The Arbitrage Fund Class R (ARBFX) NPORT-P Water Island Credit Opportunities Fund (Aug 2022 report)

Arbitrage Fund	Portfolio of Investments
	August 31, 2022 (unaudited)

	Shares	Value
COMMON STOCKS - 82.05%
Aerospace & Defense - 1.34%
Aerojet Rocketdyne Holdings, Inc.(a)(b)	398,470	$	17,162,103
Meggitt Plc(a)	380,851		3,531,515
			20,693,618
Agriculture - 0.69%
Swedish Match AB	1,055,052		10,600,006
Auto Parts & Equipment - 1.58%
Tenneco, Inc., Class A(a)	1,291,932		24,365,838
Banks - 2.52%
First Horizon Corp.(c)	1,719,660		38,898,709
Biotechnology - 5.30%
Biohaven Pharmaceutical Holding Co. Ltd.(a)(c)	179,270		26,773,975
ChemoCentryx, Inc.(a)	385,685		19,662,221
Global Blood Therapeutics, Inc.(a)	407,219		27,650,170
Swedish Orphan Biovitrum AB(a)	346,239		7,652,337
			81,738,703
Chemicals - 2.31%
Rogers Corp.(a)	142,245		35,635,217
Commercial Services - 5.72%
Atlantia SpA	512,431		11,756,713
Cary Group AB(a)	650,000		3,902,439
Euromoney Institutional Investor Plc	225,000		3,795,276
Evo Payments, Inc., Class A(a)	473,481		15,776,387
Moneylion, Inc.(a)(d)	2,489,318		3,559,725
Nielsen Holdings Plc	1,177,349		32,777,396
RPS Group Plc	1,584,000		3,882,682
Terminix Global Holdings, Inc.(a)	302,026		12,881,409
			88,332,027
Computers & Computer Services - 1.53%
Ping Identity Holding Corp.(a)	838,078		23,583,515
Construction Materials - 1.06%
Forterra, Inc.(a)(e)	653,007		16,378,069
Diversified Financial Services - 2.03%
Brewin Dolphin Holdings Plc	1,576,912		9,379,326
Cowen, Inc., Class A	168,653		6,484,708
Intertrust N.V.(a)(f)	794,358		15,534,731
			31,398,765
Electric - 3.21%
ContourGlobal Plc(f)	2,242,798		6,722,086
Electricite de France SA	963,838		11,560,353
PNM Resources, Inc.(c)	659,216		31,266,615
			49,549,054
Energy - Alternate Sources - 0.98%
Infrastructure and Energy Alternatives, Inc.(a)	738,329		10,491,655

Arbitrage Fund	Portfolio of Investments (Continued)
	August 31, 2022 (unaudited)

	Shares	Value
COMMON STOCKS - 82.05% (Continued)
Energy - Alternate Sources - 0.98% (Continued)
Siemens Gamesa Renewable Energy SA(a)	259,665	$	4,677,537
			15,169,192
Engineering & Construction - 0.49%
HomeServe Plc	549,278		7,567,825
Forest Products & Paper - 1.01%
Resolute Forest Products, Inc.(a)	765,744		15,513,973
Gas - 2.20%
South Jersey Industries, Inc.(c)	1,003,297		33,961,603
Healthcare - Products - 0.91%
Hanger, Inc.(a)	545,819		10,168,608
Meridian Bioscience, Inc.(a)(b)	117,000		3,813,030
			13,981,638
Healthcare - Services - 2.73%
LHC Group, Inc.(a)	200,608		32,392,174
Mediclinic International Plc	1,661,042		9,677,112
UpHealth, Inc.(a)(d)	48,973		29,912
			42,099,198
Home Furnishings - 1.50%
iRobot Corp.(a)	393,725		23,182,528
Insurance - 4.57%
Alleghany Corp.(a)(c)	62,742		52,777,316
TOWER Ltd.	7,208,016		2,712,287
Willis Towers Watson Plc(b)(c)	72,915		15,081,009
			70,570,612
Internet - 4.70%
Twitter, Inc.(a)(b)	678,740		26,301,175
Zendesk, Inc.(a)(b)	601,789		46,199,342
			72,500,517
Machinery - Diversified - 0.30%
Bobst Group SA	57,900		4,673,463
Media - 5.72%
Houghton Mifflin Harcourt Co.(a)(e)	1,739,400		36,527,400
Shaw Communications, Inc., Class B	203,260		5,212,469
TEGNA, Inc.(c)	2,176,274		46,572,264
			88,312,133
Pharmaceuticals - 2.14%
Aerie Pharmaceuticals, Inc.(a)	1,136,386		17,159,429
Covetrus, Inc.(a)	759,796		15,856,942
			33,016,371
Pipelines - 0.25%
Shell Midstream Partners LP	244,842		3,870,952

Arbitrage Fund	Portfolio of Investments (Continued)
	August 31, 2022 (unaudited)

	Shares	Value
COMMON STOCKS - 82.05% (Continued)
Real Estate Investment Trusts - 3.14%
Bluerock Residential Growth REIT, Inc.	309,026	$	8,235,543
CatchMark Timber Trust, Inc., Class A(c)	1,415,891		15,079,239
Duke Realty Corp.	428,485		25,216,342
			48,531,124
Semiconductors - 1.50%
Magnachip Semiconductor Corp.(a)	411,831		4,818,423
Silicon Motion Technology Corp., ADR	238,528		18,392,894
			23,211,317
Software - 17.17%
1Life Healthcare, Inc.(a)	1,470,394		25,305,481
Activision Blizzard, Inc.	589,319		46,255,648
Avalara, Inc.(a)	296,408		27,148,009
Black Knight, Inc.(a)	79,969		5,290,749
Change Healthcare, Inc.(a)	1,895,269		46,566,759
Citrix Systems, Inc.	372,411		38,272,679
Inovalon Holdings, Inc., Class A(a)(e)	405,270		16,616,070
ManTech International Corp., Class A(c)	125,635		12,049,653
Micro Focus International Plc	1,022,142		6,150,851
Momentive Global, Inc.(a)	1,604,381		11,375,061
Onemarket Ltd.(a)(e)	111,800		—
VMware, Inc., Class A(c)	259,067		30,059,544
			265,090,504
Telecommunications - 3.67%
Sierra Wireless, Inc.(a)	940,583		28,951,145
Switch, Inc., Class A	813,571		27,620,735
			56,571,880
Transportation - 1.78%
Atlas Air Worldwide Holdings, Inc.(a)	235,280		23,509,178
Go-Ahead Group Plc(a)	224,000		4,017,811
			27,526,989
TOTAL COMMON STOCKS
(Cost $1,317,891,217)			1,266,525,340
RIGHTS(a) - 0.14%
Bristol-Myers Squibb Co. CVR	857,631		857,631
Contra Adamas Pharmaceuticals, Inc. CVR, Expires 12/31/2024(e)	1,150,652		74,332
Contra Adamas Pharmaceuticals, Inc. CVR, Expires 12/31/2025(e)	1,150,652		74,332
Contra Flexion Therapeutics, Inc. CVR, Expires 12/31/2030(e)	1,411,000		942,689
Contra Zogenix, Inc. CVR(e)	304,716		216,989
TOTAL RIGHTS
(Cost $2,405,892)			2,165,973

Arbitrage Fund	Portfolio of Investments (Continued)
	August 31, 2022 (unaudited)

	Maturity Date	Rate			Principal Amount		Value
CONVERTIBLE CORPORATE BONDS - 0.53%
Auto Manufacturers - 0.11%
Lightning eMotors, Inc.(f)	05/15/2024		7.500	%	$	2,596,000	$	1,744,306
Healthcare - Services - 0.24%
UpHealth, Inc.(f)	06/15/2026		6.250	%		1,275,000		395,250
UpHealth, Inc., Variable Rate, (SOFR plus 9.00%)(f)	12/15/2025		11.290	%		3,506,000		3,278,832
								3,674,082
Software - 0.18%
Kaleyra, Inc.(f)	06/01/2026		6.125	%		3,525,000		2,811,171
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $10,903,391)								8,229,559

	Shares		Value
MUTUAL FUNDS(g) - 4.70%
Water Island Event-Driven Fund, Class I		6,605,365	$	72,592,964
TOTAL MUTUAL FUNDS
(Cost $60,632,644)				72,592,964
PRIVATE INVESTMENTS(a)(d)(e)(h) - 0.04%
Fast Capital LLC		290,700		581,400
TOTAL PRIVATE INVESTMENTS
(Cost $300,786)				581,400
WARRANTS(a) - 0.01%
Commercial Services - 0.01%
Moneylion, Inc., Exercise Price $11.50, Expires 09/22/2026		290,320		56,699
Healthcare - Services - 0.00%(i)
UpHealth, Inc., Exercise Price $11.50, Expires 07/01/2024(d)		4,897		435
TOTAL WARRANTS
(Cost $0)				57,134

	Expiration Date	Exercise Price		Notional Amount		Contracts		Value
PURCHASED OPTIONS(a) - 0.08%
Call Options Purchased - 0.07%
Broadcom, Inc.
	12/2022	$	520.00	$	3,593,592		72	$	212,400
	12/2022		550.00		12,727,305		255		456,450
Ironsource Ltd.	12/2022		5.00		1,427,819		3,491		157,095
iShares Expanded Tech-Software Sector ETF	11/2022		320.00		2,559,648		91		40,495
iShares Russell 2000 Growth ETF	11/2022		250.00		1,866,566		82		36,695
Meridian Bioscience, Inc.	10/2022		35.00		6,518,000		2,000		45,000

Arbitrage Fund	Portfolio of Investments (Continued)
	August 31, 2022 (unaudited)

	Expiration Date	Exercise Price		Notional Amount		Contracts		Value
PURCHASED OPTIONS(a) - 0.08% (Continued)
Call Options Purchased - 0.07% (Continued)
Unity Software, Inc.
	10/2022	$	60.00	$	2,554,656		598	$	58,903
	11/2022		60.00		952,656		223		46,718
Zendesk, Inc.	10/2022		80.00		19,184,823		2,499		31,238
TOTAL CALL OPTIONS PURCHASED
(Cost $2,527,850)									1,084,994
Put Options Purchased - 0.01%
Twitter, Inc.	10/2022		30.00		5,033,625		1,299		142,890
Zendesk, Inc.	09/2022		70.00		2,126,529		277		17,313
TOTAL PUT OPTIONS PURCHASED
(Cost $315,229)									160,203
TOTAL PURCHASED OPTIONS
(Cost $2,843,079)									1,245,197

	Yield			Shares		Value
SHORT-TERM INVESTMENTS - 10.07%
Money Market Funds
Morgan Stanley Institutional Liquidity Fund - Government Portfolio		2.116	%(j)		77,750,417	$	77,750,417
State Street Institutional U.S. Government Money Market Fund, Premier Class		2.360	%(j)		77,750,418		77,750,418
							155,500,835
TOTAL SHORT-TERM INVESTMENTS
(Cost $155,500,835)							155,500,835
Total Investments - 97.62%
(Cost $1,550,477,844)							1,506,898,402
Other Assets in Excess of Liabilities - 2.38%(k)							36,811,011
NET ASSETS - 100.00%						$	1,543,709,413

Portfolio Footnotes

(a)	Non-income-producing security.
(b)	Underlying security for a written/purchased call/put option.
(c)	Security, or a portion of security, is being held as collateral for short sales, written option contracts or forward foreign currency exchange contracts. At August 31, 2022, the aggregate fair market value of those securities was $115,766,880, representing 7.50% of net assets.
(d)	Restricted securities (including private placements) - The Fund may own investment securities that have other legal or contractual limitations. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $4,171,472 or 0.27% of net assets.

Arbitrage Fund	Portfolio of Investments (Continued)
	August 31, 2022 (unaudited)

Restricted Security	Acquisition Date	Acquisition Cost
Fast Capital LLC	08/18/2020	$	300,786
Moneylion, Inc.	06/19/2020		17,080,470
UpHealth, Inc.	06/08/2021		489,730
UpHealth, Inc., Exercise Price $11.50, Expires 07/01/2024	06/08/2021		—
Total		$	17,870,986

(e)	Security fair valued using significant unobservable inputs and classified as a Level 3 security.  As of August 31, 2022, the total fair market value of these securities was $71,411,281, representing 4.63% of net assets.
(f)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of August 31, 2022, these securities had a total value of $30,486,376 or 1.97% of net assets.
(g)	Affiliated investment.
(h)	Represents a holding that is a direct investment into a private company and is not a listed or publicly traded entity.
(i)	Less than 0.005% of net assets.
(j)	Rate shown is the 7-day effective yield as of August 31, 2022.
(k)	Includes cash held as collateral for short sales.

SCHEDULE OF SECURITIES SOLD SHORT	Shares			Value
SECURITIES SOLD SHORT - (4.49%)
COMMON STOCKS SOLD SHORT - (4.20%)
Biotechnology - (0.02%)
Biohaven Pharmaceutical Holding Co. Ltd.		(44,796	)	$	(246,378	)
Commercial Services - (0.63%)
Rentokil Initial Plc		(1,603,670	)		(9,706,149	)
Diversified Financial Services - (0.07%)
Intercontinental Exchange, Inc.		(11,347	)		(1,144,345	)
Engineering & Construction - (0.19%)
MasTec, Inc.		(35,660	)		(2,870,630	)
Real Estate Investment Trusts - (2.02%)
PotlatchDeltic Corp.		(325,655	)		(15,116,905	)
Prologis, Inc.		(129,483	)		(16,121,928	)
					(31,238,833	)
Semiconductors - (1.27%)
Broadcom, Inc.		(32,625	)		(16,283,464	)
MaxLinear, Inc.		(92,550	)		(3,325,321	)
					(19,608,785	)
TOTAL COMMON STOCKS SOLD SHORT
(Proceeds $67,588,431)					(64,815,120	)
EXCHANGE-TRADED FUNDS SOLD SHORT - (0.29%)
Equity Funds Sold Short - (0.29%)
iShares North American Tech-Software ETF		(9,120	)		(2,565,274	)

Arbitrage Fund	Portfolio of Investments (Continued)
	August 31, 2022 (unaudited)

SCHEDULE OF SECURITIES SOLD SHORT	Shares			Value
EXCHANGE-TRADED FUNDS SOLD SHORT - (0.29%) (Continued)
Equity Funds Sold Short - (0.29%) (Continued)
iShares Russell 2000 Growth ETF		(8,177	)	$	(1,861,330	)
					(4,426,604	)
TOTAL EXCHANGE-TRADED FUNDS SOLD SHORT
(Proceeds $4,295,597)					(4,426,604	)
TOTAL SECURITIES SOLD SHORT
(Proceeds $71,884,028)				$	(69,241,724	)

WRITTEN OPTIONS	Expiration Date	Exercise Price		Notional Amount			Contracts			Value
Written Call Options
Aerojet Rocketdyne Holdings, Inc.	12/2022	$	40.00	$	(4,785,077	)		(1,111	)	$	(561,055	)
Willis Towers Watson Plc	09/2022		220.00		(8,376,615	)		(405	)		(16,200	)
Zendesk, Inc.	10/2022		85.00		(19,184,823	)		(2,499	)		0
TOTAL WRITTEN CALL OPTIONS
(Premiums received $754,095)											(577,255	)
TOTAL WRITTEN OPTIONS
(Premiums received $754,095)										$	(577,255	)

Arbitrage Fund	Portfolio of Investments (Continued)
	August 31, 2022 (unaudited)

EQUITY SWAP CONTRACTS  

Swap Counterparty/ Payment Frequency	Reference Obligation	Rate Paid/Received by the Fund	Termination Date	Upfront Payments Made		Upfront Payments Received		Market Value		Notional Amount		Unrealized Appreciation
Goldman Sachs & Co./ Monthly	Distell Group Holdings Ltd.	Paid 1 Month JIBAR Plus 95 bps (6.530%)	11/18/2022	$	—	$	—	$	—	ZAR	63,659,092	$	—
Goldman Sachs & Co./ Monthly	Schroder Plc	Paid 1 Month SONIA Plus 47 bps (2.390%)	04/28/2023		—		—		—	GBP	2,209,616		—
Morgan Stanley & Co./ Monthly	Prologis, Inc.	Received 1 Month-Federal Rate Minus 40 bps (1.930%)	08/11/2023		—		—		—	USD	9,219,592		—
Goldman Sachs & Co./ Monthly	Meggitt Plc	Paid 1 Month SONIA Plus 75 bps (2.440%)	09/04/2023		—		—		—	GBP	14,839,169		—
Morgan Stanley & Co./ Monthly	Distell Group Holdings Ltd.	Paid 1 Month SABOR Plus 125 bps (6.570%)	11/17/2023		—		—		—	ZAR	22,408,161		—
Morgan Stanley & Co./ Monthly	Meggitt Plc	Paid 1 Month SONIA Plus 54 bps (1.470%)	04/26/2024		—		—		—	GBP	372,624		—
Morgan Stanley & Co./ Monthly	Schroder Plc	Paid 1 Month SONIA Plus 254 bps (4.230%)	04/26/2024		—		—		—	GBP	93,184		—
Morgan Stanley & Co./ Monthly	Schroder Plc	Received 1 Month SONIA Plus 35 bps (1.340%)	04/26/2024		—		—		—	GBP	2,307,621		—
								$	—			$	—

Arbitrage Fund	Portfolio of Investments (Continued)
	August 31, 2022 (unaudited)

OUTSTANDING FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation
USD	8,176,744	AUD	11,755,700	Morgan Stanley & Co.	09/15/2022	$	131,357
USD	6,376,301	CAD	8,232,000	Morgan Stanley & Co.	09/15/2022		108,884
USD	4,705,452	CHF	4,522,000	Morgan Stanley & Co.	09/15/2022		74,752
EUR	9,619,200	USD	9,631,810	Morgan Stanley & Co.	09/15/2022		43,234
USD	90,246,708	EUR	86,129,800	Morgan Stanley & Co.	09/15/2022		3,616,889
USD	84,940,006	GBP	69,952,500	Morgan Stanley & Co.	09/15/2022		3,656,490
USD	3,433,333	NZD	5,477,800	Morgan Stanley & Co.	09/15/2022		81,950
USD	31,963,094	SEK	326,935,900	Morgan Stanley & Co.	09/15/2022		1,274,638
						$	8,988,194
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Depreciation
AUD	11,755,700	USD	8,119,003	Morgan Stanley & Co.	09/15/2022	$	(73,617	)
EUR	32,584,500	USD	33,636,706	Morgan Stanley & Co.	09/15/2022		(863,040	)
GBP	23,766,700	USD	28,534,906	Morgan Stanley & Co.	09/15/2022		(918,440	)
USD	1,376,533	GBP	1,184,800	Morgan Stanley & Co.	09/15/2022		(182	)
NZD	1,117,000	USD	695,527	Morgan Stanley & Co.	09/15/2022		(12,134	)
USD	44,105	NZD	72,100	Morgan Stanley & Co.	09/15/2022		(6	)
SEK	51,982,700	USD	5,061,725	Morgan Stanley & Co.	09/15/2022		(182,268	)
						$	(2,049,687	)

Arbitrage Fund	Portfolio of Investments (Continued)
	August 31, 2022 (unaudited)

The following is a summary of investments classified by country exposure:
Country	% of Net Assets(a)
United States		83.63	%
United Kingdom		3.91	%
Canada		3.23	%
Sweden		1.44	%
Taiwan		1.19	%
Netherlands		1.00	%
Italy		0.76	%
France		0.75	%
South Africa		0.63	%
Republic of Korea		0.31	%
Spain		0.30	%
Switzerland		0.30	%
New Zealand		0.17	%
Australia		0.00	%(b)
Other Assets in Excess of Liabilities		2.38	%
		100.00	%

^(a)           These percentages represent long positions only and are not net of short positions.

^(b)           Less than 0.005% of net assets.  

Abbreviations:

AB - Aktiebolag is the Swedish term for a limited company.

ADR - American Depositary Receipt

AUD - Australian dollar

bps - Basis Points. 100 Basis Points is equal to 1 percentage point.

CAD - Canadian dollar

CHF - Swiss franc

CVR - Contingent Value Rights

ETF - Exchange-Traded Fund

EUR - Euro

GBP - British pound

JIBAR - Johannesburg Interbank Agreed Rate

LLC - Limited Liability Company

LP - Limited Partnership

Ltd. - Limited

N.V. - Naamloze Vennootschap is the Dutch term for a public limited liability corporation.

NZD - New Zealand dollar

Plc - Public Limited Company

REIT - Real Estate Investment Trust

SA - Generally designates corporations in various countries, mostly those employing civil law. This translates literally in all languages mentioned as anonymous company.

SABOR - South African Benchmark Overnight Rate

SEK - Swedish krona

SOFR - Secured Overnight Financing Rate

SONIA - Sterling OverNight Index Average

SpA - Societa per Azione

USD - United States Dollar

ZAR - South African rand

Arbitrage Fund	Portfolio of Investments (Continued)
	August 31, 2022 (unaudited)

Summary of affiliated issuer transactions for the period ended August 31, 2022:

Arbitrage Fund 

Affiliated Issuer	Beginning Value as of May 31, 2022		Purchases at Cost		Proceeds from Sales		Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ Depreciation		Ending Value as of August 31, 2022		Shares as of August  31, 2022		Dividend Income		Capital Gain Distributions
Water Island Event-Driven Fund	$	72,394,803	$	-	$	-	$	-	$	198,161	$	72,592,964		6,605,365	$	-	$	-

Arbitrage Fund	Portfolio of Investments (Continued)
	August 31, 2022 (unaudited)

The following table summarizes the Arbitrage Fund's investments and derivative financial instruments characterized in the fair value hierarchy as of August 31, 2022.  

Investments in Securities at Fair Value	Level 1		Level 2		Level 3			Total
Assets
Common Stocks
Aerospace & Defense	$	20,693,618	$	—	$	—	$	20,693,618
Agriculture		10,600,006		—		—		10,600,006
Auto Parts & Equipment		24,365,838		—		—		24,365,838
Banks		38,898,709		—		—		38,898,709
Biotechnology		81,738,703		—		—		81,738,703
Chemicals		35,635,217		—		—		35,635,217
Commercial Services		88,332,027		—		—		88,332,027
Computers & Computer Services		23,583,515		—		—		23,583,515
Construction Materials		—		—		16,378,069		16,378,069
Diversified Financial Services		31,398,765		—		—		31,398,765
Electric		49,549,054		—		—		49,549,054
Energy - Alternate Sources		15,169,192		—		—		15,169,192
Engineering & Construction		7,567,825		—		—		7,567,825
Forest Products & Paper		15,513,973		—		—		15,513,973
Gas		33,961,603		—		—		33,961,603
Healthcare - Products		13,981,638		—		—		13,981,638
Healthcare - Services		42,099,198		—		—		42,099,198
Home Furnishings		23,182,528		—		—		23,182,528
Insurance		70,570,612		—		—		70,570,612
Internet		72,500,517		—		—		72,500,517
Machinery - Diversified		4,673,463		—		—		4,673,463
Media		51,784,733		—		36,527,400		88,312,133
Pharmaceuticals		33,016,371		—		—		33,016,371
Pipelines		3,870,952		—		—		3,870,952
Real Estate Investment Trusts		48,531,124		—		—		48,531,124
Semiconductors		23,211,317		—		—		23,211,317
Software		248,474,434		—		16,616,070		265,090,504
Telecommunications		56,571,880		—		—		56,571,880
Transportation		27,526,989		—		—		27,526,989
Rights		—		857,631		1,308,342		2,165,973
Convertible Corporate Bonds*		—		8,229,559		—		8,229,559
Mutual Funds		72,592,964		—		—		72,592,964
Private Investments		—		—		581,400		581,400
Warrants*		57,134		—		—		57,134
Purchased Options		1,245,197		—		—		1,245,197
Short-Term Investments		155,500,835		—		—		155,500,835
TOTAL	$	1,426,399,931	$	9,087,190	$	71,411,281	$	1,506,898,402

Other Financial Instruments**
Assets
Forward Foreign Currency Exchange Contracts	$	—		$	8,988,194		$	—	$	8,988,194
Equity Swaps		0			—			—		0
Liabilities
Common Stocks*		(64,815,120	)		—			—		(64,815,120	)
Exchange-Traded Funds*		(4,426,604	)		—			—		(4,426,604	)
Written Options		(577,255	)		—			—		(577,255	)
Forward Foreign Currency Exchange Contracts		—			(2,049,687	)		—		(2,049,687	)
TOTAL	$	(69,818,979	)	$	6,938,507		$	—	$	(62,880,472	)

* Refer to Portfolio of Investments for sector information.

** Other financial instruments are instruments such as written options, securities sold short, equity swaps and forward foreign currency exchange contracts.

Arbitrage Fund	Portfolio of Investments (Continued)
	August 31, 2022 (unaudited)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund’s assets and liabilities during the period ended August 31, 2022:

Investments in Securities	Balance as of May 31, 2022		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Purchases		Sales Proceeds		Transfers into Level 3		Transfers out of Level 3		Balance as of August 31, 2022		Net change in Unrealized Appreciation (Depreciation) from investments still held as of August 31, 2022
Common Stocks	$	68,815,638	$	-	$	705,901	$	-	$	-	$	-	$	-	$	69,521,539	$	705,901
Rights		1,277,503		-		30,839		-		-		-		-		1,308,342		30,839
Private Investments		290,700		-		290,700		-		-		-		-		581,400		290,700
Total	$	70,383,841	$	-	$	1,027,440	$	-	$	-	$	-	$	-	$	71,411,281	$	1,027,440

Water Island Event-Driven Fund	Portfolio of Investments
	August 31, 2022 (unaudited)

	Shares		Value
COMMON STOCKS - 89.12%
Aerospace & Defense - 1.90%
Aerojet Rocketdyne Holdings, Inc.(a)(b)		43,870	$	1,889,481
Meggitt Plc(a)		28,627		265,449
				2,154,930
Agriculture - 0.68%
Swedish Match AB		76,493		768,518
Auto Parts & Equipment - 1.54%
Tenneco, Inc., Class A(a)		92,753		1,749,322
Banks - 2.50%
First Horizon Corp.(c)		125,385		2,836,209
Biotechnology - 5.82%
Biohaven Pharmaceutical Holding Co. Ltd.(a)(c)		13,080		1,953,498
ChemoCentryx, Inc.(a)		32,309		1,647,113
Global Blood Therapeutics, Inc.(a)		34,182		2,320,958
Swedish Orphan Biovitrum AB(a)		31,212		689,826
				6,611,395
Chemicals - 2.31%
Rogers Corp.(a)		10,470		2,622,944
Commercial Services - 5.70%
Atlantia SpA		37,152		852,379
Evo Payments, Inc., Class A(a)		39,663		1,321,571
Moneylion, Inc.(a)(d)		263,426		376,699
Nielsen Holdings Plc		107,370		2,989,181
Terminix Global Holdings, Inc.(a)		21,824		930,794
				6,470,624
Computers & Computer Services - 1.74%
Ping Identity Holding Corp.(a)		70,289		1,977,932
Construction Materials - 1.17%
Forterra, Inc.(a)(e)		53,067		1,330,973
Diversified Financial Services - 2.05%
Brewin Dolphin Holdings Plc		112,933		671,715
Cowen, Inc., Class A		14,055		540,415
Intertrust N.V.(a)(f)		57,095		1,116,569
				2,328,699
Electric - 3.03%
Electricite de France SA		69,824		837,475
PNM Resources, Inc.(c)		54,845		2,601,298
				3,438,773
Energy - Alternate Sources - 1.01%
Infrastructure and Energy Alternatives, Inc.(a)		54,347		772,271
Siemens Gamesa Renewable Energy SA(a)		20,624		371,515
				1,143,786

Water Island Event-Driven Fund	Portfolio of Investments (Continued)
	August 31, 2022 (unaudited)

	Shares		Value
COMMON STOCKS - 89.12% (Continued)
Engineering & Construction - 0.47%
HomeServe Plc		39,257	$	540,874
Entertainment - 0.14%
Cineplex, Inc.(a)		23,133		158,700
Forest Products & Paper - 1.00%
Resolute Forest Products, Inc.(a)(c)		55,857		1,131,663
Gas - 2.14%
South Jersey Industries, Inc.		71,772		2,429,482
Healthcare - Products - 0.65%
Hanger, Inc.(a)		39,769		740,896
Healthcare - Services - 3.09%
Cano Health, Inc.(a)		18,846		116,280
LHC Group, Inc.(a)		16,609		2,681,855
Mediclinic International Plc		122,267		712,319
UpHealth, Inc.(a)(d)		8,340		5,094
				3,515,548
Home Furnishings - 1.70%
iRobot Corp.(a)		32,771		1,929,556
Insurance - 5.74%
Alleghany Corp.(a)(c)		5,714		4,806,502
Hartford Financial Services Group, Inc. (The)		5,355		344,380
Willis Towers Watson Plc(b)		6,632		1,371,697
				6,522,579
Internet - 5.62%
Just Eat Takeaway.com N.V.(a)(f)		7,623		127,796
Twitter, Inc.(a)(b)		61,350		2,377,313
Zendesk, Inc.(a)(b)		50,491		3,876,194
				6,381,303
Media - 6.25%
TEGNA, Inc.(c)		160,192		3,428,109
Houghton Mifflin Harcourt Co.(a)(e)		156,912		3,295,152
Shaw Communications, Inc., Class B		14,737		377,921
				7,101,182
Pharmaceuticals - 2.25%
Aerie Pharmaceuticals, Inc.(a)		82,915		1,252,016
Covetrus, Inc.(a)(c)		62,524		1,304,876
				2,556,892
Pipelines - 0.25%
Shell Midstream Partners LP(a)		17,751		280,643
Real Estate Investment Trusts - 1.84%
Duke Realty Corp.		35,499		2,089,116
Semiconductors - 1.55%
Magnachip Semiconductor Corp.(a)		37,044		433,415

Water Island Event-Driven Fund	Portfolio of Investments (Continued)
	August 31, 2022 (unaudited)

	Shares		Value
COMMON STOCKS - 89.12% (Continued)
Semiconductors - 1.55% (Continued)
Silicon Motion Technology Corp., ADR		17,262	$	1,331,073
				1,764,488
Software - 21.07%
1Life Healthcare, Inc.(a)		123,424		2,124,127
Activision Blizzard, Inc.		49,886		3,915,552
Avalara, Inc.(a)		25,091		2,298,085
Black Knight, Inc.(a)(c)		5,765		381,412
Change Healthcare, Inc.(a)(c)		237,384		5,832,525
Citrix Systems, Inc.		30,835		3,168,913
Inovalon Holdings, Inc., Class A(a)(e)		37,435		1,534,835
ManTech International Corp., Class A(c)		10,421		999,478
Micro Focus International Plc		86,524		520,668
Momentive Global, Inc.(a)		135,658		961,815
VMware, Inc., Class A(c)		18,893		2,192,155
				23,929,565
Telecommunications - 4.18%
Sierra Wireless, Inc.(a)		78,903		2,428,635
Switch, Inc., Class A(c)		68,217		2,315,967
				4,744,602
Transportation - 1.73%
Atlas Air Worldwide Holdings, Inc.(a)		19,709		1,969,323
TOTAL COMMON STOCKS
(Cost $106,161,185)				101,220,517
RIGHTS(a) - 0.08%
Bristol-Myers Squibb Co. CVR		67,803		67,803
Contra Zogenix, Inc. CVR(e)		26,158		18,627
TOTAL RIGHTS
(Cost $128,568)				86,430

	Maturity Date	Rate			Principal Amount		Value
CORPORATE BONDS - 2.61%
Auto Parts & Equipment - 1.58%
Meritor, Inc.(f)	12/15/2028		4.500	%	$	465,000	$	476,104
Tenneco, Inc.(f)	04/15/2029		5.125	%		1,357,000		1,316,598
								1,792,702
Entertainment - 1.03%
Peninsula Pacific Entertainment LLC / Peninsula Pacific Entertainment Finance In(f)	11/15/2027		8.500	%		1,090,000		1,171,489
TOTAL CORPORATE BONDS
(Cost $3,036,344)								2,964,191

Water Island Event-Driven Fund	Portfolio of Investments (Continued)
	August 31, 2022 (unaudited)

	Maturity Date	Rate			Principal Amount		Value
CONVERTIBLE CORPORATE BONDS - 1.32%
Auto Manufacturers - 0.24%
Lightning eMotors, Inc.(f)	05/15/2024		7.500	%	$	403,000	$	270,784
Entertainment - 0.27%
Cineplex, Inc.(f)	09/30/2025		5.750	%		392,000		307,428
Healthcare - Services - 0.40%
UpHealth, Inc.(f)	06/15/2026		6.250	%		217,000		67,270
UpHealth, Inc., Variable Rate, (SOFR plus 9.00%)(f)	12/15/2025		11.280	%		409,000		382,499
								449,769
Software - 0.41%
Kaleyra, Inc.(f)	06/01/2026		6.125	%		584,000		465,737
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $1,889,598)								1,493,718

	Shares		Value
WARRANTS(a) - 0.00%(g)
Commercial Services - 0.00%(g)
Moneylion, Inc., Exercise Price $11.50, Expires 09/22/2026		22,640	$	4,422
Healthcare - Services - 0.00%(g)
UpHealth, Inc., Exercise Price $11.50, Expires 07/01/2024(d)		834		74
TOTAL WARRANTS
(Cost $0)				4,496
PRIVATE INVESTMENTS(a)(d)(e)(h) - 0.04%
Fast Capital LLC		22,800		45,600
TOTAL PRIVATE INVESTMENTS
(Cost $23,591)				45,600

	Expiration Date	Exercise Price		Notional Amount		Contracts		Value
PURCHASED OPTIONS(a) - 0.08%
Call Options Purchased - 0.07%
Broadcom, Inc.
	12/2022	$	520.00	$	249,555		5	$	14,750
	12/2022		550.00		948,309		19		34,010
Ironsource Ltd.	12/2022		5.00		102,659		251		11,295
iShares Expanded Tech-Software Sector ETF	11/2022		320.00		225,024		8		3,560
iShares Russell 2000 Growth ETF	11/2022		250.00		159,341		7		3,133
Unity Software, Inc.
	10/2022		60.00		183,696		43		4,235
	11/2022		60.00		68,352		16		3,352

Water Island Event-Driven Fund	Portfolio of Investments (Continued)
	August 31, 2022 (unaudited)

	Expiration Date	Exercise Price		Notional Amount		Contracts		Value
PURCHASED OPTIONS(a) - 0.08% (Continued)
Call Options Purchased - 0.07% (Continued)
Zendesk, Inc.	10/2022	$	80.00	$	1,604,493		209	$	2,613
TOTAL CALL OPTIONS PURCHASED
(Cost $180,342)									76,948
Put Options Purchased - 0.01%
Twitter, Inc.	10/2022		30.00		449,500		116		12,760
Zendesk, Inc.	09/2022		70.00		176,571		23		1,438
TOTAL PUT OPTIONS PURCHASED
(Cost $28,015)									14,198
TOTAL PURCHASED OPTIONS
(Cost $208,357)									91,146

	Yield			Shares		Value
SHORT-TERM INVESTMENTS - 4.02%
Money Market Funds
Morgan Stanley Institutional Liquidity Fund - Government Portfolio		2.116	%(i)		2,284,318	$	2,284,318
State Street Institutional U.S. Government Money Market Fund, Premier Class		2.360	%(i)		2,284,317		2,284,317
							4,568,635
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,568,635)							4,568,635
Total Investments - 97.27%
(Cost $116,016,278)							110,474,733
Other Assets in Excess of Liabilities - 2.73%(j)							3,100,555
NET ASSETS - 100.00%						$	113,575,288

Portfolio Footnotes
(a)	Non-income-producing security.
(b)	Underlying security for a written/purchased call/put option.
(c)	Security, or a portion of security, is being held as collateral for short sales, written option contracts or forward foreign currency exchange contracts. At August 31, 2022, the aggregate fair market value of those securities was $17,676,040, representing 15.56% of net assets.
(d)	Restricted securities (including private placements) - The Fund may own investment securities that have other legal or contractual limitations. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $427,467 or 0.38% of net assets.

Restricted Security	Acquisition Date	Acquisition Cost
Fast Capital LLC	08/18/2020	$	23,591
Moneylion, Inc.	06/19/2020		1,926,135
UpHealth, Inc.	06/08/2021		83,400
UpHealth, Inc., Exercise Price $11.50, Expires 07/01/2024	06/08/2021		—
Total		$	2,033,126

Water Island Event-Driven Fund	Portfolio of Investments (Continued)
	August 31, 2022 (unaudited)

(e)	Security fair valued using significant unobservable inputs and classified as a Level 3 security.  As of August 31, 2022, the total fair market value of these securities was $6,225,187, representing 5.48% of net assets.
(f)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of August 31, 2022, these securities had a total value of $5,702,274 or 5.02% of net assets.
(g)	Less than 0.005% of net assets.
(h)	Represents a holding that is a direct investment into a private company and is not a listed or publicly traded entity.
(i)	Rate shown is the 7-day effective yield as of August 31, 2022.
(j)	Includes cash held as collateral for short sales and written option contracts.

SCHEDULE OF SECURITIES SOLD SHORT	Shares			Value
SECURITIES SOLD SHORT - (3.85%)
COMMON STOCKS SOLD SHORT - (3.53%)
Auto Parts & Equipment - (0.18%)
Tenneco, Inc., Class A		(10,600	)	$	(199,916	)
Biotechnology - (0.01%)
Biohaven Pharmaceutical Holding Co. Ltd.		(3,268	)		(17,974	)
Commercial Services - (0.62%)
Rentokil Initial Plc		(115,879	)		(701,353	)
Diversified Financial Services - (0.07%)
Intercontinental Exchange, Inc.		(818	)		(82,495	)
Engineering & Construction - (0.19%)
MasTec, Inc.		(2,625	)		(211,313	)
	��
Entertainment - (0.02%)
Cineplex, Inc.		(3,228	)		(22,145	)
Real Estate Investment Trusts - (1.18%)
Prologis, Inc.		(10,759	)		(1,339,603	)
Semiconductors - (1.26%)
Broadcom, Inc.		(2,379	)		(1,187,383	)
MaxLinear, Inc.		(6,698	)		(240,659	)
					(1,428,042	)
TOTAL COMMON STOCKS SOLD SHORT
(Proceeds $4,144,526)					(4,002,841	)
EXCHANGE-TRADED FUNDS SOLD SHORT - (0.32%)
Equity Funds Sold Short - (0.32%)
iShares North American Tech-Software ETF		(757	)		(212,929	)

Water Island Event-Driven Fund	Portfolio of Investments (Continued)
	August 31, 2022 (unaudited)

EXCHANGE-TRADED FUNDS SOLD SHORT - (0.32%) (Continued)
Equity Funds Sold Short - (0.32%) (Continued)
iShares Russell 2000 Growth ETF	(679	)	$	(154,561	)
				(367,490	)
TOTAL EXCHANGE-TRADED FUNDS SOLD SHORT
(Proceeds $356,654)				(367,490	)
TOTAL SECURITIES SOLD SHORT
(Proceeds $4,501,180)			$	(4,370,331	)

WRITTEN OPTIONS	Expiration Date	Exercise Price		Notional Amount			Contracts			Value
Written Call Options
Aerojet Rocketdyne Holdings, Inc.	12/2022	$	40.00	$	(529,761	)		(123	)	$	(62,115	)
Willis Towers Watson Plc	09/2022		220.00		(765,271	)		(37	)		(1,480	)
Zendesk, Inc.	10/2022		85.00		(1,604,493	)		(209	)		0
TOTAL WRITTEN OPTIONS
(Premiums received $79,018)										$	(63,595	)

EQUITY SWAP CONTRACTS

Swap Counterparty/ Payment Frequency	Reference Obligation	Rate Paid/Received by the Fund	Termination Date	Upfront Payments Made		Upfront Payments Received		Market Value		Notional Amount		Unrealized Appreciation
Goldman Sachs & Co./ Monthly	Distell Group Holdings Ltd.	Paid 1 Month JIBAR Plus 95 bps (6.53%)	11/18/2022	$	—	$	—	$	—	ZAR	5,097,392	$	—
Morgan Stanley & Co./ Monthly	Prologis, Inc.	Received 1 Month-Federal Rate Minus 40 bps (1.930%)	08/18/2023		—		—		—	USD	759,885		—
Goldman Sachs & Co./ Monthly	Meggitt Plc	Paid 1 Month SONIA Plus 75 bps (2.440%)	09/04/2023		—		—		—	GBP	1,070,682		—
Morgan Stanley & Co./ Monthly	Distell Group Holdings Ltd.	Paid 1 Month SABOR Plus 125 bps (6.570%)	11/17/2023		—		—		—	ZAR	1,194,368		—
Morgan Stanley & Co./ Monthly	Meggitt Plc	Paid 1 Month SONIA Plus 54 bps (2.230%)	04/26/2024		—		—		—	GBP	25,135		—
								$	—			$	—

Water Island Event-Driven Fund	Portfolio of Investments (Continued)
	August 31, 2022 (unaudited)

OUTSTANDING FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation
USD	883,668	AUD	1,270,400	Morgan Stanley & Co.	09/15/2022	$	14,229
USD	1,082,047	CAD	1,394,900	Morgan Stanley & Co.	09/15/2022		20,042
USD	4,968,590	EUR	4,745,300	Morgan Stanley & Co.	09/15/2022		195,745
USD	3,863,280	GBP	3,192,000	Morgan Stanley & Co.	09/15/2022		154,235
USD	1,954,161	SEK	19,880,000	Morgan Stanley & Co.	09/15/2022		88,087
						$	472,338

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Depreciation
AUD	1,278,800	USD	884,494	Morgan Stanley & Co.	09/15/2022	$	(9,307	)
USD	5,657	AUD	8,400	Morgan Stanley & Co.	09/15/2022		(92	)
CAD	208,400	USD	161,030	Morgan Stanley & Co.	09/15/2022		(2,367	)
EUR	1,404,600	USD	1,461,009	Morgan Stanley & Co.	09/15/2022		(48,255	)
GBP	929,900	USD	1,115,744	Morgan Stanley & Co.	09/15/2022		(35,217	)
USD	107,469	GBP	92,500	Morgan Stanley & Co.	09/15/2022		(14	)
SEK	4,549,300	USD	443,097	Morgan Stanley & Co.	09/15/2022		(16,068	)
USD	21,059	SEK	224,700	Morgan Stanley & Co.	09/15/2022		(33	)
						$	(111,353	)

The following is a summary of investments classified by country exposure:
Country	% of Net Assets(a)
United States		84.04	%
Canada		3.88	%
United Kingdom		2.97	%
Sweden		1.29	%
Taiwan		1.17	%
Netherlands		1.09	%
Italy		0.75	%
France		0.74	%
South Africa		0.63	%
Republic of Korea		0.38	%
Spain		0.33	%
Other Assets in Excess of Liabilities		2.73	%
		100.00	%

^(a)  These percentages represent long positions only and are not net of short positions.

Water Island Event-Driven Fund	Portfolio of Investments (Continued)
	August 31, 2022 (unaudited)

Abbreviations:

AB - Aktiebolag is the Swedish term for a limited company.

ADR - American Depositary Receipt

AUD - Australian dollar

bps - Basis Points. 100 Basis Points is equal to 1 percentage point.

CAD - Canadian dollar

CVR - Contingent Value Rights

ETF - Exchange-Traded Fund

EUR - Euro

GBP - British pound

JIBAR - Johannesburg Interbank Agreed Rate

LLC - Limited Liability Company

LP - Limited Partnership

Ltd. - Limited

N.V. - Naamloze Vennootschap is the Dutch term for a public limited liability corporation.

Plc - Public Limited Company

SA - Generally designates corporations in various countries, mostly those employing civil law. This translates literally in all languages mentioned as anonymous company.

SABOR - South African Benchmark Overnight Rate

SEK - Swedish krona

SOFR - Secured Overnight Financing Rate

SONIA - Sterling OverNight Index Average

SpA - Societa per Azione

USD - United States Dollar

ZAR - South African rand

Water Island Event-Driven Fund	Portfolio of Investments (Continued)
	August 31, 2022 (unaudited)

The following table summarizes the Event-Driven Fund's investments and derivative financial instruments characterized in the fair value hierarchy as of August 31, 2022.

Investments in Securities at Fair Value	Level 1			Level 2			Level 3		Total
Assets
Common Stocks
Aerospace & Defense	$	2,154,930		$	—		$	—	$	2,154,930
Agriculture		768,518			—			—		768,518
Auto Parts & Equipment		1,749,322			—			—		1,749,322
Banks		2,836,209			—			—		2,836,209
Biotechnology		6,611,395			—			—		6,611,395
Chemicals		2,622,944			—			—		2,622,944
Commercial Services		6,470,624			—			—		6,470,624
Computers & Computer Services		1,977,932			—			—		1,977,932
Construction Materials		—			—			1,330,973		1,330,973
Diversified Financial Services		2,328,699			—			—		2,328,699
Electric		3,438,773			—			—		3,438,773
Energy - Alternate Sources		1,143,786			—			—		1,143,786
Engineering & Construction		540,874			—			—		540,874
Entertainment		158,700			—			—		158,700
Forest Products & Paper		1,131,663			—			—		1,131,663
Gas		2,429,482			—			—		2,429,482
Healthcare - Products		740,896			—			—		740,896
Healthcare - Services		3,515,548			—			—		3,515,548
Home Furnishings		1,929,556			—			—		1,929,556
Insurance		6,522,579			—			—		6,522,579
Internet		6,381,303			—			—		6,381,303
Media		3,806,030			—			3,295,152		7,101,182
Pharmaceuticals		2,556,892			—			—		2,556,892
Pipelines		280,643			—			—		280,643
Real Estate Investment Trusts		2,089,116			—			—		2,089,116
Semiconductors		1,764,488			—			—		1,764,488
Software		22,394,730			—			1,534,835		23,929,565
Telecommunications		4,744,602			—			—		4,744,602
Transportation		1,969,323			—			—		1,969,323
Rights		—			67,803			18,627		86,430
Corporate Bonds*		—			2,964,191			—		2,964,191
Convertible Corporate Bonds*		—			1,493,718			—		1,493,718
Warrants*		4,496			—			—		4,496
Private Investments		—			—			45,600		45,600
Purchased Options		91,146			—			—		91,146
Short-Term Investments		4,568,635			—			—		4,568,635
TOTAL	$	99,723,834		$	4,525,712		$	6,225,187	$	110,474,733
Other Financial Instruments**
Assets
Forward Foreign Currency Exchange Contracts	$	—		$	472,338		$	—	$	472,338
Equity Swaps		0			—			—		0
Liabilities
Common Stocks*		(4,002,841	)		—			—		(4,002,841	)
Exchange-Traded Funds*		(367,490	)		—			—		(367,490	)
Written Options		(63,595	)		—			—		(63,595	)
Forward Foreign Currency Exchange Contracts		—			(111,353	)		—		(111,353	)
TOTAL	$	(4,433,926	)	$	360,985		$	—	$	(4,072,941	)

*	Refer to Portfolio of Investments for sector information.
**	Other financial instruments are instruments such as written options, securities sold short, equity swaps and forward foreign currency exchange contracts.

Water Island Event-Driven Fund	Portfolio of Investments (Continued)
	August 31, 2022 (unaudited)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund’s assets and liabilities during the period ended August 31, 2022:

Investments in Securities	Balance as of May 31, 2022		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Purchases		Sales Proceeds		Transfers into Level 3		Transfers out of Level 3		Balance as of August 31, 2022		Net change in Unrealized Appreciation (Depreciation) from investments still held as of August 31, 2022
Common Stocks	$	6,103,595	$	-	$	57,365	$	-	$	-	$	-	$	-	$	6,160,960	$	57,365
Rights		18,187		-		440		-		-		-		-		18,627		440
Private Investments		22,800		-		22,800		-		-		-		-		45,600		22,800
Total	$	6,144,582	$	-	$	80,605	$	-	$	-	$	-	$	-	$	6,225,187	$	80,605

Water Island Credit Opportunities Fund	Portfolio of Investments
	August 31, 2022 (unaudited)

	Maturity Date	Rate			Principal Amount		Value
BANK LOANS - 6.07%
Commercial Services - 3.78%
Moneygram International, Inc., 2021 Term Loan B, Variable Rate, (6 mo. USD LIBOR plus 4.50%)	07/21/2026		6.000	%	$	4,973,958	$	4,928,347
Software - 2.29%
Tibco Software, Inc., 2020 Term Loan B3, Variable Rate, (3 mo. USD LIBOR plus 3.75%)	06/30/2026		6.747	%		3,000,000		2,991,375
TOTAL BANK LOANS
(Cost $7,934,845)								7,919,722
CORPORATE BONDS - 62.79%
Auto Parts & Equipment - 6.26%
Meritor, Inc.(a)	12/15/2028		4.500	%		1,599,000		1,637,184
Tenneco, Inc.(a)	04/15/2029		5.125	%		6,731,000		6,530,599
								8,167,783
Banks - 0.71%
Truist Financial Corp., Variable Rate, (3 mo. USD LIBOR plus 0.65%)(b)	03/15/2028		2.479	%		1,000,000		924,951
Chemicals - 5.95%
GCP Applied Technologies, Inc.(a)	04/15/2026		5.500	%		5,175,000		5,175,000
Valvoline, Inc.(a)	02/15/2030		4.250	%		2,660,000		2,593,234
								7,768,234
Electrical Components & Equipment - 1.00%
WESCO Distribution, Inc.(a)(b)	06/15/2025		7.125	%		1,300,000		1,300,234
Entertainment - 5.20%
Caesars Entertainment, Inc.(a)	07/01/2025		6.250	%		1,090,000		1,064,287
Peninsula Pacific Entertainment LLC / Peninsula Pacific Entertainment Finance In(a)(b)	11/15/2027		8.500	%		5,320,000		5,717,725
								6,782,012
Food - 3.31%
Chobani LLC / Chobani Finance Corp., Inc.(a)(b)	04/15/2025		7.500	%		3,749,000		3,560,417
US Foods, Inc.(a)	04/15/2025		6.250	%		750,000		753,652
								4,314,069
Gas - 1.39%
Rockpoint Gas Storage Canada Ltd.(a)	03/31/2023		7.000	%		1,834,000		1,815,660
Hand/Machine Tools - 2.02%
Werner FinCo LP / Werner FinCo, Inc.(a)	07/15/2025		8.750	%		3,000,000		2,641,560
Internet - 9.02%
Getty Images, Inc.(a)	03/01/2027		9.750	%		6,000,000		6,015,000
Twitter, Inc.(a)(b)	03/01/2030		5.000	%		6,115,000		5,762,440
								11,777,440

Water Island Credit Opportunities Fund	Portfolio of Investments (Continued)
	August 31, 2022 (unaudited)

	Maturity Date	Rate			Principal Amount		Value
CORPORATE BONDS - 62.79% (Continued)
Machinery - Diversified - 1.37%
JPW Industries Holding Corp.(a)(b)	10/01/2024		9.000	%	$	2,000,000	$	1,790,020
Media - 0.73%
Cengage Learning, Inc.(a)	06/15/2024		9.500	%		1,000,000		953,390
Office/Business Equip - 2.35%
Xerox Holdings Corp.(a)(b)	08/15/2025		5.000	%		3,307,000		3,066,045
Oil & Gas - 2.37%
Par Petroleum LLC / Par Petroleum Finance Corp.(a)	12/15/2025		7.750	%		3,190,000		3,093,897
Packaging & Containers - 0.86%
LABL, Inc.(a)	07/15/2026		6.750	%		1,175,000		1,116,250
Real Estate Investment Trusts - 5.03%
iStar, Inc.
	10/01/2024		4.750	%		1,620,000		1,620,632
	02/15/2026		5.500	%		200,000		204,000
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC(a)	02/15/2025		7.875	%		4,796,000		4,737,944
								6,562,576
Software - 4.44%
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc.(a)	03/01/2025		5.750	%		1,773,000		1,751,954
Citrix Systems, Inc.	03/01/2030		3.300	%		4,100,000		4,046,548
								5,798,502
Telecommunications - 10.01%
Altice France Holding SA(a)	05/15/2027		10.500	%		6,500,000		5,607,676
Plantronics, Inc.(a)	03/01/2029		4.750	%		3,000,000		2,992,500
Switch Ltd.(a)	09/15/2028		3.750	%		4,500,000		4,459,004
								13,059,180
Transportation - 0.77%
XPO Logistics, Inc.(a)	05/01/2025		6.250	%		1,000,000		1,011,654
TOTAL CORPORATE BONDS
(Cost $86,750,007)								81,943,457
CONVERTIBLE CORPORATE BONDS - 20.96%
Aerospace & Defense - 2.15%
Kaman Corp.(b)	05/01/2024		3.250	%		3,000,000		2,803,125
Auto Manufacturers - 0.71%
Lightning eMotors, Inc.(a)	05/15/2024		7.500	%		1,370,000		920,532
Commercial Services - 1.52%
Block, Inc.(b)	03/01/2025		0.125	%		2,000,000		1,977,500
Diversified Financial Services - 1.04%
WisdomTree Investments, Inc.	06/15/2026		3.250	%		1,500,000		1,358,250

Water Island Credit Opportunities Fund	Portfolio of Investments (Continued)
	August 31, 2022 (unaudited)

	Maturity Date	Rate			Principal Amount		Value
CONVERTIBLE CORPORATE BONDS - 20.96% (Continued)
Entertainment - 0.34%
Cineplex, Inc.(a)	09/30/2025		5.750	%	$	567,000	$	444,672
Healthcare - Services - 0.84%
UpHealth, Inc.(a)	06/15/2026		6.250	%		689,000		213,590
UpHealth, Inc., Variable Rate, (SOFR plus 9.00%)(a)	12/15/2025		11.280	%		938,000		877,223
								1,090,813
Internet - 6.72%
Spotify USA, Inc.(c)	03/15/2026		0.000	%		3,500,000		2,852,500
Twitter, Inc.(b)	06/15/2024		0.250	%		2,500,000		2,495,000
Zendesk, Inc.	06/15/2025		0.625	%		3,500,000		3,424,750
								8,772,250
Pharmaceuticals - 1.52%
Paratek Pharmaceuticals, Inc.(b)	05/01/2024		4.750	%		2,250,000		1,987,200
Software - 6.12%
1Life Healthcare, Inc.(b)	06/15/2025		3.000	%		1,000,000		975,000
Avalara, Inc.	08/01/2026		0.250	%		3,000,000		2,884,500
Kaleyra, Inc.(a)(b)	06/01/2026		6.125	%		1,900,000		1,515,241
RingCentral, Inc.(b)(c)	03/01/2025		0.000	%		3,105,000		2,617,903
								7,992,644
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $31,178,265)								27,346,986

	Shares		Value
WARRANTS(d) - 0.02%
Auto Manufacturers - 0.02%
Lightning eMotors, Inc., Exercise Price $11.50, Expires 05/18/2025(e)		53,913	$	21,565
TOTAL WARRANTS
(Cost $0)				21,565

	Expiration Date		Exercise Price		Notional Amount		Contracts		Value
PURCHASED OPTIONS(d) - 0.18%
Call Options Purchased - 0.18%
Caesars Entertainment, Inc.		09/2022	$	50.00	$	1,366,904		317	$	15,533
Par Pacific Holdings, Inc.
		09/2022		17.50		1,733,360		922		138,300
		09/2022		22.50		263,200		140		1,750
SPDR S&P 500 ETF Trust		09/2022		435.00		9,879,500		250		1,875
Uniti Group, Inc.		11/2022		10.00		305,175		325		13,000
WESCO International, Inc.		10/2022		155.00		1,711,840		130		18,200
Xerox Holdings Corp.		10/2022		20.00		623,250		375		0

Water Island Credit Opportunities Fund	Portfolio of Investments (Continued)
	August 31, 2022 (unaudited)

	Expiration Date		Exercise Price		Notional Amount		Contracts		Value
PURCHASED OPTIONS(d) - 0.18% (Continued)
Call Options Purchased - 0.18% (Continued)
XPO Logistics, Inc.		11/2022	$	55.00	$	681,460		130	$	49,400
TOTAL CALL OPTIONS PURCHASED
(Cost $438,066)										238,058
TOTAL PURCHASED OPTIONS
(Cost $438,066)										238,058

	Yield		Shares		Value
SHORT-TERM INVESTMENTS - 0.47%
Money Market Funds
Morgan Stanley Institutional Liquidity Fund - Government Portfolio	2.116	%(f)		304,208	$	304,208
State Street Institutional U.S. Government Money Market Fund, Premier Class	2.360	%(f)		304,208		304,208
						608,416

TOTAL SHORT-TERM INVESTMENTS
(Cost $608,416)		608,416
Total Investments - 90.49%
(Cost $126,909,599)		118,078,204
Other Assets in Excess of Liabilities - 9.51%(g)		12,413,697
NET ASSETS - 100.00%	$	130,491,901

Portfolio Footnotes
(a)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of August 31, 2022, these securities had a total value of $79,118,584 or 60.63% of net assets.
(b)	Security, or a portion of security, is being held as collateral for short sales or forward foreign currency exchange contracts. At August 31, 2022, the aggregate fair market value of those securities was $30,416,011, representing 23.31% of net assets.
(c)	Represents a zero coupon bond.
(d)	Non-income-producing security.
(e)	Restricted securities (including private placements) - The Fund may own investment securities that have other legal or contractual limitations. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $21,565 or 0.02% of net assets.

Restricted Security	Acquisition Date	Acquisition Cost
Lightning eMotors, Inc., Exercise Price $11.50, Expires 05/18/2025	04/28/2021	$	—
Total		$	—

(f)	Rate shown is the 7-day effective yield as of August 31, 2022.
(g)	Includes cash held as collateral for short sales.

Water Island Credit Opportunities Fund	Portfolio of Investments (Continued)
	August 31, 2022 (unaudited)

SCHEDULE OF SECURITIES SOLD SHORT	Shares			Value
SECURITIES SOLD SHORT - (5.85%)
COMMON STOCKS SOLD SHORT - (5.85%)
Aerospace & Defense - (0.18%)
Kaman Corp.		(7,300	)		(231,556	)
Auto Parts & Equipment - (0.76%)
Tenneco, Inc., Class A		(52,578	)		(991,621	)
Commercial Services - (0.41%)
Block, Inc.		(7,700	)		(530,607	)
Distribution/Wholesale - (0.22%)
WESCO International, Inc.		(2,200	)		(289,696	)
Diversified Financial Services - (0.13%)
WisdomTree Investments, Inc.		(34,000	)		(170,340	)
Entertainment - (0.44%)
Caesars Entertainment, Inc.		(7,900	)		(340,648	)
Cineplex, Inc.		(33,300	)		(228,449	)
					(569,097	)
Internet - (1.78%)
Spotify Technology SA		(800	)		(86,520	)
Twitter, Inc.		(29,300	)		(1,135,375	)
Zendesk, Inc.		(14,400	)		(1,105,488	)
					(2,327,383	)
Office/Business Equip - (0.03%)
Xerox Holdings Corp.		(2,600	)		(43,212	)
Oil & Gas - (0.93%)
Par Pacific Holdings, Inc.		(64,473	)		(1,212,092	)
Pharmaceuticals - (0.03%)
Paratek Pharmaceuticals, Inc.		(13,450	)		(33,760	)
Real Estate Investment Trusts - (0.09%)
Uniti Group, Inc.		(12,000	)		(112,680	)
Software - (0.53%)
Avalara, Inc.		(7,200	)		(659,448	)
RingCentral, Inc., Class A		(900	)		(38,736	)
					(698,184	)
Transportation - (0.32%)
XPO Logistics, Inc.		(8,100	)		(424,602	)
TOTAL SECURITIES SOLD SHORT
(Proceeds $9,981,598)				$	(7,634,830	)

Water Island Credit Opportunities Fund	Portfolio of Investments (Continued)
	August 31, 2022 (unaudited)

EQUITY SWAP CONTRACTS  

Swap Counterparty/ Payment Frequency

Reference Obligation

Rate Paid/Received by the Fund

Termination Date

Upfront Payments Made

Upfront Payments Received

Market Value

Notional Amount

Unrealized Appreciation

Morgan Stanley & Co./ Monthly

SPDR Bloomberg High Yield Bond ETF

Received 1 Month-Federal Rate Minus 88 bps (-1.450%)

08/18/2023

$

—

$

—

$

—

USD

3,574,521

$

—

Water Island Credit Opportunities Fund	Portfolio of Investments (Continued)
	August 31, 2022 (unaudited)

OUTSTANDING FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS  

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation
USD	624,749	CAD	813,300	Morgan Stanley & Co.	09/15/2022	$	5,545
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Depreciation
CAD	528,000	USD	409,359	Morgan Stanley & Co.	09/15/2022	$	(7,368	)

The following is a summary of investments classified by country exposure:

Country	% of Net Assets(a)
United States		84.46	%
Luxembourg		4.30	%
Canada		1.73	%
Other Assets in Excess of Liabilities		9.51	%
		100.00	%

^(a) These percentages represent long positions only and are not net of short positions.

Abbreviations:

bps - Basis Points. 100 Basis Points is equal to 1 percentage point.

CAD - Canadian dollar

ETF - Exchange-Traded Fund

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

Ltd. - Limited

SA - Generally designates corporations in various countries, mostly those employing civil law. This translates literally in all languages mentioned as anonymous company.

SOFR - Secured Overnight Financing Rate

S&P - Standard & Poor's

SPDR - Standard & Poor's Depositary Receipt

USD - United States Dollar

Water Island Credit Opportunities Fund	Portfolio of Investments (Continued)
	August 31, 2022 (unaudited)

The following table summarizes the Credit Opportunities Fund's investments and derivative financial instruments characterized in the fair value hierarchy as of August 31, 2022.

Investments in Securities at Fair Value	Level 1			Level 2			Level 3		Total
Assets
Bank Loans	$	—		$	7,919,722		$	—	$	7,919,722
Corporate Bonds*		—			81,943,457			—		81,943,457
Convertible Corporate Bonds*		—			27,346,986			—		27,346,986
Warrants*		21,565			—			—		21,565
Purchased Options		238,058			—			—		238,058
Short-Term Investments		608,416			—			—		608,416
TOTAL	$	868,039		$	117,210,165		$	—	$	118,078,204
Other Financial Instruments**
Assets
Forward Foreign Currency Exchange Contracts	$	—		$	5,545		$	—	$	5,545
Equity Swaps		0			—			—		0
Liabilities
Common Stocks*		(7,634,830	)		—			—		(7,634,830	)
Forward Foreign Currency Exchange Contracts		—			(7,368	)		—		(7,368	)
TOTAL	$	(7,634,830	)	$	(1,823	)	$	—	$	(7,636,653	)

* Refer to Portfolio of Investments for sector information.

** Other financial instruments are instruments such as securities sold short, equity swaps and forward foreign currency exchange contracts.