# EDGAR Filing Document

**Accession Number:** 0001105076
**File Stem:** 0001410368-26-000049
**Filing Date:** 2026-1
**Character Count:** 30508
**Document Hash:** 0b152efd5083601d3b91eb49d97dcaba
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-000049.hdr.sgml**: 20260105

**ACCESSION NUMBER**: 0001410368-26-000049

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260105

**DATE AS OF CHANGE**: 20260105

**PERIOD START**: 20260531

**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:** 26505098

**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:** 2026-05-31

- **b. Date as of which information is reported:** 2025-11-30

**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:** $181616917.72

**Total Liabilities:** $22382618.70

**Net Assets:** $159234299.02

**Cash Not Reported:** $65456.89

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** -1264.80000000 | **1-Year:** -9999.70000000 | **5-Year:** -11612.11000000 | **10-Year:** -121.01000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000120977 | 0.45%                | 0.32%                | 0.55%                |
| Class ID C000120978 | 0.57%                | 0.34%                | 0.47%                |
| Class ID C000127230 | 0.45%                | 0.32%                | 0.45%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $19588.09                | $202524.08                                 |
| Month 2  | $-259803.30              | $274596.44                                 |
| Month 3  | $726295.07               | $-702980.95                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BAUSCH + LOMB CORP             | Bausch + Lomb Corp                                                                                           | CUSIP: 071705AA5<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | CA        |   3296000 | PA      | $3436080.00   | 2.16%             | 2028-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Bentley Systems Inc            | Bentley Systems Inc                                                                                          | CUSIP: 08265T208<br>LEI: 549300WVEHPGE0Z56F71 | Short            | EC               | CORP              | US        |    -12000 | NS      | $-503520.00   | -0.32%            |  |  |  | No            |                  1 | On Loan: No      |
| BENTLEY SYSTEMS                | Bentley Systems Inc                                                                                          | CUSIP: 08265TAD1<br>LEI: 549300WVEHPGE0Z56F71 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4699128.15   | 2.95%             | 2027-07-01      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| BLACKLINE INC                  | BlackLine Inc                                                                                                | CUSIP: 09239BAD1<br>LEI: 529900P9N7PK9LV5EK56 | Long             | DBT              | CORP              | US        |   3071000 | PA      | $3018791.10   | 1.90%             | 2026-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Boeing Co/The                  | Boeing Co/The                                                                                                | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Short            | EC               | CORP              | US        |    -21200 | NS      | $-4006800.00  | -2.52%            |  |  |  | No            |                  1 | On Loan: No      |
| BOEING CO/THE                  | Boeing Co/The                                                                                                | CUSIP: 097023204<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EP               | CORP              | US        |     80000 | NS      | $5057600.00   | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CSG Systems International Inc  | CSG Systems International Inc                                                                                | CUSIP: 126349109<br>LEI: 549300D7FJZUOHHXUA81 | Short            | EC               | CORP              | US        |    -41000 | NS      | $-3229570.00  | -2.03%            |  |  |  | No            |                  1 | On Loan: No      |
| CSG SYSTEMS INTERNATIONA       | CSG Systems International Inc                                                                                | CUSIP: 126349AH2<br>LEI: 549300D7FJZUOHHXUA81 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5964517.10   | 3.75%             | 2028-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP                   | Calpine Corp                                                                                                 | CUSIP: 131347CN4<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |   3303000 | PA      | $3312264.92   | 2.08%             | 2028-03-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC           | Chart Industries Inc                                                                                         | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |   4895000 | PA      | $5100291.41   | 3.20%             | 2030-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC           | Chart Industries Inc                                                                                         | CUSIP: 16115QAG5<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |   1768000 | PA      | $1887552.16   | 1.19%             | 2031-01-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| COMMSCOPE LLC                  | CommScope LLC                                                                                                | CUSIP: 20338MAA0<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |   2862000 | PA      | $2903384.52   | 1.82%             | 2031-12-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| DANA INC                       | Dana Inc                                                                                                     | CUSIP: 235825AG1<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |   3413000 | PA      | $3414569.98   | 2.14%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                  | EchoStar Corp                                                                                                | CUSIP: 278768AA4<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |   5093000 | PA      | $5289284.22   | 3.32%             | 2030-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Evolent Health Inc             | Evolent Health Inc                                                                                           | CUSIP: 30050B101<br>LEI: 549300CZOCFHQ2BBTR11 | Short            | EC               | CORP              | US        |    -15800 | NS      | $-66360.00    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| EVOLENT HEALTH INC             | Evolent Health Inc                                                                                           | CUSIP: 30050BAH4<br>LEI: 549300CZOCFHQ2BBTR11 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1434000.00   | 0.90%             | 2029-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS        | Frontier Communications Holdings LLC                                                                         | CUSIP: 35908MAD2<br>LEI: 549300ZCZ76HYCS0H445 | Long             | DBT              | CORP              | US        |   6408000 | PA      | $6699224.38   | 4.21%             | 2030-05-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| BOOST NEWCO BORROWER LLC       | Boost Newco Borrower LLC                                                                                     | CUSIP: 36268NAA8<br>LEI: 254900S8RE1OL7TTCU64 | Long             | DBT              | CORP              | US        |   5771000 | PA      | $6128513.45   | 3.85%             | 2031-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Gladstone Capital Corp         | Gladstone Capital Corp                                                                                       | CUSIP: 376535878<br>LEI: 549300AWMOT9JR1SIJ74 | Short            | EC               | CORP              | US        |    -12024 | NS      | $-255269.52   | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| GLADSTONE CAPITAL CORP         | Gladstone Capital Corp                                                                                       | CUSIP: 376535AG5<br>LEI: 549300AWMOT9JR1SIJ74 | Long             | DBT              | CORP              | US        |   1423000 | PA      | $1396203.33   | 0.88%             | 2030-10-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Halozyme Therapeutics Inc      | Halozyme Therapeutics Inc                                                                                    | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Short            | EC               | CORP              | US        |    -20600 | NS      | $-1470840.00  | -0.92%            |  |  |  | No            |                  1 | On Loan: No      |
| HALOZYME THERAPEUTICS IN       | Halozyme Therapeutics Inc                                                                                    | CUSIP: 40637HAD1<br>LEI: 529900242I3SV9AGM753 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3313125.00   | 2.08%             | 2027-03-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| HILLENBRAND INC                | Hillenbrand Inc                                                                                              | CUSIP: 431571AE8<br>LEI: U246OE781574J2BUD366 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3001290.00   | 1.88%             | 2031-03-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| HOLOGIC INC                    | Hologic Inc                                                                                                  | CUSIP: 436440AP6<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $7409740.50   | 4.65%             | 2029-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Itron Inc                      | Itron Inc                                                                                                    | CUSIP: 465741106<br>LEI: 24F6LSZD18II6ICG6S41 | Short            | EC               | CORP              | US        |     -2000 | NS      | $-198080.00   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| ITRON INC                      | Itron Inc                                                                                                    | CUSIP: 465741AN6<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2485331.45   | 1.56%             | 2026-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN       | Live Nation Entertainment Inc                                                                                | CUSIP: 538034AV1<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5049875.00   | 3.17%             | 2027-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LUMEN TECHNOLOGIES INC         | Lumen Technologies Inc                                                                                       | CUSIP: 550241AB9<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |   1403000 | PA      | $1387216.25   | 0.87%             | 2029-04-15      | Fixed         | 4.12%                 | 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        |   2945162 | PA      | $2933573.10   | 1.84%             | 2029-04-16      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| TXNM Energy Inc                | TXNM Energy Inc                                                                                              | CUSIP: 69349H107<br>LEI: 5493003JOBJGLZSDDQ28 | Short            | EC               | CORP              | US        |    -54000 | NS      | $-3156300.00  | -1.98%            |  |  |  | No            |                  1 | On Loan: No      |
| TXNM ENERGY INC                | TXNM Energy Inc                                                                                              | CUSIP: 69349HAF4<br>LEI: 5493003JOBJGLZSDDQ28 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $4000200.00   | 2.51%             | 2054-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PAPA JOHN'S INTERNATIONA       | Papa John's International Inc                                                                                | CUSIP: 698813AA0<br>LEI: HZYLD3DK5XOX0WBVNB56 | Long             | DBT              | CORP              | US        |   1655000 | PA      | $1588884.07   | 1.00%             | 2029-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| PROS Holdings Inc              | PROS Holdings Inc                                                                                            | CUSIP: 74346Y103<br>LEI: 549300LPE1KNL5RWKQ48 | Short            | EC               | CORP              | US        |   -146500 | NS      | $-3404660.00  | -2.14%            |  |  |  | No            |                  1 | On Loan: No      |
| PROS HOLDINGS INC              | PROS Holdings Inc                                                                                            | CUSIP: 74346YAK9<br>LEI: 549300LPE1KNL5RWKQ48 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $6490951.35   | 4.08%             | 2030-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Rapid7 Inc                     | Rapid7 Inc                                                                                                   | CUSIP: 753422104<br>LEI: 549300GNVG5D60KEYN14 | Short            | EC               | CORP              | US        |     -6087 | NS      | $-95444.16    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| RAPID7 INC                     | Rapid7 Inc                                                                                                   | CUSIP: 753422AF1<br>LEI: 549300GNVG5D60KEYN14 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2343750.00   | 1.47%             | 2027-03-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| RAPID7 INC                     | Rapid7 Inc                                                                                                   | CUSIP: 753422AH7<br>LEI: 549300GNVG5D60KEYN14 | Long             | DBT              | CORP              | US        |   2125000 | PA      | $1903575.00   | 1.20%             | 2029-03-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| REDFIN CORP                    | Redfin Corp                                                                                                  | CUSIP: 75737FAE8<br>LEI: 549300HXWD3JEMZU3O57 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4198500.00   | 2.64%             | 2027-04-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| REPAY HOLDINGS                 | Repay Holdings Corp                                                                                          | CUSIP: 76029LAA8<br>LEI: 2549006EJ42T73ZKUI98 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4918998.50   | 3.09%             | 2026-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State Street Global Advisors   | State Street Institutional U.S. Government Money Market Fund                                                 | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |   3418027 | NS      | $3418026.80   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| SEALED AIR/SEALED AIR US       | Sealed Air Corp/Sealed Air Corp US                                                                           | CUSIP: 812127AA6<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6101298.00   | 3.83%             | 2028-02-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Spirit Aerosystems Inc         | Spirit Aerosystems Inc 2022 Term Loan                                                                        | CUSIP: 84857HAY6<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | LON              | CORP              | US        |   1964557 | PA      | $1967425.22   | 1.24%             | 2027-01-15      | Floating      | 8.34%                 | No            |                  2 | On Loan: No      |
| SPOTIFY USA INC                | Spotify USA Inc                                                                                              | CUSIP: 84921RAB6<br>LEI: 2138008WM218QBKRII94 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5896214.60   | 3.70%             | 2026-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC         | Spirit AeroSystems Inc                                                                                       | CUSIP: 85205TAR1<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |   4911000 | PA      | $5380549.84   | 3.38%             | 2030-11-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Surgery Partners Inc           | Surgery Partners Inc                                                                                         | CUSIP: 86881A100<br>LEI: 549300LC82HG33S19I03 | Short            | EC               | CORP              | US        |      -500 | NS      | $-8535.00     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| SURGERY CENTER HOLDINGS        | Surgery Center Holdings Inc                                                                                  | CUSIP: 86881WAF9<br>LEI: 54930054EVI5HWPPW113 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2052436.00   | 1.29%             | 2032-04-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| TEGNA INC                      | TEGNA Inc                                                                                                    | CUSIP: 87901JAH8<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |   3473000 | PA      | $3440908.79   | 2.16%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TREEHOUSE FOODS INC            | TreeHouse Foods Inc                                                                                          | CUSIP: 89469AAD6<br>LEI: 5493007M7EVHE470Q576 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1188075.48   | 0.75%             | 2028-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNITED STATES STEEL CORP       | United States Steel Corp                                                                                     | CUSIP: 912909AU2<br>LEI: JNLUVFYJT1OZSIQ24U47 | Long             | DBT              | CORP              | US        |   2300000 | PA      | $2319188.90   | 1.46%             | 2029-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Varonis Systems Inc            | Varonis Systems Inc                                                                                          | CUSIP: 922280102<br>LEI: 549300SHIVNRRH7STS26 | Short            | EC               | CORP              | US        |    -13300 | NS      | $-439831.00   | -0.28%            |  |  |  | No            |                  1 | On Loan: No      |
| VARONIS SYSTEM INC             | Varonis Systems Inc                                                                                          | CUSIP: 922280AD4<br>LEI: 549300SHIVNRRH7STS26 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2779127.58   | 1.75%             | 2029-09-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| VERINT SYSTEMS INC             | Verint Systems Inc                                                                                           | CUSIP: 92343XAC4<br>LEI: 549300KEQJS5FRVUCO94 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2974500.00   | 1.87%             | 2026-04-15      | Fixed         | 0.25%                 | No            |                  1 | On Loan: No      |
| MORGAN STANLEY PRIME BROKER US | MORGAN STANLEY PRIME BROKER US                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |  21207481 | NS      | $21207480.97  | 13.32%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC       | Morgan Stanley Institutional Liquidity Funds - Government Portfolio                                          | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |   3418027 | NS      | $3418026.80   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| SWAP MORGAN STANLEY COC        | SWAP MORGAN STANLEY COC                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |   1180000 | NS      | $1180000.00   | 0.74%             |  |  |  | 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        |   1251695 | OU      | $-105640.00   | -0.07%            |  |  |  | No            |                  1 | 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      | $-170750.00   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC       | SURGERY PARTNERS INC                                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |        45 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC       | BOEING CO/THE                                                                                                | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |        -3 | NC      | $-6417.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC       | SPDR S+P 500 ETF TRUST                                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |       500 | NC      | $453000.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| CommScope Inc                  | CommScope Inc 2024 Term Loan                                                                                 | CUSIP: 000000000<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | LON              | CORP              | US        |   5000000 | PA      | $5037500.00   | 3.16%             | 2029-12-17      | Floating      | 8.67%                 | No            |                  2 | On Loan: No      |
| Spotify Technology SA          | Spotify Technology SA                                                                                        | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Short            | EC               | CORP              | LU        |     -7500 | NS      | $-4491525.00  | -2.82%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-15

**Name of Applicant:** ARBITRAGE FUNDS

**Signature:** Jonathon Hickey

**Name of Signer:** Jonathon Hickey

**Title:** Treasurer