Water Island Capital

Water Island Capital as of Dec. 31, 2011

Portfolio Holdings for Water Island Capital

Water Island Capital holds 0 positions in its portfolio as reported in the December 2011 quarterly 13F filing

                {S}                              {C}            {C}    {C}      {C}   {C}   {C}       {C}           {C}   {C}  {C}  {C}
TYCO INTERNATIONAL LTD       SHS           H89128104 305   6538      SH           SOLE                       6538
TYCO INTERNATIONAL LTD       SHS           H89128104 8     50        SH  PUT      SOLE                       50
ADVANCED ANALOGIC TECHNOLOGI COM           00752J108 27432 4746012   SH           SOLE                       4746012
AGNICO EAGLE MINES LTD       COM           008474108 829   22805     SH           SOLE                       22805
ALPHA NATURAL RESOURCES INC  COM           02076X102 119   5812      SH           SOLE                       5812
AMERICAN DENTAL PARTNERS     COM           025353103 29318 1557008   SH           SOLE                       1557008
BLUE COAT SYSTEMS INC        COM NEW       09534T508 53883 2117224   SH           SOLE                       2117224
CAMECO CORP                  COM           13321L108 5     8         SH  PUT      SOLE                       8
CENTRAL VT PUB SVC CORP      COM           155771108 30842 878713    SH           SOLE                       878713
COLFAX CORP                  COM           194014106 421   14769     SH           SOLE                       14769
COLFAX CORP                  COM           194014106 174   372       SH  PUT      SOLE                       372
COMERICA INC                 COM           200340107 4218  163500    SH           SOLE                       163500
COMPLETE PRODUCTION SERVICES COM           20453E109 86704 2583539   SH           SOLE                       2583539
COMVERSE TECHNOLOGY INC      COM PAR $0.10 205862402 385   56068     SH           SOLE                       56068
CONSOL ENERGY INC            COM           20854P109 110   3000      SH           SOLE                       3000
CONSTELLATION ENERGY GROUP I COM           210371100 83744 2111017   SH           SOLE                       2111017
DELPHI FINL GROUP INC        CL A          247131105 25680 579693    SH           SOLE                       579693
DEMANDTEC INC                COM NEW       24802R506 19351 1469352   SH           SOLE                       1469352
DENISON MINES CORP           COM           248356107 40    31695     SH           SOLE                       31695
DIAMOND FOODS INC            COM           252603105 87    3600      SH           SOLE                       3600
DIAMOND FOODS INC            COM           252603105 10    38        SH  PUT      SOLE                       38
EL PASO CORP                 COM           28336L109 11894 447661    SH           SOLE                       447661
EL PASO CORP                 COM           28336L109 909   6369      SH  PUT      SOLE                       6369
ENERGY TRANSFER EQUITY L P   COM UT LTD PTN29273V100 400   257       SH  PUT      SOLE                       257
EXPRESS SCRIPTS INC          COM           302182100 909   800       SH  CALL     SOLE                       1496158
GENWORTH FINL INC            COM CL A      37247D106 115   17500     SH           SOLE                       1496158
GOODRICH CORP                COM           382388106 69289 560139    SH           SOLE                       560139
HEALTHSPRING INC             COM           42224N101 106362 1950164  SH           SOLE                       1950164
ITT CORP NEW                 COM           450911102 4     64        SH  CALL     SOLE                       64
INTERDIGITAL INC             COM           45867G101 128   2938      SH           SOLE                       2938
INTERMUNE INC                COM           45884X103 4     100       SH  PUT      SOLE                       100
INTERMUNE INC                COM           45884X103 131   10370     SH           SOLE                       10370
LAM RESEARCH CORP            COM           512807108 1339  987       SH  CALL     SOLE                       987
LAM RESEARCH CORP            COM           512807108 1339  29        SH  CALL     SOLE                       29
LAM RESEARCH CORP            COM           512807108 2945  2540      SH  CALL     SOLE                       2540
LOOPNET INC                  COM           543524300 12535 685723    SH           SOLE                       685723
MANITOWOC INC                COM           563571108 94    10234     SH           SOLE                       10234
MARTIN MARIETTA MATLS INC    COM           573284106 754   10000     SH           SOLE                       10000
MCCORMICK & SCHMICKS SEAFD R COM           579793100 7900  903836    SH           SOLE                       903836
MORTONS RESTAURANT GRP INC N COM           619430101 2406  349740    SH           SOLE                       349740
MOTOROLA MOBILITY HLDGS INC  COM           620097105 69446 1789853   SH           SOLE                       1789853
NETLOGIC MICROSYSTEMS INC    COM           64118B100 109984 2218762  SH           SOLE                       2218762
99 CENTS ONLY STORES         COM           65440K106 78063 3556420   SH           SOLE                       3556420
NOVELLUS SYS INC             COM           670008101 46499 1126164   SH           SOLE                       1126164
NOVELLUS SYS INC             COM           670008101 126   750       SH  PUT      SOLE                       750
NOVELLUS SYS INC             COM           670008101 338   301       SH  PUT      SOLE                       301
PHARMASSET INC               COM           71715N106 55583 433568    SH           SOLE                       433568
PHARMASSET INC               COM           71715N106 932   636       SH  PUT      SOLE                       636
PHARMASSET INC               COM           71715N106 1671  1004      SH  PUT      SOLE                       1004
PHARMASSET INC               COM           71715N106 19240 72        SH  PUT      SOLE                       72
PHARMASSET INC               COM           71715N106 112   30        SH  PUT      SOLE                       30
PHARMASSET INC               COM           71715N106 1400  999       SH  PUT      SOLE                       999
PHARMASSET INC               COM           71715N106 73    29        SH  PUT      SOLE                       29
PHARMASSET INC               COM           71715N106 5938  3240      SH  PUT      SOLE                       3240
PROGRESS ENERGY INC          COM           743263105 167829 2995879  SH           SOLE                       2995879
RIGHTNOW TECHNOLOGIES INC    COM           7665R106  113326 2652140  SH           SOLE                       2652140
RESEARCH IN MOTION LTD       COM           760975102 180   12401     SH           SOLE                       12401
RSC HOLDINGS INC             COM           74972L102 14174 766196    SH           SOLE                       766196
S1 CORPORATION               COM           78463B101 54374 5681766   SH           SOLE                       5681766
SPDR S^P 500 ETF TR          TR UNIT       78462F103 6335  50477     SH           SOLE                       50477
SPDR S^P 500 ETF TR          TR UNIT       78462F103 4164  1358      SH  PUT      SOLE                       1358
SPDR S^P 500 ETF TR          TR UNIT       78462F103 2679  737       SH  PUT      SOLE                       737
SPDR S^P 500 ETF TR          TR UNIT       78462F103 8277  1944      SH  PUT      SOLE                       1944
SKYWORKS SOLUTIONS INC       COM           83088M102 224   13800     SH           SOLE                       13800
SONOSITE INC                 COM           83568G104 33294 618153    SH           SOLE                       618153
SOUTHERN UN CO NEW           COM           844030106 52885 1255888   SH           SOLE                       1255888
STILLWATER MNG CO            COM           86074Q102 775   74100     SH           SOLE                       74100
SUCCESSFACTORS INC           COM           864593101 141574 3550889  SH           SOLE                       3550889
SYNOVIS LIFE TECHNOLOGIES IN COM           87162G105 24412 877175    SH           SOLE                       877175
TEKELEC                      COM           879101103 25009 2288118   SH           SOLE                       2288118
TEMPLE INLAND INC            COM           879868107 126925 4002676  SH           SOLE                       4002676
TITANIUM METALS CORP         COM NEW       888339207 8     2677      SH           SOLE                       2677
TRANSATLANTIC HLDGS INC      COM           893521104 25311 462465    SH           SOLE                       462465
WALTER ENERGY INC            COM           93317Q105 65    1070      SH           SOLE                       1070
WCA WASTE CORP               COM           92926K103 5376  825846    SH           SOLE                       825846
WAUSAU PAPER CORP            COM           943315101 163   19744     SH           SOLE                       19744
WINN DIXIE STORES INC        COM NEW       974280307 15789 1683227   SH           SOLE                       1683227