# EDGAR Filing Document

**Accession Number:** 0001105076
**File Stem:** 0001752724-23-000122
**Filing Date:** 2023-1
**Character Count:** 48158
**Document Hash:** 10314bfc858f1065581f94260a2a90c6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-000122.hdr.sgml**: 20230104

**ACCESSION NUMBER**: 0001752724-23-000122

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230104

**DATE AS OF CHANGE**: 20230104

**PERIOD START**: 20230531

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ARBITRAGE FUNDS
- **CENTRAL INDEX KEY:** 0001105076
- **IRS NUMBER:** 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:** 23505605

**BUSINESS ADDRESS:**
- **STREET 1:** C/O ALPS FUND SERVICES, INC.
- **STREET 2:** 1290 BROADWAY, SUITE 1100
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80203
- **BUSINESS PHONE:** 303-623-2577

**MAIL ADDRESS:**
- **STREET 1:** C/O ALPS FUND SERVICES, INC.
- **STREET 2:** 1290 BROADWAY, SUITE 1100
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80203

## 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 ALPS FUND SERVICES, INC.

  - **City:** DENVER

  - **State:** CO

  - **Foreign country:** US

  - **Zip / Postal Code:** 80203

  - **Telephone number:** 303-623-2577

**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:** 2023-05-31

- **b. Date as of which information is reported:** 2022-11-30

**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:** $128238635.55

**Total Liabilities:** $8370159.34

**Net Assets:** $119868476.21

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -1.18000000 | **1-Year:** -17.64000000 | **5-Year:** -379.32000000 | **10-Year:** -21.93000000 | **30-Year:** 0.00000000

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

- **3-Month:** -210.16000000 | **1-Year:** -9553.01000000 | **5-Year:** -7598.66000000 | **10-Year:** -279.99000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000120978 | -0.47%               | 0.86%                | 0.87%                |
| Class ID C000120977 | -0.38%               | 0.73%                | 0.95%                |
| Class ID C000127230 | -0.38%               | 0.73%                | 0.96%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $486732.47               | $-1244932.24                               |
| Month 2  | $156943.38               | $257224.33                                 |
| Month 3  | $361719.01               | $431331.08                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Cengage Learning Inc           | Cengage Learning Inc                                                                                         | CUSIP: 15137NAA1<br>LEI: 549300BYGM0FWUSVXJ88 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $948750.00    | 0.79%             | 2024-06-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC       | PURCHASED CAD / SOLD USD                                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $62.68        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY PRIME BROKER CA | MORGAN STANLEY PRIME BROKER CA                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Short            | STIV             | CORP              | CA        |        -0 | NS      | $-0.01        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC       | HOWMET AEROSPACE INC                                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       210 | NC      | $82950.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITI GRP/UNITI HLD/CSL        | Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC                                                  | CUSIP: 91327AAA0<br>LEI: N/A                  | Long             | DBT              |  | US        |   4796000 | PA      | $4816157.59   | 4.02%             | 2025-02-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC       | PURCHASED CAD / SOLD USD                                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $-58.30       | -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      | $-47.48       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IAA Inc                        | IAA Inc                                                                                                      | CUSIP: 449253AB9<br>LEI: 549300PZCOPC5178W747 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3438750.00   | 2.87%             | 2027-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LIGHTNING EMOTORS INC          | Lightning eMotors Inc                                                                                        | CUSIP: 53228RAA3<br>LEI: 549300JQ9U3NF5XD5A71 | Long             | DBT              | CORP              | US        |    973000 | PA      | $577767.40    | 0.48%             | 2024-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| XEROX HOLDINGS CORP            | Xerox Holdings Corp                                                                                          | CUSIP: 98421MAA4<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |   3307000 | PA      | $3075146.23   | 2.57%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC       | PURCHASED USD / SOLD CAD                                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $60.27        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KALEYRA INC                    | Kaleyra Inc                                                                                                  | CUSIP: 483379AA1<br>LEI: 549300Q16CZ1PDK9BL93 | Long             | DBT              | CORP              | US        |   1900000 | PA      | $1504123.39   | 1.25%             | 2026-06-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC       | PURCHASED USD / SOLD CAD                                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-120.07      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Caesars Entertainment Inc      | Caesars Entertainment Inc                                                                                    | CUSIP: 12769G100<br>LEI: 549300FA4CTCW903Y781 | Short            | EC               | CORP              | US        |     -5300 | NS      | $-269293.00   | -0.22%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC       | PURCHASED CAD / SOLD USD                                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $57.04        | 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      | $46.12        | 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      | $-105.17      | -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      | $251.72       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WISDOMTREE INVESTMENTS         | WisdomTree Inc                                                                                               | CUSIP: 000000000<br>LEI: 549300WIU8IS7UFO7871 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1349250.00   | 1.13%             | 2026-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC       | PURCHASED CAD / SOLD USD                                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $-16.81       | -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      | $-123.23      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC        | PAR PACIFIC HOLDINGS INC                                                                                     | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |      1000 | NC      | $50000.00     | 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        |   8458173 | NS      | $8458172.54   | 7.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC       | PURCHASED CAD / SOLD USD                                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $-8.36        | -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      | $12.03        | 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      | $-90.29       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Spotify Technology SA          | Spotify Technology SA                                                                                        | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Short            | EC               | CORP              | LU        |      -800 | NS      | $-63536.00    | -0.05%            |  |  |  | No            |                  1 | 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        |   3502945 | OU      | $-108142.00   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| UPHEALTH INC                   | UpHealth Inc                                                                                                 | CUSIP: 91532BAA9<br>LEI: 549300OSKGXG2OH2XE50 | Long             | DBT              | CORP              | US        |    689000 | PA      | $204977.50    | 0.17%             | 2026-06-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HOWMET AEROSPACE INC           | Howmet Aerospace Inc                                                                                         | CUSIP: 013817AW1<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1238593.63   | 1.03%             | 2024-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC       | PURCHASED USD / SOLD CAD                                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-333.93      | -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      | $21.20        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                | Gen Digital Inc                                                                                              | CUSIP: 871503AU2<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |   1407000 | PA      | $1364790.00   | 1.14%             | 2025-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC       | PURCHASED CAD / SOLD USD                                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $-83.49       | -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        |   8458173 | NS      | $8458172.59   | 7.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ZENDESK INC                    | Zendesk Inc                                                                                                  | CUSIP: 98936JAD3<br>LEI: 549300SLI6BN94BKKO36 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3480400.00   | 2.90%             | 2025-06-15      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC       | PURCHASED CAD / SOLD USD                                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $17.51        | 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      | $24.50        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Kaman Corp                     | Kaman Corp                                                                                                   | CUSIP: 483548103<br>LEI: 5493003YK076OLTEQF95 | Short            | EC               | CORP              | US        |     -1800 | NS      | $-36666.00    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC       | PURCHASED USD / SOLD CAD                                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-89.33       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SWAP MORGAN STANLEY COC        | SWAP MORGAN STANLEY COC                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |   1290000 | NS      | $1290000.00   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC       | PURCHASED USD / SOLD CAD                                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-53.01       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PAR PETRO LLC / FIN CORP       | Par Petroleum LLC / Par Petroleum Finance Corp                                                               | CUSIP: 69889MAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3190000 | PA      | $3110250.00   | 2.59%             | 2025-12-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| WERNER FINCO LP/INC            | Werner FinCo LP / Werner FinCo Inc                                                                           | CUSIP: 95076PAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2400000.00   | 2.00%             | 2025-07-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| AVALARA INC                    | Avalara Inc                                                                                                  | CUSIP: 05338GAB2<br>LEI: 549300Q16CMW239SS315 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2992500.00   | 2.50%             | 2026-08-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC          | Caesars Entertainment Inc                                                                                    | CUSIP: 28470RAH5<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |   1090000 | PA      | $1077249.70   | 0.90%             | 2025-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC       | CAESARS ENTERTAINMENT INC                                                                                    | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       100 | NC      | $47750.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Howmet Aerospace Inc           | Howmet Aerospace Inc                                                                                         | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Short            | EC               | CORP              | US        |    -13300 | NS      | $-501011.00   | -0.42%            |  |  |  | No            |                  1 | On Loan: No      |
| WisdomTree Inc                 | WisdomTree Inc                                                                                               | CUSIP: 97717P104<br>LEI: 549300WIU8IS7UFO7871 | Short            | EC               | CORP              | US        |    -20400 | NS      | $-113628.00   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Moneygram International, Inc   | Moneygram International, Inc 2021 Term Loan B                                                                | CUSIP: 60935QAP1<br>LEI: 5299002DLX0Q04KC4156 | Long             | LON              | CORP              | US        |   4960938 | PA      | $4933057.04   | 4.12%             | 2026-07-21      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| Gen Digital Inc                | Gen Digital Inc                                                                                              | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Short            | EC               | CORP              | US        |    -14200 | NS      | $-326032.00   | -0.27%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC       | PURCHASED USD / SOLD CAD                                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-37.08       | -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      | $12.63        | 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      | $12.62        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BLOCK INC                      | Block Inc                                                                                                    | CUSIP: 852234AF0<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1952500.00   | 1.63%             | 2025-03-01      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Par Pacific Holdings Inc       | Par Pacific Holdings Inc                                                                                     | CUSIP: 69888T207<br>LEI: 549300BTNS7MHSHRLR55 | Short            | EC               | CORP              | US        |    -34489 | NS      | $-808077.27   | -0.67%            |  |  |  | No            |                  1 | On Loan: No      |
| CHOBANI LLC/FINANCE CORP       | Chobani LLC / Chobani Finance Corp Inc                                                                       | CUSIP: 17027NAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3749000 | PA      | $3664497.54   | 3.06%             | 2025-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC       | PURCHASED USD / SOLD CAD                                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-87.87       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VALVOLINE INC                  | Valvoline Inc                                                                                                | CUSIP: 92047WAD3<br>LEI: 549300CMHPBEY6VPOT75 | Long             | DBT              | CORP              | US        |   3160000 | PA      | $3071232.09   | 2.56%             | 2030-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC       | PURCHASED CAD / SOLD USD                                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $30.24        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Cineplex Inc                   | Cineplex Inc                                                                                                 | CUSIP: 172454100<br>LEI: 549300WDU0AS30W35T75 | Short            | EC               | CORP              | CA        |    -33300 | NS      | $-254982.72   | -0.21%            |  |  |  | No            |                  1 | On Loan: No      |
| Getty Images Inc               | Getty Images Inc                                                                                             | CUSIP: 374276AJ2<br>LEI: 5493005NV20IG4VEKZ40 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5925000.00   | 4.94%             | 2027-03-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Altra Industrial Motion Corp   | Altra Industrial Motion Corp                                                                                 | CUSIP: 02208R106<br>LEI: NQ0NIXPGW4YKG4MWM571 | Short            | EC               | CORP              | US        |     -1700 | NS      | $-99654.00    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC       | SPDR S+P 500 ETF TRUST                                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       250 | NC      | $117625.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Paratek Pharmaceuticals Inc    | Paratek Pharmaceuticals Inc                                                                                  | CUSIP: 699374302<br>LEI: 5493007V5QDIWECEYV79 | Short            | EC               | CORP              | US        |    -11450 | NS      | $-25419.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| RINGCENTRAL INC                | RingCentral Inc                                                                                              | CUSIP: 76680RAF4<br>LEI: 549300C8EH0H1614VE84 | Long             | DBT              | CORP              | US        |   3105000 | PA      | $2654775.00   | 2.21%             | 2025-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Uniti Group Inc                | Uniti Group Inc                                                                                              | CUSIP: 91325V108<br>LEI: 549300V3NU625PJUVA84 | Short            | EC               |  | US        |     -4900 | NS      | $-37338.00    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC       | XEROX HOLDINGS CORP                                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       700 | NC      | $42000.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SWITCH LTD                     | Switch Ltd                                                                                                   | CUSIP: 87105NAA8<br>LEI: 5493002D70VTFFLT8L43 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4536462.29   | 3.78%             | 2028-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC       | PURCHASED CAD / SOLD USD                                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $148.80       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC       | GEN DIGITAL INC                                                                                              | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       350 | NC      | $18375.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC       | PURCHASED USD / SOLD CAD                                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $2.45         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Lightning eMotors Inc          | Lightning eMotors Inc                                                                                        | CUSIP: 53228T119<br>LEI: 549300JQ9U3NF5XD5A71 | N/A              | DE               |  | US        |     53913 | NS      | $3773.91      | 0.00%             |  |  |  | Yes           |                  1 | On Loan: No      |
| UPHEALTH INC                   | UpHealth Inc                                                                                                 | CUSIP: 91532BAC5<br>LEI: 549300OSKGXG2OH2XE50 | Long             | DBT              | CORP              | US        |    938000 | PA      | $873278.00    | 0.73%             | 2025-12-15      | Floating      | 12.81%                | No            |                  2 | On Loan: No      |
| Block Inc                      | Block Inc                                                                                                    | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Short            | EC               | CORP              | US        |     -6800 | NS      | $-460836.00   | -0.38%            |  |  |  | No            |                  1 | On Loan: No      |
| WESCO DISTRIBUTION INC         | WESCO Distribution Inc                                                                                       | CUSIP: 95081QAN4<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101250.00    | 0.08%             | 2025-06-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC       | PURCHASED USD / SOLD CAD                                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-14.68       | -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      | $177.61       | 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      | $-32.29       | -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      | $72.38        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PTC Inc                        | PTC Inc                                                                                                      | CUSIP: 69370CAB6<br>LEI: 54930050SSMU8SKDJ030 | Long             | DBT              | CORP              | US        |    750000 | PA      | $714947.10    | 0.60%             | 2025-02-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP          | Truist Financial Corp                                                                                        | CUSIP: 86788LAA8<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $900000.24    | 0.75%             | 2028-03-15      | Floating      | 3.94%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC       | PURCHASED USD / SOLD CAD                                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-89.41       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Xerox Holdings Corp            | Xerox Holdings Corp                                                                                          | CUSIP: 98421M106<br>LEI: 5493000Y33XDVO2CXC18 | Short            | EC               | CORP              | US        |    -15000 | NS      | $-244650.00   | -0.20%            |  |  |  | No            |                  1 | On Loan: No      |
| ISTAR INC                      | iStar Inc                                                                                                    | CUSIP: 45031UCF6<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | DBT              |  | US        |   2295000 | PA      | $2257950.51   | 1.88%             | 2024-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| KAMAN CORP                     | Kaman Corp                                                                                                   | CUSIP: 483548AF0<br>LEI: 5493003YK076OLTEQF95 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2776500.00   | 2.32%             | 2024-05-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| LABL INC                       | LABL Inc                                                                                                     | CUSIP: 50168AAB6<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |   1175000 | PA      | $1122125.00   | 0.94%             | 2026-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC       | PURCHASED CAD / SOLD USD                                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $-107.21      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPW INDUSTRIES HOLD CORP       | JPW Industries Holding Corp                                                                                  | CUSIP: 48128TAA0<br>LEI: 2549006C25X8KUBSYI24 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1707500.00   | 1.42%             | 2024-10-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| ISTAR INC                      | iStar Inc                                                                                                    | CUSIP: 45031UCJ8<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | DBT              |  | US        |   2900000 | PA      | $2895527.59   | 2.42%             | 2026-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PARATEK PHARMACEUTICALS        | Paratek Pharmaceuticals Inc                                                                                  | CUSIP: 699374AB0<br>LEI: 5493007V5QDIWECEYV79 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $1973025.00   | 1.65%             | 2024-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC       | PURCHASED USD / SOLD CAD                                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $25.62        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Stevens Holding Co Inc         | Stevens Holding Co Inc                                                                                       | CUSIP: 86024TAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2016820.00   | 1.68%             | 2026-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CINEPLEX INC                   | Cineplex Inc                                                                                                 | CUSIP: 172454AC4<br>LEI: 549300WDU0AS30W35T75 | Long             | DBT              | CORP              | CA        |    567000 | PA      | $453945.64    | 0.38%             | 2025-09-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC       | UNITI GROUP INC                                                                                              | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |      1000 | NC      | $17500.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| COWEN INC                      | Cowen Inc                                                                                                    | CUSIP: 223622AG6<br>LEI: 5493008QI0EFC5WBED75 | Long             | DBT              | CORP              | US        |   3750000 | PA      | $3785998.39   | 3.16%             | 2024-05-06      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| 1LIFE HEALTHCARE INC           | 1Life Healthcare Inc                                                                                         | CUSIP: 68269GAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $965500.00    | 0.81%             | 2025-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| RingCentral Inc                | RingCentral Inc                                                                                              | CUSIP: 76680R206<br>LEI: 549300C8EH0H1614VE84 | Short            | EC               | CORP              | US        |      -900 | NS      | $-33354.00    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC       | PURCHASED CAD / SOLD USD                                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $59.40        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC       | WESCO INTERNATIONAL INC                                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |        50 | NC      | $1000.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC       | PURCHASED CAD / SOLD USD                                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $391.64       | 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      | $5272.96      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ALTICE FRANCE HOLDING SA       | Altice France Holding SA                                                                                     | CUSIP: 02156TAB0<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |   6500000 | PA      | $5135000.00   | 4.28%             | 2027-05-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| SPOTIFY USA INC                | Spotify USA Inc                                                                                              | CUSIP: 84921RAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3500000 | PA      | $2798250.00   | 2.33%             | 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        |   3506292 | NS      | $3506291.87   | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC       | PURCHASED USD / SOLD CAD                                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $88.36        | 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      | $135.24       | 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      | $-99.93       | -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      | $302.27       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| US FOODS INC                   | US Foods Inc                                                                                                 | CUSIP: 90290MAC5<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |    750000 | PA      | $757005.00    | 0.63%             | 2025-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-15

**Name of Applicant:** ARBITRAGE FUNDS

**Signature:** Jonathon Hickey

**Name of Signer:** Jonathon Hickey

**Title:** Treasurer