October 26, 2011
VIA EDGAR
Ms. Christina DiAngelo
Senior Staff Accountant
U.S. Securities and Exchange Commission
Division of Investment Management
Office of Disclosure and Review
100 F Street NE
Washington D.C. 20549-8626
RE:
The Arbitrage Funds (the “Registrant” or the “Fund(s)”) - Notification of Late Filing on Form 12b-25 (the “Form”)
Investment Company Act File No. 811-09815
Dear Ms. DiAngelo,
On behalf of the Registrant, this letter responds to your comments communicated via writing to the Registrant on September 26, 2011 with respect to the review by the Securities and Exchange Commission (the “Commission”) of the Registrant’s Form.
Set forth in the numbered paragraphs below are your comments of September 26, 2011, followed by the Registrant’s responses. In response to your request, this letter is being submitted to the Commission as a correspondence filing via EDGAR.
1)
Comment: We have evaluated your response to Part III of the Form and have found your reasons for the extension of time, or lack thereof, to be insufficient.
Response: There were certain delays in the gathering and processing of information necessary to complete the N-SAR filing. Due to these unforeseen circumstances, the Registrant’s officers believed it in the best interest of the Funds to file for an extension via the Form rather than submit a timely, yet incomplete or inaccurate filing.
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Please feel free to contact the undersigned at 720.917.0616 should you have any questions.
Sincerely,
/s/ Matthew Hemberger
Matthew Hemberger
Chief Compliance Officer, The Arbitrage Funds
cc:
Board of Trustees, The Arbitrage Funds
Kim Storms, Chief Financial Officer, The Arbitrage Funds
Richard Teigen, Foley & Lardner LLP
Peter Fetzer, Foley & Lardner LLP
Richard Wagner, Tait Weller & Baker LLP
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