# EDGAR Filing Document

**Accession Number:** 0001105076
**File Stem:** 0001752724-25-165069
**Filing Date:** 2025-7
**Character Count:** 47124
**Document Hash:** 77b841b82294c8f7b02739192eacd3b5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-165069.hdr.sgml**: 20250708

**ACCESSION NUMBER**: 0001752724-25-165069

**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:** 251111222

**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

### WATER ISLAND EVENT-DRIVEN FUND (Series ID: S000030113)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000092484 | Class R      | AEDFX           |
| C000092485 | Class I      | AEDNX           |
| C000127229 | Class A      | AGEAX           |

## 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:** Water Island Event-Driven Fund

- **b. EDGAR series identifier (if any):** S000030113

- **c. LEI of Series:** 71ZPS0ACY0O0VMTK8636

**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:** $60704612.61

**Total Liabilities:** $2382271.24

**Net Assets:** $58322341.37

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000092484 | -0.08%               | -0.25%               | 0.67%                |
| Class ID C000127229 | 0.00%                | -0.33%               | 0.67%                |
| Class ID C000092485 | 0.00%                | -0.25%               | 0.58%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-683548.92              | $520731.88                                 |
| Month 2  | $-198711.11              | $-218047.26                                |
| Month 3  | $499347.94               | $-124267.20                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SEK CASH COLLATERAL              | SEK CASH COLLATERAL                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Short            | STIV             | CORP              | SE        |       -12 | NS      | $-1.22        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Playa Hotels & Resorts NV        | Playa Hotels & Resorts NV                                                                         | CUSIP: 000000000<br>LEI: 529900BUP3KWPCJNLS49 | Long             | EC               | CORP              | NL        |     42815 | NS      | $576289.90    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| EVERI HOLDINGS INC               | Everi Holdings Inc                                                                                | CUSIP: 30034TAA1<br>LEI: 5299006DK5S7BG10K532 | Long             | DBT              | CORP              | US        |   2461000 | PA      | $2479546.10   | 4.25%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED GBP / SOLD USD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |         1 | NC      | $3498.18      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD EUR                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-938.34      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD EUR                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-3.67        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Amedisys Inc                     | Amedisys Inc                                                                                      | CUSIP: 023436108<br>LEI: 5299001RBS9GK9STN379 | Long             | EC               | CORP              | US        |     40122 | NS      | $3774276.54   | 6.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC          | PARAMOUNT GLOBAL                                                                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |       -17 | NC      | $-782.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | SKECHERS USA INC                                                                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       189 | NC      | $945.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Endeavor Group Holdings Inc      | Endeavor Group Holdings Inc                                                                       | CUSIP: 29260Y109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     66527 | NS      | $1945914.75   | 3.34%             |  |  |  | No            |                  3 | On Loan: No      |
| Hess Corp                        | Hess Corp                                                                                         | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |     19072 | NS      | $2521127.68   | 4.32%             |  |  |  | No            |                  1 | On Loan: No      |
| FUBOTV INC                       | fuboTV Inc                                                                                        | CUSIP: 35953DAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    385000 | PA      | $374643.50    | 0.64%             | 2026-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD EUR                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-292.96      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED EUR / SOLD USD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |         1 | NC      | $508.92       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD EUR                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-652.37      | -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      | $-232.81      | -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      | $-148.31      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED CAD / SOLD USD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $5133.83      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CONTRA CINCOR PHARMA I           | CONTRA CINCOR PHARMA I                                                                            | CUSIP: 172CVR011<br>LEI: N/A                  | N/A              | DE               |  | US        |     39632 | NS      | $150558.00    | 0.26%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CALPINE CORP                     | Calpine Corp                                                                                      | CUSIP: 131347CN4<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |    794000 | PA      | $787098.47    | 1.35%             | 2028-03-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | INFORMATICA INC                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       243 | NC      | $1215.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Dun & Bradstreet Holdings Inc    | Dun & Bradstreet Holdings Inc                                                                     | CUSIP: 26484T106<br>LEI: 254900LNALVKD1ZX7U27 | Long             | EC               | CORP              | US        |    261197 | NS      | $2353384.97   | 4.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD EUR                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $56.46        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | Long: OMCMSS    TRS USD R V 00MFEDL FEDL01M-40BPS / Short: OMCMSS    TRS USD P E OMCMSS US TRS RE | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |    429196 | OU      | $65006.98     | 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      | $-29887.62    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Just Eat Takeaway.com NV         | Just Eat Takeaway.com NV                                                                          | CUSIP: 000000000<br>LEI: 724500FVZIBSSQ7SHI95 | Long             | EC               | CORP              | NL        |     39098 | NS      | $864125.87    | 1.48%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD GBP                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-151.41      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AvidXchange Holdings Inc         | AvidXchange Holdings Inc                                                                          | CUSIP: 05368X102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    153595 | NS      | $1503695.05   | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                     | Synopsys Inc                                                                                      | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Short            | EC               | CORP              | US        |     -1951 | NS      | $-905224.98   | -1.55%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD GBP                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-1305.62     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC           | Nationstar Mortgage Holdings Inc                                                                  | CUSIP: 63861CAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    961000 | PA      | $958902.71    | 1.64%             | 2028-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BAUSCH + LOMB CORP               | Bausch + Lomb Corp                                                                                | CUSIP: 071705AA5<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | CA        |    790000 | PA      | $816749.40    | 1.40%             | 2028-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD CAD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-4961.97     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC           | Spirit AeroSystems Inc                                                                            | CUSIP: 85205TAR1<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |    690000 | PA      | $761942.78    | 1.31%             | 2030-11-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED EUR / SOLD USD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |         1 | NC      | $379.13       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CONTRA ABIOMED INC               | CONTRA ABIOMED INC                                                                                | CUSIP: 003CVR016<br>LEI: N/A                  | N/A              | DE               |  | US        |     13890 | NS      | $22224.00     | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FRONTIER COMMUNICATIONS          | Frontier Communications Holdings LLC                                                              | CUSIP: 35908MAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2712000 | PA      | $2849708.17   | 4.89%             | 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        |     51866 | NS      | $584529.82    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD CAD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-15747.19    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED EUR / SOLD USD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |         1 | NC      | $581.76       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Paramount Global                 | Paramount Global                                                                                  | CUSIP: 92556H206<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | EC               | CORP              | US        |     38162 | NS      | $461760.20    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD CAD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-879.82      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD EUR                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-70.87       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Enstar Group Ltd                 | Enstar Group Ltd                                                                                  | CUSIP: 000000000<br>LEI: 213800AMAL5QFXVUCN04 | Long             | EC               | CORP              | BM        |      6551 | NS      | $2194650.51   | 3.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED GBP / SOLD USD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |         1 | NC      | $512.74       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CONTRA ALBIREO PHARMA            | CONTRA ALBIREO PHARMA                                                                             | CUSIP: 013CVR022<br>LEI: 549300835H8LC7O8VC29 | N/A              | DE               |  | US        |     34047 | NS      | $90660.35     | 0.16%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Goldman Sachs & Co. LLC          | PARAMOUNT GLOBAL                                                                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |      -138 | NC      | $-5520.00     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| ASSUREDPARTNERS INC              | AssuredPartners Inc                                                                               | CUSIP: 04624VAB5<br>LEI: 549300HNDSDQWQ3L2P80 | Long             | DBT              | CORP              | US        |    514000 | PA      | $513650.38    | 0.88%             | 2029-01-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD GBP                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-1143.12     | -0.00%            |  |  |  | No            |                  2 | 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        |   3207732 | OU      | $535520.55    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| E2open Parent Holdings Inc       | E2open Parent Holdings Inc                                                                        | CUSIP: 29788T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    178197 | NS      | $572012.37    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD EUR                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-25999.10    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Skechers USA Inc                 | Skechers USA Inc                                                                                  | CUSIP: 830566105<br>LEI: 529900D2R54KZPA4XR56 | Long             | EC               | CORP              | US        |     39204 | NS      | $2432216.16   | 4.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD EUR                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-12467.22    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | CHEVRON CORP                                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       104 | NC      | $6864.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Juniper Networks Inc             | Juniper Networks Inc                                                                              | CUSIP: 48203R104<br>LEI: AUHIXNGG7U2U7JEHM527 | Long             | EC               | CORP              | US        |     72661 | NS      | $2610709.73   | 4.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED GBP / SOLD USD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |         1 | NC      | $1449.86      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | SKECHERS USA INC                                                                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |        95 | NC      | $475.00       | 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      | $-277.65      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | Long: HRIMSS    TRS USD R V 01MFEDL FDL01 - 40 BPS / Short: HRIMSS    TRS USD P E HRIMSS TRS P E  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |    301215 | OU      | $11675.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Andlauer Healthcare Group Inc    | Andlauer Healthcare Group Inc                                                                     | CUSIP: 034223107<br>LEI: 549300FEFF2VDKFOGG32 | Long             | EC               | CORP              | CA        |     25803 | NS      | $1004969.83   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY PRIME BROKER CA   | MORGAN STANLEY PRIME BROKER CA                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | CA        |         7 | NS      | $5.33         | 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        |   1446353 | OU      | $22745.12     | 0.04%             |  |  |  | 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        |   2281148 | NS      | $2281148.09   | 3.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD GBP                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-148.05      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TXNM Energy Inc                  | TXNM Energy Inc                                                                                   | CUSIP: 69349H107<br>LEI: 5493003JOBJGLZSDDQ28 | Long             | EC               | CORP              | US        |     20260 | NS      | $1148539.40   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD EUR                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-32.50       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CONTRA CONCERT PHARMAC           | CONTRA CONCERT PHARMAC                                                                            | CUSIP: 206CVR011<br>LEI: 529900PYI5BSGQNATP82 | N/A              | DE               |  | US        |    154954 | NS      | $70953.44     | 0.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Morgan Stanley & Co. LLC         | CHEVRON CORP                                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       104 | NC      | $4160.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED EUR / SOLD USD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |         1 | NC      | $572.71       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED EUR / SOLD USD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |         1 | NC      | $1086.01      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Foot Locker Inc                  | Foot Locker Inc                                                                                   | CUSIP: 344849104<br>LEI: 549300X383CBNP6MTV94 | Long             | EC               | CORP              | US        |     24452 | NS      | $580979.52    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD EUR                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-422.66      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co          | Bristol-Myers Squibb Co                                                                           | CUSIP: 110122157<br>LEI: HLYYNH7UQUORYSJQCN42 | N/A              | DE               |  | US        |     67803 | NS      | $50852.25     | 0.09%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MORGAN STANLEY PRIME BROKER EU   | MORGAN STANLEY PRIME BROKER EU                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Short            |  | CORP              | EE        |        -1 | NS      | $-1.50        | -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      | $-94.19       | -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        |   2281148 | NS      | $2281148.07   | 3.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD GBP                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-78.31       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bayer AG                         | Bayer AG                                                                                          | CUSIP: 000000000<br>LEI: 549300J4U55H3WP1XT59 | Long             | EC               | CORP              | DE        |     12589 | NS      | $353566.59    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD EUR                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $23.56        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | DANA INC                                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |        50 | NC      | $0.00         | 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      | $346.61       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TK ELEVATOR HOLDCO GMBH          | TK Elevator Holdco GmbH                                                                           | CUSIP: 92537VAA8<br>LEI: 2549008GCHWX9EEMIS56 | Long             | DBT              | CORP              | DE        |   1090000 | PA      | $1091516.19   | 1.87%             | 2028-07-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED GBP / SOLD USD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |         1 | NC      | $142.53       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Pacific Premier Bancorp Inc      | Pacific Premier Bancorp Inc                                                                       | CUSIP: 69478X105<br>LEI: 549300Q1KIC3KLI0XG98 | Long             | EC               | CORP              | US        |     66546 | NS      | $1410775.20   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED EUR / SOLD USD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |         1 | NC      | $390.95       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD CAD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-724.92      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Lumen Technologies Inc           | Lumen Technologies Inc 2024 Extended Term Loan B1                                                 | CUSIP: 55024EAF2<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | LON              | CORP              | US        |   1027394 | PA      | $1019262.18   | 1.75%             | 2029-04-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD EUR                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-655.51      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD CAD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-100479.35   | -0.17%            |  |  |  | No            |                  2 | On Loan: No      |
| FARO Technologies Inc            | FARO Technologies Inc                                                                             | CUSIP: 311642102<br>LEI: 529900MFEFNOFP3YR823 | Long             | EC               | CORP              | US        |     23789 | NS      | $1007939.93   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC          | PARAMOUNT GLOBAL                                                                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |        78 | NC      | $0.00         | 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      | $-228.19      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ANSYS Inc                        | ANSYS Inc                                                                                         | CUSIP: 03662Q105<br>LEI: 549300VJV8H15Z5FJ571 | Long             | EC               | CORP              | US        |      5647 | NS      | $1868140.54   | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED GBP / SOLD USD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |         1 | NC      | $89.96        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Informatica Inc                  | Informatica Inc                                                                                   | CUSIP: 45674M101<br>LEI: 984500E0DEFFE6DE9588 | Long             | EC               | CORP              | US        |     30309 | NS      | $727719.09    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD EUR                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $171.67       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Interpublic Group of Cos Inc/The | Interpublic Group of Cos Inc/The                                                                  | CUSIP: 460690100<br>LEI: 5493008IUOJ5VWTRC333 | Long             | EC               | CORP              | US        |     14415 | NS      | $345383.40    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Jefferies LLC                    | UNITED STATES STEEL CORP                                                                          | CUSIP: 000000000<br>LEI: 58PU97L1C0WSRCWADL48 | N/A              | DE               |  | US        |       -98 | NC      | $-45080.00    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Spirent Communications PLC       | Spirent Communications PLC                                                                        | CUSIP: 000000000<br>LEI: 213800HKCUNWP1916L38 | Long             | EC               | CORP              | GB        |    314105 | NS      | $798172.50    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CI Financial Corp                | CI Financial Corp                                                                                 | CUSIP: 125491100<br>LEI: 549300M9W7JJQSVCEM78 | Long             | EC               | CORP              | CA        |     75987 | NS      | $1740278.65   | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Triumph Group Inc                | Triumph Group Inc                                                                                 | CUSIP: 896818101<br>LEI: 5493007L6S47Q14SL582 | Long             | EC               | CORP              | US        |     30874 | NS      | $796240.46    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD GBP                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-119.71      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DANA INC                         | Dana Inc                                                                                          | CUSIP: 235825AG1<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |    862000 | PA      | $857916.96    | 1.47%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BOOST NEWCO BORROWER LLC         | Boost Newco Borrower LLC                                                                          | CUSIP: 36268NAA8<br>LEI: 254900S8RE1OL7TTCU64 | Long             | DBT              | CORP              | US        |   1020000 | PA      | $1079220.18   | 1.85%             | 2031-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Jefferies LLC                    | UNITED STATES STEEL CORP                                                                          | CUSIP: 000000000<br>LEI: 58PU97L1C0WSRCWADL48 | N/A              | DE               |  | US        |        98 | NC      | $3430.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| McGrath RentCorp                 | McGrath RentCorp                                                                                  | CUSIP: 580589109<br>LEI: 254900EUH6IPWFQ83445 | Long             | EC               | CORP              | US        |      6398 | NS      | $719007.24    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA RESOLUTE FOREST           | CONTRA RESOLUTE FOREST                                                                            | CUSIP: 761CVR042<br>LEI: N/A                  | N/A              | DE               |  | US        |     68936 | NS      | $107650.46    | 0.18%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ProAssurance Corp                | ProAssurance Corp                                                                                 | CUSIP: 74267C106<br>LEI: 54930015E5J57R675E89 | Long             | EC               | CORP              | US        |     46127 | NS      | $1069685.13   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY PRIME BROKER US   | MORGAN STANLEY PRIME BROKER US                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |    887683 | NS      | $887682.89    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| SpringWorks Therapeutics Inc     | SpringWorks Therapeutics Inc                                                                      | CUSIP: 85205L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49467 | NS      | $2310603.57   | 3.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD EUR                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-4.55        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD CAD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-1189.84     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| H&E Equipment Services Inc       | H&E Equipment Services Inc                                                                        | CUSIP: 404030108<br>LEI: 254900KVLRCDMQRYY541 | Long             | EC               | CORP              | US        |     18147 | NS      | $1717432.08   | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED EUR / SOLD USD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |         1 | NC      | $600.69       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** ARBITRAGE FUNDS

**Signature:** Jonathon Hickey

**Name of Signer:** Jonathon Hickey

**Title:** Treasurer