WATER ISLAND CREDIT OPPORTUNITIES FUND

Fund Profile

Fund profile

Tickers

ARCFX, ACFIX, AGCAX

Fund manager

The Arbitrage Fund Class R

Total assets

$156.14 mm

Liabilities

$10.07 mm

Net assets

$146.07 mm

Number of holdings

88.00

88 Holdings

As of Aug 2024

Security	$Holding	Balance	% of Fund	Category	Position	Country
MORGAN STANLEY PRIME BROKER US	9.04 mm	9.04 mm shares	6.19		Long	USA
Endeavor Energy Resources LP / EER Finance Inc	7.04 mm	6.92 mm principal	4.82	Debt	Long	USA
VGR Vector Group Ltd.	6.46 mm	6.37 mm principal	4.42	Debt	Long	USA
Getty Images Inc	5.48 mm	5.50 mm principal	3.75	Debt	Long	USA
International Game Technology PLC	5.22 mm	5.22 mm principal	3.57	Debt	Long	UK
Nuvei Technologies Corp USD Term Loan	4.96 mm	4.95 mm principal	3.40	Loan	Long	Canada
Catalent Pharma Solutions Inc	4.88 mm	5.00 mm principal	3.34	Debt	Long	USA
DXCM DexCom, Inc.	4.72 mm	5.00 mm principal	3.23	Debt	Long	USA
PRFT Perficient, Inc.	4.65 mm	4.75 mm principal	3.18	Debt	Long	USA
BSY Bentley Systems, Incorporated	4.59 mm	5.00 mm principal	3.14	Debt	Long	USA
ENV Envestnet, Inc.	4.39 mm	4.50 mm principal	3.01	Debt	Long	USA
AYX Alteryx Inc - Ordinary Shares	4.30 mm	4.19 mm principal	2.95	Debt	Long	USA
PODD Insulet Corporation	3.86 mm	3.50 mm principal	2.64	Debt	Long	USA
TTGT TechTarget, Inc.	3.85 mm	3.97 mm principal	2.64	Debt	Long	USA
Xerox Corporation	3.79 mm	3.85 mm principal	2.60	Debt	Long	USA
Michael Kors USA Inc	3.48 mm	3.50 mm principal	2.38	Debt	Long	USA
Spotify USA Inc	3.41 mm	3.50 mm principal	2.34	Debt	Long	USA
Ford Motor Credit Co LLC	3.40 mm	3.40 mm principal	2.33	Debt	Long	USA
Spirit AeroSystems Inc	3.26 mm	2.91 mm principal	2.23	Debt	Long	USA
ENV Envestnet, Inc.	3.17 mm	3.00 mm principal	2.17	Debt	Long	USA
EVRI Everi Holdings Inc.	3.17 mm	3.20 mm principal	2.17	Debt	Long	USA
Select Medical Corp	3.13 mm	3.12 mm principal	2.14	Debt	Long	USA
DXCM DexCom, Inc.	3.09 mm	3.50 mm principal	2.12	Debt	Long	USA
EAT Brinker International, Inc.	3.08 mm	3.09 mm principal	2.11	Debt	Long	USA
GEAR Vista Outdoor Inc.	3.04 mm	3.05 mm principal	2.08	Debt	Long	USA
RNG RingCentral, Inc.	2.99 mm	3.11 mm principal	2.05	Debt	Long	USA
Gen Digital Inc	2.90 mm	2.91 mm principal	1.98	Debt	Long	USA
BL BlackLine, Inc.	2.84 mm	3.07 mm principal	1.94	Debt	Long	USA
VRNT Verint Systems Inc.	2.76 mm	3.00 mm principal	1.89	Debt	Long	USA
RPAY Repay Holdings Corporation	2.72 mm	3.00 mm principal	1.86	Debt	Long	USA
WT WisdomTree, Inc.	2.60 mm	2.50 mm principal	1.78	Debt	Long	USA
Atlantica Sustainable Infrastructure PLC	2.48 mm	2.50 mm principal	1.70	Debt	Long	UK
SWAP MORGAN STANLEY COC	2.36 mm	2.36 mm shares	1.62		Long	USA
GT The Goodyear Tire & Rubber Company	2.32 mm	2.31 mm principal	1.59	Debt	Long	USA
X United States Steel Corporation	2.32 mm	2.30 mm principal	1.59	Debt	Long	USA
RPD Rapid7, Inc.	2.23 mm	2.50 mm principal	1.52	Debt	Long	USA
Spirit Aerosystems Inc 2022 Term Loan	2.01 mm	1.99 mm principal	1.38	Loan	Long	USA
SRCL Stericycle Inc	1.94 mm	2.00 mm principal	1.33	Debt	Long	USA
WT WisdomTree, Inc.	1.63 mm	1.50 mm principal	1.11	Debt	Long	USA
State Street Institutional US Government Money Market Fund	1.60 mm	1.60 mm shares	1.09	Short-term investment vehicle	Long	USA
Morgan Stanley Institutional Liquidity Funds - Government Portfolio	1.60 mm	1.60 mm shares	1.09	Short-term investment vehicle	Long	USA
Dave & Buster's Inc	1.51 mm	1.50 mm principal	1.03	Debt	Long	USA
VYX NCR Voyix Corporation	1.27 mm	1.28 mm principal	0.87	Debt	Long	USA
Cineplex Inc	1.20 mm	1.56 mm principal	0.82	Debt	Long	Canada
ACIW ACI Worldwide, Inc.	1.06 mm	1.06 mm principal	0.73	Debt	Long	USA
Truist Financial Corp	957.65 k	1.00 mm principal	0.66	Debt	Long	USA
PTC PTC Inc.	743.51 k	750.00 k principal	0.51	Debt	Long	USA
Altice France Holding SA	613.15 k	1.55 mm principal	0.42	Debt	Long	Luxembourg
Long: WTMSS TRS USD R V 01MFEDL FEDL01/-40 BPS / Short: WTMSS TRS USD P E WTMSS PAY EQUITY Morgan Stanley & Co. LLC	110.56 k	868.01 k other units	0.08	Equity derivative	N/A	USA
OXY Occidental Petroleum Corporation	30.17 k	30.00 k principal	0.02	Debt	Long	USA
Lightning eMotors Inc	29.19 k	973.00 k principal	0.02	Debt	Long	USA
DEXCOM INC	18.13 k	125.00 contracts	0.01	Equity derivative	N/A	USA
ISHARES IBOXX INVESTMENT GRA	11.00 k	500.00 contracts	0.01	Equity derivative	N/A	USA
GEN DIGITAL INC	10.20 k	300.00 contracts	0.01	Equity derivative	N/A	USA
NUVEI CORP	3.75 k	750.00 contracts	0.00	Equity derivative	N/A	Canada
Long: AYMSS TRS USD R V 00MFEDL FEDL01/-40 BPS / Short: AYMSS TRS USD P E AYMSS PAY EQUITY Morgan Stanley & Co. LLC	2.34 k	111.39 k other units	0.00	Equity derivative	N/A	USA
PURCHASED CAD / SOLD USD Morgan Stanley & Co. LLC	2.26 k	1.00 contracts	0.00	DFE	N/A	Canada
PURCHASED CAD / SOLD USD Morgan Stanley & Co. LLC	66.63	1.00 contracts	0.00	DFE	N/A	Canada
ZEVY Lightning eMotors, Inc.	0	53.91 k shares	0.00	Equity derivative	N/A	USA
XEROX HOLDINGS CORP	0	200.00 contracts	0.00	Equity derivative	N/A	USA
MORGAN STANLEY PRIME BROKER CA	-15.00	-20.22 shares	-0.00	Short-term investment vehicle	Short	Canada
PURCHASED USD / SOLD CAD Morgan Stanley & Co. LLC	-35.01	1.00 contracts	-0.00	DFE	N/A	USA
PURCHASED USD / SOLD CAD Morgan Stanley & Co. LLC	-287.01	1.00 contracts	-0.00	DFE	N/A	USA
INSULET CORP	-800.00	-8.00 contracts	-0.00	Equity derivative	N/A	USA
DEXCOM INC	-1.56 k	-15.00 contracts	-0.00	Equity derivative	N/A	USA
PURCHASED USD / SOLD CAD Morgan Stanley & Co. LLC	-2.92 k	1.00 contracts	-0.00	DFE	N/A	USA
PURCHASED USD / SOLD CAD Morgan Stanley & Co. LLC	-6.34 k	1.00 contracts	-0.00	DFE	N/A	USA
RNG RingCentral, Inc.	-10.00 k	-300.00 shares	-0.01	Common equity	Short	USA
Long: NVEIMSS TRS USD R V 00MFEDL FEDL01/-40 BPS / Short: NVEIMSS TRS USD P E NVEIMSS PAY EQUITY Morgan Stanley & Co. LLC	-10.50 k	2.32 mm other units	-0.01	Equity derivative	N/A	USA
PURCHASED USD / SOLD CAD Morgan Stanley & Co. LLC	-11.71 k	1.00 contracts	-0.01	DFE	N/A	USA
Long: GENMSS TRS USD R V 01MFEDL GENMSS TRS R V 01MFEDL / Short: GENMSS TRS USD P E GEN US SWAP Morgan Stanley & Co. LLC	-22.44 k	279.21 k other units	-0.02	Equity derivative	N/A	USA
PLAY Dave & Buster's Entertainment, Inc.	-31.34 k	-1.00 k shares	-0.02	Common equity	Short	USA
GEN Gen Digital Inc.	-63.50 k	-2.40 k shares	-0.04	Common equity	Short	USA
Xerox Corporation	-84.98 k	-7.50 k shares	-0.06	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	-94.10 k	1.25 mm other units	-0.06	Equity derivative	N/A	USA
Atlantica Sustainable Infrastructure PLC	-109.05 k	-5.00 k shares	-0.07	Common equity	Short	UK
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	-129.50 k	1.85 mm other units	-0.09	Equity derivative	N/A	USA
BL BlackLine, Inc.	-227.93 k	-4.60 k shares	-0.16	Common equity	Short	USA
RPD Rapid7, Inc.	-276.01 k	-7.30 k shares	-0.19	Common equity	Short	USA
VRNT Verint Systems Inc.	-321.81 k	-10.20 k shares	-0.22	Common equity	Short	USA
SRCL Stericycle Inc	-474.08 k	-8.00 k shares	-0.32	Common equity	Short	USA
WT WisdomTree, Inc.	-608.40 k	-60.00 k shares	-0.42	Common equity	Short	USA
DXCM DexCom, Inc.	-644.86 k	-9.30 k shares	-0.44	Common equity	Short	USA
Spotify Technology SA	-788.62 k	-2.30 k shares	-0.54	Common equity	Short	Luxembourg
CTLT Catalent, Inc.	-975.36 k	-16.00 k shares	-0.67	Common equity	Short	USA
BSY Bentley Systems, Incorporated	-1.08 mm	-21.00 k shares	-0.74	Common equity	Short	USA
PRFT Perficient, Inc.	-1.40 mm	-18.60 k shares	-0.96	Common equity	Short	USA
PODD Insulet Corporation	-1.93 mm	-9.50 k shares	-1.32	Common equity	Short	USA