NPORT-P false 0001105076 XXXXXXXX S000006440 C000127228 C000017638 C000115401 C000017637 ARBITRAGE FUNDS 811-09815 0001105076 549300NPBJYDNFZ58M30 C/O WATER ISLAND CAPITAL, LLC 104 FIFTH AVENUE, 9TH FLOOR NEW YORK 10011 800-560-8210 THE ARBITRAGE FUND S000006440 5ID2Z4T6QF54X8TFRS62 2025-05-31 2025-05-31 N 738481641.46 19647388.64 718834252.82 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 N Securities Portfolio VaR Designated Reference Portfolio is the Fund`s Securities Portfolio Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1530.00000000 NC USD 99450.00000000 0.013834899993 N/A DE US N 1 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 Put Purchased Foot Locker, Inc. 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LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC 4764.30000000 0.000662781438 N/A DFE GB N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 286011.09000000 USD 215800.00000000 GBP 2025-06-16 4764.30000000 N N N Morgan Stanley & Co. LLC 549300BI6Y5SI6BYPB26 61747C707 1826628.46000000 NS USD 1826628.46000000 0.254109824738 Long STIV RF US N 1 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 9672032.27000000 OU Notional Amount USD 1173175.52000000 0.163205289035 N/A DE US N 1 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 Rocket Cos., Inc. Rocket Cos., Inc. Y equity-performance leg 2026-03-13 0.00000000 USD 0.00000000 USD 9672032.27000000 USD 1173175.52000000 N N N CONTRA CINCOR PHARMA I N/A 172CVR011 339795.00000000 NS USD 1290847.23000000 0.179575086320 N/A DE US Y 3 N/A N/A CinCor Pharma, Inc. CinCor Pharma, Inc. 2099-12-31 XXXX 251074.53000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 3002.00000000 NC USD 15010.00000000 0.002088103055 N/A DE US N 1 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 Call Purchased Informatica, Inc. Informatica, Inc. 100.00000000 25.00000000 USD 2025-07-18 XXXX -20051.71000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC 1237.27000000 0.000172121736 N/A DFE GB N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 126633.83000000 USD 94900.00000000 GBP 2025-06-16 1237.27000000 N N N CONTRA FLEXION THERAPE N/A 339CVR011 1411000.00000000 NS USD 765749.70000000 0.106526601507 N/A DE US Y 3 N/A N/A Flexion Therapeutics, Inc. Flexion Therapeutics, Inc. 2099-12-31 XXXX -109070.30000000 N N N Walgreens Boots Alliance Inc 549300RPTUOIXG4LIH86 931427108 205000.00000000 NS USD 2306250.00000000 0.320831956873 Long EC CORP US N 1 N N N Dun & Bradstreet Holdings Inc 254900LNALVKD1ZX7U27 26484T106 1837690.00000000 NS USD 16557586.90000000 2.303394257444 Long EC CORP US N 1 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -2007.12000000 -0.00027921874 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 94900.00000000 GBP 125863.98000000 USD 2025-06-16 -2007.12000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -2074.07000000 -0.00028853243 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 86300.00000000 GBP 114209.14000000 USD 2025-06-16 -2074.07000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC 48056.71000000 0.006685367288 N/A DFE GB N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 812681.55000000 USD 638800.00000000 GBP 2025-06-16 48056.71000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 5000.00000000 NC USD 20000.00000000 0.002782282552 N/A DE US N 1 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 Put Purchased Regulus Therapeutics, Inc. Regulus Therapeutics, Inc. 100.00000000 6.00000000 USD 2025-11-21 XXXX -38393.75000000 N N N Just Eat Takeaway.com NV 724500FVZIBSSQ7SHI95 000000000 449055.00000000 NS 9924805.47000000 1.380680654972 Long EC CORP NL Y 1 N N N AvidXchange Holdings Inc N/A 05368X102 1115058.00000000 NS USD 10916417.82000000 1.518627942001 Long EC CORP US N 1 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -1288.73000000 -0.00017928054 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 112200.00000000 GBP 149892.91000000 USD 2025-06-16 -1288.73000000 N N N Synopsys Inc QG7T915N9S0NY5UKNE63 871607107 -34000.00000000 NS USD -15775320.00000000 -2.19456988006 Short EC CORP US N 1 N N N MS PRIME BROKER ZAR N/A 000000000 10.00000000 NS 0.56000000 0.000000077903 Long STIV CORP ZA N 1 N N N Bridge Investment Group Holdings Inc N/A 10806B100 445000.00000000 NS USD 4094000.00000000 0.569533238564 Long EC CORP US N 1 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -37607.98000000 -0.00523180133 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 7399900.00000000 CAD 5358291.71000000 USD 2025-06-16 -37607.98000000 N N N CONTRA ABIOMED INC N/A 003CVR016 163650.00000000 NS USD 261840.00000000 0.036425643181 N/A DE US Y 3 N/A N/A ABIOMED Inc. 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Y equity-performance leg 2025-11-04 0.00000000 USD 0.00000000 USD 35025112.56000000 USD 4629730.86000000 N N N E2open Parent Holdings Inc N/A 29788T103 2234114.00000000 NS USD 7171505.94000000 0.997657792720 Long EC CORP US N 1 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -3811.34000000 -0.00053021123 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 181200.00000000 GBP 240342.97000000 USD 2025-06-16 -3811.34000000 N N N Water Island Event Driven Fund 71ZPS0ACY0O0VMTK8636 03875R403 2844313.59000000 NS USD 34785955.19000000 4.839217810438 Long EC RF US N 1 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -410677.36000000 -0.05713102267 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 8140000.00000000 GBP 10557402.55000000 USD 2025-06-16 -410677.36000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -15702.25000000 -0.00218440481 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 302200.00000000 GBP 391491.09000000 USD 2025-06-16 -15702.25000000 N N N Skechers USA Inc 529900D2R54KZPA4XR56 830566105 259875.00000000 NS USD 16122645.00000000 2.242887694451 Long EC CORP US N 1 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1174.00000000 NC USD 77484.00000000 0.010779119066 N/A DE US N 1 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 Call Purchased Chevron Corp. Chevron Corp. 100.00000000 165.00000000 USD 2025-09-19 XXXX -572056.88000000 N N N InterRent Real Estate Investment Trust N/A 46071W205 546117.00000000 NS 5431921.19000000 0.755656977765 Long EC CA N 1 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -187572.70000000 -0.02609401252 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 4649800.00000000 EUR 5096312.85000000 USD 2025-06-16 -187572.70000000 N N N Juniper Networks Inc AUHIXNGG7U2U7JEHM527 48203R104 735568.00000000 NS USD 26428958.24000000 3.676641470035 Long EC CORP US N 1 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1164.00000000 NC USD 5820.00000000 0.000809644222 N/A DE US N 1 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 Call Purchased Skechers USA, Inc. Skechers USA, Inc. 100.00000000 65.00000000 USD 2025-08-15 XXXX -7774.88000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 6443.00000000 NC USD 70873.00000000 0.009859435568 N/A DE US N 1 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 Call Purchased Walgreens Boots Alliance, Inc. Walgreens Boots Alliance, Inc. 100.00000000 12.00000000 USD 2025-09-19 XXXX -68541.02000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC 4742.37000000 0.000659730665 N/A DFE CA N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 2187991.31000000 USD 3007100.00000000 CAD 2025-06-16 4742.37000000 N N N Regulus Therapeutics Inc 529900ZYH2KYFH6Z7098 75915K309 500000.00000000 NS USD 3965000.00000000 0.551587516099 Long EC CORP US N 1 N N N Andlauer Healthcare Group Inc 549300FEFF2VDKFOGG32 034223107 188189.00000000 NS 7329545.71000000 1.019643357456 Long EC CORP CA N 1 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 21.00000000 NC USD 0.00000000 0.000000 N/A DE US N 1 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 Call Purchased Clearwater Analytics Holdings, Inc. Clearwater Analytics Holdings, Inc. 100.00000000 30.00000000 USD 2025-06-20 XXXX -3885.14000000 N N N MORGAN STANLEY PRIME BROKER CA N/A 000000000 11.31000000 NS 8.24000000 0.000001146300 Long CORP CA N 1 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 7899478.65000000 OU Notional Amount USD 561782.55000000 0.078151889367 N/A DE US N 1 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 Columbia Banking System, Inc. Columbia Banking System, Inc. Y equity-performance leg 2026-05-06 0.00000000 USD 0.00000000 USD 7899478.65000000 USD 561782.55000000 N N N State Street Global Advisors 549300BZ5TGIFZUZDZ37 857492706 130314168.26000000 NS USD 130314168.26000000 18.12854183683 Long STIV RF US N 1 N N N TXNM Energy Inc 5493003JOBJGLZSDDQ28 69349H107 140856.00000000 NS USD 7985126.64000000 1.110843926631 Long EC CORP US N 1 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 2001.00000000 NC USD 0.00000000 0.000000 N/A DE US N 1 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 Put Purchased Nordstrom, Inc. Nordstrom, Inc. 100.00000000 22.50000000 USD 2025-06-20 XXXX -52064.98000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -61031.94000000 -0.00849040509 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 10350400.00000000 CAD 7486329.53000000 USD 2025-06-16 -61031.94000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -1668.12000000 -0.00023205905 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 86400.00000000 GBP 114749.83000000 USD 2025-06-16 -1668.12000000 N N N CONTRA CONCERT PHARMAC 529900PYI5BSGQNATP82 206CVR011 1669338.00000000 NS USD 764389.87000000 0.106337429943 N/A DE US Y 3 N/A N/A Concert Pharmaceuticals, Inc. Concert Pharmaceuticals, Inc. 2099-12-31 XXXX 146734.81000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1175.00000000 NC USD 47000.00000000 0.006538363999 N/A DE US N 1 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 Call Purchased Chevron Corp. Chevron Corp. 100.00000000 170.00000000 USD 2025-09-19 XXXX -433455.38000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 315.00000000 NC USD 292950.00000000 0.040753483692 N/A DE US N 1 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 Call Purchased Apollo Global Management, Inc. Apollo Global Management, Inc. 100.00000000 135.00000000 USD 2025-09-19 XXXX -96978.66000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1550.00000000 NC USD 15500.00000000 0.002156268978 N/A DE US N 1 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 Put Purchased SpringWorks Therapeutics, Inc. SpringWorks Therapeutics, Inc. 100.00000000 45.00000000 USD 2025-06-20 XXXX -41343.16000000 N N N Foot Locker Inc 549300X383CBNP6MTV94 344849104 544922.00000000 NS USD 12947346.72000000 1.801158844226 Long EC CORP US N 1 N N N Bristol-Myers Squibb Co HLYYNH7UQUORYSJQCN42 110122157 857631.00000000 NS USD 643223.25000000 0.089481441302 N/A DE US Y 3 N/A N/A Bristol-Myers Squibb Co Bristol-Myers Squibb Co 2021-03-31 XXXX -542563.32000000 N N N CONTRA ADAMAS PHARMACE N/A 005CVR022 1150652.00000000 NS USD 96539.70000000 0.013430036148 N/A DE US Y 3 N/A N/A Adamas Pharmaceuticals, Inc. Adamas Pharmaceuticals, Inc. 2099-12-31 XXXX 27500.58000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -30754.55000000 -0.00427839239 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 1015000.00000000 EUR 1122659.32000000 USD 2025-06-16 -30754.55000000 N N N Morgan Stanley & Co. LLC 549300BI6Y5SI6BYPB26 61747C707 130314168.36000000 NS USD 130314168.36000000 18.12854185075 Long STIV RF US N 1 N N N ESC GCI LIBERTY INC SR 5493003JDENERRDYFN86 361ESC049 660966.00000000 NS USD 0.00000000 0.000000 Long EC CORP US N 3 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -422901.48000000 -0.05883157046 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 13722500.00000000 CAD 9583346.37000000 USD 2025-06-16 -422901.48000000 N N N CONTRA ICOSAVAX INC N/A 451CVR021 802494.00000000 NS USD 280953.15000000 0.039084552370 N/A DE US Y 3 N/A N/A Icosavax, Inc. Icosavax, Inc. 2099-12-31 XXXX 32180.01000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -17987.00000000 -0.00250224581 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 259000.00000000 GBP 330997.36000000 USD 2025-06-16 -17987.00000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 830.00000000 NC USD 12450.00000000 0.001731970889 N/A DE US N 1 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 Put Purchased SpringWorks Therapeutics, Inc. SpringWorks Therapeutics, Inc. 100.00000000 35.00000000 USD 2025-09-19 XXXX -1198.63000000 N N N Pacific Premier Bancorp Inc 549300Q1KIC3KLI0XG98 69478X105 343000.00000000 NS USD 7271600.00000000 1.011582290559 Long EC CORP US N 1 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 420.00000000 NC USD 0.00000000 0.000000 N/A DE US N 1 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 Put Purchased Everi Holdings, Inc. Everi Holdings, Inc. 100.00000000 11.00000000 USD 2025-09-19 XXXX -11205.07000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 4330734.40000000 OU Notional Amount USD 212692.50000000 0.029588531593 N/A DE US N 1 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 Apollo Global Management, Inc. Apollo Global Management, Inc. Y equity-performance leg 2026-05-06 0.00000000 USD 0.00000000 USD 4330734.40000000 USD 212692.50000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 8200.00000000 NC USD 360800.00000000 0.050192377253 N/A DE US N 1 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 Put Purchased Walgreens Boots Alliance, Inc. Walgreens Boots Alliance, Inc. 100.00000000 10.00000000 USD 2026-01-16 XXXX 118997.17000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -2048.23000000 -0.00028493772 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 138100.00000000 GBP 184031.85000000 USD 2025-06-16 -2048.23000000 N N N JPY CSSH AT MORGAN STANLEY N/A 000000000 -16.88000000 NS -0.12000000 -0.00000001669 Short CORP JP N 1 N N N FARO Technologies Inc 529900MFEFNOFP3YR823 311642102 253165.00000000 NS USD 10726601.05000000 1.492221747630 Long EC CORP US N 1 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC 1968.86000000 0.000273896241 N/A DFE GB N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 137624.88000000 USD 103600.00000000 GBP 2025-06-16 1968.86000000 N N N Goldman Sachs & Co. LLC FOR8UP27PHTHYVLBNG30 000000000 1632.00000000 NC USD 0.00000000 0.000000 N/A DE US N 1 Goldman Sachs & Co. LLC FOR8UP27PHTHYVLBNG30 Put Purchased Paramount Global Paramount Global 100.00000000 9.00000000 USD 2025-07-18 XXXX -181179.34000000 N N N MORGAN STANLEY PRIME BROKER N/A 000000000 -6.74000000 NS -0.66000000 -0.00000009181 Short STIV CORP NO N 1 N N N ANSYS Inc 549300VJV8H15Z5FJ571 03662Q105 98551.00000000 NS USD 32602641.82000000 4.535488075602 Long EC CORP US N 1 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC 17093.66000000 0.002377969599 N/A DFE CA N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 1315419.90000000 USD 1827400.00000000 CAD 2025-06-16 17093.66000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -3128.52000000 -0.00043522133 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 146700.00000000 GBP 194539.46000000 USD 2025-06-16 -3128.52000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 10.00000000 NC USD 0.00000000 0.000000 N/A DE US N 1 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 Put Purchased Triumph Group, Inc. Triumph Group, Inc. 100.00000000 17.50000000 USD 2025-06-20 XXXX -66.77000000 N N N Informatica Inc 984500E0DEFFE6DE9588 45674M101 373957.00000000 NS USD 8978707.57000000 1.249065070950 Long EC CORP US N 1 N N N Jefferies LLC 58PU97L1C0WSRCWADL48 000000000 -1143.00000000 NC USD -525780.00000000 -0.07314342603 N/A DE US N 1 Jefferies LLC 58PU97L1C0WSRCWADL48 Call Written U.S. Steel Corp. U.S. Steel Corp. 100.00000000 50.00000000 USD 2025-06-20 XXXX -236919.69000000 N N N Spirent Communications PLC 213800HKCUNWP1916L38 000000000 4316000.00000000 NS 10967391.45000000 1.525719094071 Long EC CORP GB N 1 N N N Jefferies LLC 58PU97L1C0WSRCWADL48 000000000 1143.00000000 NC USD 40005.00000000 0.005565260676 N/A DE US N 1 Jefferies LLC 58PU97L1C0WSRCWADL48 Put Purchased U.S. Steel Corp. U.S. Steel Corp. 100.00000000 40.00000000 USD 2025-06-20 XXXX -442659.61000000 N N N McGrath RentCorp 254900EUH6IPWFQ83445 580589109 84898.00000000 NS USD 9540837.24000000 1.327265249613 Long EC CORP US N 1 N N N CONTRA RESOLUTE FOREST N/A 761CVR042 803806.00000000 NS USD 1255223.45000000 0.174619315242 N/A DE US Y 3 N/A N/A Resolute Forest Products, Inc. Resolute Forest Products, Inc. 2099-12-31 XXXX 113818.93000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC 26565.45000000 0.003695629402 N/A DFE CA N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 5263310.67000000 USD 7254500.00000000 CAD 2025-06-16 26565.45000000 N N N ProAssurance Corp 54930015E5J57R675E89 74267C106 355000.00000000 NS USD 8232450.00000000 1.145250100103 Long EC CORP US N 1 N N N MORGAN STANLEY PRIME BROKER US N/A 000000000 15485839.73000000 NS USD 15485839.73000000 2.154299084837 Long CORP US N 1 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC 7063.82000000 0.000982677157 N/A DFE GB N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 167428.36000000 USD 129500.00000000 GBP 2025-06-16 7063.82000000 N N N SpringWorks Therapeutics Inc N/A 85205L107 466019.00000000 NS USD 21767747.49000000 3.028201202795 Long EC CORP US N 1 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC 19954.79000000 0.002775993203 N/A DFE GB N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 363928.01000000 USD 284900.00000000 GBP 2025-06-16 19954.79000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 9.00000000 NC USD 0.00000000 0.000000 N/A DE US N 1 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 Put Purchased Triumph Group, Inc. Triumph Group, Inc. 100.00000000 20.00000000 USD 2025-06-20 XXXX -105.09000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -171754.02000000 -0.02389341066 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 3451000.00000000 EUR 3749853.15000000 USD 2025-06-16 -171754.02000000 N N N Aspen Technology Inc 254900545H80W6GA2J08 29109X106 53275.00000000 NS USD 0.00000000 0.000000 Long EC CORP US N 3 N N N State Street Global Advisors 549300BZ5TGIFZUZDZ37 857492706 1826628.46000000 NS USD 1826628.46000000 0.254109824738 Long STIV RF US N 1 N N N 2025-06-13 ARBITRAGE FUNDS Jonathon Hickey Jonathon Hickey Treasurer