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          <ccc>XXXXXXXX</ccc>
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        <classId>C000120978</classId>
        <classId>C000120977</classId>
        <classId>C000127230</classId>
      </seriesClassInfo>


    </filerInfo>
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      <regFileNumber>811-09815</regFileNumber>
      <regCik>0001105076</regCik>
      <regLei>549300NPBJYDNFZ58M30</regLei>
      <regStreet1>C/O ALPS FUND SERVICES, INC.</regStreet1>
      <regStreet2>1290 BROADWAY, SUITE 1100</regStreet2>
      <regCity>DENVER</regCity>
      <regStateConditional regCountry="US" regState="US-CO"/>
      <regZipOrPostalCode>80203</regZipOrPostalCode>
      <regPhone>303-623-2577</regPhone>
      <seriesName>WATER ISLAND CREDIT OPPORTUNITIES FUND</seriesName>
      <seriesId>S000039281</seriesId>
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      <repPdEnd>2024-05-31</repPdEnd>
      <repPdDate>2023-08-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
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      <totLiabs>10710206.26</totLiabs>
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      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
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      <varInfo>

        <fundsDesignatedInfo>
          <nameDesignatedIndex>Securities Portfolio VaR</nameDesignatedIndex>
          <indexIdentifier>Designated Reference Portfolio is the Fund`s Securities Portfolio</indexIdentifier>

        </fundsDesignatedInfo>

      </varInfo>
    </fundInfo>
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        <title>Cengage Learning Inc</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley &amp; Co. LLC</name>
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        <fairValLevel>2</fairValLevel>
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            <settlementDt>2023-09-15</settlementDt>
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      <invstOrSec>
        <name>Goldman Sachs &amp; Co. LLC</name>
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        <fairValLevel>1</fairValLevel>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
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            <shareNo>100.00000000</shareNo>
            <exercisePrice>50.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
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            <delta>XXXX</delta>
            <unrealizedAppr>-25070.07000000</unrealizedAppr>
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        <title>Ford Motor Credit Co LLC</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SPRINT LLC</name>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>FIDELITY NATL INFO SERV</name>
        <lei>6WQI0GK1PRFVBA061U48</lei>
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          <isin value="US31620MBQ87"/>
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        <balance>640000.00000000</balance>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Morgan Stanley &amp; Co. LLC</counterpartyName>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
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        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="23HCKBCCTSQ"/>
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        <balance>1.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.35092936"/>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Morgan Stanley &amp; Co. LLC</counterpartyName>
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        <securityLending>
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      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
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        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="23FMKBC2CQ6"/>
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        <balance>1.00000000</balance>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Morgan Stanley &amp; Co. LLC</counterpartyName>
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            <amtCurPur>2798.76000000</amtCurPur>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LIGHTNING EMOTORS INC</name>
        <lei>549300JQ9U3NF5XD5A71</lei>
        <title>Lightning eMotors Inc</title>
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          <isin value="US53228RAA32"/>
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        <balance>973000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
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              <title>Lightning eMotors Inc</title>
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          <currencyInfos>
            <currencyInfo convRatio="4.34780000" curCd="USD"/>
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          <delta>XXXX</delta>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>XEROX HOLDINGS CORP</name>
        <lei>5493000Y33XDVO2CXC18</lei>
        <title>Xerox Holdings Corp</title>
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          <isin value="US98421MAA45"/>
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        <balance>2762000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2634093.16000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>KALEYRA INC</name>
        <lei>549300Q16CZ1PDK9BL93</lei>
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          <isin value="US483379AA17"/>
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        <balance>1336000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1303507.28000000</valUSD>
        <pctVal>1.088938024741</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.12500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Kaleyra Inc</name>
              <title>Kaleyra Inc</title>
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                <cusip value="483379103"/>
                <isin value="US4833791035"/>
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          <currencyInfos>
            <currencyInfo convRatio="16.93120000" curCd="USD"/>
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          <delta>XXXX</delta>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Caesars Entertainment Inc</name>
        <lei>549300FA4CTCW903Y781</lei>
        <title>Caesars Entertainment Inc</title>
        <cusip>12769G100</cusip>
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          <isin value="US12769G1004"/>
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        <balance>-7600.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-419976.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ford Motor Credit Co LLC</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
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        <balance>1915000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
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        <cusip>000000000</cusip>
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      <invstOrSec>
        <name>DAVE &amp; BUSTER'S INC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
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      <invstOrSec>
        <name>WISDOMTREE INVESTMENTS</name>
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        <title>WisdomTree Inc</title>
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        <balance>1500000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
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              <title>WisdomTree Investments Inc</title>
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        <name>Morgan Stanley &amp; Co. LLC</name>
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      </invstOrSec>
      <invstOrSec>
        <name>Ball Corp</name>
        <lei>0BGI85ALH27ZJP15DY16</lei>
        <title>Ball Corp</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
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        <title>Morgan Stanley Institutional Liquidity Funds - Government Portfolio</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Morgan Stanley &amp; Co. LLC</name>
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          <other otherDesc="Trade Identifier" value="23GCKBCGVC3"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
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        <title>INTERNATIONAL GAME TECHNOLOGY</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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            <putOrCall>Call</putOrCall>
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                <issuerName>International Game Technology PLC</issuerName>
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      <invstOrSec>
        <name>TRITON CONTAINER</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CARNIVAL CORP</name>
        <lei>F1OF2ZSX47CR0BCWA982</lei>
        <title>Carnival Corp</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>PA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
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          <other otherDesc="Trade Identifier" value="23HNKBCCMH9"/>
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      <invstOrSec>
        <name>Dave &amp; Buster's Entertainment Inc</name>
        <lei>529900WTVU85QZLYHR86</lei>
        <title>Dave &amp; Buster's Entertainment Inc</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Spotify Technology SA</name>
        <lei>549300B4X0JHWV0DTD60</lei>
        <title>Spotify Technology SA</title>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Morgan Stanley &amp; Co. LLC</name>
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        <title>Long: JNKMSS    TRS USD R V 01MFEDL FEDL 01M/-40.BPS / Short: JNKMSS    TRS USD P E JNK US SWAP/US78468R6229</title>
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                <issuerName>SPDR Bloomberg Barclays High Yield Bond ETF</issuerName>
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        <name>UPHEALTH INC</name>
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        <name>HOWMET AEROSPACE INC</name>
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        <title>Howmet Aerospace Inc</title>
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        <name>Verscend Holding Corp.</name>
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        <title>Verscend Holding Corp. 2021 Term Loan B</title>
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      <invstOrSec>
        <name>GEN DIGITAL INC</name>
        <lei>YF6ZV0M6AU4FY94MK914</lei>
        <title>Gen Digital Inc</title>
        <cusip>871503AU2</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TransDigm Inc</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TransDigm Inc</title>
        <cusip>893647BE6</cusip>
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          <isin value="US893647BE67"/>
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        <balance>1180000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>VERINT SYSTEMS INC</name>
        <lei>549300KEQJS5FRVUCO94</lei>
        <title>Verint Systems Inc</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Verint Systems Inc</name>
              <title>Verint Systems Inc</title>
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                <cusip value="92343X100"/>
                <isin value="US92343X1000"/>
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          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="16.10920000" curCd="USD"/>
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          <delta>XXXX</delta>
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      <invstOrSec>
        <name>NCR CORP</name>
        <lei>549300YKTY8JX1DV2R67</lei>
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          <isin value="US62886EAV02"/>
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        <balance>2008000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2068107.47000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.12500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
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        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="23HOKBCD8HD"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Morgan Stanley &amp; Co. LLC</counterpartyName>
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            <amtCurSold>8555.54000000</amtCurSold>
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            <settlementDt>2023-09-15</settlementDt>
            <unrealizedAppr>31.14000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Kaman Corp</name>
        <lei>5493003YK076OLTEQF95</lei>
        <title>Kaman Corp</title>
        <cusip>483548103</cusip>
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          <isin value="US4835481031"/>
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        <balance>-1800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-40374.00000000</valUSD>
        <pctVal>-0.03372806925</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>INTERNATIONAL GAME TECH</name>
        <lei>549300UQ6KHRCZDRGZ76</lei>
        <title>International Game Technology PLC</title>
        <cusip>460599AC7</cusip>
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          <isin value="US460599AC74"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1000888.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SWAP MORGAN STANLEY COC</name>
        <lei>N/A</lei>
        <title>SWAP MORGAN STANLEY COC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="996HXD906"/>
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        <balance>1220000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1220000.00000000</valUSD>
        <pctVal>1.019176809035</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Segregated Cash"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
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        <title>PURCHASED USD / SOLD CAD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="23GSKBCB7VD"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Morgan Stanley &amp; Co. LLC</counterpartyName>
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            <amtCurSold>3300.00000000</amtCurSold>
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            <unrealizedAppr>52.45000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>PURCHASED CAD / SOLD USD</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="23FUKBCG7H0"/>
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        <balance>1.00000000</balance>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Morgan Stanley &amp; Co. LLC</counterpartyName>
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      <invstOrSec>
        <name>CAESARS ENTERTAIN INC</name>
        <lei>549300FA4CTCW903Y781</lei>
        <title>Caesars Entertainment Inc</title>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Goldman Sachs &amp; Co. LLC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PNC FINANCIAL SERVICES</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC Financial Services Group Inc/The</title>
        <cusip>693475AP0</cusip>
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        <balance>3000000.00000000</balance>
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        <valUSD>2955585.63000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WisdomTree Inc</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>SYNEOS HEALTH INC</name>
        <lei>549300F1ZGKDS8P6GU13</lei>
        <title>Syneos Health Inc</title>
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        <balance>2500000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ACI Worldwide Inc</name>
        <lei>5493003BPVMZUJ6F5C02</lei>
        <title>ACI Worldwide Inc</title>
        <cusip>004498AB7</cusip>
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          <isin value="US004498AB73"/>
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        <valUSD>586936.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Gen Digital Inc</name>
        <lei>YF6ZV0M6AU4FY94MK914</lei>
        <title>Gen Digital Inc</title>
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        <balance>-21900.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>PURCHASED USD / SOLD CAD</title>
        <cusip>000000000</cusip>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>PURCHASED CAD / SOLD USD</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="23GDKBCD5G2"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35092936"/>
        <valUSD>-172.27000000</valUSD>
        <pctVal>-0.00014391277</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Morgan Stanley &amp; Co. LLC</counterpartyName>
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            <amtCurSold>9721.25000000</amtCurSold>
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            <unrealizedAppr>-172.27000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>HILLENBRAND INC</name>
        <lei>U246OE781574J2BUD366</lei>
        <title>Hillenbrand Inc</title>
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          <isin value="US431571AD01"/>
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        <balance>1475000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1465781.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PDC Energy Inc</name>
        <lei>5493008W8H2T511J5Y59</lei>
        <title>PDC Energy Inc</title>
        <cusip>69327RAJ0</cusip>
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          <isin value="US69327RAJ05"/>
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        <balance>5180000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5167050.00000000</valUSD>
        <pctVal>4.316506173053</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BLACKLINE INC</name>
        <lei>529900P9N7PK9LV5EK56</lei>
        <title>BlackLine Inc</title>
        <cusip>09239BAD1</cusip>
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          <isin value="US09239BAD10"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1722500.00000000</valUSD>
        <pctVal>1.438960699641</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Blackline Inc</name>
              <title>Blackline Inc</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="09239B109"/>
                <isin value="US09239B1098"/>
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          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="6.01560000" curCd="USD"/>
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          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BOXER PARENT CO INC</name>
        <lei>5493006T045HLTF7YX04</lei>
        <title>Boxer Parent Co Inc</title>
        <cusip>103186AB8</cusip>
        <identifiers>
          <isin value="US103186AB88"/>
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        <balance>1715000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1717143.75000000</valUSD>
        <pctVal>1.434486137524</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>PURCHASED USD / SOLD CAD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="23HLKBCDJ0M"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35092936"/>
        <valUSD>-3.76000000</valUSD>
        <pctVal>-0.00000314106</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Morgan Stanley &amp; Co. LLC</counterpartyName>
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            <amtCurSold>4200.00000000</amtCurSold>
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            <amtCurPur>3105.21000000</amtCurPur>
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            <settlementDt>2023-09-15</settlementDt>
            <unrealizedAppr>-3.76000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BLOCK INC</name>
        <lei>549300OHIIUWSTIZME52</lei>
        <title>Block Inc</title>
        <cusip>852234AF0</cusip>
        <identifiers>
          <isin value="US852234AF05"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1847000.00000000</valUSD>
        <pctVal>1.542966857612</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.12500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Block Inc</name>
              <title>Block Inc</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="852234103"/>
                <isin value="US8522341036"/>
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          <currencyInfos>
            <currencyInfo convRatio="8.26410000" curCd="USD"/>
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          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CHOBANI LLC/FINANCE CORP</name>
        <lei>N/A</lei>
        <title>Chobani LLC / Chobani Finance Corp Inc</title>
        <cusip>17027NAA0</cusip>
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          <isin value="US17027NAA00"/>
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        <balance>3549000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3540132.33000000</valUSD>
        <pctVal>2.957394075124</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>INTERNATIONAL GAME TECHNOLOGY</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Bloomberg Identifier" value="BBG01F9YF692"/>
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        <balance>35.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>350.00000000</valUSD>
        <pctVal>0.000292386789</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>Morgan Stanley &amp; Co. LLC</counterpartyName>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>International Game Technology PLC</issuerName>
                <issueTitle>International Game Technology PLC</issueTitle>
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                  <isin value="GB00BVG7F061"/>
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            <shareNo>100.00000000</shareNo>
            <exercisePrice>25.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2023-10-20</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-1528.77000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VALVOLINE INC</name>
        <lei>549300CMHPBEY6VPOT75</lei>
        <title>Valvoline Inc</title>
        <cusip>92047WAD3</cusip>
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          <isin value="US92047WAD39"/>
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        <balance>3365000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3307567.19000000</valUSD>
        <pctVal>2.763111290470</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
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        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="23GPKBCC7SK"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Morgan Stanley &amp; Co. LLC</counterpartyName>
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      <invstOrSec>
        <name>Cineplex Inc</name>
        <lei>549300WDU0AS30W35T75</lei>
        <title>Cineplex Inc</title>
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        <balance>-28000.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Getty Images Inc</name>
        <lei>5493005NV20IG4VEKZ40</lei>
        <title>Getty Images Inc</title>
        <cusip>374276AJ2</cusip>
        <identifiers>
          <isin value="US374276AJ21"/>
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        <balance>6000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5990157.60000000</valUSD>
        <pctVal>5.004122711791</pctVal>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State Street Global Advisors</name>
        <lei>549300BZ5TGIFZUZDZ37</lei>
        <title>State Street Institutional U.S. Government Money Market Fund</title>
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          <isin value="US8574927062"/>
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        <balance>8697144.79000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8697144.79000000</valUSD>
        <pctVal>7.265514979334</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Verscend Escrow Corp</name>
        <lei>N/A</lei>
        <title>Verscend Escrow Corp</title>
        <cusip>92535WAA8</cusip>
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          <isin value="US92535WAA80"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>149226.99000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RINGCENTRAL INC</name>
        <lei>549300C8EH0H1614VE84</lei>
        <title>RingCentral Inc</title>
        <cusip>76680RAF4</cusip>
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          <isin value="US76680RAF47"/>
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        <balance>3105000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2883768.75000000</valUSD>
        <pctVal>2.409073961164</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-03-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>RingCentral Inc</name>
              <title>RingCentral Inc</title>
              <curCd>USD</curCd>
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      <invstOrSec>
        <name>Verint Systems Inc</name>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Lightning eMotors Inc</name>
        <lei>549300JQ9U3NF5XD5A71</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="WAR">
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            <putOrCall>Call</putOrCall>
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            <unrealizedAppr>835.65000000</unrealizedAppr>
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      <invstOrSec>
        <name>UPHEALTH INC</name>
        <lei>549300OSKGXG2OH2XE50</lei>
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        <fairValLevel>2</fairValLevel>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>UpHealth Inc</name>
              <title>UpHealth Inc</title>
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          <currencyInfos>
            <currencyInfo convRatio="57.14290000" curCd="USD"/>
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          <delta>XXXX</delta>
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        <securityLending>
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      <invstOrSec>
        <name>Block Inc</name>
        <lei>549300OHIIUWSTIZME52</lei>
        <title>Block Inc</title>
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          <isin value="US8522341036"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SEAWORLD PARKS &amp; ENTERTA</name>
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        <title>SeaWorld Parks &amp; Entertainment Inc</title>
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          <isin value="US81282UAC62"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>WESCO DISTRIBUTION INC</name>
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        <title>WESCO Distribution Inc</title>
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          <isin value="US95081QAN43"/>
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        <balance>870000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>873842.79000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
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          <other otherDesc="Trade Identifier" value="23HTKBCBDT3"/>
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        <balance>1.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
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        <title>ISHARES IBOXX HIGH YIELD CORPO</title>
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        <fairValLevel>1</fairValLevel>
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                <issuerName>iShares iBoxx High Yield Corporate Bond ETF</issuerName>
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      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
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        <name>Morgan Stanley &amp; Co. LLC</name>
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        <name>PTC Inc</name>
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        <name>TRUIST FINANCIAL CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Xerox Holdings Corp</name>
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        <name>iShares iBoxx High Yield Corporate Bond ETF</name>
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        <name>HORIZON THERAPEUTICS USA</name>
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        <title>Horizon Therapeutics USA Inc</title>
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      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
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      <invstOrSec>
        <name>Goldman Sachs &amp; Co. LLC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Imperva, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>KAMAN CORP</name>
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          <isin value="US483548AF00"/>
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        <fairValLevel>2</fairValLevel>
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          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
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            <currencyInfo convRatio="15.32270000" curCd="USD"/>
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          <delta>XXXX</delta>
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      <invstOrSec>
        <name>LABL INC</name>
        <lei>5493004FUZN8R6Y3VB98</lei>
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          <isin value="US50168AAB61"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
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        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="23HPKBCBZXB"/>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Morgan Stanley &amp; Co. LLC</counterpartyName>
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            <settlementDt>2023-09-15</settlementDt>
            <unrealizedAppr>-20.57000000</unrealizedAppr>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PARATEK PHARMACEUTICALS</name>
        <lei>5493007V5QDIWECEYV79</lei>
        <title>Paratek Pharmaceuticals Inc</title>
        <cusip>699374AB0</cusip>
        <identifiers>
          <isin value="US699374AB04"/>
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        <balance>2250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2199375.00000000</valUSD>
        <pctVal>1.837337700304</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isContngtConvrtbl>N</isContngtConvrtbl>
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            <dbtSecRefInstrument>
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              <title>Paratek Pharmaceuticals Inc</title>
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                <isin value="US6993743029"/>
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          <currencyInfos>
            <currencyInfo convRatio="62.89310000" curCd="USD"/>
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          <delta>XXXX</delta>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>FORD MOTOR CO</title>
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          <other otherDesc="Bloomberg Identifier" value="BBG01HJGSQH9"/>
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        <balance>500.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>7000.00000000</valUSD>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Morgan Stanley &amp; Co. LLC</counterpartyName>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
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                <issuerName>Ford Motor Co.</issuerName>
                <issueTitle>Ford Motor Co.</issueTitle>
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                  <isin value="US3453708600"/>
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            <shareNo>100.00000000</shareNo>
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            <expDt>2023-11-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-1340.03000000</unrealizedAppr>
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      <invstOrSec>
        <name>CINEPLEX INC</name>
        <lei>549300WDU0AS30W35T75</lei>
        <title>Cineplex Inc</title>
        <cusip>172454AC4</cusip>
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          <isin value="CA172454AC48"/>
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        <balance>567000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
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              <title>Cineplex Inc</title>
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          <delta>XXXX</delta>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>RingCentral Inc</name>
        <lei>549300C8EH0H1614VE84</lei>
        <title>RingCentral Inc</title>
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          <isin value="US76680R2067"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
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      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Radius Global Infrastructure Inc</name>
        <lei>213800NT341MQ5USBX63</lei>
        <title>Radius Global Infrastructure Inc</title>
        <cusip>750481103</cusip>
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        <balance>-35400.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ALTICE FRANCE HOLDING SA</name>
        <lei>5299000JVHXKJPOE6H40</lei>
        <title>Altice France Holding SA</title>
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        <balance>5050000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>LU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SPOTIFY USA INC</name>
        <lei>N/A</lei>
        <title>Spotify USA Inc</title>
        <cusip>84921RAB6</cusip>
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        <balance>3500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2985500.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-15</maturityDt>
          <couponKind>None</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
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              <name>Spotify Technology SA</name>
              <title>Spotify Technology SA</title>
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          <currencyInfos>
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          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY PRIME BROKER US</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY PRIME BROKER US</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="927GLR904"/>
        </identifiers>
        <balance>4962094.86000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4962094.86000000</valUSD>
        <pctVal>4.145288529134</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Segregated Cash"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BlackLine Inc</name>
        <lei>529900P9N7PK9LV5EK56</lei>
        <title>BlackLine Inc</title>
        <cusip>09239B109</cusip>
        <identifiers>
          <isin value="US09239B1098"/>
        </identifiers>
        <balance>-2400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-144144.00000000</valUSD>
        <pctVal>-0.12041657537</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>Long: HWMMSS    TRS USD R V 01MFEDL FEDL01M-40BPS / Short: HWMMSS    TRS USD P E HWM US SWAP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="HWMMSS"/>
        </identifiers>
        <balance>1104417.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>21024.00000000</valUSD>
        <pctVal>0.017563256748</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Morgan Stanley &amp; Co. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Howmet Aerospace, Inc.</issuerName>
                <issueTitle>Howmet Aerospace, Inc.</issueTitle>
                <identifiers>
                  <cusip value="443201108"/>
                  <isin value="US4432011082"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds Rate" floatingRtSpread="-0.40000000" pmntAmt="4688.56000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingRecDesc>
            <otherPmntDesc fixedOrFloating="Other">equity-performance leg</otherPmntDesc>
            <terminationDt>2024-07-28</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>1104417.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>21024.00000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>PURCHASED USD / SOLD CAD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="23FTKBB9X63"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35092936"/>
        <valUSD>111.90000000</valUSD>
        <pctVal>0.000093480233</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Morgan Stanley &amp; Co. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <amtCurSold>7200.00000000</amtCurSold>
            <curSold>CAD</curSold>
            <amtCurPur>5441.56000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2023-09-15</settlementDt>
            <unrealizedAppr>111.90000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>PURCHASED CAD / SOLD USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="23GFKBCF9V4"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35092936"/>
        <valUSD>-119.09000000</valUSD>
        <pctVal>-0.00009948669</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Morgan Stanley &amp; Co. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <amtCurSold>5966.92000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>7900.00000000</amtCurPur>
            <curPur>CAD</curPur>
            <settlementDt>2023-09-15</settlementDt>
            <unrealizedAppr>-119.09000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>US FOODS INC</name>
        <lei>5493000JOOFAOUY1JZ87</lei>
        <title>US Foods Inc</title>
        <cusip>90290MAC5</cusip>
        <identifiers>
          <isin value="US90290MAC55"/>
        </identifiers>
        <balance>2750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2757199.50000000</valUSD>
        <pctVal>2.303339170723</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
      <explntrNote note="Please see notes to financial statements or N-PORT part F for a glossary of swap paid and received terms." noteItem="C.11.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2023-09-26</ncom:dateSigned>
      <ncom:nameOfApplicant>ARBITRAGE FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Jonathon Hickey</ncom:signature>
      <ncom:signerName>Jonathon Hickey</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
