# EDGAR Filing Document

**Accession Number:** 0001105076
**File Stem:** 0001752724-25-165070
**Filing Date:** 2025-7
**Character Count:** 38850
**Document Hash:** 50fbf05c93b401db1e061c474f70ec21
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-165070.hdr.sgml**: 20250708

**ACCESSION NUMBER**: 0001752724-25-165070

**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:** 251111223

**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 CREDIT OPPORTUNITIES FUND (Series ID: S000039281)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000120977 | Class R      | ARCFX           |
| C000120978 | Class I      | ACFIX           |
| C000127230 | Class A      | AGCAX           |

## 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 CREDIT OPPORTUNITIES FUND

- **b. EDGAR series identifier (if any):** S000039281

- **c. LEI of Series:** 5493006WV4T6QSURTK55

**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:** $207436756.81

**Total Liabilities:** $41586636.86

**Net Assets:** $165850119.95

**Delayed Delivery Securities:** $3417000.00

**Cash Not Reported:** $24500.55

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -182.79000000 | **1-Year:** -235.76000000 | **5-Year:** -478.82000000 | **10-Year:** 357.79000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -885.95000000 | **1-Year:** -11030.05000000 | **5-Year:** -6198.56000000 | **10-Year:** -173.92000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000120978 | 0.42%                | 0.37%                | 0.40%                |
| Class ID C000120977 | 0.50%                | 0.35%                | 0.38%                |
| Class ID C000127230 | 0.50%                | 0.25%                | 0.48%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1026803.73             | $1241509.94                                |
| Month 2  | $-128460.77              | $-21787.33                                 |
| Month 3  | $-198924.95              | $510060.74                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Redfin Corp                    | Redfin Corp                                                                                                  | CUSIP: 75737F108<br>LEI: 549300HXWD3JEMZU3O57 | Short            | EC               | CORP              | US        |    -58500 | NS      | $-584415.00   | -0.35%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC       | BOEING CO/THE                                                                                                | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       -20 | NC      | $-5300.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| EVERI HOLDINGS INC             | Everi Holdings Inc                                                                                           | CUSIP: 30034TAA1<br>LEI: 5299006DK5S7BG10K532 | Long             | DBT              | CORP              | US        |   3195000 | PA      | $3219077.52   | 1.94%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Spirit AeroSystems Inc         | Spirit Aerosystems Inc 2022 Term Loan                                                                        | CUSIP: 84857HAY6<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | LON              | CORP              | US        |   1974684 | PA      | $1979827.60   | 1.19%             | 2027-01-15      | Floating      | 8.78%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIES INC          | Uber Technologies Inc                                                                                        | CUSIP: 90353TAJ9<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5642500.00   | 3.40%             | 2025-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FUBOTV INC                     | fuboTV Inc                                                                                                   | CUSIP: 35953DAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    815000 | PA      | $793076.50    | 0.48%             | 2026-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| TXNM Energy Inc                | TXNM Energy Inc                                                                                              | CUSIP: 69349H107<br>LEI: 5493003JOBJGLZSDDQ28 | Short            | EC               | CORP              | US        |    -54000 | NS      | $-3061260.00  | -1.85%            |  |  |  | No            |                  1 | On Loan: No      |
| XEROX HOLDINGS CORP            | Xerox Holdings Corp                                                                                          | CUSIP: 98421MAA4<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |   2959000 | PA      | $2944986.77   | 1.78%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISDOMTREE INVESTMENTS         | WisdomTree Inc                                                                                               | CUSIP: 97717PAD6<br>LEI: 549300WIU8IS7UFO7871 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1545000.00   | 0.93%             | 2026-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Bausch & Lomb Corporation      | Bausch & Lomb Corporation Term Loan                                                                          | CUSIP: 000000000<br>LEI: 549300NY6OZM39SO6475 | Long             | LON              | CORP              | CA        |   4961735 | PA      | $4952704.34   | 2.99%             | 2027-05-10      | Floating      | 7.68%                 | No            |                  2 | On Loan: No      |
| RAPID7 INC                     | Rapid7 Inc                                                                                                   | CUSIP: 753422AF1<br>LEI: 549300GNVG5D60KEYN14 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2296875.00   | 1.38%             | 2027-03-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP                   | Calpine Corp                                                                                                 | CUSIP: 131347CN4<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |   3303000 | PA      | $3274289.99   | 1.97%             | 2028-03-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Halozyme Therapeutics Inc      | Halozyme Therapeutics Inc                                                                                    | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Short            | EC               | CORP              | US        |    -10100 | NS      | $-566307.00   | -0.34%            |  |  |  | No            |                  1 | On Loan: No      |
| Dun & Bradstreet Holdings Inc  | Dun & Bradstreet Holdings Inc                                                                                | CUSIP: 26484T106<br>LEI: 254900LNALVKD1ZX7U27 | Long             | EC               | CORP              | US        |    195000 | NS      | $1756950.00   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC        | ISHARES IBOXX HIGH YIELD COR                                                                                 | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |       500 | NC      | $2000.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Akamai Technologies Inc        | Akamai Technologies Inc                                                                                      | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Short            | EC               | CORP              | US        |    -13200 | NS      | $-1002276.00  | -0.60%            |  |  |  | No            |                  1 | On Loan: No      |
| TRIUMPH GROUP INC              | Triumph Group Inc                                                                                            | CUSIP: 896818AU5<br>LEI: 5493007L6S47Q14SL582 | Long             | DBT              | CORP              | US        |   4070000 | PA      | $4262099.93   | 2.57%             | 2028-03-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC         | Nationstar Mortgage Holdings Inc                                                                             | CUSIP: 63861CAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4158000 | PA      | $4148925.58   | 2.50%             | 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        |   3296000 | PA      | $3407602.56   | 2.05%             | 2028-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Spotify Technology SA          | Spotify Technology SA                                                                                        | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Short            | EC               | CORP              | LU        |     -7800 | NS      | $-5188092.00  | -3.13%            |  |  |  | No            |                  1 | On Loan: No      |
| SHIFT4 PAYMENTS LLC/FIN        | Shift4 Payments LLC / Shift4 Payments Finance Sub Inc                                                        | CUSIP: 82453AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1247548.25   | 0.75%             | 2026-11-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC       | Long: JNKMSS    TRS USD R V 01MFEDL FEDL 01M/-40.BPS / Short: JNKMSS    TRS USD P E JNK US SWAP/US78468R6229 | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |   1251695 | OU      | $-81454.00    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| BENTLEY SYSTEMS                | Bentley Systems Inc                                                                                          | CUSIP: 08265TAD1<br>LEI: 549300WVEHPGE0Z56F71 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4625000.00   | 2.79%             | 2027-07-01      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC         | Spirit AeroSystems Inc                                                                                       | CUSIP: 85205TAR1<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |   4911000 | PA      | $5423044.92   | 3.27%             | 2030-11-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS        | Frontier Communications Holdings LLC                                                                         | CUSIP: 35908MAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6408000 | PA      | $6733381.26   | 4.06%             | 2030-05-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| VERINT SYSTEMS INC             | Verint Systems Inc                                                                                           | CUSIP: 92343XAC4<br>LEI: 549300KEQJS5FRVUCO94 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2855971.32   | 1.72%             | 2026-04-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC       | Long: HYGMSS    TRS USD R V 01MFEDL HYGMSS TRS USD R V 01MFEDL / Short: HYGMSS    TRS USD P E HYG US SWAP    | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |   1854000 | OU      | $-135250.00   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| LANDSEA HOMES CORP             | Landsea Homes Corp                                                                                           | CUSIP: 51509PAA1<br>LEI: 549300RP8AZAKHNILS36 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5207160.50   | 3.14%             | 2029-04-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| SWAP MORGAN STANLEY COC        | SWAP MORGAN STANLEY COC                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |   1440000 | NS      | $1440000.00   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| WISDOMTREE INC                 | WisdomTree Inc                                                                                               | CUSIP: 97717PAG9<br>LEI: 549300WIU8IS7UFO7871 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2592500.00   | 1.56%             | 2029-08-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| DEXCOM INC                     | Dexcom Inc                                                                                                   | CUSIP: 252131AM9<br>LEI: 549300YSK3QDSFR5EU59 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3244202.43   | 1.96%             | 2028-05-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC       | BOEING CO/THE                                                                                                | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       -20 | NC      | $-56820.00    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| ASSUREDPARTNERS INC            | AssuredPartners Inc                                                                                          | CUSIP: 04624VAB5<br>LEI: 549300HNDSDQWQ3L2P80 | Long             | DBT              | CORP              | US        |   1117000 | PA      | $1116240.22   | 0.67%             | 2029-01-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| DUN & BRADSTREET CORP          | Dun & Bradstreet Corp/The                                                                                    | CUSIP: 26483EAL4<br>LEI: RI37BMPWE56BCJ747E14 | Short            | DBT              | CORP              | US        |  -2500000 | PA      | $-2520970.00  | -1.52%            | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC       | ISHARES IBOXX HIGH YIELD COR                                                                                 | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       250 | NC      | $1000.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BOEING CO/THE                  | Boeing Co/The                                                                                                | CUSIP: 097023204<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EP               | CORP              | US        |     80000 | NS      | $5385600.00   | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| WisdomTree Inc                 | WisdomTree Inc                                                                                               | CUSIP: 97717P104<br>LEI: 549300WIU8IS7UFO7871 | Short            | EC               | CORP              | US        |    -33300 | NS      | $-314352.00   | -0.19%            |  |  |  | No            |                  1 | On Loan: No      |
| ACI Worldwide Inc              | ACI Worldwide Inc                                                                                            | CUSIP: 004498AB7<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | DBT              | CORP              | US        |   1064000 | PA      | $1063255.20   | 0.64%             | 2026-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Bentley Systems Inc            | Bentley Systems Inc                                                                                          | CUSIP: 08265T208<br>LEI: 549300WVEHPGE0Z56F71 | Short            | EC               | CORP              | US        |    -12000 | NS      | $-572760.00   | -0.35%            |  |  |  | No            |                  1 | On Loan: No      |
| FOOT LOCKER INC                | Foot Locker Inc                                                                                              | CUSIP: 344849AA2<br>LEI: 549300X383CBNP6MTV94 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1900168.40   | 1.15%             | 2029-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BLACKLINE INC                  | BlackLine Inc                                                                                                | CUSIP: 09239BAD1<br>LEI: 529900P9N7PK9LV5EK56 | Long             | DBT              | CORP              | US        |   3071000 | PA      | $2940570.85   | 1.77%             | 2026-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Juniper Networks Inc           | Juniper Networks Inc                                                                                         | CUSIP: 48203R104<br>LEI: AUHIXNGG7U2U7JEHM527 | Long             | EC               | CORP              | US        |     20000 | NS      | $718600.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC       | LIVE NATION ENTERTAINMENT INC                                                                                | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       105 | NC      | $13650.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| REDFIN CORP                    | Redfin Corp                                                                                                  | CUSIP: 75737FAE8<br>LEI: 549300HXWD3JEMZU3O57 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $3999600.00   | 2.41%             | 2027-04-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| TXNM ENERGY INC                | TXNM Energy Inc                                                                                              | CUSIP: 69349HAE7<br>LEI: 5493003JOBJGLZSDDQ28 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3877500.00   | 2.34%             | 2054-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Boeing Co/The                  | Boeing Co/The                                                                                                | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Short            | EC               | CORP              | US        |    -21500 | NS      | $-4457380.00  | -2.69%            |  |  |  | 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        |   3745420 | NS      | $3745419.64   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| AKAMAI TECHNOLOGIES INC        | Akamai Technologies Inc                                                                                      | CUSIP: 00971TAL5<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4326900.75   | 2.61%             | 2027-09-01      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| E2open LLC                     | E2open LLC 2020 Term Loan B                                                                                  | CUSIP: 26826YAB8<br>LEI: 549300WF2BZODU55DR56 | Long             | LON              | CORP              | US        |   3400000 | PA      | $3417357.00   | 2.06%             | 2028-02-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Getty Images Inc               | Getty Images Inc                                                                                             | CUSIP: 374276AJ2<br>LEI: 5493005NV20IG4VEKZ40 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2452854.50   | 1.48%             | 2027-03-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Dexcom Inc                     | Dexcom Inc                                                                                                   | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Short            | EC               | CORP              | US        |     -6800 | NS      | $-583440.00   | -0.35%            |  |  |  | No            |                  1 | On Loan: No      |
| Verint Systems Inc             | Verint Systems Inc                                                                                           | CUSIP: 92343X100<br>LEI: 549300KEQJS5FRVUCO94 | Short            | EC               | CORP              | US        |     -2400 | NS      | $-42096.00    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC       | Long: WTMSS     TRS USD R V 01MFEDL FEDL01/-40 BPS / Short: WTMSS     TRS USD P E WTMSS PAY EQUITY           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |   1433742 | OU      | $161229.55    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Insulet Corp                   | Insulet Corp                                                                                                 | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Short            | EC               | CORP              | US        |    -13200 | NS      | $-4290396.00  | -2.59%            |  |  |  | No            |                  1 | On Loan: No      |
| COTY INC                       | Coty Inc                                                                                                     | CUSIP: 222070AE4<br>LEI: 549300BO9IWPF3S48F93 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4983402.50   | 3.00%             | 2026-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO               | Hewlett Packard Enterprise Co                                                                                | CUSIP: 42824CBV0<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |   7850000 | PA      | $7643496.96   | 4.61%             | 2034-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC       | SPDR S+P 500 ETF TRUST                                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       150 | NC      | $49800.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| H&E EQUIPMENT SERVICES         | H&E Equipment Services Inc                                                                                   | CUSIP: 404030AJ7<br>LEI: 254900KVLRCDMQRYY541 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2267266.50   | 1.37%             | 2028-12-15      | Fixed         | 3.88%                 | 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        |   3745420 | NS      | $3745419.64   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| LIVE NATION ENTERTAINMEN       | Live Nation Entertainment Inc                                                                                | CUSIP: 538034AV1<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5059260.00   | 3.05%             | 2027-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Rocket Cos Inc                 | Rocket Cos Inc                                                                                               | CUSIP: 77311W101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     46367 | NS      | $591179.25    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| HALOZYME THERAPEUTICS IN       | Halozyme Therapeutics Inc                                                                                    | CUSIP: 40637HAD1<br>LEI: 529900242I3SV9AGM753 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3051877.53   | 1.84%             | 2027-03-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC       | HALOZYME THERAPEUTICS INC                                                                                    | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       100 | NC      | $25000.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC       | DANA INC                                                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       196 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED STATES STEEL CORP       | United States Steel Corp                                                                                     | CUSIP: 912909AU2<br>LEI: JNLUVFYJT1OZSIQ24U47 | Long             | DBT              | CORP              | US        |   2300000 | PA      | $2320049.10   | 1.40%             | 2029-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TK ELEVATOR HOLDCO GMBH        | TK Elevator Holdco GmbH                                                                                      | CUSIP: 92537VAA8<br>LEI: 2549008GCHWX9EEMIS56 | Long             | DBT              | CORP              | DE        |   2136000 | PA      | $2138971.18   | 1.29%             | 2028-07-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Xerox Holdings Corp            | Xerox Holdings Corp                                                                                          | CUSIP: 98421M106<br>LEI: 5493000Y33XDVO2CXC18 | Short            | EC               | CORP              | US        |     -2000 | NS      | $-9780.00     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| REPAY HOLDINGS                 | Repay Holdings Corp                                                                                          | CUSIP: 76029LAA8<br>LEI: 2549006EJ42T73ZKUI98 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4800001.30   | 2.89%             | 2026-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC       | SURGERY PARTNERS INC                                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       100 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc          | Uber Technologies Inc                                                                                        | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Short            | EC               | CORP              | US        |    -39100 | NS      | $-3290656.00  | -1.98%            |  |  |  | No            |                  1 | On Loan: No      |
| Rapid7 Inc                     | Rapid7 Inc                                                                                                   | CUSIP: 753422104<br>LEI: 549300GNVG5D60KEYN14 | Short            | EC               | CORP              | US        |     -2400 | NS      | $-55080.00    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Lumen Technologies Inc         | Lumen Technologies Inc 2024 Extended Term Loan B1                                                            | CUSIP: 55024EAF2<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | LON              | CORP              | US        |   2960213 | PA      | $2936782.91   | 1.77%             | 2029-04-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury         | U.S. Treasury Notes                                                                                          | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Short            | DBT              | UST               | US        |  -6900000 | PA      | $-7029375.00  | -4.24%            | 2035-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| DANA INC                       | Dana Inc                                                                                                     | CUSIP: 235825AG1<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |   3413000 | PA      | $3396833.64   | 2.05%             | 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        |   5771000 | PA      | $6106058.49   | 3.68%             | 2031-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Live Nation Entertainment Inc  | Live Nation Entertainment Inc                                                                                | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Short            | EC               | CORP              | US        |     -3100 | NS      | $-425289.00   | -0.26%            |  |  |  | No            |                  1 | On Loan: No      |
| SPOTIFY USA INC                | Spotify USA Inc                                                                                              | CUSIP: 84921RAB6<br>LEI: 2138008WM218QBKRII94 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $6765500.00   | 4.08%             | 2026-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY PRIME BROKER US | MORGAN STANLEY PRIME BROKER US                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |  33860976 | NS      | $33860975.85  | 20.42%            |  |  |  | No            |                  1 | On Loan: No      |
| BlackLine Inc                  | BlackLine Inc                                                                                                | CUSIP: 09239B109<br>LEI: 529900P9N7PK9LV5EK56 | Short            | EC               | CORP              | US        |     -1100 | NS      | $-61523.00    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| INSULET CORPORATION            | Insulet Corp                                                                                                 | CUSIP: 45784PAK7<br>LEI: 549300TZTYD2PYN92D43 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $5150942.90   | 3.11%             | 2026-09-01      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC       | FOOT LOCKER INC                                                                                              | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       250 | NC      | $6250.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SURGERY CENTER HOLDINGS        | Surgery Center Holdings Inc                                                                                  | CUSIP: 86881WAF9<br>LEI: 54930054EVI5HWPPW113 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1996140.40   | 1.20%             | 2032-04-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Surgery Partners Inc           | Surgery Partners Inc                                                                                         | CUSIP: 86881A100<br>LEI: 549300LC82HG33S19I03 | Short            | EC               | CORP              | US        |     -1500 | NS      | $-35415.00    | -0.02%            |  |  |  | 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