NPORT-P false 0001105076 XXXXXXXX S000039281 C000120977 C000120978 C000127230 ARBITRAGE FUNDS 811-09815 0001105076 549300NPBJYDNFZ58M30 C/O WATER ISLAND CAPITAL, LLC 104 FIFTH AVENUE, 9TH FLOOR NEW YORK 10011 800-560-8210 WATER ISLAND CREDIT OPPORTUNITIES FUND S000039281 5493006WV4T6QSURTK55 2027-05-31 2026-08-31 N 218614723.88 41017810.60 177596913.28 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 5112500.00000000 0.00000000 0.00000000 0.00000000 USD N Securities Portfolio VaR Designated Reference Portfolio is the Fund`s Securities Portfolio Alphabet Inc 5493006MHB84DD0ZWV18 02079K305 -4400.00000000 NS USD -1493140.00000000 -0.84074659430 Short EC CORP US N 1 N N N ALPHABET INC 5493006MHB84DD0ZWV18 02079K404 85000.00000000 NS USD 4119100.00000000 2.319353373842 Long EP CORP US N 1 N N N ATKORE INC 52990002TI38AM4RPV48 047649AA6 7710000.00000000 PA USD 7761680.13000000 4.370391346702 Long DBT CORP US N 2 2031-06-01 Fixed 4.25000000 N N N N N N BAUSCH + LOMB CORP 549300NY6OZM39SO6475 071705AA5 3296000.00000000 PA USD 3380970.88000000 1.903732907040 Long DBT CORP CA N 2 2028-10-01 Fixed 8.37500000 N N N N N N Bentley Systems Inc 549300WVEHPGE0Z56F71 08265T208 -2500.00000000 NS USD -91875.00000000 -0.05173231803 Short EC CORP US N 1 N N N BENTLEY SYSTEMS 549300WVEHPGE0Z56F71 08265TAD1 5000000.00000000 PA USD 4815500.00000000 2.711477306144 Long DBT CORP US N 2 2027-07-01 Fixed 0.37500000 N N N N Y Bentley Systems Inc USD XXXX N N N CARVANA CO 5493003WEAK2PJ5WS063 146869AM4 5000000.00000000 PA USD 5513185.00000000 3.104324787057 Long DBT CORP US N 2 2031-06-01 Fixed 9.00000000 N N N N N N CLARIV SCI HLD CORP N/A 18064PAC3 2473000.00000000 PA USD 2407826.31000000 1.355781621161 Long DBT CORP US N 2 2028-07-01 Fixed 3.87500000 N N N N N N COTY/HFC PRESTIGE/INT US N/A 222070AG9 3687000.00000000 PA USD 3607557.69000000 2.031317787777 Long DBT CORP US N 2 2029-01-15 Fixed 4.75000000 N N N N N N COTY/HFC PRESTIGE/INT US N/A 22207AAA0 2500000.00000000 PA USD 2505947.50000000 1.411030999198 Long DBT CORP US N 2 2030-07-15 Fixed 6.62500000 N N N N N N DISH DBS CORP N/A 25470XBE4 6243000.00000000 PA USD 6221149.50000000 3.502960375325 Long DBT CORP US N 2 2026-12-01 None 0.00000000 Y N N N N N EMRLD Borrower LP 5493000GJYE7GAQCUC61 26872NAC3 2700361.80000000 PA USD 2710852.71000000 1.526407559643 Long LON CORP US N 2 2030-05-31 Floating 5.93600000 N N N N N N ECHOSTAR CORP 549300EE20907QZ9GT38 278768AA4 6327000.00000000 PA USD 6421544.36000000 3.615797280145 Long DBT CORP US N 2 2030-11-30 Fixed 6.75000000 N N Y N N N ETSY INC 54930089Q7XT501AEA40 29786AAL0 5000000.00000000 PA USD 4750000.00000000 2.674596034510 Long DBT CORP US N 2 2027-09-01 Fixed 0.12500000 N N N N Y ETSY INC USD XXXX N N N GETTY IMAGES INC 5493005NV20IG4VEKZ40 374276AM5 364000.00000000 PA USD 267511.66000000 0.150628552636 Long DBT CORP US N 2 2030-02-21 Fixed 11.25000000 N N N N N N HELIX ENERGY SOLUTIONS 416AP2JOUTCWEGSOZW41 42330PAL1 4250000.00000000 PA USD 4451879.25000000 2.506732334351 Long DBT CORP US N 2 2029-03-01 Fixed 9.75000000 N N N N N N IHEARTCOMMUNICATIONS INC 54930076J6KDZL504O62 45174HBJ5 1313000.00000000 PA USD 1178100.70000000 0.663356517994 Long DBT CORP US N 2 2029-05-01 Fixed 9.12500000 N N N N N N IHEARTCOMMUNICATIONS INC 54930076J6KDZL504O62 45174HBM8 1305000.00000000 PA USD 1089675.00000000 0.613566407137 Long DBT CORP US N 2 2030-08-15 Fixed 7.75000000 N N N N N N iHeartMedia Inc N/A 45174J509 -9788.00000000 NS USD -26623.36000000 -0.01499089117 Short EC CORP US N 1 N N N iShares iBoxx USD Investment Grade Corporate Bond ETF 549300FYCXFXG8POR355 464287242 -45000.00000000 NS USD -4779450.00000000 -2.69117852992 Short EC RF US N 1 N N N iShares iBoxx USD High Yield Corporate Bond ETF 549300FCCXHK7O37PQ68 464288513 -50000.00000000 NS USD -3990500.00000000 -2.24694220541 Short EC RF US N 1 N N N JACOBS ENGINEERING GROUP 549300CZ8QS1GE53O776 469814AB3 1321000.00000000 PA USD 1355723.73000000 0.763371223610 Long DBT CORP US N 2 2028-08-18 Fixed 6.35000000 N N N N N N KEHE DIST/FIN / NEXTWAVE N/A 487930AB5 1684000.00000000 PA USD 1699226.76000000 0.956788453480 Long DBT CORP US N 2 2034-08-15 Fixed 7.00000000 N N N N N N LIVE NATION ENTERTAINMEN 5493007B9BM9ZXJINO78 538034AV1 5000000.00000000 PA USD 5006135.00000000 2.818818698784 Long DBT CORP US N 2 2027-05-15 Fixed 6.50000000 N N N N N N NCR ATLEOS LLC 9845005FC3S0VA714741 638962AA8 6557000.00000000 PA USD 6940427.13000000 3.907966079938 Long DBT CORP US N 2 2029-04-01 Fixed 9.50000000 N N N N N N NEW FLYER HOLDINGS N/A 64438WAA5 3000000.00000000 PA USD 3219891.00000000 1.813033200032 Long DBT CORP US N 2 2030-07-01 Fixed 9.25000000 N N N N N N NEXSTAR MEDIA INC 5493006PK6I4I2OOT688 65336YAN3 3000000.00000000 PA USD 2955787.92000000 1.664323926249 Long DBT CORP US N 2 2028-11-01 Fixed 4.75000000 N N N N N N ORGANON & CO/ORGANON FOR 549300SH15FO4Y2G3V63 68622TAA9 5469000.00000000 PA USD 5414310.60000000 3.048651296919 Long DBT CORP US N 2 2028-04-30 Fixed 4.12500000 N N N N N N ORGANON & CO/ORGANON FOR 549300SH15FO4Y2G3V63 68622TAB7 3000000.00000000 PA USD 2997862.80000000 1.688015148818 Long DBT CORP US N 2 2031-04-30 Fixed 5.12500000 N N N N N N Organon & Co 549300AMCKY57OK2CO56 68622V106 -45000.00000000 NS USD -619200.00000000 -0.34865470833 Short EC CORP US N 1 N N N TXNM Energy Inc 5493003JOBJGLZSDDQ28 69349H107 -106700.00000000 NS USD -6146987.00000000 -3.46120148513 Short EC CORP US N 1 N N N TXNM ENERGY INC 5493003JOBJGLZSDDQ28 69349HAF4 6000000.00000000 PA USD 7908600.00000000 4.453117936532 Long DBT CORP US N 2 2054-06-01 Fixed 5.75000000 N N N N Y TXNM Energy, Inc. USD XXXX N N N PAPA JOHN'S INTERNATIONA HZYLD3DK5XOX0WBVNB56 698813AA0 2621000.00000000 PA USD 2428628.82000000 1.367494949741 Long DBT CORP US N 2 2029-09-15 Fixed 3.87500000 N N N N N N Rand Parent, LLC N/A 75223LAD8 1984886.66000000 PA USD 1995743.99000000 1.123749255063 Long LON CORP US N 2 2030-03-18 Floating 6.73200000 N N N N N N Rapid7 Inc 549300GNVG5D60KEYN14 753422104 -6087.00000000 NS USD -81931.02000000 -0.04613313288 Short EC CORP US N 1 N N N RAPID7 INC 549300GNVG5D60KEYN14 753422AF1 5500000.00000000 PA USD 5342150.00000000 3.008019622265 Long DBT CORP US N 2 2027-03-15 Fixed 0.25000000 N N N N Y Rapid7 Inc USD XXXX N N N RAPID7 INC 549300GNVG5D60KEYN14 753422AH7 2125000.00000000 PA USD 1828493.46000000 1.029575022577 Long DBT CORP US N 2 2029-03-15 Fixed 1.25000000 N N N N Y Rapid7, Inc. USD XXXX N N N REDFIN CORP 549300HXWD3JEMZU3O57 75737FAE8 4500000.00000000 PA USD 4353750.00000000 2.451478417947 Long DBT CORP US N 2 2027-04-01 Fixed 0.50000000 N N N N Y Redfin Corp USD XXXX N N N State Street Global Advisors 549300BZ5TGIFZUZDZ37 857492706 15184074.74000000 NS USD 15184074.74000000 8.549740228908 Long STIV RF US N 1 N N N SBA COMMUNICATIONS CORP 5299001HX8ZN8Y8QIT49 78410GAG9 5459000.00000000 PA USD 5217657.61000000 2.937921337503 Long DBT US N 2 2029-02-01 Fixed 3.12500000 N N N N N N SEAGATE DATA STOR 254900BS8BBQ8P0D4L86 81180LBA2 900000.00000000 PA USD 990531.00000000 0.557741112559 Long DBT CORP SG N 2 2032-12-01 Fixed 9.62500000 N N N N N N Snap Inc 549300JNC0L6VP8A2Q35 83304A106 -66400.00000000 NS USD -368520.00000000 -0.20750360645 Short EC CORP US N 1 N N N SNAP INC 549300JNC0L6VP8A2Q35 83304AAK2 5000000.00000000 PA USD 4160000.00000000 2.342383053381 Long DBT CORP US N 2 2030-05-01 Fixed 0.50000000 N N N N Y Snap, Inc. USD XXXX N N N STINGRAY COMPUTE N/A 86083AAA4 1250000.00000000 PA USD 1217149.81000000 0.685344011627 Long DBT CORP US N 2 2031-06-15 Fixed 6.00000000 N N N N N N Surgery Partners Inc 549300LC82HG33S19I03 86881A100 -500.00000000 NS USD -6945.00000000 -0.00391054093 Short EC CORP US N 1 N N N SURGERY CENTER HOLDINGS 54930054EVI5HWPPW113 86881WAF9 2000000.00000000 PA USD 2011328.00000000 1.132524187978 Long DBT CORP US N 2 2032-04-15 Fixed 7.25000000 N N N N N N SYNAPTICS INC 549300AJ3LI4FWNRQX29 87157DAG4 5271000.00000000 PA USD 5196368.44000000 2.925933983890 Long DBT CORP US N 2 2029-06-15 Fixed 4.00000000 N N N N N N TAYLOR MORRISON COMM 549300O1Z08HI2MRK572 87724RAK8 2000000.00000000 PA USD 2043993.34000000 1.150917154048 Long DBT CORP US N 2 2032-11-15 Fixed 5.75000000 N N N N N N United States Treasury 254900HROIFWPRGM1V77 91282CQX2 -2286000.00000000 PA USD -2249388.29000000 -1.26656947379 Short DBT UST US N 2 2031-06-30 Fixed 4.12500000 N N N N N N VALARIS LTD 5299008BQ9IREYWBTS30 91889FAC5 1453000.00000000 PA USD 1510827.95000000 0.850706198715 Long DBT CORP BM N 2 2030-04-30 Fixed 8.37500000 N N N N N N Varonis Systems Inc 549300SHIVNRRH7STS26 922280102 7200.00000000 NS USD 315144.00000000 0.177449030042 Long EC CORP US N 1 N N N MORGAN STANLEY PRIME BROKER US N/A 000000000 20236748.68000000 NS USD 20236748.68000000 11.39476374124 Long CORP US N 1 N N N VISTAJET MALTA/VM HOLDS N/A 92841HAA0 2000000.00000000 PA USD 2042149.58000000 1.149878982851 Long DBT CORP XX N 2 2028-06-01 Fixed 9.50000000 N N N N N N VistaJet Malta Finance P.L.C. 5299005VABKD28UWHI65 92842EAB4 3500000.00000000 PA USD 3519320.00000000 1.981633540247 Long LON CORP US N 2 2031-04-01 None 0.00000000 N N N N N N Morgan Stanley & Co. LLC 549300BI6Y5SI6BYPB26 61747C707 15184074.72000000 NS USD 15184074.72000000 8.549740217647 Long STIV RF US N 1 N N N WILDFIRE INTERMEDIATE HO 5493003RHEMQJZEXIR02 96812HAA6 1449000.00000000 PA USD 1501919.20000000 0.845689923468 Long DBT CORP US N 2 2029-10-15 Fixed 7.50000000 N N N N N N WINDSTREAM SERVICES/ESCR N/A 97381AAA0 3000000.00000000 PA USD 3134034.00000000 1.764689454404 Long DBT CORP US N 2 2031-10-01 Fixed 8.25000000 N N N N N N Zscaler Inc 529900MZ0RTK1BWRNF46 98980G102 -1940.00000000 NS USD -365466.90000000 -0.20578448873 Short EC CORP US N 1 N N N ZSCALER INC. 529900MZ0RTK1BWRNF46 98980GAD4 5000000.00000000 PA USD 4730025.10000000 2.663348710651 Long DBT CORP US N 2 2028-07-15 None 0.00000000 N N N N Y Zscaler, Inc. USD XXXX N N N SWAP MORGAN STANLEY COC N/A 000000000 1070000.00000000 NS USD 1070000.00000000 0.602487948826 Long CORP US N 1 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1251695.00000000 OU Notional Amount USD -83539.00000000 -0.04703854276 N/A DE US N 1 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 SPDR Bloomberg Barclays High Yield Bond ETF SPDR Bloomberg Barclays High Yield Bond ETF Y equity-performance leg 2026-11-03 0.00000000 USD 0.00000000 USD 1251695.00000000 USD -83539.00000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 1854000.00000000 OU Notional Amount USD -141250.00000000 -0.07953403997 N/A DE US N 1 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 iShares iBoxx $ High Yield Corporate Bond ETF iShares iBoxx $ High Yield Corporate Bond ETF Y equity-performance leg 2026-11-03 0.00000000 USD 0.00000000 USD 1854000.00000000 USD -141250.00000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 150.00000000 NC USD 3000.00000000 0.001689218548 N/A DE US N 1 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 Put Purchased Varonis Systems, Inc. Varonis Systems, Inc. 100.00000000 35.00000000 USD 2026-12-18 XXXX -63250.94000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 250.00000000 NC USD 5250.00000000 0.002956132459 N/A DE US N 1 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 Call Purchased State Street SPDR S&P 500 ETF Trust State Street SPDR S&P 500 ETF Trust 100.00000000 800.00000000 USD 2026-09-18 XXXX -99445.77000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 -10.00000000 NC USD -3900.00000000 -0.00219598411 N/A DE US N 1 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 Call Written Alphabet, Inc. Alphabet, Inc. 100.00000000 350.00000000 USD 2026-09-18 XXXX 3883.37000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 250.00000000 NC USD 82250.00000000 0.046312741860 N/A DE US N 1 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 Call Purchased State Street SPDR S&P 500 ETF Trust State Street SPDR S&P 500 ETF Trust 100.00000000 795.00000000 USD 2026-10-16 XXXX -29915.77000000 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 -9.00000000 NC USD -8622.00000000 -0.00485481410 N/A DE US N 1 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 Call Written Zscaler, Inc. Zscaler, Inc. 100.00000000 200.00000000 USD 2026-09-18 XXXX -41.97000000 N N N Delivery Hero SE 529900KR9IO53KSCSQ67 000000000 5000000.00000000 PA USD 5065625.00000000 2.852315902593 Long LON CORP US N 2 2029-12-12 None 0.00000000 N N N N N N 2026-09-30 ARBITRAGE FUNDS Jonathon Hickey Jonathon Hickey Chief Financial Officer XXXX