NPORT-P false 0001105076 XXXXXXXX S000030113 C000092484 C000127229 C000092485 ARBITRAGE FUNDS 811-09815 0001105076 549300NPBJYDNFZ58M30 C/O WATER ISLAND CAPITAL, LLC 104 FIFTH AVENUE, 9TH FLOOR NEW YORK 10011 800-560-8210 Water Island Event-Driven Fund S000030113 71ZPS0ACY0O0VMTK8636 2025-05-31 2025-05-31 N 60704612.61 2382271.24 58322341.37 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 SEK CASH COLLATERAL N/A 000000000 -11.68000000 NS -1.22000000 -0.00000209182 Short STIV CORP SE N 1 N N N Playa Hotels & Resorts NV 529900BUP3KWPCJNLS49 000000000 42815.00000000 NS USD 576289.90000000 0.988111736365 Long EC CORP NL N 1 N N N EVERI HOLDINGS INC 5299006DK5S7BG10K532 30034TAA1 2461000.00000000 PA USD 2479546.10000000 4.251451573711 Long DBT CORP US N 2 2029-07-15 Fixed 5.00000000 N N N N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC 3498.18000000 0.005998010227 N/A DFE GB N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 59157.31000000 USD 46500.00000000 GBP 2025-06-16 3498.18000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -938.34000000 -0.00160888602 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 24400.00000000 EUR 26789.05000000 USD 2025-06-16 -938.34000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -3.67000000 -0.00000629261 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 15300.00000000 EUR 17382.77000000 USD 2025-06-16 -3.67000000 N N N Amedisys Inc 5299001RBS9GK9STN379 023436108 40122.00000000 NS USD 3774276.54000000 6.471407785321 Long EC CORP US N 1 N N N Goldman Sachs & Co. LLC FOR8UP27PHTHYVLBNG30 000000000 -17.00000000 NC USD -782.00000000 -0.00134082408 N/A DE US N 1 Goldman Sachs & Co. LLC FOR8UP27PHTHYVLBNG30 Call Written Paramount Global Paramount Global 100.00000000 12.00000000 USD 2025-07-18 XXXX -144.27000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 189.00000000 NC USD 945.00000000 0.001620305320 N/A DE US N 1 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 Put Purchased Skechers USA, Inc. Skechers USA, Inc. 100.00000000 55.00000000 USD 2025-08-15 XXXX -4070.24000000 N N N Endeavor Group Holdings Inc N/A 29260Y109 66527.00000000 NS USD 1945914.75000000 3.336482562754 Long EC CORP US N 3 N N N Hess Corp UASVRYNXNK17ULIGK870 42809H107 19072.00000000 NS USD 2521127.68000000 4.322747716875 Long EC CORP US N 1 N N N FUBOTV INC N/A 35953DAB0 385000.00000000 PA USD 374643.50000000 0.642367043571 Long DBT CORP US N 2 2026-02-15 Fixed 3.25000000 N N N N Y fuboTV, Inc. USD XXXX N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -292.96000000 -0.00050231179 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 17200.00000000 EUR 19252.58000000 USD 2025-06-16 -292.96000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC 508.92000000 0.000872598712 N/A DFE XX N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 10513.85000000 USD 9700.00000000 EUR 2025-06-16 508.92000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -652.37000000 -0.00111855934 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 17100.00000000 EUR 18779.53000000 USD 2025-06-16 -652.37000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -232.81000000 -0.00039917807 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 11300.00000000 GBP 14993.15000000 USD 2025-06-16 -232.81000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -148.31000000 -0.00025429363 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 10000.00000000 GBP 13325.99000000 USD 2025-06-16 -148.31000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC 5133.83000000 0.008802510117 N/A DFE CA N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 890524.70000000 USD 1228300.00000000 CAD 2025-06-16 5133.83000000 N N N CONTRA CINCOR PHARMA I N/A 172CVR011 39632.00000000 NS USD 150558.00000000 0.258148072356 N/A DE US Y 3 N/A N/A CinCor Pharma, Inc. CinCor Pharma, Inc. 2099-12-31 XXXX 29284.08000000 N N N CALPINE CORP 43R4VPJBXTU2O15HEF41 131347CN4 794000.00000000 PA USD 787098.47000000 1.349565966507 Long DBT CORP US N 2 2028-03-15 Fixed 5.12500000 N N N N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 243.00000000 NC USD 1215.00000000 0.002083249697 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 -1623.11000000 N N N Dun & Bradstreet Holdings Inc 254900LNALVKD1ZX7U27 26484T106 261197.00000000 NS USD 2353384.97000000 4.035134589453 Long EC CORP US N 1 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC 56.46000000 0.000096806813 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 11700.00000000 EUR 13351.97000000 USD 2025-06-16 56.46000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 429195.94000000 OU Notional Amount USD 65006.98000000 0.111461540248 N/A DE US N 1 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 Omnicom Group Inc Omnicom Group Inc Y equity-performance leg 2025-12-12 0.00000000 USD 0.00000000 USD 429195.94000000 USD 65006.98000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -29887.62000000 -0.05124557639 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 592400.00000000 GBP 768329.89000000 USD 2025-06-16 -29887.62000000 N N N Just Eat Takeaway.com NV 724500FVZIBSSQ7SHI95 000000000 39098.00000000 NS 864125.87000000 1.481637824719 Long EC CORP NL Y 1 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -151.41000000 -0.00025960891 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 6300.00000000 GBP 8337.40000000 USD 2025-06-16 -151.41000000 N N N AvidXchange Holdings Inc N/A 05368X102 153595.00000000 NS USD 1503695.05000000 2.578248771702 Long EC CORP US N 1 N N N Synopsys Inc QG7T915N9S0NY5UKNE63 871607107 -1951.00000000 NS USD -905224.98000000 -1.55210672057 Short EC CORP US N 1 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -1305.62000000 -0.00223862754 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 18800.00000000 GBP 24026.06000000 USD 2025-06-16 -1305.62000000 N N N NATIONSTAR MTG HLD INC N/A 63861CAC3 961000.00000000 PA USD 958902.71000000 1.644143029026 Long DBT CORP US N 2 2028-08-15 Fixed 5.50000000 N N N N N N BAUSCH + LOMB CORP 549300NY6OZM39SO6475 071705AA5 790000.00000000 PA USD 816749.40000000 1.400405712141 Long DBT CORP CA N 2 2028-10-01 Fixed 8.37500000 N N N N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -4961.97000000 -0.00850783744 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 841500.00000000 CAD 608647.62000000 USD 2025-06-16 -4961.97000000 N N N SPIRIT AEROSYSTEMS INC ZD2NBKV6GCC3UMGBM518 85205TAR1 690000.00000000 PA USD 761942.78000000 1.306433798955 Long DBT CORP US N 2 2030-11-15 Fixed 9.75000000 N N N N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC 379.13000000 0.000650059635 N/A DFE XX N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 28939.17000000 USD 25800.00000000 EUR 2025-06-16 379.13000000 N N N CONTRA ABIOMED INC N/A 003CVR016 13890.00000000 NS USD 22224.00000000 0.038105466066 N/A DE US Y 3 N/A N/A ABIOMED Inc. ABIOMED Inc. 2099-12-31 XXXX 8056.20000000 N N N FRONTIER COMMUNICATIONS N/A 35908MAD2 2712000.00000000 PA USD 2849708.17000000 4.886134717948 Long DBT CORP US N 2 2030-05-15 Fixed 8.75000000 N N N N N N Landsea Homes Corp 549300RP8AZAKHNILS36 51509P103 51866.00000000 NS USD 584529.82000000 1.002239975743 Long EC CORP US N 1 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -15747.19000000 -0.02700027061 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 494400.00000000 CAD 344762.11000000 USD 2025-06-16 -15747.19000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC 581.76000000 0.000997490817 N/A DFE XX N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 21236.51000000 USD 19200.00000000 EUR 2025-06-16 581.76000000 N N N Paramount Global 5KYC8KF17ROCY24M3H09 92556H206 38162.00000000 NS USD 461760.20000000 0.791738104392 Long EC CORP US N 1 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -879.82000000 -0.00150854711 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 332300.00000000 CAD 241428.52000000 USD 2025-06-16 -879.82000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -70.87000000 -0.00012151432 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 13300.00000000 EUR 15042.83000000 USD 2025-06-16 -70.87000000 N N N Enstar Group Ltd 213800AMAL5QFXVUCN04 000000000 6551.00000000 NS USD 2194650.51000000 3.762967086792 Long EC CORP BM N 1 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC 512.74000000 0.000879148518 N/A DFE GB N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 12153.10000000 USD 9400.00000000 GBP 2025-06-16 512.74000000 N N N CONTRA ALBIREO PHARMA 549300835H8LC7O8VC29 013CVR022 34047.00000000 NS USD 90660.35000000 0.155447034310 N/A DE US Y 3 N/A N/A Albireo Pharma, Inc. Albireo Pharma, Inc. 2099-12-31 XXXX 17459.30000000 N N N Goldman Sachs & Co. LLC FOR8UP27PHTHYVLBNG30 000000000 -138.00000000 NC USD -5520.00000000 -0.00946464059 N/A DE US N 1 Goldman Sachs & Co. LLC FOR8UP27PHTHYVLBNG30 Call Written Paramount Global Paramount Global 100.00000000 12.00000000 USD 2025-06-20 XXXX -736.47000000 N N N ASSUREDPARTNERS INC 549300HNDSDQWQ3L2P80 04624VAB5 514000.00000000 PA USD 513650.38000000 0.880709463876 Long DBT CORP US N 2 2029-01-15 Fixed 5.62500000 N N N N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -1143.12000000 -0.00196000361 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 22000.00000000 GBP 28500.34000000 USD 2025-06-16 -1143.12000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 3207732.15000000 OU Notional Amount USD 535520.55000000 0.918208249909 N/A DE US N 1 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 Chevron Corp. Chevron Corp. Y equity-performance leg 2025-11-04 0.00000000 USD 0.00000000 USD 3207732.15000000 USD 535520.55000000 N N N E2open Parent Holdings Inc N/A 29788T103 178197.00000000 NS USD 572012.37000000 0.980777445766 Long EC CORP US N 1 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -25999.10000000 -0.04457828576 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 644500.00000000 EUR 706390.30000000 USD 2025-06-16 -25999.10000000 N N N Skechers USA Inc 529900D2R54KZPA4XR56 830566105 39204.00000000 NS USD 2432216.16000000 4.170299241880 Long EC CORP US N 1 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -12467.22000000 -0.02137640517 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 250500.00000000 EUR 272193.05000000 USD 2025-06-16 -12467.22000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 104.00000000 NC USD 6864.00000000 0.011769074832 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 -50680.23000000 N N N Juniper Networks Inc AUHIXNGG7U2U7JEHM527 48203R104 72661.00000000 NS USD 2610709.73000000 4.476345888512 Long EC CORP US N 1 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC 1449.86000000 0.002485942720 N/A DFE GB N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 26441.94000000 USD 20700.00000000 GBP 2025-06-16 1449.86000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 95.00000000 NC USD 475.00000000 0.000814439182 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 -634.55000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -277.65000000 -0.00047606113 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 13200.00000000 GBP 17508.43000000 USD 2025-06-16 -277.65000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 301215.00000000 OU Notional Amount USD 11675.00000000 0.020018057790 N/A DE US N 1 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 Herc Holdings, Inc. Herc Holdings, Inc. Y equity-performance leg 2026-05-29 0.00000000 USD 0.00000000 USD 301215.00000000 USD 11675.00000000 N N N Andlauer Healthcare Group Inc 549300FEFF2VDKFOGG32 034223107 25803.00000000 NS 1004969.83000000 1.723130118567 Long EC CORP CA N 1 N N N MORGAN STANLEY PRIME BROKER CA N/A 000000000 7.31000000 NS 5.33000000 0.000009138864 Long STIV CORP CA N 1 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1446353.32000000 OU Notional Amount USD 22745.12000000 0.038998983006 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 1446353.32000000 USD 22745.12000000 N N N State Street Global Advisors 549300BZ5TGIFZUZDZ37 857492706 2281148.09000000 NS USD 2281148.09000000 3.911276599010 Long STIV RF US N 1 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -148.05000000 -0.00025384783 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 7000.00000000 GBP 9283.96000000 USD 2025-06-16 -148.05000000 N N N TXNM Energy Inc 5493003JOBJGLZSDDQ28 69349H107 20260.00000000 NS USD 1148539.40000000 1.969295767317 Long EC CORP US N 1 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -32.50000000 -0.00005572478 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 13200.00000000 EUR 14967.56000000 USD 2025-06-16 -32.50000000 N N N CONTRA CONCERT PHARMAC 529900PYI5BSGQNATP82 206CVR011 154954.00000000 NS USD 70953.44000000 0.121657392918 N/A DE US Y 3 N/A N/A Concert Pharmaceuticals, Inc. Concert Pharmaceuticals, Inc. 2099-12-31 XXXX 13620.46000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 104.00000000 NC USD 4160.00000000 0.007132772625 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 -38374.15000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC 572.71000000 0.000981973608 N/A DFE XX N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 15336.45000000 USD 14000.00000000 EUR 2025-06-16 572.71000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC 1086.01000000 0.001862082307 N/A DFE XX N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 22664.09000000 USD 20900.00000000 EUR 2025-06-16 1086.01000000 N N N Foot Locker Inc 549300X383CBNP6MTV94 344849104 24452.00000000 NS USD 580979.52000000 0.996152600106 Long EC CORP US N 1 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -422.66000000 -0.00072469655 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 8000.00000000 EUR 8668.29000000 USD 2025-06-16 -422.66000000 N N N Bristol-Myers Squibb Co HLYYNH7UQUORYSJQCN42 110122157 67803.00000000 NS USD 50852.25000000 0.087191715568 N/A DE US Y 3 N/A N/A Bristol-Myers Squibb Co Bristol-Myers Squibb Co 2021-03-31 XXXX -59928.44000000 N N N MORGAN STANLEY PRIME BROKER EU N/A 000000000 -1.32000000 NS -1.50000000 -0.00000257191 Short CORP EE N 1 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -94.19000000 -0.00016149900 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 8200.00000000 GBP 10954.74000000 USD 2025-06-16 -94.19000000 N N N Morgan Stanley & Co. LLC 549300BI6Y5SI6BYPB26 61747C707 2281148.07000000 NS USD 2281148.07000000 3.911276564718 Long STIV RF US N 1 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -78.31000000 -0.00013427101 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 7500.00000000 GBP 10027.41000000 USD 2025-06-16 -78.31000000 N N N Bayer AG 549300J4U55H3WP1XT59 000000000 12589.00000000 NS 353566.59000000 0.606228388117 Long EC CORP DE N 1 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC 23.56000000 0.000040396183 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 17300.00000000 EUR 19682.73000000 USD 2025-06-16 23.56000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 50.00000000 NC USD 0.00000000 0.000000 N/A DE US N 1 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 Put Purchased Dana, Inc. Dana, Inc. 100.00000000 9.00000000 USD 2025-09-19 XXXX -6823.94000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC 346.61000000 0.000594300557 N/A DFE GB N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 20808.04000000 USD 15700.00000000 GBP 2025-06-16 346.61000000 N N N TK ELEVATOR HOLDCO GMBH 2549008GCHWX9EEMIS56 92537VAA8 1090000.00000000 PA USD 1091516.19000000 1.871523269402 Long DBT CORP DE N 2 2028-07-15 Fixed 7.62500000 N N N N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC 142.53000000 0.000244383192 N/A DFE GB N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 9963.19000000 USD 7500.00000000 GBP 2025-06-16 142.53000000 N N N Pacific Premier Bancorp Inc 549300Q1KIC3KLI0XG98 69478X105 66546.00000000 NS USD 1410775.20000000 2.418927578798 Long EC CORP US N 1 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC 390.95000000 0.000670326312 N/A DFE XX N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 14722.75000000 USD 13300.00000000 EUR 2025-06-16 390.95000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -724.92000000 -0.00124295421 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 53600.00000000 CAD 38359.42000000 USD 2025-06-16 -724.92000000 N N N Lumen Technologies Inc 8M3THTGWLTYZVE6BBY25 55024EAF2 1027394.00000000 PA USD 1019262.18000000 1.747635907711 Long LON CORP US N 2 2029-04-16 None 0.00000000 N N N N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -655.51000000 -0.00112394321 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 16200.00000000 EUR 17753.66000000 USD 2025-06-16 -655.51000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -100479.35000000 -0.17228277815 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 3260400.00000000 CAD 2276957.01000000 USD 2025-06-16 -100479.35000000 N N N FARO Technologies Inc 529900MFEFNOFP3YR823 311642102 23789.00000000 NS USD 1007939.93000000 1.728222678176 Long EC CORP US N 1 N N N Goldman Sachs & Co. LLC FOR8UP27PHTHYVLBNG30 000000000 78.00000000 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 -8659.31000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -228.19000000 -0.00039125658 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 10700.00000000 GBP 14189.31000000 USD 2025-06-16 -228.19000000 N N N ANSYS Inc 549300VJV8H15Z5FJ571 03662Q105 5647.00000000 NS USD 1868140.54000000 3.203130217541 Long EC CORP US N 1 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC 89.96000000 0.000154246208 N/A DFE GB N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 9207.31000000 USD 6900.00000000 GBP 2025-06-16 89.96000000 N N N Informatica Inc 984500E0DEFFE6DE9588 45674M101 30309.00000000 NS USD 727719.09000000 1.247753558766 Long EC CORP US N 1 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC 171.67000000 0.000294346893 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 161700.00000000 EUR 183922.43000000 USD 2025-06-16 171.67000000 N N N Interpublic Group of Cos Inc/The 5493008IUOJ5VWTRC333 460690100 14415.00000000 NS USD 345383.40000000 0.592197418496 Long EC CORP US N 1 N N N Jefferies LLC 58PU97L1C0WSRCWADL48 000000000 -98.00000000 NC USD -45080.00000000 -0.07729456489 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 -20313.32000000 N N N Spirent Communications PLC 213800HKCUNWP1916L38 000000000 314105.00000000 NS 798172.50000000 1.368553595844 Long EC CORP GB N 1 N N N CI Financial Corp 549300M9W7JJQSVCEM78 125491100 75987.00000000 NS 1740278.65000000 2.983897095213 Long EC CORP CA N 1 N N N Triumph Group Inc 5493007L6S47Q14SL582 896818101 30874.00000000 NS USD 796240.46000000 1.365240903050 Long EC CORP US N 1 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -119.71000000 -0.00020525581 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 6200.00000000 GBP 8234.36000000 USD 2025-06-16 -119.71000000 N N N DANA INC KVWHW7YLZPFJM8QYNJ51 235825AG1 862000.00000000 PA USD 857916.96000000 1.470991972968 Long DBT CORP US N 2 2028-06-15 Fixed 5.62500000 N N N N N N BOOST NEWCO BORROWER LLC 254900S8RE1OL7TTCU64 36268NAA8 1020000.00000000 PA USD 1079220.18000000 1.850440422398 Long DBT CORP US N 2 2031-01-15 Fixed 7.50000000 N N N N N N Jefferies LLC 58PU97L1C0WSRCWADL48 000000000 98.00000000 NC USD 3430.00000000 0.005881108198 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 -37953.32000000 N N N McGrath RentCorp 254900EUH6IPWFQ83445 580589109 6398.00000000 NS USD 719007.24000000 1.232816144054 Long EC CORP US N 1 N N N CONTRA RESOLUTE FOREST N/A 761CVR042 68936.00000000 NS USD 107650.46000000 0.184578426502 N/A DE US Y 3 N/A N/A Resolute Forest Products, Inc. Resolute Forest Products, Inc. 2099-12-31 XXXX 9761.34000000 N N N ProAssurance Corp 54930015E5J57R675E89 74267C106 46127.00000000 NS USD 1069685.13000000 1.834091541719 Long EC CORP US N 1 N N N MORGAN STANLEY PRIME BROKER US N/A 000000000 887682.89000000 NS USD 887682.89000000 1.522028898614 Long CORP US N 1 N N N SpringWorks Therapeutics Inc N/A 85205L107 49467.00000000 NS USD 2310603.57000000 3.961781224353 Long EC CORP US N 1 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -4.55000000 -0.00000780147 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 11000.00000000 EUR 12495.50000000 USD 2025-06-16 -4.55000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC -1189.84000000 -0.00204011013 N/A DFE US N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 127200.00000000 CAD 91562.55000000 USD 2025-06-16 -1189.84000000 N N N H&E Equipment Services Inc 254900KVLRCDMQRYY541 404030108 18147.00000000 NS USD 1717432.08000000 2.944724165143 Long EC CORP US N 1 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1.00000000 NC 600.69000000 0.001029948362 N/A DFE XX N 2 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 13149.37000000 USD 12100.00000000 EUR 2025-06-16 600.69000000 N N N 2025-06-13 ARBITRAGE FUNDS Jonathon Hickey Jonathon Hickey Treasurer