AltShares Trust

ADVISED BY WATER ISLAND CAPITAL

AltShares Trust Annual Report

May 31, 2023

AltShares Merger Arbitrage ETF
(NYSE Arca, Inc. Symbol: ARB)

AltShares Event-Driven ETF
(NYSE Arca, Inc. Symbol: EVNT)

TABLE OF CONTENTS

Shareholder Letter					1
AltShares Merger Arbitrage ETF
Manager Commentary					3
Portfolio Information					5
Portfolio of Investments					8
AltShares Event-Driven ETF
Manager Commentary					17
Portfolio Information					19
Portfolio of Investments					22
Statement of Assets and Liabilities					31
Statement of Operations					32
Statement of Changes in Net Assets					33
Financial Highlights
AltShares Merger Arbitrage ETF					35
AltShares Event-Driven ETF					36
Notes to Financial Statements					37
Report of Independent Registered Public Accounting Firm					54
Disclosure of Fund Expenses					56
Additional Information					58
Approval of Investment Advisory Agreement					59
Liquidity Risk					64
Trustees & Officers					65

AltShares Trust ETF Funds  Shareholder Letter

May 31, 2023 (Unaudited)

Dear Fellow Shareholders,

The fiscal year ending May 31, 2023, marked yet another challenging 12 months for both event-driven strategies and broader credit and equity markets. We continued to witness heightened volatility over the period, as many of the same challenges we discussed in our letter one year ago remain – such as the Russia/Ukraine conflict and the Federal Reserve's ("Fed") fight to tame inflation with interest rate hikes. We also saw new hazards emerge, such as a regional banking crisis that led to the failures of multiple large regional banks in the U.S. and yet another battle over the U.S. federal government's debt ceiling in Congress.

Within our event-driven universe, regulatory headwinds persisted throughout the course of the year, as antitrust regulators around the globe attempted to block several large transactions, in turn driving sympathetic volatility in deal spreads throughout the merger arbitrage universe. At times, we have found the logic behind the regulators' recent cases to be perplexing – particularly in the U.S., where the Department of Justice ("DOJ") and the Federal Trade Commission ("FTC") have sought to block deals, in our opinion, based on novel legal theories with little basis in historical precedent or antitrust law.

While the FTC and DOJ have succeeded in causing some companies to abandon their planned tie-ups rather than pursue costly litigation, and their actions may have had a chilling effect on future mergers and acquisitions ("M&A") in certain sensitive industries or by large acquirers, the regulatory pendulum may be starting to swing back to the other side. At this point, of the cases that have gone to trial, the FTC and DOJ under the Biden administration have lost more than they have won, and we believe acquirers may increasingly take a bolder stance in fighting regulatory objections. Furthermore, within the ranks of agency staff, there has been considerable brain drain, which may be a result of skepticism regarding the current regime's approach. In the past two years, for example, senior-level attorneys at the FTC have departed the agency at the fastest rate since 2000, which could make future enforcement actions more challenging.

While we are cognizant of the challenges that remain, amidst this environment, we believe the return opportunities in merger arbitrage are compelling. Volatility and rising interest rates are bolstering wider deal spreads, which have reached average levels we haven't seen since the Global Financial Crisis. According to Dealogic data, the average day-one spread (i.e., the spread the day after deal announcement) of pending deals as of May 31, 2023, exceeded 12% – more than double the rate just 12 months prior. And while M&A deal flow has slowed somewhat, with deal volumes in 2023 declining from the already subdued levels of the second half of 2022, activity still remains above pre-pandemic 2019 levels, according to Refinitiv and PwC data – providing plentiful event-driven investment opportunities.

As the Fed gets closer to its goal of combating inflation and interest rates begin to stabilize, we anticipate business leaders will increasingly seek to drive growth through strategic M&A, spurring further consolidation activity. Furthermore, financial acquisitions continue to comprise a large segment of M&A activity, and private equity firms remain flush with cash, with approximately $2.5 trillion on their books waiting to be deployed. All told, we believe the opportunity in the merger arbitrage space remains quite attractive. For our broader event-driven portfolio, given ongoing volatility, we expect to maintain our focus on these and other hard catalyst investments given their more definitive timelines and outcomes, introducing select soft catalyst investments – which typically have greater sensitivity to broader market moves – only when we believe the

AltShares Trust ETF Funds  Shareholder Letter (continued)

May 31, 2023 (Unaudited)

potential reward outweighs the potential risk and when we can construct appropriate risk mitigation strategies.

Sincerely,
The Investment Team

Water Island Capital

The discussion of market trends and companies throughout this commentary are not intended as advice to any person regarding the advisability of investing in any particular security. Some of our comments are based on current management expectations and are considered "forward-looking statements." Actual future results, however, may prove to be different from our expectations. Our views are a reflection of our best judgment at the time of the commentary and are subject to change any time based on market and other conditions, and we have no obligation to update them.

Glossary

Deal Flow: The volume of announced mergers and acquisitions activity.

Deal Spread (also "merger spread" or "spread"): The difference between the price at which a target company's shares currently trade and the price an acquiring company has agreed to pay, which forms the rate of return in a merger arbitrage investment.

Global Financial Crisis: A period of severe stress in global financial markets and banking systems between mid-2007 and early 2009.

Hard Catalysts: Situations with more defined potential outcomes and higher probabilities of reaching a successful conclusion.

Soft Catalysts: Situations with less defined potential outcomes and relatively lower probabilities of reaching a successful conclusion.

AltShares Merger Arbitrage ETF  Manager Commentary

May 31, 2023 (Unaudited)

AltShares Merger Arbitrage ETF

Fiscal Year Highlights

For the fiscal year ended May 31, 2023, AltShares Merger Arbitrage ETF returned -0.95% at net asset value ("NAV") and -1.07% at market price, net of fees. The Fund's underlying index, the Water Island Merger Arbitrage USD Hedged index, returned 1.99% gross for the same period. The Fund realized positive contribution from deals in both the European and Asia-Pacific regions, while the Americas region detracted from returns on the whole. On a sector basis, industrials and health care were the primary contributors to returns, while financials and information technology were the top detractors.

The Fund may utilize derivatives to implement position-level hedges or currency hedges. During the fiscal year, the Fund's investments in derivative instruments contributed to returns. Derivative performance was in line with expectations given prevailing market conditions over the period.

The Fund's top contributor for the period was its investment in the acquisition of Twitter by Elon Musk. In April 2022, Elon Musk – CEO of Tesla and SpaceX and one of the richest people in the world – launched an unsolicited bid to personally acquire the 91% of U.S. social media company Twitter that he did not already own for $54.20 per share in cash. Musk put together a financing package combining commitments from a group of banks led by Morgan Stanley and private equity firms with his own personal assets, including loans backed by his holdings in Tesla stock. Musk's commitment to the deal seemingly wavered in line with the fortunes of Tesla shares, which traded down significantly after Twitter's board agreed to the transaction. Musk's capriciousness led to significant volatility in the deal spread, as he attempted to back out of the deal and Twitter filed suit in the Delaware Court of Chancery to enforce the original merger agreement. Rather than undergo litigation, Musk ultimately capitulated and agreed to close the deal on its original terms. The Fund was rewarded when the deal was completed in calendar Q4 2022.

The second-largest contributor for the fiscal year was the Fund's position in the acquisition of Avast by NortonLifeLock. In July 2021, Avast – a Czech Republic-based software developer of cybersecurity and antivirus products – agreed to be acquired by NortonLifeLock – a U.S.-based software developer of security, storage, and systems management solutions – for $7.2 billion in cash and stock. This transaction experienced volatility in the deal spread due to regulatory concerns, with the UK's antitrust regulator – the Competition Markets Authority ("CMA") – concluding there was potential the merger could reduce competition and extending its probe into a second phase. Ultimately, however, the CMA approved the transaction, which closed successfully in September 2022, leading to gains for the Fund.

Conversely, the top detractor in the portfolio was the Fund's position in the acquisition of First Horizon by Toronto-Dominion Bank ("TD"). In February 2022, First Horizon – a regional bank based in Tennessee that operates throughout the Southeast U.S. – agreed to be acquired by TD – a Canada-based multinational banking and financial services corporation – for $13.4 billion in cash. While First Horizon was not directly connected to Silicon Valley Bank, the company's shares were a casualty of indiscriminate selling across the U.S. regional banking industry following the news of Silicon Valley Bank's failure. This, combined with an extended regulatory review in Canada as well as rumors of a potential price cut, pressured the deal's spread. As the regional banking crisis continued to unfold, leading to the additional failures of Signature Bank and First Republic, volatility in First Horizon shares escalated. Eventually, in May 2023, when no progress had been made on the antitrust review front, First Horizon and TD mutually agreed to terminate the merger due to "uncertainty" as to when the deal might gain the lagging regulatory approvals.

AltShares Merger Arbitrage ETF  Manager Commentary (continued)

May 31, 2023 (Unaudited)

The second-largest detractor for the period was the Fund's position in the acquisition of Rogers by DuPont de Nemours ("DuPont"). In November 2021, Rogers – a U.S.-based manufacturer and seller of specialty polymer composite materials and components – agreed to be acquired by DuPont – a U.S.-based provider of chemicals, plastic materials, fibers, and consumer products – for $5.3 billion in cash. This transaction experienced an extended regulatory review at the State Administration for Market Regulation ("SAMR") in China. In November 2022, when the deal's termination date was reached with SAMR approval still outstanding, DuPont opted to walk away rather than agree to extend the timeline. This caught many arbitrageurs by surprise, as the companies had jointly reaffirmed their commitment to the merger and achieving a resolution with SAMR just two months prior, and the ensuing selling pressure as event-driven investors exited en masse led to losses for the Fund.

AltShares Merger Arbitrage ETF  Portfolio Information

May 31, 2023

Performance (annualized returns as of May 31, 2023)

Net asset value ("NAV") represents the value of each share's portion of the Fund's underlying net assets (including cash) at the end of the trading day. Market price represents the mid-point between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated (usually 4:00 pm Eastern time).

				One Year				Five Year				Ten Year				Since Inception
AltShares Merger Arbitrage ETF* NAV Returns					-0.95	%			—				—				2.09	%
AltShares Merger Arbitrage ETF* Market Price Returns					-1.07	%			—				—				2.07	%
ICE BofA 3-Month Treasury Bill Index					3.14	%			—				—				1.10	%
Water Island Merger Arbitrage USD Hedged Index					1.99	%			—				—				3.60	%

* Fund inception: 5/7/2020.

Current performance may be lower or higher than performance quoted above. Any performance data quoted represents past performance and the investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Past performance is no guarantee of future results. Returns shown above include the reinvestment of all dividends and capital gains. Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from the amount reported in the Financial Highlights. The performance data does not reflect the deduction of taxes that a shareholder would pay on dividends, capital gains distributions or redemption of Fund shares. The performance data reflects fee waivers in effect at the time. If fee waivers were not in place, the performance depicted would be lower.You can obtain performance data current to the most recent month-end by calling 1-855-955-1607.

The Total Annual Fund Operating Expense ratio for the Fund is 0.76%. The expense ratio is as stated in the current prospectus and may differ from the expense ratio disclosed in the financial highlights in this report. Water Island Capital, LLC, the Fund's adviser ("Adviser"), has voluntarily agreed to reduce the Fund's advisory fee from 0.75% to 0.55% when the Fund's assets are under $100 million and to 0.65% when the Fund's assets are $100 million or more but less than $200 million. This voluntary arrangement may be eliminated by the Adviser at any time. A contractual fee waiver of 0.20% was in effect from January 31, 2022 to September 30, 2022.

The ICE BofA U.S. 3-Month Treasury Bill Index (formerly named, ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index) tracks the performance of the U.S. dollar denominated U.S. Treasury Bills publicly issued in the U.S. domestic market with a remaining term to final maturity of less than 3 months.

The Water Island Merger Arbitrage USD Hedged Index ("Underlying Index") is comprised of securities of U.S. and foreign companies of any market capitalization, which may from time to time include small and medium capitalization companies.

An investor may not invest directly in an index.

AltShares Merger Arbitrage ETF Risks: Investments are subject to risk, including possible loss of principal. There can be no assurance that the Fund will achieve its investment objectives. The Fund is non-diversified and is expected to be concentrated in certain industries and sectors to the same

AltShares Merger Arbitrage ETF  Portfolio Information (continued)

May 31, 2023

extent as the Underlying Index and may be more sensitive to market or other developments that significantly affect those industries.

The Fund uses investment techniques with risks that are different from those ordinarily associated with equity investments. Such risks include merger arbitrage risk (in that the proposed reorganizations in which the Fund invests maybe renegotiated or terminated, in which case the Fund may realize losses) and short sale risk (in that the Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls). Short sales by the Fund theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase.

The Fund may invest in derivatives (such as forwards, futures including foreign forward currency contracts, options and swaps), which may cause the Fund to be susceptible to credit risk and currency fluctuations. Derivatives may be more sensitive to changes in market conditions and may amplify the risk of loss for the Fund. The Fund may experience high portfolio turnover which could result in higher transaction costs and taxes.

Shares of the Fund may be bought or sold throughout the day at their market price on the exchange on which they are listed. The market price of fund shares may be at, above, or below their NAV and will fluctuate with changes in the NAV as well as with supply and demand in the market for the shares. The market price of fund shares may differ significantly from their NAV during periods of market volatility. Shares of the Fund may only be redeemed directly with the Fund at NAV by Authorized Participants, in large creation units. There can be no guarantee that an active trading market for fund shares will develop or be maintained or that their listing will continue or remain unchanged. Buying or selling fund shares on an exchange may require the payment of brokerage commissions and frequent trading may incur brokerage costs that detract significantly from investment returns.

Growth of $10,000 Investment

The chart represents historical performance of a hypothetical investment of $10,000 in the shares of the Fund. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

  

AltShares Merger Arbitrage ETF  Portfolio Information (continued)

May 31, 2023

Sector Weighting

The following chart shows the sector weightings of the AltShares Merger Arbitrage ETF's investments (including short sales and excluding derivatives) as of the report date.

* Concentration Risk: The Fund may invest a large portion of its assets in securities of issuers in a single industry to approximately the same extent that the Fund's Underlying Index concentrates in the securities of the same industry. During such a period of concentration, the Fund may be subject to greater volatility with respect to its portfolio securities than a fund that is more broadly diversified.

AltShares Merger Arbitrage ETF  Portfolio of Investments

May 31, 2023

				Shares				Value
COMMON STOCKS - 94.88%
Aerospace & Defense - 2.05%
Aerojet Rocketdyne Holdings, Inc.(a)​					22,260			$	1,212,725
Airlines - 1.78%
Spirit Airlines, Inc.					69,440				1,056,182
Banks - 4.38%
First Horizon Corp.(b)​					126,497				1,304,184
Home Capital Group, Inc.					25,102				803,449
Lakeland Bancorp, Inc.					37,357				486,015
									2,593,648
Biotechnology - 20.57%
BELLUS Health, Inc.(a)​					150,398				2,197,315
CTI BioPharma Corp.(a)​					181,380				1,641,489
Horizon Therapeutics Plc(a)​					21,371				2,137,741
IVERIC bio, Inc.(a)(c)​					58,393				2,204,336
Prometheus Biosciences, Inc.(a)​					11,253				2,235,971
Seagen, Inc.(a)(c)​					9,031				1,767,366
									12,184,218
Chemicals - 2.07%
Diversey Holdings Ltd.(a)​					147,544				1,229,041
Computers & Computer Services - 0.62%
Ordina N.V.					60,406				365,455
Distribution/Wholesale - 4.83%
Uni-Select, Inc.(a)​					35,145				1,209,816
Univar Solutions, Inc.(a)(c)​					46,333				1,650,382
									2,860,198
Diversified Financial Services - 3.42%
Focus Financial Partners, Inc., Class A(a)​					23,432				1,220,573
Numis Corp. Plc					194,381				806,404
									2,026,977
Electronics - 2.74%
National Instruments Corp.(c)​					28,040				1,620,712
Engineering & Construction - 0.62%
Sureserve Group Plc					236,668				365,796
Food - 1.84%
Albertsons Cos., Inc., Class A(c)​					53,678				1,092,884
Healthcare - Products - 0.30%
NuVasive, Inc.(a)(c)​					4,717				180,001

See Notes to Financial Statements.

AltShares Merger Arbitrage ETF  Portfolio of Investments (continued)

May 31, 2023

				Shares				Value
COMMON STOCKS - 94.88% (Continued)
Healthcare - Services - 3.71%
Syneos Health, Inc.(a)(c)​					52,791			$	2,196,106
Home Furnishings - 1.47%
iRobot Corp.(a)(c)​					24,610				872,424
Insurance - 0.24%
Curtis Banks Group Plc					36,064				144,904
Iron/Steel - 0.65%
Kloeckner & Co. SE					37,293				384,274
Machinery - Diversified - 3.10%
Xylem, Inc.					18,327				1,836,401
Media - 1.36%
Telenet Group Holding N.V.					37,750				804,195
Mining - 3.70%
Arconic Corp.(a)​					75,835				2,192,390
Miscellaneous Manufacturing - 0.70%
va-Q-tec AG(a)​					16,893				415,309
Office Furnishings - 0.83%
Kimball International, Inc., Class B					40,042				492,517
Oil & Gas - 1.29%
Ranger Oil Corp., Class A					20,872				767,046
Pharmaceuticals - 2.13%
Heska Corp.(a)​					10,528				1,260,517
Pipelines - 5.56%
DCP Midstream LP(a)​					29,747				1,237,178
Magellan Midstream Partners LP(a)(c)​					34,201				2,059,242
									3,296,420
Real Estate - 1.39%
Radius Global Infrastructure, Inc., Class A(a)​					55,802				825,870
Real Estate Investment Trusts - 3.94%
Indus Realty Trust, Inc.					5,494				366,999
Industrials REIT Ltd.					177,303				367,226
Life Storage, Inc.(c)​					8,270				1,053,516
Ready Capital Corp.					19,114				193,240
Urstadt Biddle Properties, Inc., Class A					18,129				350,796
									2,331,777

See Notes to Financial Statements.

AltShares Merger Arbitrage ETF  Portfolio of Investments (continued)

May 31, 2023

				Shares				Value
COMMON STOCKS - 94.88% (Continued)
Retail - 4.83%
Franchise Group, Inc.					55,758			$	1,622,558
Ruth's Hospitality Group, Inc.					57,676				1,235,996
									2,858,554
Software - 14.15%
Cvent Holding Corp.(a)​					144,305				1,225,149
EMIS Group Plc					47,516				788,494
ForgeRock, Inc., Class A(a)​					40,586				816,996
Meltwater N.V.(a)​					193,577				313,903
Momentive Global, Inc.(a)(c)​					87,200				824,912
Qualtrics International, Inc., Class A(a)(c)​					90,420				1,634,794
SimCorp A/S					11,754				1,218,145
VMware, Inc., Class A(a)(c)​					11,457				1,561,475
									8,383,868
Telecommunications - 0.00%
GCI Liberty, Inc.(d)​					2,728				—
Transportation - 0.61%
U.S. Xpress Enterprises, Inc., Class A(a)​					59,836				363,803
TOTAL COMMON STOCKS (Cost $59,117,234)									56,214,212

				Yield				Shares				Value
SHORT-TERM INVESTMENTS - 4.81%
Money Market Funds
Morgan Stanley Institutional Liquidity Funds - Government Portfolio					4.997	%(e)​			1,425,170			$	1,425,170
State Street Institutional U.S. Government Money Market Fund, Premier Class					5.129	%(e)​			1,425,170				1,425,170
													2,850,340
TOTAL SHORT-TERM INVESTMENTS (Cost $2,850,340)													2,850,340
Total Investments - 99.69% (Cost $61,967,574)													59,064,552
Other Assets in Excess of Liabilities - 0.31%(f)​													180,868
NET ASSETS - 100.00%												$	59,245,420

See Notes to Financial Statements.

AltShares Merger Arbitrage ETF  Portfolio of Investments (continued)

May 31, 2023

Portfolio Footnotes

^(a)​  Non-income-producing security.

^(b)​  Underlying security for a written/purchased call/put option.

^(c)​  Security, or a portion of security, is being held as collateral for short sales, swaps or forward foreign currency exchange contracts. At May 31, 2023, the aggregate fair market value of those securities was $ 14,409,092 representing 24.32% of net assets.

^(d)​  Security fair valued using significant unobservable inputs and classified as a Level 3 security. As of May 31, 2023, the total fair market value of these securities was $0, representing 0.0% of net assets.

^(e)​  Rate shown is the 7-day effective yield as of May 31, 2023.

^(f)​  Includes cash held as collateral for short sales.

WRITTEN OPTIONS				Expiration Date				Exercise Price				Notional Amount				Contracts				Value
Written Call Options
First Horizon Corp.				06/2023				$	11.00			$	(206,200	)			(200	)		$	(5,000	)
				06/2023					12.00				(420,648	)			(408	)			(3,060	)
				06/2023					13.00				(51,500	)			(50	)			0
TOTAL WRITTEN OPTIONS (Premiums received $46,365)																				$	(8,060	)

EQUITY SWAP CONTRACTS

Swap Counterparty/ Payment Frequency				Reference Obligation				Rate Paid/ Received by the Fund				Termination Date				Upfront Payments Made				Upfront Payments Received				Market Value				Notional Amount				Unrealized Appreciation
Morgan Stanley & Co./ Upon Termination				Extra Space Storage, Inc.				Received 1 Month- Federal Rate Minus 40 bps (-4.680%)				05/06/2024				$	—			$	—			$	130,768			USD	1,198,510			$	130,768
Morgan Stanley & Co./ Upon Termination				Globus Medical, Inc.				Received 1 Month- Federal Rate Minus 40 bps (-4.680%)				05/06/2024					—				—				12,519			USD	203,976				12,519

See Notes to Financial Statements.

AltShares Merger Arbitrage ETF  Portfolio of Investments (continued)

May 31, 2023

Swap Counterparty/ Payment Frequency				Reference Obligation				Rate Paid/ Received by the Fund				Termination Date				Upfront Payments Made				Upfront Payments Received				Market Value				Notional Amount				Unrealized Appreciation
Morgan Stanley & Co./ Upon Termination				HNI Corp.				Received 1 Month- Federal Rate Minus 40 bps (-4.680%)				05/06/2024				$	1,041			$	—			$	5,165			USD	138,020			$	6,206
Morgan Stanley & Co./ Upon Termination				ONEOK, Inc.				Received 1 Month- Federal Rate Minus 40 bps (-4.680%)				05/06/2024					—				—				42,887			USD	1,335,414				42,887
Morgan Stanley & Co./ Upon Termination				Provident Financial Services, Inc.				Received 1 Month- Federal Rate Minus 40 bps (-4.680%)				05/06/2024					169				—				72,360			USD	576,137				72,529
Morgan Stanley & Co./ Upon Termination				Ready Capital Corp.				Received 1 Month- Federal Rate Minus 58 bps (-4.500%)				05/06/2024					—				—				8,312			USD	201,413				8,312
Morgan Stanley & Co./ Upon Termination				Regency Centers Corp.				Received 1 Month- Federal Rate Minus 40 bps (-4.680%)				05/06/2024					—				—				1,875			USD	355,814				1,875
Morgan Stanley & Co./ Upon Termination				Xylem, Inc.				Received 1 Month- Federal Rate Minus 40 bps (-5.080%)				05/06/2024					—				—				18,058			USD	1,854,223				18,058

See Notes to Financial Statements.

AltShares Merger Arbitrage ETF  Portfolio of Investments (continued)

May 31, 2023

Swap Counterparty/ Payment Frequency				Reference Obligation				Rate Paid/ Received by the Fund				Termination Date				Upfront Payments Made				Upfront Payments Received				Market Value				Notional Amount				Unrealized Appreciation
Morgan Stanley & Co./ Upon Termination				Baytex Energy Corp.				Received 1 Month- CORRA Minus 169 bps (-2.810%)				03/07/2025				$	—			$	—			$	25,996			CAD	704,386			$	25,996
																								$	317,940							$	319,150
Swap Counterparty/ Payment Frequency				Reference Obligation				Rate Paid/ Received by the Fund				Termination Date				Upfront Payments Made				Upfront Payments Received				Market Value				Notional Amount				Unrealized Depreciation
Morgan Stanley & Co./ Upon Termination				Broadcom, Inc.				Received 1 Month- Federal Rate Minus 40 bps (-4.680%)				05/06/2024				$	—			$	—			$	(292,774	)		USD	873,113			$	(292,774	)

OUTSTANDING FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

Currency Purchased				Currency Sold				Counterparty				Settlement Date				Unrealized Appreciation
CAD	5,697,970			USD	4,171,056			Morgan Stanley & Co.				06/15/2023				$	27,737
USD	1,630,662			CAD	2,193,220			Morgan Stanley & Co.				06/15/2023					14,494
USD	1,326,179			DKK	9,028,700			Morgan Stanley & Co.				06/15/2023					29,057
EUR	76,000			USD	81,161			Morgan Stanley & Co.				06/15/2023					135
USD	4,048,773			EUR	3,705,720			Morgan Stanley & Co.				06/15/2023					84,795
GBP	808,800			USD	994,576			Morgan Stanley & Co.				06/15/2023					11,804
USD	720,878			GBP	575,600			Morgan Stanley & Co.				06/15/2023					4,667
USD	542,938			NOK	5,697,000			Morgan Stanley & Co.				06/15/2023					29,376
																$	202,065

See Notes to Financial Statements.

AltShares Merger Arbitrage ETF  Portfolio of Investments (continued)

May 31, 2023

Currency Purchased				Currency Sold				Counterparty				Settlement Date				Unrealized Depreciation
CAD	2,965,900			USD	2,209,905			Morgan Stanley & Co.				06/15/2023				$	(24,354	)
USD	6,731,690			CAD	9,204,210			Morgan Stanley & Co.				06/15/2023					(50,825	)
DKK	389,500			USD	56,320			Morgan Stanley & Co.				06/15/2023					(361	)
EUR	1,686,810			USD	1,847,158			Morgan Stanley & Co.				06/15/2023					(42,792	)
GBP	131,300			USD	165,852			Morgan Stanley & Co.				06/15/2023					(2,476	)
USD	3,289,096			GBP	2,689,500			Morgan Stanley & Co.				06/15/2023					(57,417	)
NOK	2,212,600			USD	208,038			Morgan Stanley & Co.				06/15/2023					(8,581	)
																$	(186,806	)

The following is a summary of investments classified by country exposure:

Country				% of Net Assets(a)​
United States					82.49	%
Canada					7.11	%
United Kingdom					4.17	%
Denmark					2.06	%
Belgium					1.36	%
Germany					1.35	%
Netherlands					1.15	%
Other Assets in Excess of Liabilities					0.31	%
					100.00	%

^(a)​  These percentages represent long positions only and are not net of short positions.

Abbreviations:

AG - Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e., owned by shareholders.

A/S - Aktieselskab is a Danish term for a stock-based corporation.

bps - Basis Points. 100 Basis Points is equal to 1 percentage point.

CAD - Canadian dollar

CORRA - Canadian Overnight Repo Rate Average

DKK - Danish krone

EUR - Euro

GBP - British pound

LP - Limited Partnership

Ltd. - Limited

NOK - Norwegian krone

N.V. - Naamloze Vennootschap is the Dutch term for a public limited liability corporation.

Plc - Public Limited Company

REIT - Real Estate Investment Trust

SE - SE Regulation. A European Company which can operate on a Europe-wide basis and be governed by Community law directly applicable in all Member States

USD - United States Dollar

See Notes to Financial Statements.

AltShares Merger Arbitrage ETF  Portfolio of Investments (continued)

May 31, 2023

The following table summarizes AltShares Merger Arbitrage ETF's investments and derivative financial instruments categorized in the fair value hierarchy as of May 31, 2023:

Investments in Securities at Fair Value*

Level 1

Level 2

Level 3

Total

Assets

Common Stocks

Aerospace & Defense				$	1,212,725			$	—			$	—			$	1,212,725
Airlines					1,056,182				—				—				1,056,182
Banks					2,593,648				—				—				2,593,648
Biotechnology					12,184,218				—				—				12,184,218
Chemicals					1,229,041				—				—				1,229,041
Computers & Computer Services					365,455				—				—				365,455
Distribution/Wholesale					2,860,198				—				—				2,860,198
Diversified Financial Services					2,026,977				—				—				2,026,977
Electronics					1,620,712				—				—				1,620,712
Engineering & Construction					365,796				—				—				365,796
Food					1,092,884				—				—				1,092,884
Healthcare - Products					180,001				—				—				180,001
Healthcare - Services					2,196,106				—				—				2,196,106
Home Furnishings					872,424				—				—				872,424
Insurance					144,904				—				—				144,904
Iron/Steel					384,274				—				—				384,274
Machinery - Diversified					1,836,401				—				—				1,836,401
Media					804,195				—				—				804,195
Mining					2,192,390				—				—				2,192,390
Miscellaneous Manufacturing					415,309				—				—				415,309
Office Furnishings					492,517				—				—				492,517
Oil & Gas					767,046				—				—				767,046
Pharmaceuticals					1,260,517				—				—				1,260,517
Pipelines					3,296,420				—				—				3,296,420
Real Estate					825,870				—				—				825,870
Real Estate Investment Trusts					2,331,777				—				—				2,331,777
Retail					2,858,554				—				—				2,858,554
Software					7,558,956				824,912				—				8,383,868
Telecommunications					—				—				0				0
Transportation					363,803				—				—				363,803
Short-Term Investments					2,850,340				—				—				2,850,340
TOTAL				$	58,239,640			$	824,912			$	0			$	59,064,552

See Notes to Financial Statements.

AltShares Merger Arbitrage ETF  Portfolio of Investments (continued)

May 31, 2023

Other Financial Instruments**				Level 1				Level 2				Level 3				Total
Assets
Forward Foreign Currency Exchange Contracts				$	—			$	202,065			$	—			$	202,065
Equity Swaps					317,940				—				—				317,940
Liabilities
Written Options					(8,060	)			—				—				(8,060	)
Forward Foreign Currency Exchange Contracts					—				(186,806	)			—				(186,806	)
Equity Swaps					(292,774	)			—				—				(292,774	)
TOTAL				$	17,106			$	15,259			$	—			$	32,365

*  Refer to Note 2 where leveling hierarchy is defined.

**  Other financial instruments are instruments such as written options, securities sold short, equity swaps and forward foreign currency exchange contracts.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund's assets and liabilities during the period ended May 31, 2023:

Investments in Securities				Balance as of May 31, 2022				Realized Gain (Loss)				Change in Unrealized Appreciation (Depreciation)				Purchases				Sales Proceeds				Transfers out of Level 3				Balance as of May 31, 2023				Net change in Unrealized Appreciation (Depreciation) from investments still held as of May 31, 2023
Common Stock				$	—			$	—			$	—			$	0			$	—			$	—			$	0			$	—
Total				$	—			$	—			$	—			$	0			$	—			$	—			$	0			$	—

The following table summarizes the quantitative inputs used for investments categorized as Level 3 of the fair value hierarchy as of May 31, 2023:

Investments in Securities				Fair Value at May 31, 2023				Valuation Technique				Unobservable Input				Range of Values				Weighted Average
Common Stocks				$	0			Value of future recovery				Value of future recovery				$	0			$	0.00

See Notes to Financial Statements.

AltShares Event-Driven ETF  Manager Commentary

May 31, 2023 (Unaudited)

AltShares Event-Driven ETF

Fiscal Year Highlights

For the fiscal year ended May 31, 2023, AltShares Event-Driven ETF returned -1.47% at NAV and -1.57% at market price, net of fees. The European region contributed to returns, while the Americas and Asia-Pacific regions detracted from returns. On a sector basis, the top contributors for the period were energy and industrials, while financials and communication services detracted the most from returns.

The Fund may utilize derivatives for several purposes, primarily to implement position-level hedges, portfolio-level hedges, or currency hedges. During the fiscal year, the Fund's investments in derivative instruments contributed to returns. Derivative performance was in line with expectations given prevailing market conditions over the period.

The Fund's top contributor for the period was its investment in Nvidia. Nvidia is a U.S.-based designer of graphics processing units, systems on a chip, other semiconductors, and artificial intelligence hardware and software for a variety of use cases including mobile, desktop, server, and automotive environments. The company posted solid financials despite weaker data center revenues stemming from flagging demand in China. We remain positive on Nvidia based on what we view as an underappreciated transformation from a traditional PC graphics chip vendor into a supplier for the high-end gaming, enterprise graphics, cloud computing, artificial intelligence, and automotive markets. Furthermore, the company has a strong balance sheet and is flush with nearly $13.5 billion in cash that may be deployed in a range of catalysts such as strategic acquisitions, investment in growth initiatives, or distribution to shareholders.

The second-largest contributor for the fiscal year was the Fund's position in the acquisition of Twitter by Elon Musk. In April 2022, Elon Musk – CEO of Tesla and SpaceX and one of the richest people in the world – launched an unsolicited bid to personally acquire the 91% of U.S. social media company Twitter that he did not already own for $54.20 per share in cash. Musk put together a financing package combining commitments from a group of banks led by Morgan Stanley and private equity firms with his own personal assets, including loans backed by his holdings in Tesla stock. Musk's commitment to the deal seemingly wavered in line with the fortunes of Tesla shares, which traded down significantly after Twitter's board agreed to the transaction. Musk's capriciousness led to significant volatility in the deal spread, as he attempted to back out of the deal and Twitter filed suit in the Delaware Court of Chancery to enforce the original merger agreement. Rather than undergo litigation, Musk ultimately capitulated and agreed to close the deal on its original terms. Our analysis of the strength of the merger agreement (and thus Musk's likelihood of losing in court) gave us the confidence to maintain exposure to this deal throughout its life. Volatility throughout the deal timeline allowed us to trade around the spread and add exposure at attractive rates of return, and the Fund was rewarded when the deal was completed in calendar Q4 2022.

Conversely, the top detractor in the portfolio was the Fund's position in Cano Health. Cano is a medical provider specializing in primary care centers for senior citizens. The company has been very consistent in its messaging that it is open to considering all strategic alternatives which would allow it to accelerate shareholder value creation, including a sale. CVS Healthcare had been rumored to be a potential bidder, though later reports claimed CVS had backed away from a deal, which led to widespread selling by event-driven shareholders. While the headlines do not preclude a takeout at a later date or by a different acquirer, for the time being, attention on the stock has shifted back toward its ability to self-fund its growth aspirations.

AltShares Event-Driven ETF  Manager Commentary (continued)

May 31, 2023 (Unaudited)

The second-largest detractor for the period was the Fund's position in the acquisition of Rogers by DuPont de Nemours. In November 2021, Rogers – a U.S.-based manufacturer and seller of specialty polymer composite materials and components – agreed to be acquired by DuPont – a U.S.-based provider of chemicals, plastic materials, fibers, and consumer products – for $5.3 billion in cash. This transaction experienced an extended regulatory review at the State Administration for Market Regulation ("SAMR") in China. In November 2022, when the deal's termination date was reached with SAMR approval still outstanding, DuPont opted to walk away rather than agree to extend the timeline. This caught many arbitrageurs by surprise, as the companies had jointly reaffirmed their commitment to the merger and to achieving a resolution with SAMR just two months prior. Speculation around DuPont's reasons for walking away and year-end tax-loss harvesting drove event-driven investors to exit their positions en masse, which exacerbated the price reaction of Rogers shares, leading them to trade at depressed levels – well under what we believed to be a fair valuation. We opted to follow our deal break protocol and wait for more normalized trading levels, seeking to unwind our position in an orderly fashion. While we were rewarded as Rogers shares traded nearly 37% higher during calendar Q1 2023, overall, the deal break remained a top detractor for the Fund.

AltShares Event-Driven ETF  Portfolio Information

May 31, 2023

Performance (annualized returns as of May 31, 2023)

Net asset value ("NAV") represents the value of each share's portion of the Fund's underlying net assets (including cash) at the end of the trading day. Market price represents the mid-point between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated (usually 4:00 pm Eastern time).

				One Year				Five Year				Ten Year				Since Inception
AltShares Event-Driven ETF* NAV Returns					-1.47	%			5.93	%			—				3.76	%
AltShares Event-Driven ETF* Market Price Returns					-1.57	%			5.93	%			—				3.76	%
ICE BofA 3-Month Treasury Bill Index					3.14	%			1.49	%			—				1.11	%
Standard & Poor's 500 Index®					2.92	%			11.01	%			—				10.71	%

* Fund inception: 12/31/2014 (the inception date of the Predecessor Mutual Fund).

Current performance may be lower or higher than performance quoted above. Any performance data quoted represents past performance and the investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Past performance is no guarantee of future results. Returns shown above include the reinvestment of all dividends and capital gains. Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from the amount reported in the Financial Highlights. The performance data does not reflect the deduction of taxes that a shareholder would pay on dividends, capital gains distributions or redemption of Fund shares. You can obtain performance data current to the most recent month-end by calling 1-855-955-1607.

The Total Annual Fund Operating Expense ratio for the Fund is 1.53%. The expense ratio is as stated in the current prospectus and may differ from the expense ratio disclosed in the financial highlights in this report. Inception of the Predecessor Mutual Fund is used for since inception returns. Performance for periods prior to May 12, 2019, does not reflect the Fund's current investment strategy. The performance of the Predecessor Mutual Fund reflects fee waivers that were in effect (Note 5). If fee waivers had not been in place, the performance depicted for the Predecessor Mutual Fund would have been reduced.

The ICE BofA U.S. 3-Month Treasury Bill Index (formerly named, ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index) tracks the performance of the U.S. dollar denominated U.S. Treasury Bills publicly issued in the U.S. domestic market with a remaining term to final maturity of less than 3 months.

The Standard and Poor's 500, or simply the S&P 500, is a stock market index tracking the performance of 500 large companies listed on stock exchanges in the United States. The S&P 500 is not intended to, and does not, parallel the risk or investment style of the Fund's investment strategy.

An investor may not invest directly in an index.

The Fund has adopted the performance history and assumed the financial information of its Predecessor Mutual Fund, the Water Island Long/Short Fund. The financial information shown is for the Predecessor Mutual Fund for the periods prior to September 20, 2021, the inception date of the Fund. (Note 1)

AltShares Event-Driven ETF  Portfolio Information (continued)

May 31, 2023

AltShares Event-Driven ETF Risks: Investments are subject to risk, including possible loss of principal. There can be no assurance that the Fund will achieve its investment objectives. The Fund is non-diversified and is expected to be concentrated in certain industries and sectors and may be more sensitive to market or other developments that significantly affect those industries.

The Fund uses investment techniques with risks that are different from those ordinarily associated with equity investments. Such risks include merger arbitrage risk (in that the proposed reorganizations in which the Fund invests maybe renegotiated or terminated, in which case the Fund may realize losses) and short sale risk (in that the Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls). Short sales by the Fund theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase.

The Fund may invest in derivatives (such as forwards, futures including foreign forward currency contracts, options and swaps), which may cause the Fund to be susceptible to credit risk and currency fluctuations. Derivatives may be more sensitive to changes in market conditions and may amplify the risk of loss for the Fund. The Fund may experience high portfolio turnover which could result in higher transaction costs and taxes.

Shares of the Fund may be bought or sold throughout the day at their market price on the exchange on which they are listed. The market price of fund shares may be at, above, or below their NAV and will fluctuate with changes in the NAV as well as with supply and demand in the market for the shares. The market price of fund shares may differ significantly from their NAV during periods of market volatility. Shares of the Fund may only be redeemed directly with the Fund at NAV by Authorized Participants, in large creation units. There can be no guarantee that an active trading market for fund shares will develop or be maintained or that their listing will continue or remain unchanged. Buying or selling fund shares on an exchange may require the payment of brokerage commissions and frequent trading may incur brokerage costs that detract significantly from investment returns.

Growth of $10,000 Investment

The chart represents historical performance of a hypothetical investment of $10,000 in the shares of the Fund. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

  

AltShares Event-Driven ETF  Portfolio Information (continued)

May 31, 2023

Sector Weighting

The following chart shows the sector weightings of the AltShares Event Driven ETF's investments (including short sales and excluding derivatives) as of the report date.

* Concentration Risk: If a large percentage of mergers or event-driven investment opportunities taking place within the U.S. are within one industry over a given period of time, the Fund may invest a large portion of its assets in securities of issuers in a single industry for that period of time. During such a period of concentration, the Fund may be subject to greater volatility with respect to its portfolio securities than a fund that is more broadly diversified.

AltShares Event-Driven ETF  Portfolio of Investments

May 31, 2023

				Shares				Value
COMMON STOCKS - 93.75%
Aerospace & Defense - 3.68%
Aerojet Rocketdyne Holdings, Inc.(a)​					1,874			$	102,095
Banks - 4.95%
First Horizon Corp.(b)​					10,094				104,069
Home Capital Group, Inc., Class B					1,032				33,032
									137,101
Biotechnology - 18.25%
Amarin Corp. Plc, ADR(a)​					9,842				11,515
Aura Biosciences, Inc.(a)(c)​					5,664				64,117
BELLUS Health, Inc.(a)​					2,812				41,083
CTI BioPharma Corp.(a)​					1,023				9,258
Horizon Therapeutics Plc(a)​					1,244				124,437
IVERIC bio, Inc.(a)​					1,500				56,625
Prometheus Biosciences, Inc.(a)​					382				75,904
Seagen, Inc.(a)​					374				73,192
VectivBio Holding AG(a)​					3,000				49,650
									505,781
Chemicals - 2.79%
Diversey Holdings Ltd.(a)​					9,280				77,302
Coal - 0.26%
Arch Resources, Inc.					71				7,338
Commercial Services - 1.50%
Block, Inc.(a)(c)​					234				14,131
Moneylion, Inc.(a)(d)​					375				4,178
PayPal Holdings, Inc.(a)(c)​					374				23,184
									41,493
Computers & Computer Services - 0.91%
Crane NXT Co.					482				25,368
Distribution/Wholesale - 4.41%
Uni-Select, Inc.(a)​					1,124				38,692
Univar Solutions, Inc.(a)​					2,344				83,493
									122,185
Diversified Financial Services - 2.64%
Focus Financial Partners, Inc., Class A(a)​					1,406				73,239
Electronics - 1.96%
National Instruments Corp.(c)​					938				54,216

See Notes to Financial Statements.

AltShares Event-Driven ETF  Portfolio of Investments (continued)

May 31, 2023

				Shares				Value
COMMON STOCKS - 93.75% (Continued)
Entertainment - 2.34%
Caesars Entertainment, Inc.(a)(c)​					1,580			$	64,796
Healthcare - Products - 0.55%
Globus Medical, Inc., Class A(a)(c)​					282				15,265
Healthcare - Services - 1.50%
Syneos Health, Inc.(a)​					1,000				41,600
Insurance - 1.49%
Argo Group International Holdings Ltd.(c)​					1,406				41,210
Internet - 0.22%
Pinterest, Inc., Class A(a)(c)​					250				5,985
Lodging - 0.75%
Marcus Corp. (The)(c)​					1,352				20,659
Machinery - Construction & Mining - 1.20%
Bloom Energy Corp., Class A(a)(c)​					2,428				33,312
Machinery - Diversified - 1.26%
Crane Co.					482				35,022
Media - 5.76%
TEGNA, Inc.					3,750				58,088
Warner Bros Discovery, Inc.(a)​					1,218				13,739
Paramount Global, Class B(c)​					468				7,118
DISH Network Corp., Class A(a)(c)​					5,512				35,442
Walt Disney Co. (The)(a)(c)​					516				45,387
									159,774
Oil & Gas - 5.12%
Baytex Energy Corp.(a)​					20,416				64,515
EQT Corp.(c)​					1,444				50,208
Occidental Petroleum Corp.					234				13,492
Ranger Oil Corp., Class A					374				13,744
									141,959
Pharmaceuticals - 6.27%
Bayer AG, ADR(c)​					2,624				36,683
Heska Corp.(a)​					468				56,034
Johnson & Johnson(c)​					468				72,568
Paratek Pharmaceuticals, Inc.(a)(c)​					5,624				8,605
									173,890
Pipelines - 2.81%
DCP Midstream LP(a)​					1,874				77,940

See Notes to Financial Statements.

AltShares Event-Driven ETF  Portfolio of Investments (continued)

May 31, 2023

				Shares				Value
COMMON STOCKS - 93.75% (Continued)
Real Estate - 1.55%
Radius Global Infrastructure, Inc., Class A(a)​					2,906			$	43,009
Real Estate Investment Trusts - 2.58%
Healthcare Realty Trust, Inc., Class A					1,312				24,416
Indus Realty Trust, Inc.					704				47,027
									71,443
Retail - 1.00%
Foot Locker, Inc.					300				7,596
Ruth's Hospitality Group, Inc.					938				20,101
									27,697
Software - 18.00%
Absolute Software Corp.					2,000				22,420
Activision Blizzard, Inc.(a)(b)​					2,812				225,522
Five9, Inc.(a)(c)​					250				16,527
ForgeRock, Inc., Class A(a)​					1,874				37,724
Momentive Global, Inc.(a)​					2,812				26,602
Qualtrics International, Inc., Class A(a)​					4,686				84,723
RingCentral, Inc., Class A(a)(c)​					400				13,880
VMware, Inc., Class A(a)(c)​					524				71,416
									498,814
TOTAL COMMON STOCKS (Cost $2,778,491)									2,598,493

				Maturity Date				Rate				Principal Amount				Value
CONVERTIBLE CORPORATE BONDS - 2.41%
Auto Manufacturers - 0.01%
Lightning eMotors, Inc.(e)​				05/15/2024					7.500	%		$	365			$	197
Healthcare - Services - 0.32%
UpHealth, Inc.(e)​				06/15/2026					6.250	%			31,000				8,971
Software - 2.08%
Kaleyra, Inc.(e)​				06/01/2026					6.125	%			73,000				57,591

TOTAL CONVERTIBLE CORPORATE BONDS (Cost $104,365)									66,759
				Shares				Value
WARRANTS(a)​ - 0.00%(f)​
Commercial Services - 0.00%(f)​
Moneylion, Inc., Exercise Price $11.50, Expires 09/22/2026					440			$	15
TOTAL WARRANTS (Cost $0)									15

See Notes to Financial Statements.

AltShares Event-Driven ETF  Portfolio of Investments (continued)

May 31, 2023

				Shares				Value
PRIVATE INVESTMENTS(a)(d)(g)(h)​ - 0.03%
Fast Capital LLC					400			$	800
TOTAL PRIVATE INVESTMENTS (Cost $414)									800
RIGHTS(a)​ - 0.16%
Concert Pharmaceuticals, Inc. CVR, Expires 12/31/2029(d)(g)​					2,000				757
Contra Abiomed, Inc. CVR, Expires 12/31/2030(d)​					200				350
Contra Albireo Pharma, Inc. CVR, Expires 12/31/2027(d)(g)​					415				913
Contra Amryt Pharma Plc CVR, Expires 12/31/2024(d)(g)​					7,245				176
Contra Amryt Pharma Plc CVR, Expires 12/31/2024(d)(g)​					7,245				118
Contra CinCor Pharma, Inc. CVR, Expires 12/31/2027(d)(g)​					639				2,006
TOTAL RIGHTS (Cost $4,154)									4,320

				Expiration Date				Exercise Price				Notional Amount				Contracts				Value
PURCHASED OPTIONS - 0.04%
Put Options Purchased - 0.04%
Activision Blizzard, Inc.				06/2023				$	80.00			$	80,200				10			$	1,255
TOTAL PURCHASED OPTIONS (Cost $2,267)																					1,255

				Yield				Shares				Value
SHORT-TERM INVESTMENTS - 3.65%
Money Market Funds
Morgan Stanley Institutional Liquidity Funds - Government Portfolio					4.997	%(i)​			50,612			$	50,612
State Street Institutional U.S. Government Money Market Fund					5.129	%(i)​			50,613				50,613
													101,225
TOTAL SHORT-TERM INVESTMENTS (Cost $101,225)													101,225
Total Investments - 100.04% (Cost $2,990,916)													2,772,867
Liabilities in Excess of Other Assets - (0.04)%(j)​													(1,037	)
NET ASSETS - 100.00%												$	2,771,830