Arena Strategic Income Fund

SCHEDULE OF INVESTMENTS

As of July 31, 2026 (Unaudited)

Principal Amount¹			Value
		BONDS — 66.8%
		CORPORATE — 66.8%
		BASIC MATERIALS — 3.0%
	200,000	Celanese U.S. Holdings LLC 6.500%, 4/15/2030²	$	202,664
	450,000	Kronos International, Inc. 9.500%, 3/15/2029^2,3		501,345
	100,000	SCIL USA Holdings LLC 9.500%, 7/15/2028²		119,212
	250,000	Sibanye-Stillwater UK Financing PLC 6.250%, 11/15/2031^2,4		246,243
	100,000	Stillwater Mining Co. 4.500%, 11/16/2029²		95,187
	275,000	ViaSat, Inc. 5.625%, 4/15/2027^2,3		274,604
				1,439,255
		COMMUNICATIONS — 18.0%
		Altice France S.A.
	224,680	9.500%, 11/1/2029^2,3,4		227,720
	200,000	6.875%, 10/15/2030^2,3,4		195,426
	601,000	AMC Networks, Inc. 10.500%, 7/15/2032^2,3		618,537
	500,000	AP Core Holdings II LLC 11.000%, 5/15/2031^2,3		522,247
	408,000	Belo Corp. 7.250%, 9/15/2027		417,784
	400,000	Cars.com, Inc. 6.375%, 11/1/2028^2,3		397,540
	128,000	CCO Holdings LLC / CCO Holdings Capital Corp. 5.125%, 5/1/2027^2,3		127,824
	250,000	Connect U.S. Finco LLC 9.000%, 9/15/2029^2,3,4		262,472
		Directv Financing LLC
	422,000	8.875%, 2/1/2030^2,3		429,272
	531,000	10.000%, 2/15/2031^2,3		555,392
	84,000	Discovery Global Holdings, Inc. 4.054%, 3/15/2029²		82,570
	701,138	EchoStar Corp. 6.750%, 11/30/2030²		711,969
	218,000	Gray Media, Inc. 10.500%, 7/15/2029^2,3		230,045
		Hughes Satellite Systems Corp.
	550,000	5.250%, 8/1/2026		403,975
	512,000	6.625%, 8/1/2026		219,314
	250,000	SoftBank Group Corp. 5.125%, 9/19/2027^2,4		247,213

Arena Strategic Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of July 31, 2026 (Unaudited)

Principal Amount¹			Value
		BONDS (Continued)
		CORPORATE (Continued)
		COMMUNICATIONS (Continued)
	240,000	6.250%, 4/15/2028^2,4	$	240,066
	200,000	7.625%, 10/22/2029^2,4		198,007
	250,000	Space Exploration Technologies Corp. 5.350%, 7/15/2031^2,3		243,075
	350,000	ViaSat, Inc. 6.500%, 7/15/2028^2,3		348,029
	1,002,000	Victoria's Secret & Co 4.625%, 7/15/2029²		973,662
	991,000	Windstream Services LLC 8.250%, 10/1/2031^2,3		1,031,750
				8,683,889
		CONSUMER, CYCLICAL — 5.7%
	161,000	Adient Global Holdings Ltd. 8.250%, 4/15/2031^2,3,4		167,510
	800,000	Allwyn Entertainment Financing UK PLC 7.875%, 4/30/2029^2,3,4		818,189
	370,000	Cooper-Standard Automotive, Inc. 9.250%, 3/1/2031^2,3		378,014
	149,148	JetBlue Pass-Through Trust 7.750%, 5/15/2030		150,227
	400,000	K Hovnanian Enterprises, Inc. 8.000%, 4/1/2031^2,3		407,967
	633,000	Scientific Games International, Inc. 7.250%, 11/15/2029^2,3		643,984
	134,000	Scotts Miracle-Gro Co. 5.250%, 12/15/2026²		134,222
	50,000	Victra Holdings LLC 8.750%, 9/15/2029^2,3		50,951
				2,751,064
		CONSUMER, NON-CYCLICAL — 13.9%
	400,000	Alarm.com Holdings, Inc. 2.250%, 6/1/2029⁵		393,564
	450,000	Alta Equipment Group, Inc. 9.000%, 6/1/2029^2,3		431,853
	500,000	Block, Inc. 5.625%, 8/15/2030^2,3		497,755
	250,000	Endo Finance Holdings, Inc. 8.500%, 4/15/2031^2,3		263,423
	267,000	Herbalife Ltd. 4.250%, 6/15/2028^4,5		301,870
	561,000	HLF Financing Sarl LLC / Herbalife International, Inc. 4.875%, 6/1/2029^2,3		522,082

Arena Strategic Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of July 31, 2026 (Unaudited)

Principal Amount¹			Value
		BONDS (Continued)
		CORPORATE (Continued)
		CONSUMER, NON-CYCLICAL (Continued)
	775,000	KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc. 9.000%, 2/15/2029^2,3	$	808,248
		Radiology Partners, Inc.
	858,542	9.781%, 2/15/2030^2,3		852,375
	250,000	8.500%, 7/15/2032^2,3		263,030
	236,000	Shift4 Payments, Inc. 0.500%, 8/1/2027⁵		225,678
	400,000	Sotheby's 8.250%, 4/15/2031^2,3		399,967
	500,000	Spectrum Brands, Inc. 3.375%, 6/1/2029⁵		523,150
	261,000	Tenet Healthcare Corp. 6.125%, 10/1/2028²		261,319
	868,000	United Rentals North America, Inc. 6.000%, 12/15/2029^2,3		877,920
	75,000	Viking Baked Goods Acquisition Corp. 8.625%, 11/1/2031^2,3		75,578
				6,697,812
		ENERGY — 6.1%
	100,000	Calumet Specialty Products Partners LP / Calumet Finance Corp. 9.750%, 7/15/2028^2,3		103,320
	975,000	CITGO Petroleum Corp. 8.375%, 1/15/2029^2,3		1,003,954
	400,000	CVR Energy, Inc. 7.500%, 2/15/2031^2,3		405,546
	124,000	Delek Logistics Partners LP / Delek Logistics Finance Corp. 8.625%, 3/15/2029^2,3		128,708
	931,000	PBF Holding Co. LLC / PBF Finance Corp. 9.875%, 3/15/2030^2,3		997,891
		Sunoco LP
	250,000	5.875%, 7/15/2027^2,3		250,227
	53,000	5.875%, 3/15/2028²		53,045
				2,942,691
		FINANCIAL — 6.5%
	400,000	HAT Holdings I LLC / HAT Holdings II LLC 3.750%, 9/15/2030³		370,852
	1,245,000	Icahn Enterprises LP / Icahn Enterprises Finance Corp. 9.750%, 1/15/2029²		1,240,828
	350,000	Iron Mountain, Inc. 5.250%, 3/15/2028^2,3		348,920
	142,000	Jefferson Capital Holdings LLC 8.250%, 5/15/2030^2,3		148,351

Arena Strategic Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of July 31, 2026 (Unaudited)

Principal Amount¹			Value
		BONDS (Continued)
		CORPORATE (Continued)
		FINANCIAL (Continued)
	200,000	Service Properties Trust 8.625%, 11/15/2031^2,3	$	210,285
	182,000	StoneX Group, Inc. 7.875%, 3/1/2031^2,3		189,689
	580,000	XHR LP 6.625%, 5/15/2030^2,3		593,084
				3,102,009
		INDUSTRIAL — 3.8%
	171,869	IHS Netherlands Holdco B.V. 8.000%, 9/18/2027^2,3,4		171,940
	812,266	INNOVATE Corp. 10.500%, 2/1/2027³		709,717
	110,000	Mauser Packaging Solutions Holding Co. 7.875%, 4/15/2030^2,3		112,269
	800,000	Rand Parent LLC 8.500%, 2/15/2030^2,3		821,066
				1,814,992
		TECHNOLOGY — 6.6%
	343,000	ams-OSRAM A.G. 7.250%, 5/31/2032^2,3		399,548
	300,000	Cloud Software Group, Inc. 6.500%, 3/31/2029^2,3		292,836
	950,000	Consensus Cloud Solutions, Inc. 6.500%, 10/15/2028^2,3		951,623
	175,000	Diebold Nixdorf, Inc. 7.750%, 3/31/2030^2,3		182,070
	466,000	Evolent Health, Inc. 4.500%, 8/15/2031^3,5		313,094
	550,000	NCR Atleos Escrow Corp. 9.500%, 4/1/2029^2,3		583,599
	525,000	Oracle Corp. 2.950%, 4/1/2030²		471,964
				3,194,734
		UTILITIES — 3.2%
	597,000	NRG Energy, Inc. 5.750%, 7/15/2029^2,3		596,980

Arena Strategic Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of July 31, 2026 (Unaudited)

Principal Amount¹			Value
		BONDS (Continued)
		CORPORATE (Continued)
		UTILITIES (Continued)
	910,000	PG&E Corp. 4.250%, 12/1/2027⁵	$	934,342
				1,531,322
		TOTAL CORPORATE
		(Cost $32,396,751)		32,157,768

		TOTAL BONDS
		(Cost $32,396,751)		32,157,768

Number of Shares
		COMMON STOCKS — 2.1%
		CONSUMER, CYCLICAL — 1.6%
	9,684	Franchise Group Parent, LLC⁶	—
	9,684	Fusion LLC	358,308
	18,775	Recovery Solutions Group, LLC⁶	413,054
	28,769	Spirit Aviation Holdings, Inc.	432
			771,794
		CONSUMER, NON-CYCLICAL — 0.1%
	448	Mallinckrodt PLC^4,6	43,904
	448	Par Health, Inc.⁶	2,744
	9,044	Wellpath Holdings, Inc⁶	6,783
			53,431
		ENERGY — 0.4%
	9,219	Enviva Holdings LP	180,346
	100,000	Enviva Holdings LP⁶	—
			180,346
		TOTAL COMMON STOCKS
		(Cost $1,731,402)	1,005,571

Arena Strategic Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of July 31, 2026 (Unaudited)

Principal Amount¹			Value
		CONVERTIBLE CORPORATE BONDS — 1.2%
		CORPORATE — 1.2%
		COMMUNICATIONS — 1.2%
	600,000	Grab Holdings Ltd. 0.000%, 6/15/2030^4,5	$	573,600
		TOTAL CORPORATE
		(Cost $592,023)		573,600

		TOTAL CONVERTIBLE CORPORATE BONDS
		(Cost $592,023)		573,600
		LEVERAGED LOANS — 21.3%
	602,746	AMC Entertainment Holdings, Inc. 10.731% (1-Month Term SOFR+700 basis points), 1/4/2029^2,7,8		606,669
	300,000	AP Core Holdings II LLC 9.267% (1-Month Term SOFR+650 basis points), 5/8/2031^2,7,8		300,787
		Asurion LLC
	78,505	10.708% (1-Month Term SOFR+525 basis points), 1/22/2029^2,7,8		78,042
	696,456	7.923% (1-Month Term SOFR+425 basis points), 9/19/2030^2,7,8		680,960
	492,500	Chinos Intermediate 2 LLC 10.855% (1-Month Term SOFR+600 basis points), 9/29/2031^2,7,8		409,302
	391,000	Delivery Hero S.E. 5.130%, 12/20/2029^2,7,8		396,132
	441,346	Discovery Global Holdings, Inc. 6.231% (1-Month Term SOFR+250 basis points), 6/30/2033^2,7,8		442,220
	98,000	DS Parent, Inc. 9.463% (1-Month Term SOFR+550 basis points), 12/16/2030^2,7,8		79,564
	823,210	Enviva LLC 10.524% (1-Month Term SOFR+687.5 basis points), 12/6/2029^2,7,8		833,245
	450,000	Eyecare Partners LLC 10.043% (3-Month Term SOFR+575 basis points), 8/31/2028^7,8		451,438
		First Brands Group LLC
	836,135	10.671%, 6/29/2026^7,8		2,609
	334,775	14.129% (1-Month Term SOFR+155 basis points), 6/29/2026^7,8		60,976
	60,841	5.000% (3-Month Term SOFR+500 basis points), 3/30/2027^2,7,8		107
	328,138	10.591% (3-Month Term SOFR+500 basis points), 3/30/2027^2,7,8		579
		Lasership, Inc.
	152,241	10.732% (1-Month Term SOFR+700 basis points), 1/2/2029^7,8		85,255
	272,149	8.380% (1-Month Term SOFR+450 basis points), 8/10/2029^7,8		22,452
	957,168	8.380% (1-Month Term SOFR+450 basis points), 8/10/2029^7,8		534,301
	292,747	LendingTree, Inc. 8.841% (1-Month Term SOFR+425 basis points), 8/21/2030^2,7,8		287,917
	944,666	Likewize Corp. 10.350% (1-Month Term SOFR+575 basis points), 8/15/2029^2,7,8		869,683
	200,000	Michaels Cos., Inc. 8.800% (1-Month Term SOFR+500 basis points), 2/22/2033^2,7,8		199,978
		Numericable U.S. LLC

Arena Strategic Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of July 31, 2026 (Unaudited)

Principal Amount¹			Value
		LEVERAGED LOANS (Continued)
	301,063	4.125% (1-Month Term SOFR+412.5 basis points), 4/28/2028^4,7,8	$	302,192
	472,093	6.875% (1-Month Term SOFR+687.5 basis points), 5/15/2031^7,8		481,096
	250,000	Oregon Tool Lux LP 9.674% (3-Month Term SOFR+525 basis points), 10/15/2029^4,7,8		251,719
	338,866	Recovery Solutions Group LLC 12.800%, 1/27/2030^7,8		336,220
	629,688	Restaurant Brands International 5.607% (1-Month Term SOFR+125 basis points), 9/21/2028^4,7,8		621,423
		Spirit Airlines, Inc.
	196,044	11.620%, 7/14/2026^7,8		3,921
	651,891	11.620%, 7/14/2026^6,7,8		182,529
	57,021	11.637% (1-Month Term SOFR+800 basis points), 7/14/2026^7,8		54,170
	116,412	11.678%, 3/5/2029⁷		110,591
	28,871	11.678%, 3/5/2029⁷		27,427
	346,526	13.870%, 3/5/2029⁷		341,329
	400,000	Tenneco, Inc. 8.625% (3-Month Term SOFR+500 basis points), 11/17/2028^2,7,8		400,594
		Viasat, Inc.
	520,472	9.833% (1-Month Term SOFR+450 basis points), 3/4/2029^2,7,8		525,026
	48,625	8.917% (1-Month Term SOFR+450 basis points), 5/30/2030^2,7,8		49,023
	167,654	Wellpath Holdings, Inc 13.798% (1-Month Term SOFR+950 basis points), 5/9/2030^6,7,8		165,872
	357,521	West Technology Group LLC 8.541% (3-Month Term SOFR+400 basis points), 4/10/2027^7,8		60,398
		TOTAL LEVERAGED LOANS
		(Cost $13,123,407)		10,255,746

Number of Shares
		PREFERRED STOCKS — 0.2%
		CONSUMER, NON-CYCLICAL — 0.2%
	8,763	Wellpath Holdings, Inc 0.000%, ⁶	122,686
		TOTAL PREFERRED STOCKS
		(Cost $88,939)	122,686
		WARRANTS — 0.0%
		CONSUMER, CYCLICAL — 0.0%
	5,680	Spirit Airlines, Expiration Date: March 12, 2030⁶	85
		TOTAL WARRANTS
		(Cost $—)	85
		SHORT-TERM INVESTMENTS — 6.4%
	2,949,673	Fidelity Institutional Government Portfolio Class I, 3.69%⁹	2,949,673

Arena Strategic Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of July 31, 2026 (Unaudited)

Number of Shares			Value
		SHORT-TERM INVESTMENTS (Continued)
	145,819	Dreyfus Treasury Securities Cash Management, 3.39%⁹	$	145,819
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $3,095,492)		3,095,492

		TOTAL INVESTMENTS — 98.0%
		(Cost $51,028,014)	$	47,210,948
		Other Assets in Excess of Liabilities — 2.0%		959,025
		TOTAL NET ASSETS — 100.0%	$	48,169,973

LLC – Limited Liability Company

PLC – Public Limited Company

LP – Limited Partnership

Local currency.

Callable.

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $23,309,693, which represents 48.39% of Net Assets.

⁴

Foreign security denominated in U.S. dollars.

⁵

Convertible security.

⁶

Level 3 securities fair valued under procedures established by the Board of Trustees, represents 1.57% of Net Assets. The total value of these securities is $755,128.

⁷

Bank loans generally pay interest at rates which are periodically determined by reference to a base lending rate plus a premium. All loans carry a variable rate of interest. These base lending rates are generally (i) the Prime Rate offered by one or more major United States banks, (ii) the lending rate offered by one or more European banks such as the London Interbank Offered Rate ("LIBOR"), (iii) the Certificate of Deposit rate, or (iv) Secured Overnight Financing Rate ("SOFR"). Bank Loans, while exempt from registration, under the Securities Act of 1933, contain certain restrictions on resale and cannot be sold publicly. Floating rate bank loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy.

⁸

Floating rate security.

⁹

The rate is the annualized seven-day yield at period end.

Arena Strategic Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of July 31, 2026 (Unaudited)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

Sale Contracts	Counterparty	Currency Exchange	Settlement Date	Currency Amount Sold			Value At Settlement Date			Value At July 31, 2026			Unrealized Appreciation (Depreciation)
Euro	Pershing, LLC.	EUR per USD	11/3/2026		(350,000	)	$	(402,955	)	$	(405,171	)	$	(2,216	)
Euro	Pershing, LLC.	EUR per USD	8/12/2026		(450,000	)		(520,920	)		(519,170	)		1,750
Euro	Pershing, LLC.	EUR per USD	8/31/2026		(420,000	)		(480,480	)		(484,933	)		(4,453	)
Euro	Pershing, LLC.	EUR per USD	9/17/2026		(105,000	)		(120,260	)		(121,318	)		(1,058	)
								(1,524,615	)		(1,530,592	)		(5,977	)
TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS							$	(1,524,615	)	$	(1,530,592	)	$	(5,977	)

EUR – Euro