# Portfolio overlap — CUGAX vs ARCFX Comparing **abrdn Infrastructure Debt Fund** (2026-01-31) and **WATER ISLAND CREDIT OPPORTUNITIES FUND** (2026-02-28). - Shared positions: 2 - abrdn Infrastructure Debt Fund covered by WATER ISLAND CREDIT OPPORTUNITIES FUND: 0.03176814845532566257561138399 - WATER ISLAND CREDIT OPPORTUNITIES FUND covered by abrdn Infrastructure Debt Fund: 0.03176814845532566257561138399 ## abrdn Infrastructure Debt Fund — top positions | Security | Weight | Shared | |----------|--------|--------| | Port of Beaumont Navigation District, Series 2024B | 0.061297 | | | WI PUBTRN 5.75 12/31/2065 | 0.049964 | | | Gabon Blue Bond Master Trust Series 2 | 0.049321 | | | TOLEDO HOSPITAL/THE 6.015% 11/15/2048 | 0.046739 | | | Dutchess County Local Development Corp., Series B | 0.044286 | | | NEW YORK TRANSPRTN DEV CORP REVENUE | 0.038979 | | | NEW YORK ST HSG FIN AGY REVENUE | 0.038653 | | | LOWINF 3.386 07/01/26 2019 | 0.038468 | | | California Statewide Community Development Authority, Health Revenue Bonds, Enloe Medical Center, Refunding Series 2022B | 0.036969 | | | LBJ Infrastructure Group LLC | 0.034006 | | | County of Fond Du Lac WI | 0.032497 | | | California Infrastructure & Economic Development Bank | 0.032322 | | | Vistra Corp. | 0.031144 | | | VZ Vendor Financing II BV | 0.028043 | | | Venture Global LNG, Inc. | 0.024878 | | | VMED O2 UK Financing I PLC | 0.023518 | | | CCO Holdings, LLC/CCO Holdings Capital Corp. | 0.023385 | | | MD ECON DEV CORP-TXBL | 0.022784 | | | EnerSys | 0.021969 | | | GTLS 9.5 01/01/31 144A | 0.020703 | ✓ | | State Street Navigator Securities Lending Portfolio II | 0.020313 | ✓ | | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC | 0.019649 | | | Fond du Lac County, Wisconsin, Revenue Bonds, Bug Tussel 2 LLC Project, Taxable Series 2024 | 0.019534 | | | SAN FRANCISCO CITY & CNTY CA C CITY & COUNTY OF SAN FRANCISCO CA COMMUNITY FACILI | 0.019274 | | | UVN 7 3/8 06/30/30 | 0.018454 | | | DKL 8.625 03/15/29 144A | 0.017332 | | | New Hampshire Business Finance Authority | 0.016895 | | | Georgian Railway JSC | 0.015487 | | | ILLINOIS ST MUNI ELEC AGY PWR SPLY | 0.014516 | | | LOS ANGELES ARPTS-A | 0.012563 | | | INVESTMENT ENERGY RESOURCES LTD 6.25% 04/26/2029 144A | 0.012206 | | | AZORRA FIN. LTD 7.75% | 0.011542 | | | FMCN 7.25 02/15/34 144A | 0.010152 | | | MIAMI DADE-REV-TXBL | 0.009960 | | | Cogent Communications Group LLC / Cogent Finance Inc | 0.008645 | | | CORNERSTONE BUILDING REGD 144A P/P 9.50000000 | 0.008576 | | | TrueNoord Capital DAC | 0.007797 | | | IRON MOUNTAIN INC /EUR/ REGD 144A P/P 4.75000000 | 0.007544 | | | CABO 4 11/15/30 | 0.007420 | | | OLN 6.625 04/01/33 144A | 0.006486 | | | MIDCONTINENT COMMUNICATI SR UNSECURED 144A 08/32 8 | 0.006415 | | | HOWMID 6 5/8 01/15/34 | 0.006348 | | | Hilcorp Energy I, L.P. | 0.005066 | | | KODIAK GAS SERVS. L 6.75% | 0.004942 | | | DESERTXPRESS ENTERPRISES LLC (MPT) 12.0% 01-01-65 | 0.004348 | | | Six Flags Entertainment Corporation/Canada's Wonderland Company/Magnum Management Corporation | 0.003897 | | | AmeriTex HoldCo Intermediate LLC | 0.002388 | | | Six Flags Entertainment Corp.'s Wonderland Co./Millennium Operations LLC | 0.001233 | | | DCLI BIDCO LLC REGD 144A P/P 7.75000000 | 0.001082 | | | ZIMMER BIOMET HOLDINGS INC | 0.000008 | | ## 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 | | ## Sources - N-PORT (fund A) — accession `0001410368-26-030005` (as of 2026-01-31) - N-PORT (fund B) — accession `0001410368-26-040980` (as of 2026-02-28) --- _Informational only — not investment advice. 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