The Arbitrage Credit Opportunities Fund

Fund Holdings

Asset Allocation

% Long % Short % Net
Cash 28.73 1.7 27.03
Stocks 0.0 0.08 -0.08
Bonds 46.24 2.33 43.91
Other 0.0 0.0 0.0
Foreign Bonds 19.26 0.55 18.71
Foreign Stocks 0.0 0.0 0.0
Convertible 7.75 0.0 7.75
Preferred 2.68 0.0 2.68

Updated 12.31.2013

Top 10 Holdings

Performance as of 02.28.2014

Portfolio as of 12.31.2013

% Net Assets
Memc Electr Matls 7.75% 3.48
Albritton Comms 8% 3.28
Loc Tv Fin 144A 9.25% 3.23
Cincinnati Bell Inc New 8.75% 2.94
Vantage Drilling 2.93
Morgans Hotel Grp Cv 2.375% 2.77
Newfield Expl 7.125% 2.56
Station Casinos 2.46
Lucent Tech Cap Tr I Pfd 2.44
Us Foods 8.5% 2.33