WATER ISLAND CREDIT OPPORTUNITIES FUND

Fund Profile

Fund profile

Tickers

ARCFX, ACFIX, AGCAX

Fund manager

The Arbitrage Fund Class R

Total assets

$167.40 mm

Liabilities

$20.86 mm

Net assets

$146.53 mm

Number of holdings

85.00

85 Holdings

As of Nov 2024

Security	$Holding	Balance	% of Fund	Category	Position	Country
MORGAN STANLEY PRIME BROKER US	14.81 mm	14.81 mm shares	10.11		Long	USA
State Street Institutional US Government Money Market Fund	6.97 mm	6.97 mm shares	4.76	Short-term investment vehicle	Long	USA
Morgan Stanley Institutional Liquidity Funds - Government Portfolio	6.97 mm	6.97 mm shares	4.76	Short-term investment vehicle	Long	USA
Bausch & Lomb Corporation Term Loan	5.02 mm	5.00 mm principal	3.43	Loan	Long	Canada
Cargo Aircraft Management Inc	4.96 mm	5.00 mm principal	3.38	Debt	Long	USA
ATSG Air Transport Services Group, Inc.	4.95 mm	5.00 mm principal	3.38	Debt	Long	USA
Frontier Communications Holdings LLC	4.95 mm	4.64 mm principal	3.38	Debt	Long	USA
Catalent Pharma Solutions Inc	4.92 mm	5.00 mm principal	3.36	Debt	Long	USA
DXCM DexCom, Inc.	4.79 mm	5.00 mm principal	3.27	Debt	Long	USA
BSY Bentley Systems, Incorporated	4.57 mm	5.00 mm principal	3.12	Debt	Long	USA
PODD Insulet Corporation	4.46 mm	3.50 mm principal	3.05	Debt	Long	USA
ENV Envestnet, Inc.	4.46 mm	4.50 mm principal	3.04	Debt	Long	USA
BA The Boeing Company	4.43 mm	80.00 k shares	3.02	Preferred equity	Long	USA
AYX Alteryx Inc - Ordinary Shares	4.28 mm	4.19 mm principal	2.92	Debt	Long	USA
TTGT TechTarget, Inc.	3.90 mm	3.97 mm principal	2.66	Debt	Long	USA
Xerox Corporation	3.82 mm	3.85 mm principal	2.61	Debt	Long	USA
Spotify USA Inc	3.81 mm	3.50 mm principal	2.60	Debt	Long	USA
UBER Uber Technologies, Inc.	3.74 mm	3.50 mm principal	2.55	Debt	Long	USA
Getty Images Inc	3.49 mm	3.50 mm principal	2.38	Debt	Long	USA
BLCO Bausch + Lomb Corporation	3.45 mm	3.30 mm principal	2.35	Debt	Long	Canada
Spirit AeroSystems Inc	3.23 mm	2.91 mm principal	2.21	Debt	Long	USA
ENV Envestnet, Inc.	3.20 mm	3.00 mm principal	2.18	Debt	Long	USA
EVRI Everi Holdings Inc.	3.18 mm	3.20 mm principal	2.17	Debt	Long	USA
Select Medical Corp	3.15 mm	3.12 mm principal	2.15	Debt	Long	USA
DXCM DexCom, Inc.	3.13 mm	3.50 mm principal	2.13	Debt	Long	USA
RNG RingCentral, Inc.	3.04 mm	3.11 mm principal	2.08	Debt	Long	USA
DOCN DigitalOcean Holdings, Inc.	2.95 mm	3.33 mm principal	2.01	Debt	Long	USA
Gen Digital Inc	2.90 mm	2.91 mm principal	1.98	Debt	Long	USA
WT WisdomTree, Inc.	2.89 mm	2.50 mm principal	1.97	Debt	Long	USA
BL BlackLine, Inc.	2.88 mm	3.07 mm principal	1.96	Debt	Long	USA
HALO Halozyme Therapeutics, Inc.	2.85 mm	3.00 mm principal	1.94	Debt	Long	USA
VRNT Verint Systems Inc.	2.79 mm	3.00 mm principal	1.91	Debt	Long	USA
RPAY Repay Holdings Corporation	2.78 mm	3.00 mm principal	1.90	Debt	Long	USA
RPD Rapid7, Inc.	2.33 mm	2.50 mm principal	1.59	Debt	Long	USA
GT The Goodyear Tire & Rubber Company	2.33 mm	2.31 mm principal	1.59	Debt	Long	USA
X United States Steel Corporation	2.33 mm	2.30 mm principal	1.59	Debt	Long	USA
Surgery Center Holdings Inc	2.06 mm	2.00 mm principal	1.40	Debt	Long	USA
Spirit Aerosystems Inc 2022 Term Loan	2.00 mm	1.98 mm principal	1.37	Loan	Long	USA
WM Waste Management, Inc.	1.94 mm	2.00 mm principal	1.32	Debt	Long	USA
SWAP MORGAN STANLEY COC	1.90 mm	1.90 mm shares	1.30		Long	USA
WT WisdomTree, Inc.	1.77 mm	1.50 mm principal	1.20	Debt	Long	USA
VYX NCR Voyix Corporation	1.24 mm	1.28 mm principal	0.84	Debt	Long	USA
Cineplex Inc	1.16 mm	1.56 mm principal	0.79	Debt	Long	Canada
ACIW ACI Worldwide, Inc.	1.06 mm	1.06 mm principal	0.73	Debt	Long	USA
Truist Financial Corp	980.06 k	1.00 mm principal	0.67	Debt	Long	USA
PTC PTC Inc.	746.64 k	750.00 k principal	0.51	Debt	Long	USA
Altice France Holding SA	443.81 k	1.55 mm principal	0.30	Debt	Long	Luxembourg
LSF11 A5 HoldCo LLC	297.42 k	288.00 k principal	0.20	Debt	Long	USA
DIGITALOCEAN HOLDINGS INC	39.78 k	221.00 contracts	0.03	Equity derivative	N/A	USA
PURCHASED USD / SOLD CAD Morgan Stanley & Co. LLC	36.39 k	1.00 contracts	0.02	DFE	N/A	USA
BOEING CO/THE	31.30 k	100.00 contracts	0.02	Equity derivative	N/A	USA
OXY Occidental Petroleum Corporation	30.11 k	30.00 k principal	0.02	Debt	Long	USA
BAUSCH + LOMB CORP	29.87 k	206.00 contracts	0.02	Equity derivative	N/A	Canada
Lightning eMotors Inc	29.19 k	973.00 k principal	0.02	Debt	Long	USA
DEXCOM INC	6.25 k	125.00 contracts	0.00	Equity derivative	N/A	USA
XEROX HOLDINGS CORP	5.00 k	200.00 contracts	0.00	Equity derivative	N/A	USA
VERINT SYSTEMS INC	4.50 k	100.00 contracts	0.00	Equity derivative	N/A	USA
PURCHASED USD / SOLD CAD Morgan Stanley & Co. LLC	376.05	1.00 contracts	0.00	DFE	N/A	USA
ISHARES IBOXX HIGH YIELD COR	0	1.00 k contracts	0.00	Equity derivative	N/A	USA
SURGERY PARTNERS INC	0	210.00 contracts	0.00	Equity derivative	N/A	USA
REPAY HOLDINGS CORP	0	100.00 contracts	0.00	Equity derivative	N/A	USA
ISHARES IBOXX INVESTMENT GRA	0	500.00 contracts	0.00	Equity derivative	N/A	USA
ZEVY Lightning eMotors, Inc.	0	53.91 k shares	0.00	Equity derivative	N/A	USA
RNG RingCentral, Inc.	-11.29 k	-300.00 shares	-0.01	Common equity	Short	USA
DIGITALOCEAN HOLDINGS INC	-19.89 k	-221.00 contracts	-0.01	Equity derivative	N/A	USA
Xerox Corporation	-41.13 k	-4.50 k shares	-0.03	Common equity	Short	USA
SGRY Surgery Partners, Inc.	-59.60 k	-2.50 k shares	-0.04	Common equity	Short	USA
Long: WTMSS TRS USD R V 01MFEDL FEDL01/-40 BPS / Short: WTMSS TRS USD P E WTMSS PAY EQUITY Morgan Stanley & Co. LLC	-88.08 k	1.64 mm other units	-0.06	Equity derivative	N/A	USA
VRNT Verint Systems Inc.	-98.28 k	-3.90 k shares	-0.07	Common equity	Short	USA
Long: JNKMSS TRS USD R V 01MFEDL FEDL 01M/-40.BPS / Short: JNKMSS TRS USD P E JNK US SWAP/US78468R6229 Morgan Stanley & Co. LLC	-101.61 k	1.25 mm other units	-0.07	Equity derivative	N/A	USA
Long: HYGMSS TRS USD R V 01MFEDL HYGMSS TRS USD R V 01MFEDL / Short: HYGMSS TRS USD P E HYG US SWAP Morgan Stanley & Co. LLC	-147.00 k	1.85 mm other units	-0.10	Equity derivative	N/A	USA
BLCO Bausch + Lomb Corporation	-184.23 k	-9.30 k shares	-0.13	Common equity	Short	Canada
RPD Rapid7, Inc.	-255.60 k	-6.00 k shares	-0.17	Common equity	Short	USA
BL BlackLine, Inc.	-285.25 k	-4.60 k shares	-0.19	Common equity	Short	USA
DOCN DigitalOcean Holdings, Inc.	-325.96 k	-8.56 k shares	-0.22	Common equity	Short	USA
HALO Halozyme Therapeutics, Inc.	-636.24 k	-13.20 k shares	-0.43	Common equity	Short	USA
DXCM DexCom, Inc.	-670.71 k	-8.60 k shares	-0.46	Common equity	Short	USA
BSY Bentley Systems, Incorporated	-801.90 k	-16.20 k shares	-0.55	Common equity	Short	USA
CTLT Catalent, Inc.	-977.76 k	-16.00 k shares	-0.67	Common equity	Short	USA
WT WisdomTree, Inc.	-1.02 mm	-85.00 k shares	-0.69	Common equity	Short	USA
ATSG Air Transport Services Group, Inc.	-1.03 mm	-46.90 k shares	-0.70	Common equity	Short	USA
UBER Uber Technologies, Inc.	-1.55 mm	-21.60 k shares	-1.06	Common equity	Short	USA
Spotify Technology SA	-1.76 mm	-3.70 k shares	-1.20	Common equity	Short	Luxembourg
BA The Boeing Company	-2.02 mm	-13.00 k shares	-1.38	Common equity	Short	USA
PODD Insulet Corporation	-3.15 mm	-11.80 k shares	-2.15	Common equity	Short	USA