                                                    | CUSIP: 928563402<br>LEI: 549300BUDHS3LRWBE814 | Long             | EC               | CORP              | US        |     23708 | NS      | $2880284.92   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED USD / SOLD SEK                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-153.41      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | PURCHASED USD / SOLD SEK                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-1048.12     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-15

**Name of Applicant:** ARBITRAGE FUNDS

**Signature:** Jonathon Hickey

**Name of Signer:** Jonathon Hickey

**Title:** Treasurer