NPORT-P false 0001105076 XXXXXXXX S000039281 C000120977 C000120978 C000120979 C000127230 ARBITRAGE FUNDS 811-09815 0001105076 549300NPBJYDNFZ58M30 C/O ALPS FUND SERVICES, INC. 1290 BROADWAY, SUITE 1100 DENVER 80203 303-623-2577 WATER ISLAND CREDIT OPPORTUNITIES FUND S000039281 5493006WV4T6QSURTK55 2020-05-31 2019-11-30 N 63563976.53 4784445.42 58779531.11 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 963837.87000000 USD N State Street Global Advisors 549300BZ5TGIFZUZDZ37 857492706 0.01000000 NS USD 0.01000000 0.000000017012 Long STIV RF US N 1 N N N NCR Corp 549300YKTY8JX1DV2R67 62886EAJ7 1882000.00000000 PA USD 1900349.50000000 3.233012349900 Long DBT CORP US N 2 2022-07-15 Fixed 5.00000000 N N N N N N Avon Products Inc 5493007RY69UEB1F1B45 054303102 -17152.00000000 NS USD -78727.68000000 -0.13393723718 Short EC CORP US N 1 N N N Jazz Pharmaceuticals PLC 635400GAUMJCLEZRRV50 000000000 -1800.00000000 NS USD -272016.00000000 -0.46277334109 Short EC CORP IE N 1 N N N Medicines Co/The 254900Z72DIL282LFL79 584688AG0 1000000.00000000 PA USD 1727535.29000000 2.939008286349 Long DBT CORP US N 2 2023-07-15 Fixed 2.75000000 N N N N Y Medicines Co/The USD XXXX N N N Pioneer Holdings LLC / Pioneer Finance Corp N/A 72369PAA6 1500000.00000000 PA USD 1560000.00000000 2.653985104237 Long DBT CORP US N 2 2022-11-01 Fixed 9.00000000 N N N N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 310.00000000 NC USD 3875.00000000 0.006592430948 N/A DE US N 1 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 Call Purchased QEP Resources Inc QEP Resources Inc 100.00000000 4.00000000 USD 2020-01-17 XXXX -10325.73000000 N N N APX Group Inc 549300OMQVKPRU98OE64 00213MAD6 750000.00000000 PA USD 734062.50000000 1.248840346525 Long DBT CORP US N 2 2020-12-01 Fixed 8.75000000 N N N N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 75.00000000 NC USD 23062.50000000 0.039235597093 N/A DE US N 1 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 Call Purchased Triumph Group Inc Triumph Group Inc 100.00000000 25.00000000 USD 2019-12-20 XXXX 11429.66000000 N N N Bausch Health Cos Inc B3BS7ACMDUWISF18KY76 91911KAJ1 1500000.00000000 PA USD 1539375.00000000 2.618896358868 Long DBT CORP CA N 2 2022-03-15 Fixed 6.50000000 N N N N N N Nuance Communications Inc AEMSOT3SS15TNMJCE605 67020YAK6 1000000.00000000 PA USD 992781.34000000 1.688991594951 Long DBT CORP US N 2 2035-12-15 Fixed 1.00000000 N N N N N Nuance Communications Inc USD XXXX N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 600.00000000 NC USD 4500.00000000 0.007655726262 N/A DE US N 1 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 Call Purchased Northern Oil and Gas Inc Northern Oil and Gas Inc 100.00000000 2.00000000 USD 2020-01-17 XXXX -13976.28000000 N N N Medicines Co/The 254900Z72DIL282LFL79 584688105 -15300.00000000 NS USD -1288260.00000000 -2.19168131434 Short EC CORP US N 1 N N N Triumph Group Inc 5493007L6S47Q14SL582 896818AL5 1135000.00000000 PA USD 1135000.00000000 1.930944290582 Long DBT CORP US N 2 2022-06-01 Fixed 5.25000000 N N N N N N Eldorado Resorts Inc 5299000BKFWWVND5L441 28470R102 405.00000000 NS USD 21671.55000000 0.036869212106 Long EC CORP US N 1 N N N Northern Oil and Gas Inc OKFF0PIZDDMNH4UCYE51 665531109 -40000.00000000 NS USD -71200.00000000 -0.12113060219 Short EC CORP US N 1 N N N Aramark Services Inc 42YMHYH0XMHJEXDUB065 038522AK4 1650000.00000000 PA USD 1697437.50000000 2.887803743829 Long DBT CORP US N 2 2024-01-15 Fixed 5.13000000 N N N N N N Eldorado Resorts Inc 5299000BKFWWVND5L441 28470RAF9 1180000.00000000 PA USD 1241950.00000000 2.112895384748 Long DBT CORP US N 2 2025-04-01 Fixed 6.00000000 N N N N N N Goldman Sachs & Co. LLC FOR8UP27PHTHYVLBNG30 000000000 49.00000000 NC USD 16415.00000000 0.027926388132 N/A DE US N 1 Goldman Sachs & Co. LLC FOR8UP27PHTHYVLBNG30 Call Purchased NCR Corp NCR Corp 100.00000000 30.00000000 USD 2020-01-17 XXXX 8538.80000000 N N N Jack Ohio Finance LLC / Jack Ohio Finance 1 Corp N/A 46647DAA1 1623000.00000000 PA USD 1655460.00000000 2.816388577346 Long DBT CORP US N 2 2021-11-15 Fixed 6.75000000 N N N N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 79.00000000 NC USD 2765.00000000 0.004704018470 N/A DE US N 1 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 Call Purchased Aramark Aramark 100.00000000 45.00000000 USD 2019-12-20 XXXX -6796.26000000 N N N Synaptics Inc 549300AJ3LI4FWNRQX29 87157DAD1 1500000.00000000 PA USD 1558332.17000000 2.651147670919 Long DBT CORP US N 2 2022-06-15 Fixed 0.50000000 N N N N Y Synaptics Inc USD XXXX N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 13.00000000 NC USD 6435.00000000 0.010947688554 N/A DE US N 1 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 Call Purchased Emerson Electric Co Emerson Electric Co 100.00000000 70.00000000 USD 2020-01-17 XXXX 3564.10000000 N N N Financial & Risk US Holdings, Inc. N/A 31740MAC5 1000000.00000000 PA USD 1007360.00000000 1.713793868336 Long LON CORP US N 2 2025-10-01 Floating 5.45000000 N N N N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 58.00000000 NC USD 12905.00000000 0.021954921647 N/A DE US N 1 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 Call Purchased Stars Group Inc/The Stars Group Inc/The 100.00000000 22.50000000 USD 2020-02-21 XXXX 7949.55000000 N N N Zayo Group LLC / Zayo Capital Inc N/A 989194AP0 941000.00000000 PA USD 959820.00000000 1.632915373557 Long DBT CORP US N 2 2027-01-15 Fixed 5.75000000 N N N N N N Nielsen Co Luxembourg SARL/The 549300MFMRJBOPHHM352 65410CAA8 1844000.00000000 PA USD 1846305.00000000 3.141067928127 Long DBT CORP LU N 2 2021-10-01 Fixed 5.50000000 N N N N N N SunTrust Capital III 7E1PDLW1JL6TS0BS1G03 86788LAA8 1000000.00000000 PA USD 942500.00000000 1.603449333810 Long DBT CORP US N 2 2028-03-15 Floating 2.77000000 N N N N N N Advanced Disposal Services Inc 549300ML1GEF4BKIM713 00790X101 -1634.00000000 NS USD -53840.30000000 -0.09159702192 Short EC CORP US N 1 N N N Nuance Communications Inc AEMSOT3SS15TNMJCE605 67020Y100 -16500.00000000 NS USD -295845.00000000 -0.50331296356 Short EC CORP US N 1 N N N Aleris International Inc 5493002SZ3VN4IY2H022 014477AT0 1901000.00000000 PA USD 1988921.25000000 3.383697032693 Long DBT CORP US N 2 2023-07-15 Fixed 10.75000000 N N N N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 2344044.54000000 OU Notional Amount USD -3249.90000000 -0.00552896550 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 2020-08-31 0.00000000 USD 0.00000000 USD 2344044.54000000 USD -3249.90000000 N N N NCR Corp 549300YKTY8JX1DV2R67 62886E108 -4900.00000000 NS USD -160867.00000000 -0.27367860369 Short EC CORP US N 1 N N N Refinitiv US Holdings Inc 549300NF240HXJO7N016 31740LAA1 500000.00000000 PA USD 545000.00000000 0.927193513980 Long DBT CORP US N 2 2026-05-15 Fixed 6.25000000 N N N N N N ROVI CORP 5493006VRWO1PMVOHL98 779376AD4 1000000.00000000 PA USD 993242.53000000 1.689776204817 Long DBT CORP US N 2 2020-03-01 Fixed 0.50000000 N N N N Y TiVo Corp USD XXXX N N N QEP Resources Inc Q6JQDZPXKEDQKVK58165 74733VAA8 1975000.00000000 PA USD 2003045.00000000 3.407725380203 Long DBT CORP US N 2 2021-03-01 Fixed 6.88000000 N N N N N N Prime Security Services Borrower LLC / Prime Finance Inc N/A 74166MAA4 804000.00000000 PA USD 845205.00000000 1.437924025658 Long DBT CORP US N 2 2023-05-15 Fixed 9.25000000 N N N N N N Avon International Operations Inc 549300TLB866S6OTS133 05409QAA6 1249000.00000000 PA USD 1300521.25000000 2.212541041823 Long DBT CORP US N 2 2022-08-15 Fixed 7.88000000 N N N N N N TIBCO Software Inc 04EEB871XLHVNY4RZJ65 05765WAA1 2000000.00000000 PA USD 2065000.00000000 3.513127718109 Long DBT CORP US N 2 2021-12-01 Fixed 11.38000000 N N N N N N Everi Payments Inc 5493006Q4MDLHOY1JV70 30034VAB4 263000.00000000 PA USD 277465.00000000 0.472043574966 Long DBT CORP US N 2 2025-12-15 Fixed 7.50000000 N N N N N N MORGAN STANLEY PRIME BROKER US N/A 000000000 1285965.00000000 NS USD 1285965.00000000 2.187776893955 Long CORP US N 1 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 33.00000000 NC USD 5610.00000000 0.009544138740 N/A DE US N 1 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 Call Purchased Everi Holdings Inc Everi Holdings Inc 100.00000000 12.50000000 USD 2020-03-20 XXXX 797.32000000 N N N Edgewell Personal Care Co 549300CY8QZDL4Z3RU59 29266RAB4 1500000.00000000 PA USD 1535250.00000000 2.611878609795 Long DBT CORP US N 2 2021-05-19 Fixed 4.70000000 N N N N N N Mattel Inc 549300VELLG24KHTJ564 577081BA9 1785000.00000000 PA USD 1798387.50000000 3.059547202978 Long DBT CORP US N 2 2021-08-15 Fixed 2.35000000 N N N N N N NuStar Logistics LP N62BF2PKP51FIIOIUN20 67059TAB1 1492000.00000000 PA USD 1502723.75000000 2.556542595053 Long DBT CORP US N 2 2020-09-01 Fixed 4.80000000 N N N N N N SemGroup Corp / Rose Rock Finance Corp N/A 77714PAB5 1000000.00000000 PA USD 1008126.00000000 1.715097043073 Long DBT CORP US N 2 2022-07-15 Fixed 5.63000000 N N N N N N Synaptics Inc 549300AJ3LI4FWNRQX29 87157D109 -8700.00000000 NS USD -497292.00000000 -0.84602920542 Short EC CORP US N 1 N N N Emerson Electric Co FGLT0EWZSUIRRITFOA30 291011104 -1300.00000000 NS USD -96018.00000000 -0.16335278316 Short EC CORP US N 1 N N N Advanced Disposal Services Inc 549300ML1GEF4BKIM713 00790XAA9 1000000.00000000 PA USD 1043750.00000000 1.775703174710 Long DBT CORP US N 2 2024-11-15 Fixed 5.63000000 N N N N N N TreeHouse Foods Inc 5493007M7EVHE470Q576 89469AAB0 1270000.00000000 PA USD 1276350.00000000 2.171419158841 Long DBT CORP US N 2 2022-03-15 Fixed 4.88000000 N N N N N N SemGroup Corp 549300GC80VO7T85ZM78 81663A105 -5463.00000000 NS USD -83966.31000000 -0.14284957435 Short EC CORP US N 1 N N N Amaya Inc 54930026VVWZTYC29T51 85570W100 -5836.00000000 NS USD -141756.44000000 -0.24116633345 Short EC CORP CA N 1 N N N Zayo Group Holdings Inc 529900Z6OTS7RT0V0I47 98919V105 -6607.00000000 NS USD -226223.68000000 -0.38486812624 Short EC CORP US N 1 N N N Scientific Games International Inc RLTHESQ0RNFQJWPBJN60 80874YAU4 3039000.00000000 PA USD 3119533.50000000 5.307176564852 Long DBT CORP US N 2 2022-12-01 Fixed 10.00000000 N N N N N N Zayo Group LLC / Zayo Capital Inc N/A 989194AM7 1500000.00000000 PA USD 1537533.62000000 2.615763669707 Long DBT CORP US N 2 2023-04-01 Fixed 6.00000000 N N N N N N Everi Holdings Inc 5299006DK5S7BG10K532 30034T103 -3300.00000000 NS USD -44451.00000000 -0.07562326401 Short EC CORP US N 1 N N N SWAP MORGAN STANLEY COC SWAP CASH COLLATERAL USD N/A 000000000 1240000.00000000 NS USD 1240000.00000000 2.109577903368 Long CORP US N 1 N N N TEGNA Inc 549300YC5EDBGX85AO10 364725BA8 802000.00000000 PA USD 804005.00000000 1.367831598546 Long DBT CORP US N 2 2020-07-15 Fixed 5.13000000 N N N N N N QEP Resources Inc Q6JQDZPXKEDQKVK58165 74733V100 -25000.00000000 NS USD -81750.00000000 -0.13907902709 Short EC CORP US N 1 N N N Goldman Sachs & Co. LLC FOR8UP27PHTHYVLBNG30 000000000 50.00000000 NC USD 375.00000000 0.000637977188 N/A DE US N 1 Goldman Sachs & Co. LLC FOR8UP27PHTHYVLBNG30 Call Purchased Paratek Pharmaceuticals Inc Paratek Pharmaceuticals Inc 100.00000000 5.00000000 USD 2019-12-20 XXXX -4686.90000000 N N N SemGroup Corp / Rose Rock Finance Corp N/A 77714TAB7 979000.00000000 PA USD 1003475.00000000 1.707184424663 Long DBT CORP US N 2 2023-11-15 Fixed 5.63000000 N N N N N N Triumph Group Inc 5493007L6S47Q14SL582 896818101 -7475.00000000 NS USD -207132.25000000 -0.35238840135 Short EC CORP US N 1 N N N Jazz Investments I Ltd N/A 472145AB7 1500000.00000000 PA USD 1540342.85000000 2.620542935460 Long DBT CORP BM N 2 2021-08-15 Fixed 1.88000000 N N N N Y Jazz Pharmaceuticals PLC USD XXXX N N N Eldorado Resorts Inc 5299000BKFWWVND5L441 28470RAC6 1329000.00000000 PA USD 1388805.00000000 2.362735758134 Long DBT CORP US N 2 2023-08-01 Fixed 7.00000000 N N N N N N Caesars Entertainment Corp 529900CJT4VQO26ONP04 127686103 -4500.00000000 NS USD -58680.00000000 -0.09983067045 Short EC CORP US N 1 N N N Energy Transfer LP MTLVN9N7JE8MIBIJ1H73 29273V100 14774.00000000 NS USD 174480.94000000 0.296839625470 Long EC CORP US N 1 N N N Edgewell Personal Care Co 549300CY8QZDL4Z3RU59 28035Q102 -1900.00000000 NS USD -59204.00000000 -0.10072213725 Short EC CORP US N 1 N N N Arconic Inc 549300HO5WFZUT5N2T22 013817AU5 1298000.00000000 PA USD 1331617.12000000 2.265443590402 Long DBT CORP US N 2 2020-08-15 Fixed 6.15000000 N N N N N N Avaya Holdings Corp 549300NZS2OZN6Q63A60 05351X119 3017.00000000 NS USD 4616.01000000 0.007853090885 N/A DE US N 2 N/A N/A Call Purchased Avaya Holdings Corp Avaya Holdings Corp 1.00000000 25.55000000 USD 2022-12-15 XXXX 4616.01000000 N N N STARS GRP HLDS/STARS GRP N/A 85572NAA6 2316000.00000000 PA USD 2501280.00000000 4.255358885594 Long DBT CORP NL N 2 2026-07-15 Fixed 7.00000000 N N N N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 24.00000000 NC USD 2280.00000000 0.003878901306 N/A DE US N 1 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 Call Purchased Edgewell Personal Care Co Edgewell Personal Care Co 100.00000000 35.00000000 USD 2020-02-21 XXXX -2300.13000000 N N N Vertiv Group Corp 549300ZT8RQ5VK10E643 220517AA4 1067000.00000000 PA USD 1048327.50000000 1.783490749591 Long DBT CORP US N 2 2024-10-15 Fixed 9.25000000 N N N N N N T-Mobile USA Inc 549300V2JRLO5DIFGE82 87264AAM7 2568000.00000000 PA USD 2612683.20000000 4.444886086468 Long DBT CORP US N 2 2023-03-01 Fixed 6.00000000 N N N N N N GOLDMAN SACHS PRIME BROKER USD N/A 000000000 2694113.58000000 NS USD 2694113.58000000 4.583421352848 Long CORP US N 1 N N N Aramark 549300MR6PG2DWZUIL39 03852U106 -5850.00000000 NS USD -255294.00000000 -0.43432466230 Short EC CORP US N 1 N N N Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 000000000 144627.00000000 OU Notional Amount USD 6297.00000000 0.010712912949 N/A DE US N 1 Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 SemGroup Corp SemGroup Corp Y equity-performance leg 2020-10-31 0.00000000 USD 0.00000000 USD 144627.00000000 USD 6297.00000000 N N N 2019-12-16 ARBITRAGE FUNDS Jonathon Hickey Jonathon Hickey Treasurer