13F-HR 1 waterisland-13f.txt FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: March 31, 2008 Check here if Amendment [ ] ; Amendment Number: This Amendment (Check one only): [ ] is a restatement [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Water Island Capital, LLC Address: 41 Madison Avenue New York, New York 10010 Form 13F File Number: 28-10693 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: John S. Orrico Title: President Phone: (212) 584-2366 Signature, Place, and Date of Signing: /s/ John S. Orrico New York, New York 4/28/2008 ------------------ ------------------ --------- [Signature] [City, State] [Date] Report Type: (Check only one): [X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported in this report, and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 62 Form 13F Information Table Value Total: $ 139,040 (thousands) List of Other Included Managers: NONE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 -------- -------- -------- -------- ------------------- ---------- -------- ------------------- FAIR MARKET SHARES OR TITLE OF CUSIP VALUE PRINCIPAL SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER CLASS NUMBER (000'S) AMOUNT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE ASE TEST LTD ORD Y02516105 6171 424148 SH SOLE 424148 ABITIBIBOWATER INC COM 003687100 81 102 SH CALL SOLE 102 ALLIANCE DATA SYSTEMS CORP COM 018581108 214 4510 SH SOLE 4510 ALLIANCE DATA SYSTEMS CORP COM 018581108 115 496 SH CALL SOLE 496 ALLIANCE DATA SYSTEMS CORP COM 018581108 22 199 SH CALL SOLE 199 ALLSCRIPTS HEALTHCARE SOLUTI COM 01988P108 26 2500 SH SOLE 2500 AMCOMP INC COM 02342J101 4408 360708 SH SOLE 360708 AMERICAN FINL RLTY TR COM 02607P305 5190 646278 SH SOLE 646278 BEA SYS INC COM 073325102 8896 464562 SH SOLE 464562 BLADELOGIC INC COM 09265M102 2806 100048 SH SOLE 100048 BRONCO DRILLING CO INC COM 112211107 7860 487887 SH SOLE 487887 CIT GROUP INC COM 125581108 349 29414 SH SOLE 29414 CIT GROUP INC COM 151020104 67 223 SH CALL SOLE 223 CELGENE CORP COM 151020104 35 50 SH CALL SOLE 50 CELGENE CORP COM 151020104 8 25 SH CALL SOLE 25 CELGENE CORP COM 151020104 5 50 SH CALL SOLE 50 CELGENE CORP COM 151020104 7 104 SH PUT SOLE 104 CHOICEPOINT INC COM 170388102 3665 77004 SH SOLE 77004 CLEAR CHANNEL COMMUNICATIONS COM 184502102 4315 147664 SH SOLE 147664 CLEAR CHANNEL COMMUNICATIONS COM 184502102 48 496 SH CALL SOLE 496 CLEAR CHANNEL COMMUNICATIONS COM 184502102 56 347 SH CALL SOLE 347 CLEAR CHANNEL COMMUNICATIONS COM 184502102 76 200 SH PUT SOLE 200 CLEAR CHANNEL COMMUNICATIONS COM 184502102 250 1009 SH PUT SOLE 1009 COLLAGENEX PHARMACEUTICALS I COM 19419B100 3593 216843 SH SOLE 216843 CONSOL ENERGY INC COM 20854P109 408 5900 SH SOLE 5900 DIEBOLD INC COM 253651103 2392 63692 SH SOLE 63692 DIEBOLD INC COM 253651103 33 298 SH PUT SOLE 298 GMH CMNTYS TR COM 36188G102 172 19871 SH SOLE 19871 GOLDLEAF FINANCIAL SOLUTIONS COM NEW 38144H208 1039 509533 SH SOLE 509533 GRANT PRIDECO INC COM 38821G101 2758 56026 SH SOLE 56026 HLTH CORPORATION COM 40422Y101 3420 358440 SH SOLE 358440 HUNTSMAN CORP COM 447011107 7081 300687 SH SOLE 300687 I-TRAX INC COM NEW 45069D203 1484 277413 SH SOLE 277413 INDUSTRIAL DISTR GROUP INC COM 456061100 1158 115296 SH SOLE 115296 placeINVERNESS MED INNOVATIONS INC 46126P106 2314 76873 SH SOLE 76873 MANATRON INC COM 562048108 1580 132101 SH SOLE 132101 MATRIA HEALTHCARE INC COM NEW 576817209 5107 229016 SH SOLE 229016 MEADOWBROOK INS GROUP INC COM 58319P108 4 100 SH PUT SOLE 100 NATIONAL MED HEALTH CARD SYS COM NEW 636918302 1624 159532 SH SOLE 159532 NATIONWIDE FINL SVCS INC CL A 636612101 1888 39934 SH SOLE 39934 ON SEMICONDUCTOR CORP COM 682189105 251 44238 SH SOLE 44238 ORAGENICS INC COM 684023104 39 95500 SH SOLE 95500 PERFORMANCE FOOD GROUP CO COM 713755106 981 30024 SH SOLE 30024 POSSIS MEDICAL INC COM 737407106 3347 171805 SH SOLE 171805 PROCENTURY CORP COM 74268T108 949 52708 SH SOLE 52708 PUGET ENERGY INC NEW COM 745310102 6408 247690 SH SOLE 247690 SPDR TR UNIT SER 1 78462F103 918 6956 SH SOLE 6956 SIGMATEL INC COM 82661W107 1173 405721 SH SOLE 405721
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 -------- -------- -------- -------- ------------------- ---------- -------- ------------------- FAIR MARKET SHARES OR TITLE OF CUSIP VALUE PRINCIPAL SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER CLASS NUMBER (000'S) AMOUNT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE SIRIUS SATELLITE RADIO INC COM 82966U103 20 566 SH PUT SOLE 566 TAKE-TWO INTERACTIVE SOFTWAR COM 874054109 5221 204572 SH SOLE 204572 TAKE-TWO INTERACTIVE SOFTWAR COM 874054109 83 497 SH PUT SOLE 497 TAKE-TWO INTERACTIVE SOFTWAR COM 874054109 48 497 SH PUT SOLE 497 3COM CORP COM 885535104 1607 701918 SH SOLE 701918 TORONTO DOMINION BK ONT COM NEW 891160509 5954 97041 SH SOLE 97041 TRANE INC COM 892893108 6879 149872 SH SOLE 149872 SELECT SECTOR SPDR TR SBI INT-FINL 89369Y605 296 11893 SH SOLE 11893 UAP HLDG CORP COM 903441103 7209 188020 SH SOLE 188020 US BIOENERGY CORP COM 90342V109 606 102695 SH SOLE 102695 WASTE INDUSTRIES USA INC COM 941057101 11353 314057 SH SOLE 314057 XM SATELLITE RADIO HLDGS INC CL A 983759101 2453 211114 SH SOLE 211114 XM SATELLITE RADIO HLDGS INC CL A 983759101 12 293 SH CALL SOLE 293 YAHOO INC COM 984332106 2508 86692 SH SOLE 86692