# Portfolio overlap — ACFIX vs ABHIX Comparing **WATER ISLAND CREDIT OPPORTUNITIES FUND** (2026-02-28) and **High-Yield Fund** (2026-03-31). - Shared positions: 3 - WATER ISLAND CREDIT OPPORTUNITIES FUND covered by High-Yield Fund: 0.04410968950999686762984025653 - High-Yield Fund covered by WATER ISLAND CREDIT OPPORTUNITIES FUND: 0.04410968950999686762984025653 ## WATER ISLAND CREDIT OPPORTUNITIES FUND — top positions | Security | Weight | Shared | |----------|--------|--------| | MORGAN STANLEY PRIME BROKER US | 0.071180 | | | Hologic, Inc. | 0.045957 | | | FYBR 8.75 05/15/30 144A | 0.040690 | | | GTLS 7.5 01/01/30 144A | 0.039384 | | | Exact Sciences Corporation | 0.038380 | | | SEE 6.125 02/01/28 144A | 0.037471 | | | CSG SYSTEMS INTL INC CONV 3.875% 09/15/2028 | 0.037404 | | | State Street Navigator Securities Lending Portfolio II | 0.036694 | ✓ | | MSILF-GOVT-INS | 0.036694 | | | SATS 6.75 11/30/30 | 0.031771 | ✓ | | LYV 6.5 05/15/27 144A | 0.030944 | | | CONFLUENT INC ZERO COUPON 01/15/2027 | 0.030120 | | | KENNEDY-WILSON INC SR UNSEC 5.0% 03-01-31 | 0.029610 | | | BSY 0.375 07/01/27 | 0.029381 | | | NUTANIX INC SR UNSECURED 12/29 0.5 | 0.028319 | | | ORGANON / ORGANON 4.125% | 0.027264 | | | REDFIN CORP SR UNSECURED 04/27 0.5 | 0.026471 | | | TXNM ENERGY INC JR SUBORDINA 06/54 5.75 | 0.024836 | | | ZSCALER INC SR UNSECURED 144A 07/28 0.0000 | 0.022569 | | | WESCO Distribution Inc | 0.021716 | | | TGNA 5 09/15/29 | 0.021372 | | | BLCOCN 8 3/8 10/01/28 | 0.021038 | | | CLEAR CHANNEL OUTDOOR HO REGD 144A P/P 7.50000000 | 0.020484 | | | Calpine Corp. | 0.020338 | | | HALOZYME THERAPEUTICS INC CONV 0.25% 03/01/2027 | 0.019830 | | | Dynavax Technologies Corp. | 0.019329 | | | BlackLine, Inc. | 0.018859 | | | TYLER TECHNOLOGIES INC SR UNSECURED 03/26 0.25 | 0.018442 | | | EMRLD Borrower LP Term Loan B | 0.016677 | | | VRNS 1 09/15/29 | 0.016566 | | | Itron, Inc. | 0.015268 | | | Rapid7, Inc. | 0.014475 | | | US STEEL CORP | 0.014142 | | | Rand Parent LLC, Term Loan B | 0.012310 | | | SURGERY CENTER HOLDINGS REGD 144A P/P 7.25000000 | 0.012304 | | | GTLS 9.5 01/01/31 144A | 0.011455 | ✓ | | RPD 1.25 03/15/29 | 0.011142 | | | Gladstone Capital Corp | 0.008236 | | | KENNEDY-WILSON INC SR UNSEC 4.75% 02-01-30 | 0.007289 | | | SWAP MORGAN STANLEY COC | 0.007268 | | | CLEAR CHANNEL OUTDOOR HO REGD 144A P/P 7.75000000 | 0.006208 | | | PUT SPDR S&P 500 ETF 01/16/2026 P643 | 0.000112 | | ## High-Yield Fund — top positions | Security | Weight | Shared | |----------|--------|--------| | State Street Navigator Securities Lending Government Money Market Portfolio | 0.065387 | | | State Street Navigator Securities Lending Portfolio II | 0.038031 | ✓ | | DISH Network Corp | 0.005583 | | | MAUSER PACKAGING SOLUT SR SECURED 144A 04/30 7.875 | 0.005168 | | | ZF North America Capital, Inc. | 0.005085 | | | EchoStar Corp | 0.005073 | | | APLD COMPUTECO LLC SR SECURED 144A 12/30 9.25 | 0.004863 | | | LVLT 8.5 01/15/36 144A | 0.004777 | | | ISATLN 9 09/15/29 144A | 0.004661 | | | CVS Health Corp. | 0.004660 | | | SIRIUS XM RADIO LLC REGD 144A P/P 4.00000000 | 0.004502 | | | TENNECO INC SR SECURED 144A 11/28 8 | 0.004418 | | | JETBLUE AIRW/LOY | 0.004411 | | | STANDRD INDS NY | 0.004324 | | | AMCX 10.5 07/15/32 144A | 0.004292 | | | FLASH COMPUTE LLC SR SECURED 144A 12/30 7.25 | 0.004291 | | | NOBLE FIN. II LLC 8.00% | 0.004227 | | | Viasat Inc | 0.004157 | | | TRANSDIGM INC SUB 4.625% 01-15-29 | 0.004109 | | | Vistra Operations Co. LLC | 0.004102 | | | NXST 5.625 07/15/27 144A | 0.004094 | | | TransDigm, Inc. | 0.004081 | | | Vistra Operations Co. LLC | 0.004072 | | | NWL 8.5 06/01/28 144A | 0.004068 | | | VENTURE GLOBAL CALCASIEU SR SECURED 144A 01/30 6.25 | 0.004065 | | | BORR IHC LTD / BORR FIN REGD 144A P/P 10.00000000 | 0.004017 | | | Venture Global LNG, Inc. | 0.004013 | | | URI 4.875 01/15/28 | 0.004012 | | | Kioxia Holdings Corp. | 0.004006 | | | NGL Energy Operating LLC / NGL Energy Finance Corp | 0.004004 | | | HLT 4 05/01/31 144A | 0.003988 | | | Advance Auto Parts, Inc. | 0.003982 | | | PG+E CORP SR SECURED 07/28 5 | 0.003976 | | | B&G Foods Inc | 0.003970 | | | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc | 0.003934 | | | VETCN 7.25 02/15/33 144A | 0.003932 | | | VIKING BAKED GOODS ACQUISITION SR SECURED 144A 11/31 8.625 | 0.003929 | | | MINERAL RESOURCES LTD SR UNSECURED 144A 10/28 9.25 | 0.003926 | | | HLF Financing S.a.r.l. LLC / Herbalife International Inc. | 0.003925 | | | ADAPTHEALTH LLC REGD 144A P/P 4.62500000 | 0.003913 | | | Global Aircraft Leasing Co., Ltd. | 0.003912 | | | Venture Global LNG Inc | 0.003912 | | | RAND PARENT LLC SR SECURED 144A 02/30 8.5 | 0.003912 | | | VALARIS LTD SECURED 144A 04/30 8.375 | 0.003902 | | | The Goodyear Tire & Rubber Company | 0.003896 | | | XPLR INFRASTRUCTURE OPERATING SR UNSECURED 144A 01/29 7.25 | 0.003884 | | | CCL 5.75 03/15/30 144A | 0.003884 | | | DKL 8.625 03/15/29 144A | 0.003863 | | | NOVA CHEMS. CORP 5.25% | 0.003859 | | | PBF Holding Company, LLC/PBF Finance Corporation | 0.003858 | | ## Sources - N-PORT (fund A) — accession `0001410368-26-040980` (as of 2026-02-28) - N-PORT (fund B) — accession `0001193125-26-248823` (as of 2026-03-31) --- _Informational only — not investment advice. FundWatcher presents publicly available data and makes no recommendation to buy or sell any security. Verify all figures against the source filing before relying on them._ _Data sourced from U.S. SEC EDGAR filings (Forms N-PORT, N-CEN, and prospectus Risk/Return summaries). FundWatcher is not affiliated with the SEC._ _Use of this data is subject to the FundWatcher Terms of Service. Information may be used only for personal, non-commercial research and may not be redistributed. See _