# WATER ISLAND CREDIT OPPORTUNITIES FUND

WATER ISLAND CREDIT OPPORTUNITIES FUND is a registered fund series of ARBITRAGE FUNDS (series S000039281). Net assets $168.9M as of 2026-05-31.

## Profile

- Series ID: S000039281
- Registrant: ARBITRAGE FUNDS
- LEI: 5493006WV4T6QSURTK55
- Net assets: $168.9M
- Total assets: $189.2M
- As of: 2026-05-31

## Advisers

- [Water Island Capital, LLC (Advisor)](https://search.stillhousedata.com/firm/113358)

## Top holdings (59 reported)

_Showing 15 of 59 holdings by value._

| Holding | Ticker | Value | % of fund |
| --- | --- | --- | --- |
| [Morgan Stanley & Co. LLC](https://search.stillhousedata.com/security/61747C707) | — | $20.0M | 1182.60% |
| [State Street Global Advisors](https://search.stillhousedata.com/security/857492706) | — | $20.0M | 1182.60% |
| MORGAN STANLEY PRIME BROKER US | — | $13.8M | 815.66% |
| [TXNM ENERGY INC](https://search.stillhousedata.com/security/69349HAF4) | — | $8.1M | 480.47% |
| [CHART INDUSTRIES INC](https://search.stillhousedata.com/security/16115QAF7) | — | $6.4M | 377.35% |
| [DISH DBS CORP](https://search.stillhousedata.com/security/25470XBE4) | — | $6.2M | 368.33% |
| [NCR ATLEOS LLC](https://search.stillhousedata.com/security/638962AA8) | — | $5.9M | 347.03% |
| [CARVANA CO](https://search.stillhousedata.com/security/146869AM4) | — | $5.5M | 327.26% |
| [Olaplex Inc](https://search.stillhousedata.com/security/67936UAB7) | — | $5.3M | 314.96% |
| [ECHOSTAR CORP](https://search.stillhousedata.com/security/278768AA4) | — | $5.2M | 308.07% |
| [LIVE NATION ENTERTAINMEN](https://search.stillhousedata.com/security/538034AV1) | — | $5.0M | 296.43% |
| [KENNEDY-WILSON INC](https://search.stillhousedata.com/security/489399AM7) | — | $5.0M | 296.03% |
| [NUTANIX INC](https://search.stillhousedata.com/security/67059NAK4) | — | $5.0M | 293.44% |
| [BENTLEY SYSTEMS](https://search.stillhousedata.com/security/08265TAD1) | — | $4.8M | 283.37% |
| [VARONIS SYSTEM INC](https://search.stillhousedata.com/security/922280AD4) | — | $4.7M | 280.56% |

## Net asset history

| Report date | Net assets |
| --- | --- |
| 2026-05-31 | $168.9M |
| 2026-02-28 | $152.7M |
| 2025-11-30 | $159.2M |
| 2025-08-31 | $163.2M |
| 2025-05-31 | $165.9M |
| 2025-02-28 | $137.3M |
| 2024-11-30 | $146.5M |
| 2024-08-31 | $146.1M |

## More

- [Registrant: ARBITRAGE FUNDS](https://search.stillhousedata.com/registrant/1105076)
- [This page as markdown (for LLM agents)](https://search.stillhousedata.com/fund/S000039281.md)
- [Search all SEC filings, advisers and people on Adviser Search](https://search.stillhousedata.com/)

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Source: public SEC filing data via Adviser Search (https://search.stillhousedata.com).
Agents: this data is also queryable via MCP tools and read-only SQL — see https://search.stillhousedata.com/llms.txt.