# EDGAR Filing Document

**Accession Number:** 0001105076
**File Stem:** 0001752724-25-165068
**Filing Date:** 2025-7
**Character Count:** 44509
**Document Hash:** 1da906e9f845c493772803bb17d3029e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-165068.hdr.sgml**: 20250708

**ACCESSION NUMBER**: 0001752724-25-165068

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250708

**DATE AS OF CHANGE**: 20250708

**PERIOD START**: 20250531

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ARBITRAGE FUNDS
- **CENTRAL INDEX KEY:** 0001105076

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09815
- **FILM NUMBER:** 251111221

**BUSINESS ADDRESS:**
- **STREET 1:** C/O WATER ISLAND CAPITAL, LLC
- **STREET 2:** 104 FIFTH AVENUE, 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10011
- **BUSINESS PHONE:** 800-560-8210

**MAIL ADDRESS:**
- **STREET 1:** C/O WATER ISLAND CAPITAL, LLC
- **STREET 2:** 104 FIFTH AVENUE, 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10011

## Series and Classes Contracts Data

### ARBITRAGE FUND (Series ID: S000006440)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017637 | Class R      | ARBFX           |
| C000017638 | Class I      | ARBNX           |
| C000115401 | Class C      | ARBCX           |
| C000127228 | Class A      | ARGAX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** ARBITRAGE FUNDS

- **b. Investment Company Act file number:** 811-09815

- **c. CIK number of Registrant:** 0001105076

- **d. LEI of Registrant:** 549300NPBJYDNFZ58M30

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** C/O WATER ISLAND CAPITAL, LLC

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10011

  - **Telephone number:** 800-560-8210

**Item A.2. Information about the Series.**

- **a. Name of Series:** THE ARBITRAGE FUND

- **b. EDGAR series identifier (if any):** S000006440

- **c. LEI of Series:** 5ID2Z4T6QF54X8TFRS62

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-05-31

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $738481641.46

**Total Liabilities:** $19647388.64

**Net Assets:** $718834252.82

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000127228 | 0.08%                | -0.30%               | 0.53%                |
| Class ID C000017638 | 0.07%                | -0.22%               | 0.51%                |
| Class ID C000115401 | -0.08%               | -0.33%               | 0.50%                |
| Class ID C000017637 | 0.08%                | -0.30%               | 0.53%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-5600743.36             | $3598698.51                                |
| Month 2  | $2007652.16              | $-7075956.90                               |
| Month 3  | $6320281.14              | $-2572598.62                               |

**Designated Index Information**

- **Index Name:** Securities Portfolio VaR

- **Index Identifier:** Designated Reference Portfolio is the Fund`s Securities Portfolio

### Schedule of Portfolio Investments

| Name                                   | Title                                                                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Morgan Stanley & Co. LLC               | FOOT LOCKER INC                                                                                 | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |      1530 | NC      | $99450.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SEK CASH COLLATERAL                    | SEK CASH COLLATERAL                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Short            | STIV             | CORP              | SE        |        -1 | NS      | $-0.13        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC               | PURCHASED USD / SOLD GBP                                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-3201.60     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Amedisys Inc                           | Amedisys Inc                                                                                    | CUSIP: 023436108<br>LEI: 5299001RBS9GK9STN379 | Long             | EC               | CORP              | US        |    474231 | NS      | $44610910.17  | 6.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC                | PARAMOUNT GLOBAL                                                                                | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |      -354 | NC      | $-16284.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC               | SKECHERS USA INC                                                                                | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |      2329 | NC      | $11645.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Redfin Corp                            | Redfin Corp                                                                                     | CUSIP: 75737F108<br>LEI: 549300HXWD3JEMZU3O57 | Long             | EC               | CORP              | US        |    841000 | NS      | $8401590.00   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Endeavor Group Holdings Inc            | Endeavor Group Holdings Inc                                                                     | CUSIP: 29260Y109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1081507 | NS      | $31634079.75  | 4.40%             |  |  |  | No            |                  3 | On Loan: No      |
| Hess Corp                              | Hess Corp                                                                                       | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |    216933 | NS      | $28676373.27  | 3.99%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Steel Corp               | United States Steel Corp                                                                        | CUSIP: 912909108<br>LEI: JNLUVFYJT1OZSIQ24U47 | Long             | EC               | CORP              | US        |     14343 | NS      | $771940.26    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC               | PURCHASED USD / SOLD GBP                                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-1081.74     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC               | PURCHASED GBP / SOLD USD                                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |         1 | NC      | $4764.30      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC               | Morgan Stanley Institutional Liquidity Funds - Government Portfolio                             | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |   1826628 | NS      | $1826628.46   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC               | Long: RKTMSS    TRS USD R V 01MFEDL FEDL01/-40 BPS / Short: RKTMSS    TRS USD P E RKTMSS P E    | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |   9672032 | OU      | $1173175.52   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA CINCOR PHARMA I                 | CONTRA CINCOR PHARMA I                                                                          | CUSIP: 172CVR011<br>LEI: N/A                  | N/A              | DE               |  | US        |    339795 | NS      | $1290847.23   | 0.18%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Morgan Stanley & Co. LLC               | INFORMATICA INC                                                                                 | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |      3002 | NC      | $15010.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC               | PURCHASED GBP / SOLD USD                                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |         1 | NC      | $1237.27      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CONTRA FLEXION THERAPE                 | CONTRA FLEXION THERAPE                                                                          | CUSIP: 339CVR011<br>LEI: N/A                  | N/A              | DE               |  | US        |   1411000 | NS      | $765749.70    | 0.11%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Walgreens Boots Alliance Inc           | Walgreens Boots Alliance Inc                                                                    | CUSIP: 931427108<br>LEI: 549300RPTUOIXG4LIH86 | Long             | EC               | CORP              | US        |    205000 | NS      | $2306250.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Dun & Bradstreet Holdings Inc          | Dun & Bradstreet Holdings Inc                                                                   | CUSIP: 26484T106<br>LEI: 254900LNALVKD1ZX7U27 | Long             | EC               | CORP              | US        |   1837690 | NS      | $16557586.90  | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC               | PURCHASED USD / SOLD GBP                                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-2007.12     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC               | PURCHASED USD / SOLD GBP                                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-2074.07     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC               | PURCHASED GBP / SOLD USD                                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |         1 | NC      | $48056.71     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC               | REGULUS THERAPEUTICS INC                                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |      5000 | NC      | $20000.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Just Eat Takeaway.com NV               | Just Eat Takeaway.com NV                                                                        | CUSIP: 000000000<br>LEI: 724500FVZIBSSQ7SHI95 | Long             | EC               | CORP              | NL        |    449055 | NS      | $9924805.47   | 1.38%             |  |  |  | Yes           |                  1 | On Loan: No      |
| AvidXchange Holdings Inc               | AvidXchange Holdings Inc                                                                        | CUSIP: 05368X102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1115058 | NS      | $10916417.82  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC               | PURCHASED USD / SOLD GBP                                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-1288.73     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Synopsys Inc                           | Synopsys Inc                                                                                    | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Short            | EC               | CORP              | US        |    -34000 | NS      | $-15775320.00 | -2.19%            |  |  |  | No            |                  1 | On Loan: No      |
| MS PRIME BROKER ZAR                    | MS PRIME BROKER ZAR                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | ZA        |        10 | NS      | $0.56         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridge Investment Group Holdings Inc   | Bridge Investment Group Holdings Inc                                                            | CUSIP: 10806B100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    445000 | NS      | $4094000.00   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC               | PURCHASED USD / SOLD CAD                                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-37607.98    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CONTRA ABIOMED INC                     | CONTRA ABIOMED INC                                                                              | CUSIP: 003CVR016<br>LEI: N/A                  | N/A              | DE               |  | US        |    163650 | NS      | $261840.00    | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FRONTIER COMMUNICATIONS                | Frontier Communications Holdings LLC                                                            | CUSIP: 35908MAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  16155000 | PA      | $16975308.09  | 2.36%             | 2030-05-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Landsea Homes Corp                     | Landsea Homes Corp                                                                              | CUSIP: 51509P103<br>LEI: 549300RP8AZAKHNILS36 | Long             | EC               | CORP              | US        |    797500 | NS      | $8987825.00   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Paramount Global                       | Paramount Global                                                                                | CUSIP: 92556H206<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | EC               | CORP              | US        |    803771 | NS      | $9725629.10   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC               | PURCHASED CAD / SOLD USD                                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $4414.07      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Enstar Group Ltd                       | Enstar Group Ltd                                                                                | CUSIP: 000000000<br>LEI: 213800AMAL5QFXVUCN04 | Long             | EC               | CORP              | BM        |     42202 | NS      | $14138092.02  | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA ALBIREO PHARMA                  | CONTRA ALBIREO PHARMA                                                                           | CUSIP: 013CVR022<br>LEI: 549300835H8LC7O8VC29 | N/A              | DE               |  | US        |    313065 | NS      | $833629.48    | 0.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Morgan Stanley & Co. LLC               | NORDSTROM INC                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       607 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC                | PARAMOUNT GLOBAL                                                                                | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |     -2911 | NC      | $-116440.00   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC               | Long: CVXMSS    TRS USD R V 00MFEDL0 FEDL01 -40BPS / Short: CVXMSS    TRS USD P E CVXMSS TRS RE | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |  35025113 | OU      | $4629730.86   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| E2open Parent Holdings Inc             | E2open Parent Holdings Inc                                                                      | CUSIP: 29788T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2234114 | NS      | $7171505.94   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC               | PURCHASED USD / SOLD GBP                                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-3811.34     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Water Island Event Driven Fund         | Water Island Event Driven Fund                                                                  | CUSIP: 03875R403<br>LEI: 71ZPS0ACY0O0VMTK8636 | Long             | EC               | RF                | US        |   2844314 | NS      | $34785955.19  | 4.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC               | PURCHASED USD / SOLD GBP                                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-410677.36   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC               | PURCHASED USD / SOLD GBP                                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-15702.25    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Skechers USA Inc                       | Skechers USA Inc                                                                                | CUSIP: 830566105<br>LEI: 529900D2R54KZPA4XR56 | Long             | EC               | CORP              | US        |    259875 | NS      | $16122645.00  | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC               | CHEVRON CORP                                                                                    | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |      1174 | NC      | $77484.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| InterRent Real Estate Investment Trust | InterRent Real Estate Investment Trust                                                          | CUSIP: 46071W205<br>LEI: N/A                  | Long             | EC               |  | CA        |    546117 | NS      | $5431921.19   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC               | PURCHASED USD / SOLD EUR                                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-187572.70   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Juniper Networks Inc                   | Juniper Networks Inc                                                                            | CUSIP: 48203R104<br>LEI: AUHIXNGG7U2U7JEHM527 | Long             | EC               | CORP              | US        |    735568 | NS      | $26428958.24  | 3.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC               | SKECHERS USA INC                                                                                | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |      1164 | NC      | $5820.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC               | WALGREENS BOOTS ALLIANCE INC                                                                    | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |      6443 | NC      | $70873.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC               | PURCHASED CAD / SOLD USD                                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $4742.37      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Regulus Therapeutics Inc               | Regulus Therapeutics Inc                                                                        | CUSIP: 75915K309<br>LEI: 529900ZYH2KYFH6Z7098 | Long             | EC               | CORP              | US        |    500000 | NS      | $3965000.00   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Andlauer Healthcare Group Inc          | Andlauer Healthcare Group Inc                                                                   | CUSIP: 034223107<br>LEI: 549300FEFF2VDKFOGG32 | Long             | EC               | CORP              | CA        |    188189 | NS      | $7329545.71   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC               | CLEARWATER ANALYTICS HOLDINGS                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |        21 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY PRIME BROKER CA         | MORGAN STANLEY PRIME BROKER CA                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | CA        |        11 | NS      | $8.24         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC               | Long: COLBMSS   TRS USD R V 01MFEDL FEDL01M-40BPS / Short: COLBMSS   TRS USD P E COLB US PE     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |   7899479 | OU      | $561782.55    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Global Advisors           | State Street Institutional US Government Money Market Fund                                      | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        | 130314168 | NS      | $130314168.26 | 18.13%            |  |  |  | No            |                  1 | On Loan: No      |
| TXNM Energy Inc                        | TXNM Energy Inc                                                                                 | CUSIP: 69349H107<br>LEI: 5493003JOBJGLZSDDQ28 | Long             | EC               | CORP              | US        |    140856 | NS      | $7985126.64   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC               | NORDSTROM INC                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |      2001 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC               | PURCHASED USD / SOLD CAD                                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-61031.94    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC               | PURCHASED USD / SOLD GBP                                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-1668.12     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CONTRA CONCERT PHARMAC                 | CONTRA CONCERT PHARMAC                                                                          | CUSIP: 206CVR011<br>LEI: 529900PYI5BSGQNATP82 | N/A              | DE               |  | US        |   1669338 | NS      | $764389.87    | 0.11%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Morgan Stanley & Co. LLC               | CHEVRON CORP                                                                                    | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |      1175 | NC      | $47000.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC               | APOLLO GLOBAL MANAGEMENT INC                                                                    | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       315 | NC      | $292950.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC               | SPRINGWORKS THERAPEUTICS INC                                                                    | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |      1550 | NC      | $15500.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Foot Locker Inc                        | Foot Locker Inc                                                                                 | CUSIP: 344849104<br>LEI: 549300X383CBNP6MTV94 | Long             | EC               | CORP              | US        |    544922 | NS      | $12947346.72  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co                | Bristol-Myers Squibb Co                                                                         | CUSIP: 110122157<br>LEI: HLYYNH7UQUORYSJQCN42 | N/A              | DE               |  | US        |    857631 | NS      | $643223.25    | 0.09%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CONTRA ADAMAS PHARMACE                 | CONTRA ADAMAS PHARMACE                                                                          | CUSIP: 005CVR022<br>LEI: N/A                  | N/A              | DE               |  | US        |   1150652 | NS      | $96539.70     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Morgan Stanley & Co. LLC               | PURCHASED USD / SOLD EUR                                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-30754.55    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC               | Morgan Stanley Institutional Liquidity Funds - Government Portfolio                             | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        | 130314168 | NS      | $130314168.36 | 18.13%            |  |  |  | No            |                  1 | On Loan: No      |
| ESC GCI LIBERTY INC SR                 | ESC GCI LIBERTY INC SR                                                                          | CUSIP: 361ESC049<br>LEI: 5493003JDENERRDYFN86 | Long             | EC               | CORP              | US        |    660966 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Morgan Stanley & Co. LLC               | PURCHASED USD / SOLD CAD                                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-422901.48   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| CONTRA ICOSAVAX INC                    | CONTRA ICOSAVAX INC                                                                             | CUSIP: 451CVR021<br>LEI: N/A                  | N/A              | DE               |  | US        |    802494 | NS      | $280953.15    | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Morgan Stanley & Co. LLC               | PURCHASED USD / SOLD GBP                                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-17987.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC               | SPRINGWORKS THERAPEUTICS INC                                                                    | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       830 | NC      | $12450.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacific Premier Bancorp Inc            | Pacific Premier Bancorp Inc                                                                     | CUSIP: 69478X105<br>LEI: 549300Q1KIC3KLI0XG98 | Long             | EC               | CORP              | US        |    343000 | NS      | $7271600.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC               | EVERI HOLDINGS INC                                                                              | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       420 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC               | Long: APOMSS    TRS USD R V 01MFEDL FEDL01M-40BPS / Short: APOMSS    TRS USD P E APO US PE      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |   4330734 | OU      | $212692.50    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC               | WALGREENS BOOTS ALLIANCE INC                                                                    | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |      8200 | NC      | $360800.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC               | PURCHASED USD / SOLD GBP                                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-2048.23     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPY CSSH AT MORGAN STANLEY             | JPY CSSH AT MORGAN STANLEY                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Short            |  | CORP              | JP        |       -17 | NS      | $-0.12        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FARO Technologies Inc                  | FARO Technologies Inc                                                                           | CUSIP: 311642102<br>LEI: 529900MFEFNOFP3YR823 | Long             | EC               | CORP              | US        |    253165 | NS      | $10726601.05  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC               | PURCHASED GBP / SOLD USD                                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |         1 | NC      | $1968.86      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                | PARAMOUNT GLOBAL                                                                                | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |      1632 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY PRIME BROKER            | MORGAN STANLEY PRIME BROKER                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Short            | STIV             | CORP              | NO        |        -7 | NS      | $-0.66        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ANSYS Inc                              | ANSYS Inc                                                                                       | CUSIP: 03662Q105<br>LEI: 549300VJV8H15Z5FJ571 | Long             | EC               | CORP              | US        |     98551 | NS      | $32602641.82  | 4.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC               | PURCHASED CAD / SOLD USD                                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $17093.66     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC               | PURCHASED USD / SOLD GBP                                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-3128.52     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC               | TRIUMPH GROUP INC                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |        10 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Informatica Inc                        | Informatica Inc                                                                                 | CUSIP: 45674M101<br>LEI: 984500E0DEFFE6DE9588 | Long             | EC               | CORP              | US        |    373957 | NS      | $8978707.57   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Jefferies LLC                          | UNITED STATES STEEL CORP                                                                        | CUSIP: 000000000<br>LEI: 58PU97L1C0WSRCWADL48 | N/A              | DE               |  | US        |     -1143 | NC      | $-525780.00   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Spirent Communications PLC             | Spirent Communications PLC                                                                      | CUSIP: 000000000<br>LEI: 213800HKCUNWP1916L38 | Long             | EC               | CORP              | GB        |   4316000 | NS      | $10967391.45  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Jefferies LLC                          | UNITED STATES STEEL CORP                                                                        | CUSIP: 000000000<br>LEI: 58PU97L1C0WSRCWADL48 | N/A              | DE               |  | US        |      1143 | NC      | $40005.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| McGrath RentCorp                       | McGrath RentCorp                                                                                | CUSIP: 580589109<br>LEI: 254900EUH6IPWFQ83445 | Long             | EC               | CORP              | US        |     84898 | NS      | $9540837.24   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA RESOLUTE FOREST                 | CONTRA RESOLUTE FOREST                                                                          | CUSIP: 761CVR042<br>LEI: N/A                  | N/A              | DE               |  | US        |    803806 | NS      | $1255223.45   | 0.17%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Morgan Stanley & Co. LLC               | PURCHASED CAD / SOLD USD                                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $26565.45     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ProAssurance Corp                      | ProAssurance Corp                                                                               | CUSIP: 74267C106<br>LEI: 54930015E5J57R675E89 | Long             | EC               | CORP              | US        |    355000 | NS      | $8232450.00   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY PRIME BROKER US         | MORGAN STANLEY PRIME BROKER US                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |  15485840 | NS      | $15485839.73  | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC               | PURCHASED GBP / SOLD USD                                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |         1 | NC      | $7063.82      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SpringWorks Therapeutics Inc           | SpringWorks Therapeutics Inc                                                                    | CUSIP: 85205L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    466019 | NS      | $21767747.49  | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC               | PURCHASED GBP / SOLD USD                                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |         1 | NC      | $19954.79     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC               | TRIUMPH GROUP INC                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |         9 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC               | PURCHASED USD / SOLD EUR                                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-171754.02   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Aspen Technology Inc                   | Aspen Technology Inc                                                                            | CUSIP: 29109X106<br>LEI: 254900545H80W6GA2J08 | Long             | EC               | CORP              | US        |     53275 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| State Street Global Advisors           | State Street Institutional U.S. Government Money Market Fund                                    | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |   1826628 | NS      | $1826628.46   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-13

**Name of Applicant:** ARBITRAGE FUNDS

**Signature:** Jonathon Hickey

**Name of Signer:** Jonathon Hickey

**Title:** Treasurer