The Arbitrage Fund Class R (ARBFX) NPORT-P Water Island Event-Driven Fund (Feb 2023 report)

Arbitrage Fund	Portfolio of Investments
	February 28, 2023 (unaudited)

	Shares		Value
COMMON STOCKS - 73.97%
Aerospace & Defense - 3.23%
Aerojet Rocketdyne Holdings, Inc.(a)		746,095	$	42,034,992
Banks - 3.88%
First Horizon Corp.		1,751,813		43,392,408
Home Capital Group, Inc.		230,520		7,083,696
				50,476,104
Biotechnology - 4.75%
Albireo Pharma, Inc.(a)		313,065		13,947,046
Horizon Therapeutics Plc(a)(b)		376,200		41,190,138
Swedish Orphan Biovitrum AB(a)		286,485		6,598,350
				61,735,534
Chemicals - 1.14%
Rogers Corp.(a)		100,473		14,789,626
Commercial Services - 1.52%
Caverion Oyj		1,380,615		13,186,292
Moneylion, Inc.(a)(c)		2,489,318		1,664,856
Ritchie Bros Auctioneers, Inc.		80,543		4,926,815
				19,777,963
Construction Materials - 1.21%
Forterra, Inc.(a)(d)		653,007		15,672,168
Distribution/Wholesale - 0.77%
Uni-Select, Inc.(a)		289,489		10,052,026
Diversified Financial Services - 1.52%
Focus Financial Partners, Inc., Class A(a)		380,428		19,728,996
Electric - 3.46%
Electricite de France SA		521,853		6,510,412
PNM Resources, Inc.(e)		785,402		38,484,698
				44,995,110
Engineering & Construction - 0.53%
Atlas Technical Consultants, Inc.(a)		565,515		6,916,248
Environmental Control - 0.54%
Evoqua Water Technologies Corp.(a)		145,391		7,060,187
Food - 0.65%
Devro Plc		2,135,284		8,411,595
Forest Products & Paper - 1.36%
Resolute Forest Products, Inc.(a)		803,806		17,619,428
Healthcare - Products - 1.86%
Cardiovascular Systems, Inc.(a)		1,005,206		19,812,610
Globus Medical, Inc., Class A(a)		74,750		4,360,915
				24,173,525
Healthcare - Services - 3.11%
Mediclinic International Plc		2,008,366		12,025,667

Arbitrage Fund	Portfolio of Investments (Continued)
	February 28, 2023 (unaudited)

	Shares		Value
COMMON STOCKS - 73.97% (Continued)
Healthcare - Services - 3.11% (Continued)
Oak Street Health, Inc.(a)		246,165	$	8,714,241
Signify Health, Inc., Class A(a)(e)		683,132		19,667,370
				40,407,278
Home Furnishings - 0.45%
iRobot Corp.(a)(e)		143,672		5,903,483
Insurance - 0.88%
Argo Group International Holdings Ltd.		298,490		8,671,135
TOWER Ltd.		7,208,016		2,740,880
				11,412,015
Internet - 3.59%
Zendesk, Inc.(a)(d)		601,789		46,638,647
Machinery - Diversified - 2.49%
Altra Industrial Motion Corp.		525,843		32,355,120
Media - 6.14%
Houghton Mifflin Harcourt Co.(a)(d)		1,739,400		7,470,897
Shaw Communications, Inc., Class B		1,020,110		29,552,912
TEGNA, Inc.(e)		2,455,780		42,730,572
				79,754,381
Oil & Gas - 0.25%
Ranger Oil Corp., Class A		77,610		3,220,815
Pharmaceuticals - 1.61%
Amryt Pharma Plc, ADR(a)(e)		471,088		6,882,596
Concert Pharmaceuticals, Inc.(a)		1,669,338		13,989,052
				20,871,648
Pipelines - 2.63%
DCP Midstream LP(a)		818,977		34,216,859
Real Estate Investment Trusts - 1.05%
Bluerock Homes Trust, Inc.(a)		38,628		830,116
Indus Realty Trust, Inc.		191,844		12,763,381
				13,593,497
Retail - 1.07%
TravelCenters of America, Inc.(a)		164,358		13,863,597
Semiconductors - 1.60%
Magnachip Semiconductor Corp.(a)		411,831		3,945,341
Silicon Motion Technology Corp., ADR(e)		251,202		16,885,798
				20,831,139
Software - 19.57%
Activision Blizzard, Inc.(e)		650,922		49,632,803
Avalara, Inc.(a)(d)		365,431		34,167,799
Black Knight, Inc.(a)		95,042		5,664,503
Coupa Software, Inc.(a)		343,064		27,788,184
Duck Creek Technologies, Inc.(a)		1,735,094		32,862,680

Arbitrage Fund	Portfolio of Investments (Continued)
	February 28, 2023 (unaudited)

	Shares		Value
COMMON STOCKS - 73.97% (Continued)
Software - 19.57% (Continued)
ForgeRock, Inc., Class A(a)(e)		365,180	$	7,464,279
Magnet Forensics, Inc.(a)		379,020		12,291,414
Meltwater N.V.(a)		4,632,979		7,838,518
Momentive Global, Inc.(a)(b)		1,604,381		11,070,229
OneMarket Ltd.(a)(d)		111,800		—
Sumo Logic, Inc.(a)		2,223,427		26,392,078
VMware, Inc., Class A(a)(e)		355,653		39,168,065
				254,340,552
Telecommunications - 1.64%
Maxar Technologies, Inc.(e)		412,669		21,252,454
Transportation - 1.47%
Atlas Corp.(e)		1,239,556		19,039,580
TOTAL COMMON STOCKS (Cost $1,024,977,834)				961,144,567
RIGHTS(a) - 0.25%
Bristol-Myers Squibb Co. CVR(c)		857,631		857,631
Contra Abiomed, Inc. CVR, Expires 12/31/2030(c)		163,650		245,475
Contra Adamas Pharmaceuticals, Inc. CVR, Expires 12/31/2024(c)(d)		1,150,652		77,899
Contra Adamas Pharmaceuticals, Inc. CVR, Expires 12/31/2025(c)(d)		1,150,652		77,899
Contra Cincor Pharma, Inc. CVR, Expires 12/31/2027(c)(d)		339,795		1,041,438
Contra Flexion Therapeutics, Inc. CVR, Expires 12/31/2030(c)(d)		1,411,000		988,406
TOTAL RIGHTS (Cost $3,405,381)				3,288,748

	Maturity Date	Rate		Principal Amount		Value
CONVERTIBLE CORPORATE BONDS - 0.46%
Healthcare - Services - 0.28%
UpHealth, Inc.(f)	06/15/2026	6.250	%	$	1,275,000	$	368,953
UpHealth, Inc., Variable Rate, (SOFR plus 9.00%)(f)	12/15/2025	13.550	%		3,506,000		3,306,158
							3,675,111
Software - 0.18%
Kaleyra, Inc.(f)	06/01/2026	6.125	%		2,947,000		2,290,985
TOTAL CONVERTIBLE CORPORATE BONDS (Cost $7,728,000)							5,966,096

Arbitrage Fund	Portfolio of Investments (Continued)
	February 28, 2023 (unaudited)

	Shares		Value
MUTUAL FUNDS(g) - 5.64%
Water Island Event - Driven Fund		6,605,365	$	73,319,554
TOTAL MUTUAL FUNDS
(Cost $60,632,644)				73,319,554
PRIVATE INVESTMENTS(a)(c)(d)(h) - 0.05%
Fast Capital LLC		290,700		581,400
TOTAL PRIVATE INVESTMENTS
(Cost $300,786)				581,400
WARRANTS(a) - 0.00%(i)
Commercial Services - 0.00%(i)
Moneylion, Inc., Exercise Price $11.50, Expires 09/22/2026		290,320		19,742
TOTAL WARRANTS
(Cost $0)				19,742

	Expiration Date	Exercise Price		Notional Amount		Contracts		Value
PURCHASED OPTIONS(a) - 0.02%
Call Option Purchased - 0.00%(i)
NuVasive, Inc.	03/2023	$	50.00	$	968,352		224	$	4,480
TOTAL CALL OPTIONS PURCHASED
(Cost $22,716)									4,480
Put Options Purchased - 0.02%
Horizon Therapeutics Plc	05/2023		85.00		3,405,139		311		19,438
Momentive Global, Inc.	04/2023		6.00		8,463,540		12,266		275,985
TOTAL PUT OPTIONS PURCHASED
(Cost $696,317)									295,423
TOTAL PURCHASED OPTIONS
(Cost $719,033)									299,903

	Yield			Shares		Value
SHORT-TERM INVESTMENTS - 22.23%
Money Market Funds
Morgan Stanley Institutional Liquidity Fund - Government Portfolio		4.434	%(j)		144,418,958	$	144,418,958
State Street Institutional U.S. Government Money Market Fund, Premier Class		4.545	%(j)		144,418,958		144,418,958
							288,837,916
TOTAL SHORT-TERM INVESTMENTS
(Cost $288,837,916)							288,837,916

Arbitrage Fund	Portfolio of Investments (Continued)
	February 28, 2023 (unaudited)

Total Investments - 102.62%
(Cost $1,386,601,594)	$	1,333,457,926
Liabilities in Excess of Other Assets - (2.62)%(k)		(34,016,495	)
NET ASSETS - 100.00%	$	1,299,441,431

Portfolio Footnotes

(a)	Non-income-producing security.
(b)	Underlying security for a written/purchased call/put option.
(c)	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 $5,535,004 or 0.43% of net assets.

Restricted Security	Acquisition Date	Acquisition Cost
Bristol-Myers Squibb Co. CVR	11/20/2020	$	1,185,787
Contra Abiomed, Inc. CVR, Expires 12/31/2030	12/21/2022		166,923
Contra Adamas Pharmaceuticals, Inc. CVR, Expires 12/31/2024	11/23/2021		69,039
Contra Adamas Pharmaceuticals, Inc. CVR, Expires 12/31/2025	11/23/2021		69,039
Contra Cincor Pharma, Inc. CVR, Expires 12/31/2027	02/23/2023		1,039,773
Contra Flexion Therapeutics, Inc. CVR, Expires 12/31/2030	11/22/2021		874,820
Fast Capital LLC	08/18/2020		300,786
Moneylion, Inc.	06/19/2020		17,080,470
Total		$	20,786,637

(d)	Security fair valued using significant unobservable inputs and classified as a Level 3 security.  As of February 28, 2023, the total fair market value of these securities was $106,716,553, representing 8.21% of net assets.
(e)	Security, or a portion of security, is being held as collateral for short sales, written option contracts or forward foreign currency exchange contracts. At February 28, 2023, the aggregate fair market value of those securities was $135,688,730, representing 10.44% 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 February 28, 2023, these securities had a total value of $5,966,096 or 0.46% 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 February 28, 2023.
(k)	Includes cash held as collateral for short sales.

SCHEDULE OF SECURITIES SOLD SHORT	Shares			Value
SECURITIES SOLD SHORT - (1.62%)
COMMON STOCKS SOLD SHORT - (1.62%)
Distribution/Wholesale - (0.25%)
IAA, Inc.		(80,543	)	$	(3,295,014	)

Arbitrage Fund	Portfolio of Investments (Continued)
	February 28, 2023 (unaudited)

SCHEDULE OF SECURITIES SOLD SHORT	Shares			Value
COMMON STOCKS SOLD SHORT - (1.62%) (Continued)
Diversified Financial Services - (0.06%)
Intercontinental Exchange, Inc.		(7,817	)	$	(795,770	)
Healthcare - Products - (0.08%)
NuVasive, Inc.		(22,425	)		(969,433	)
Machinery - Diversified - (0.55%)
Xylem, Inc.		(69,788	)		(7,163,738	)
Oil & Gas - (0.13%)
Baytex Energy Corp.		(435,966	)		(1,680,602	)
Semiconductors - (0.47%)
Broadcom, Inc.		(4,751	)		(2,823,472	)
MaxLinear, Inc.		(97,467	)		(3,334,346	)
					(6,157,818	)
Software - (0.08%)
Activision Blizzard, Inc.		(13,300	)		(1,014,125	)
TOTAL SECURITIES SOLD SHORT
(Proceeds $21,619,779)				$	(21,076,500	)

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 (8.060%)

11/20/2023

$

—

$

—

$

958,809

ZAR

387,472,503

$

958,809

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 Depreciation
Morgan Stanley & Co./ Monthly	Broadcom, Inc.	Received 1 Month-Federal Rate Minus 40bps (-4.170%)	10/29/2024	$	—	$	—	$	(4,529,202	)	USD	19,267,953	$	(4,529,202	)
Morgan Stanley & Co./ Monthly	Intercontinental Exchange, Inc.	Received 1 Month-Federal Rate Minus 40bps (-4.170%)	10/29/2024		—		—		(35,598	)	USD	546,087		(35,598	)
								$	(4,564,800	)			$	(4,564,800	)

Arbitrage Fund	Portfolio of Investments (Continued)
	February 28, 2023 (unaudited)

OUTSTANDING FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation
USD	33,516,206	CAD	45,076,600	Morgan Stanley & Co.	03/15/2023	$	477,548
USD	40,588,275	EUR	38,062,000	Morgan Stanley & Co.	03/15/2023		298,624
USD	85,946,951	GBP	69,876,500	Morgan Stanley & Co.	03/15/2023		1,876,882
USD	7,020,228	NOK	69,300,600	Morgan Stanley & Co.	03/15/2023		342,467
USD	3,871,207	NZD	6,054,800	Morgan Stanley & Co.	03/15/2023		127,565
SEK	13,605,700	USD	1,287,216	Morgan Stanley & Co.	03/15/2023		13,385
USD	8,660,792	SEK	88,937,500	Morgan Stanley & Co.	03/15/2023		159,049
						$	3,295,520

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Depreciation
CAD	5,019,400	USD	3,728,721	Morgan Stanley & Co.	03/15/2023	$	(49,778	)
USD	30,066,801	CAD	41,077,600	Morgan Stanley & Co.	03/15/2023		(40,812	)
EUR	20,732,300	USD	22,275,682	Morgan Stanley & Co.	03/15/2023		(329,984	)
USD	1,478,031	EUR	1,399,500	Morgan Stanley & Co.	03/15/2023		(3,377	)
GBP	49,044,900	USD	59,752,876	Morgan Stanley & Co.	03/15/2023		(745,799	)
USD	356,992	GBP	296,800	Morgan Stanley & Co.	03/15/2023		(95	)
USD	1,356,662	NOK	14,093,000	Morgan Stanley & Co.	03/15/2023		(1,331	)
NZD	1,730,000	USD	1,101,599	Morgan Stanley & Co.	03/15/2023		(31,951	)
USD	88,869	NZD	144,200	Morgan Stanley & Co.	03/15/2023		(289	)
SEK	9,770,300	USD	945,764	Morgan Stanley & Co.	03/15/2023		(11,799	)
USD	274,780	SEK	2,908,400	Morgan Stanley & Co.	03/15/2023		(3,241	)
						$	(1,218,456	)

Arbitrage Fund	Portfolio of Investments (Continued)
	February 28, 2023 (unaudited)

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

Country	% of Net Assets(a)
United States	89.70	%
Canada	6.38	%
United Kingdom	2.11	%
Taiwan	1.30	%
Finland	1.01	%
Netherlands	0.60	%
Sweden	0.51	%
France	0.50	%
Republic of Korea	0.30	%
New Zealand	0.21	%
Australia	0.00	%(b)
Liabilities in Excess of Other Assets	(2.62	)%
	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

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

CAD - Canadian dollar

CVR - Contingent Value Rights

EUR - Euro

GBP - British pound

JIBAR - Johannesburg Interbank Agreed Rate

LLC - Limited Liability Company

LP - Limited Partnership

Ltd. - Limited

NOK - Norwegian krone

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

NZD - New Zealand dollar

Oyj - Osakeyhtio is the Finnish equivalent of a public limited company.

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.

SEK - Swedish krona

SOFR - Secured Overnight Financing Rate

USD - United States Dollar

ZAR - South African rand

Arbitrage Fund	Portfolio of Investments (Continued)
	February 28, 2023 (unaudited)

Summary of affiliated issuer transactions for the period ended February 28, 2023:

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 February 28, 2023		Shares as of February 28, 2023		Dividend Income		Capital Gain Distributions
Water Island Event-Driven Fund	$	72,394,803	$	-	$	-	$	-	$	924,751	$	73,319,554		6,605,365	$	-	$	-

Arbitrage Fund	Portfolio of Investments (Continued)
	February 28, 2023 (unaudited)

The following table summarizes the Arbitrage Fund’s investments and derivative financial instruments categorized in the fair value hierarchy as of February 28, 2023.

Investments in Securities at Fair Value		Level 1		Level 2		Level 3		Total
Assets
Common Stocks
Aerospace & Defense	$	42,034,992	$	—	$	—	$	42,034,992
Banks		50,476,104		—		—		50,476,104
Biotechnology		61,735,534		—		—		61,735,534
Chemicals		14,789,626		—		—		14,789,626
Commercial Services		19,777,963		—		—		19,777,963
Construction Materials		—		—		15,672,168		15,672,168
Distribution/Wholesale		10,052,026		—		—		10,052,026
Diversified Financial Services		19,728,996		—		—		19,728,996
Electric		44,995,110		—		—		44,995,110
Engineering & Construction		6,916,248		—		—		6,916,248
Environmental Control		7,060,187		—		—		7,060,187
Food		8,411,595		—		—		8,411,595
Forest Products & Paper		17,619,428		—		—		17,619,428
Healthcare - Products		24,173,525		—		—		24,173,525
Healthcare - Services		40,407,278		—		—		40,407,278
Home Furnishings		5,903,483		—		—		5,903,483
Insurance		11,412,015		—		—		11,412,015
Internet		—		—		46,638,647		46,638,647
Machinery - Diversified		32,355,120		—		—		32,355,120
Media		72,283,484		—		7,470,897		79,754,381
Oil & Gas		3,220,815		—		—		3,220,815
Pharmaceuticals		20,871,648		—		—		20,871,648
Pipelines		34,216,859		—		—		34,216,859
Real Estate Investment Trusts		13,593,497		—		—		13,593,497
Retail		13,863,597		—		—		13,863,597
Semiconductors		20,831,139		—		—		20,831,139
Software		192,384,569		27,788,184		34,167,799		254,340,552
Telecommunications		21,252,454		—		—		21,252,454
Transportation		19,039,580		—		—		19,039,580
Rights		—		1,103,106		2,185,642		3,288,748
Convertible Corporate Bonds*		—		5,966,096		—		5,966,096
Mutual Funds		73,319,554		—		—		73,319,554
Private Investments		—		—		581,400		581,400
Warrants*		19,742		—		—		19,742
Purchased Options		299,903		—		—		299,903
Short-Term Investments		288,837,916		—		—		288,837,916
TOTAL	$	1,191,883,987	$	34,857,386	$	106,716,553	$	1,333,457,926

Other Financial Instruments**
Assets
Forward Foreign Currency Exchange Contracts	$	—		$	3,295,520		$	—	$	3,295,520
Equity Swaps		958,809			—			—		958,809
Liabilities
Common Stocks*		(21,076,500	)		—			—		(21,076,500	)
Forward Foreign Currency Exchange Contracts		—			(1,218,456	)		—		(1,218,456	)
Equity Swaps		(4,564,800	)		—			—		(4,564,800	)
TOTAL	$	(24,682,491	)	$	2,077,064		$	—	$	(22,605,427	)

*	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.

Arbitrage Fund	Portfolio of Investments (Continued)
	February 28, 2023 (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 February 28, 2023:

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 February 28, 2023		Net change in Unrealized Appreciation (Depreciation) from investments still held as of February 28, 2023
Common Stocks	$	68,815,638	$	256,360	$	1,896,446	$	79,679,493	$	(46,698,426	)	$	-	$	-	$	103,949,511	$	2,141,883
Rights		1,277,503		402,225		75,573		1,039,773		(609,432	)		-		-		2,185,642		80,235
Private Investments		290,700		-		290,700		-		-			-		-		581,400		290,700
Total	$	70,383,841	$	658,585	$	2,262,719	$	80,719,266	$	(47,307,858	)	$	-	$	-	$	106,716,553	$	2,512,818

Water Island Event-Driven Fund	Portfolio of Investments
	February 28, 2023 (unaudited)

	Shares		Value
COMMON STOCKS - 78.16%
Aerospace & Defense - 3.49%
Aerojet Rocketdyne Holdings, Inc.(a)		75,213	$	4,237,500
Banks - 3.19%
First Horizon Corp.		128,284		3,177,595
Home Capital Group, Inc.		22,634		695,525
				3,873,120
Biotechnology - 5.39%
Albireo Pharma, Inc.(a)		34,047		1,516,794
Horizon Therapeutics Plc(a)(b)		39,311		4,304,161
Swedish Orphan Biovitrum AB(a)		31,212		718,878
				6,539,833
Chemicals - 1.08%
Rogers Corp.(a)		8,917		1,312,582
Commercial Services - 1.61%
Caverion Oyj		127,824		1,220,851
Moneylion, Inc.(a)(c)		263,426		176,179
Ritchie Bros Auctioneers, Inc.		9,006		550,897
				1,947,927
Computers & Computer Services - 0.32%
Kape Technologies Plc(a)		109,953		388,835
Construction Materials - 1.05%
Forterra, Inc.(a)(d)		53,067		1,273,608
Distribution/Wholesale - 0.96%
Uni-Select, Inc.(a)		33,719		1,170,836
Diversified Financial Services - 1.88%
Focus Financial Partners, Inc., Class A(a)		44,077		2,285,833
Electric - 3.74%
Electricite de France SA		60,043		749,071
PNM Resources, Inc.(e)		77,339		3,789,611
				4,538,682
Electronics - 0.35%
National Instruments Corp.(b)		8,500		429,335
Entertainment - 0.12%
Cineplex, Inc.(a)		23,133		139,357
Environmental Control - 0.64%
Evoqua Water Technologies Corp.(a)(e)		16,049		779,339
Forest Products & Paper - 1.25%
Resolute Forest Products, Inc.(a)		68,936		1,511,077
Healthcare - Products - 2.27%
Cardiovascular Systems, Inc.(a)(e)		114,479		2,256,381
Globus Medical, Inc., Class A(a)		8,537		498,049
				2,754,430

Water Island Event-Driven Fund	Portfolio of Investments (Continued)
	February 28, 2023 (unaudited)

	Shares		Value
COMMON STOCKS - 78.16% (Continued)
Healthcare - Services - 3.17%
Cano Health, Inc.(a)		15,669	$	25,854
Mediclinic International Plc		147,780		884,875
Oak Street Health, Inc.(a)		27,946		989,289
Signify Health, Inc., Class A(a)(e)		67,504		1,943,440
				3,843,458
Home Furnishings - 0.51%
iRobot Corp.(a)		15,140		622,103
Insurance - 1.18%
Argo Group International Holdings Ltd.		34,768		1,010,011
Hartford Financial Services Group, Inc. (The)		5,355		419,189
				1,429,200
Internet - 3.36%
Just Eat Takeaway.com N.V.(a)(f)		7,623		166,901
Zendesk, Inc.(a)(d)		50,491		3,913,052
				4,079,953
Machinery - Diversified - 2.92%
Altra Industrial Motion Corp.		56,051		3,448,818
Crane Holdings Co.(b)		841		100,735
				3,549,553
Media - 6.04%
Houghton Mifflin Harcourt Co.(a)(d)		156,912		673,953
Shaw Communications, Inc., Class B		93,190		2,699,744
TEGNA, Inc.(e)		227,624		3,960,657
				7,334,354
Oil & Gas - 0.31%
Ranger Oil Corp., Class A		9,112		378,148
Pharmaceuticals - 1.78%
Amryt Pharma Plc, ADR(a)		40,857		596,921
Bayer AG		4,564		271,731
Concert Pharmaceuticals, Inc.(a)		154,056		1,290,989
				2,159,641
Pipelines - 3.05%
DCP Midstream LP(a)(e)		88,615		3,702,335
Real Estate Investment Trusts - 0.97%
Indus Realty Trust, Inc.		17,695		1,177,248
Retail - 1.32%
TravelCenters of America, Inc.(a)		19,017		1,604,084
Semiconductors - 1.49%
Magnachip Semiconductor Corp.(a)		37,044		354,881
Silicon Motion Technology Corp., ADR(e)		21,531		1,447,314
				1,802,195

Water Island Event-Driven Fund	Portfolio of Investments (Continued)
	February 28, 2023 (unaudited)

	Shares		Value
COMMON STOCKS - 78.16% (Continued)
Software - 21.30%
Activision Blizzard, Inc.(e)		67,985	$	5,183,856
Avalara, Inc.(a)(d)		30,735		2,873,723
Black Knight, Inc.(a)		11,070		659,772
Coupa Software, Inc.(a)		34,584		2,801,304
Duck Creek Technologies, Inc.(a)		241,237		4,569,029
ForgeRock, Inc., Class A(a)(e)		35,574		727,133
Magnet Forensics, Inc.(a)		32,714		1,060,897
Momentive Global, Inc.(a)(b)		135,658		936,040
Qualtrics International, Inc., Class A(a)(b)		26,107		441,730
Sumo Logic, Inc.(a)		253,894		3,013,722
VMware, Inc., Class A(a)(e)		32,490		3,578,124
				25,845,330
Telecommunications - 1.85%
Maxar Technologies, Inc.		43,529		2,241,744
Transportation - 1.57%
Atlas Corp.(e)		124,224		1,908,081
TOTAL COMMON STOCKS
(Cost $101,040,421)				94,859,721
RIGHTS(a)(c) - 0.17%
Bristol-Myers Squibb Co. CVR		67,803		67,803
Contra Abiomed, Inc. CVR, Expires 12/31/2030		13,890		20,835
Contra Cincor Pharma, Inc. CVR, Expires 12/31/2027(d)		39,632		121,468
TOTAL RIGHTS
(Cost $246,222)				210,106

	Maturity Date	Rate			Principal Amount		Value
CONVERTIBLE CORPORATE BONDS - 0.92%
Entertainment - 0.24%
Cineplex, Inc.(f)	09/30/2025		5.750	%	$	392,000	$	286,133
Healthcare - Services - 0.37%
UpHealth, Inc.(f)	06/15/2026		6.250	%		217,000		62,794
UpHealth, Inc., Variable Rate, (SOFR plus 9.00%)(f)	12/15/2025		13.550	%		409,000		385,687
								448,481
Software - 0.31%
Kaleyra, Inc.(f)	06/01/2026		6.125	%		488,000		379,369
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $1,402,394)								1,113,983

Water Island Event-Driven Fund	Portfolio of Investments (Continued)
	February 28, 2023 (unaudited)

	Shares		Value
WARRANTS(a) - 0.00%(g)
Commercial Services - 0.00%(g)
Moneylion, Inc., Exercise Price $11.50, Expires 09/22/2026		22,640	$	1,540
TOTAL WARRANTS
(Cost $0)				1,540
PRIVATE INVESTMENTS(a)(c)(d)(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) - 0.04%
Call Option Purchased - 0.00%(g)
NuVasive, Inc.		03/2023	$	50.00	$	112,398		26	$	520
TOTAL CALL OPTIONS PURCHASED
(Cost $2,637)										520
Put Options Purchased - 0.04%
Crane Holdings Co.		06/2023		110.00		299,450		25		6,750
Horizon Therapeutics Plc		05/2023		85.00		448,909		41		2,563
Momentive Global, Inc.		04/2023		6.00		715,530		1,037		23,332
National Instruments Corp.
		06/2023		40.00		222,244		44		1,100
		06/2023		45.00		207,091		41		3,690
Qualtrics International, Inc.		06/2023		12.50		316,404		187		7,947
TOTAL PUT OPTIONS PURCHASED
(Cost $93,358)										45,382
TOTAL PURCHASED OPTIONS
(Cost $95,995)										45,902

	Yield			Shares		Value
SHORT-TERM INVESTMENTS - 24.65%
Money Market Funds
Morgan Stanley Institutional Liquidity Fund - Government Portfolio		4.434	%(i)		14,959,205	$	14,959,205
State Street Institutional U.S. Government Money Market Fund, Premier Class		4.545	%(i)		14,959,206		14,959,206
							29,918,411
TOTAL SHORT-TERM INVESTMENTS
(Cost $29,918,411)							29,918,411

Water Island Event-Driven Fund	Portfolio of Investments (Continued)
	February 28, 2023 (unaudited)

Total Investments - 103.98%
(Cost $132,727,034)	$	126,195,263
Liabilities in Excess of Other Assets - (3.98)%(j)		(4,828,375	)
NET ASSETS - 100.00%	$	121,366,888

Portfolio Footnotes

(a)	Non-income-producing security.
(b)	Underlying security for a written/purchased call/put option.
(c)	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 $431,885 or 0.36% of net assets.

Restricted Security	Acquisition Date	Acquisition Cost
Bristol-Myers Squibb Co. CVR	11/20/2020	$	110,780
Contra Abiomed, Inc. CVR, Expires 12/31/2030	12/21/2022		14,168
Contra Cincor Pharma, Inc. CVR, Expires 12/31/2027	02/23/2023		121,274
Fast Capital LLC	08/18/2020		23,591
Moneylion, Inc.	06/19/2020		1,926,135
Total		$	2,195,948

(d)	Security fair valued using significant unobservable inputs and classified as a Level 3 security.  As of February 28, 2023, the total fair market value of these securities was $8,901,404, representing 7.33% of net assets.
(e)	Security, or a portion of security, is being held as collateral for short sales, written option contracts or forward foreign currency exchange contracts. At February 28, 2023, the aggregate fair market value of those securities was $12,365,830, representing 10.19% 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 February 28, 2023, these securities had a total value of $1,280,884 or 1.06% 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 February 28, 2023.
(j)	Includes cash held as collateral for short sales and written option contracts.

SCHEDULE OF SECURITIES SOLD SHORT	Shares			Value
SECURITIES SOLD SHORT - (2.11%)
COMMON STOCKS SOLD SHORT - (2.11%)
Distribution/Wholesale - (0.30%)
IAA, Inc.		(9,006	)	$	(368,435	)
Diversified Financial Services - (0.11%)
Intercontinental Exchange, Inc.		(1,239	)		(126,130	)
Entertainment - (0.02%)
Cineplex, Inc.		(3,228	)		(19,446	)
Healthcare - Products - (0.09%)
NuVasive, Inc.		(2,561	)		(110,712	)
Machinery - Diversified - (0.65%)
Xylem, Inc.		(7,704	)		(790,816	)

Water Island Event-Driven Fund	Portfolio of Investments (Continued)
	February 28, 2023 (unaudited)

SCHEDULE OF SECURITIES SOLD SHORT	Shares			Value
COMMON STOCKS SOLD SHORT - (2.11%) (Continued)
Oil & Gas - (0.16%)
Baytex Energy Corp.		(51,186	)	$	(197,317	)
Semiconductors - (0.78%)
Broadcom, Inc.		(1,106	)		(657,285	)
MaxLinear, Inc.		(8,355	)		(285,824	)
					(943,109	)
TOTAL SECURITIES SOLD SHORT
(Proceeds $2,596,666)				$	(2,555,965	)

WRITTEN OPTIONS	Expiration Date	Exercise Price		Notional Amount			Contracts			Value
Written Call Options
Crane Holdings Co.	06/2023	$	130.00	$	(299,450	)		(25	)	$	(5,875	)
TOTAL WRITTEN OPTIONS
(Premiums received $8,708)										$	(5,875	)

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 Depreciation
Morgan Stanley & Co./ Monthly	Broadcom, Inc.	Received 1 Month-Federal Rate Minus 40bps (-4.170%)	10/29/2024	$	—	$	—	$	(333,330	)	USD	1,441,220	$	(333,330	)
Morgan Stanley & Co./ Monthly	Intercontinental Exchange, Inc.	Received 1 Month-Federal Rate Minus 40bps (-4.170%)	10/29/2024		—		—		(2,100	)	USD	32,207		(2,100	)
								$	(335,430	)			$	(335,430	)

Water Island Event-Driven Fund	Portfolio of Investments (Continued)
	February 28, 2023 (unaudited)

OUTSTANDING FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation
USD	3,496,829	CAD	4,707,500	Morgan Stanley & Co.	03/15/2023	$	46,492
USD	4,021,980	EUR	3,767,800	Morgan Stanley & Co.	03/15/2023		33,662
USD	4,411,792	GBP	3,585,200	Morgan Stanley & Co.	03/15/2023		98,352
SEK	190,400	USD	17,875	Morgan Stanley & Co.	03/15/2023		326
USD	785,051	SEK	8,062,100	Morgan Stanley & Co.	03/15/2023		14,377
						$	193,209

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Depreciation
CAD	502,900	USD	373,091	Morgan Stanley & Co.	03/15/2023	$	(4,493	)
USD	2,980,300	CAD	4,071,800	Morgan Stanley & Co.	03/15/2023		(4,105	)
EUR	1,654,800	USD	1,778,946	Morgan Stanley & Co.	03/15/2023		(27,297	)
USD	186,404	EUR	176,500	Morgan Stanley & Co.	03/15/2023		(426	)
GBP	2,844,800	USD	3,468,636	Morgan Stanley & Co.	03/15/2023		(45,989	)
SEK	955,100	USD	92,388	Morgan Stanley & Co.	03/15/2023		(1,087	)
USD	51,385	SEK	543,100	Morgan Stanley & Co.	03/15/2023		(531	)
						$	(83,928	)

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

Country	% of Net Assets(a)
United States		91.35	%
Canada		7.01	%
United Kingdom		1.54	%
Taiwan		1.20	%
Finland		1.01	%
France		0.62	%
Sweden		0.59	%
Republic of Korea		0.29	%
Germany		0.23	%
Netherlands		0.14	%
Liabilities in Excess of Other Assets		(3.98	)%
		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)
	February 28, 2023 (unaudited)

Abbreviations:

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

ADR - American Depositary Receipt

AG - Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e., owned by shareholders.

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

CAD - Canadian dollar

CVR - Contingent Value Rights

EUR - Euro

GBP - British pound

LLC - Limited Liability Company

LP - Limited Partnership

Ltd. - Limited

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

Oyj - Osakeyhtio is the Finnish equivalent of a public limited company.

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.

SEK - Swedish krona

SOFR - Secured Overnight Financing Rate

USD - United States Dollar

Water Island Event-Driven Fund	Portfolio of Investments (Continued)
	February 28, 2023 (unaudited)

The following table summarizes the Water Island Event-Driven Fund’s investments and derivative financial instruments categorized in the fair value hierarchy as of February 28, 2023.

Investments in Securities at Fair Value		Level 1		Level 2		Level 3		Total
Assets
Common Stocks
Aerospace & Defense	$	4,237,500	$	—	$	—	$	4,237,500
Banks		3,873,120		—		—		3,873,120
Biotechnology		6,539,833		—		—		6,539,833
Chemicals		1,312,582		—		—		1,312,582
Commercial Services		1,947,927		—		—		1,947,927
Computers & Computer Services		388,835		—		—		388,835
Construction Materials		—		—		1,273,608		1,273,608
Distribution/Wholesale		1,170,836		—		—		1,170,836
Diversified Financial Services		2,285,833		—		—		2,285,833
Electric		4,538,682		—		—		4,538,682
Electronics		429,335		—		—		429,335
Entertainment		139,357		—		—		139,357
Environmental Control		779,339		—		—		779,339
Forest Products & Paper		1,511,077		—		—		1,511,077
Healthcare - Products		2,754,430		—		—		2,754,430
Healthcare - Services		3,843,458		—		—		3,843,458
Home Furnishings		622,103		—		—		622,103
Insurance		1,429,200		—		—		1,429,200
Internet		166,901		—		3,913,052		4,079,953
Machinery - Diversified		3,549,553		—		—		3,549,553
Media		6,660,401		—		673,953		7,334,354
Oil & Gas		378,148		—		—		378,148
Pharmaceuticals		2,159,641		—		—		2,159,641
Pipelines		3,702,335		—		—		3,702,335
Real Estate Investment Trusts		1,177,248		—		—		1,177,248
Retail		1,604,084		—		—		1,604,084
Semiconductors		1,802,195		—		—		1,802,195
Software		20,170,303		2,801,304		2,873,723		25,845,330
Telecommunications		2,241,744		—		—		2,241,744
Transportation		1,908,081		—		—		1,908,081
Rights		—		88,638		121,468		210,106
Convertible Corporate Bonds*		—		1,113,983		—		1,113,983
Warrants*		1,540		—		—		1,540
Private Investments		—		—		45,600		45,600
Purchased Options		45,902		—		—		45,902
Short-Term Investments		29,918,411		—		—		29,918,411
TOTAL	$	113,289,934	$	4,003,925	$	8,901,404	$	126,195,263

Other Financial Instruments**
Assets
Forward Foreign Currency Exchange Contracts	$	—		$	193,209		$	—	$	193,209
Liabilities
Common Stocks*		(2,555,965	)		—			—		(2,555,965	)
Written Options		(5,875	)		—			—		(5,875	)
Forward Foreign Currency Exchange Contracts		—			(83,928	)		—		(83,928	)
Equity Swaps		(335,430	)		—			—		(335,430	)
TOTAL	$	(2,897,270	)	$	109,281		$	—	$	(2,787,989	)

*	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)
	February 28, 2023 (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 February 28, 2023:

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 February 28, 2023		Net change in Unrealized Appreciation (Depreciation) from investments still held as of February 28, 2023
Common Stocks	$	6,103,595	$	25,443	$	160,221		$	6,852,914	$	(4,407,837	)	$	-	$	-	$	8,734,336	$	182,903
Rights		18,187		34,529		(206	)		121,274		(52,316	)		-		-		121,468		194
Private Investments		22,800		-		22,800			-		-			-		-		45,600		22,800
Total	$	6,144,582	$	59,972	$	182,815		$	6,974,188	$	(4,460,153	)	$	-	$	-	$	8,901,404	$	205,897

Water Island Credit Opportunities Fund	Portfolio of Investments
	February 28, 2023 (unaudited)

	Maturity Date	Rate			Principal Amount		Value
BANK LOANS - 15.25%
Commercial Services - 6.76%
Moneygram International, Inc., 2021 Term Loan B, Variable Rate, (1 mo. USD LIBOR plus 4.50%)	07/21/2026		9.135	%	$	4,947,917	$	4,941,732
Verscend Holding Corp., 2021 Term Loan B, TBD(a)	08/27/2025		0.000	%		3,000,000		3,002,685
								7,944,417
Machinery - Diversified - 4.24%
Granite Holdings US Acquisition Co., 2021 Term Loan B, Variable Rate, (3 mo. LIBOR plus 4.00%)	09/30/2026		8.750	%		4,987,380		4,987,405
Telecommunications - 4.25%
Maxar Technologies Ltd., 2022 Term Loan B, Variable Rate, (1 mo. SOFR plus 4.25%)	06/14/2029		8.968	%		4,987,469		5,002,082
TOTAL BANK LOANS
(Cost $17,954,941)								17,933,904
CORPORATE BONDS - 54.37%
Aerospace & Defense - 2.50%
Howmet Aerospace, Inc.(b)	10/01/2024		5.125	%		1,746,000		1,726,602
TransDigm, Inc.(c)	12/15/2025		8.000	%		1,186,000		1,212,092
								2,938,694
Banks - 0.80%
Truist Financial Corp., Variable Rate, (3 mo. USD LIBOR plus 0.65%)(b)	03/15/2028		5.419	%		1,000,000		942,539
Chemicals - 2.62%
Valvoline, Inc.(c)	02/15/2030		4.250	%		3,160,000		3,088,221
Commercial Services - 0.13%
Verscend Escrow Corp.(b)(c)	08/15/2026		9.750	%		150,000		150,562
Computers & Computer Services - 0.19%
Dell International LLC / EMC Corp.(b)	06/15/2023		5.450	%		220,000		219,846
Distribution/Wholesale - 1.29%
IAA, Inc.(b)(c)	06/15/2027		5.500	%		1,500,000		1,516,875
Diversified Financial Services - 3.21%
Cowen, Inc.(c)	05/06/2024		7.250	%		3,750,000		3,779,736
Electrical Components & Equipment - 0.09%
WESCO Distribution, Inc.(c)	06/15/2025		7.125	%		100,000		100,907
Entertainment - 1.76%
Caesars Entertainment, Inc.(b)(c)	07/01/2025		6.250	%		2,090,000		2,072,619
Food - 5.27%
Chobani LLC / Chobani Finance Corp., Inc.(b)(c)	04/15/2025		7.500	%		3,549,000		3,457,684

Water Island Credit Opportunities Fund	Portfolio of Investments (Continued)
	February 28, 2023 (unaudited)

	Maturity Date	Rate			Principal Amount		Value
CORPORATE BONDS - 54.37% (Continued)
Food - 5.27% (Continued)
U.S. Foods, Inc.(b)(c)	04/15/2025		6.250	%	$	2,750,000	$	2,739,947
								6,197,631
Forest Products & Paper - 2.61%
Resolute Forest Products, Inc.(c)	03/01/2026		4.875	%		3,000,000		3,073,140
Internet - 6.22%
Gen Digital, Inc.(b)(c)	04/15/2025		5.000	%		1,407,000		1,366,703
Getty Images, Inc.(c)	03/01/2027		9.750	%		6,000,000		5,955,000
								7,321,703
Machinery - Diversified - 3.59%
Granite U.S. Holdings Corp.(b)(c)	10/01/2027		11.000	%		1,500,000		1,582,500
Stevens Holding Co., Inc.(c)	10/01/2026		6.125	%		2,604,000		2,641,554
								4,224,054
Office/Business Equip - 2.62%
Xerox Holdings Corp.(b)(c)	08/15/2025		5.000	%		3,307,000		3,078,042
Oil & Gas - 2.18%
Occidental Petroleum Corp.(b)	09/01/2025		5.875	%		30,000		30,000
Par Petroleum LLC / Par Petroleum Finance Corp.(c)	12/15/2025		7.750	%		2,490,000		2,538,984
								2,568,984
Packaging & Containers - 0.95%
LABL, Inc.(c)	07/15/2026		6.750	%		1,175,000		1,117,595
Pharmaceuticals - 3.63%
Horizon Therapeutics USA, Inc.(b)(c)	08/01/2027		5.500	%		4,200,000		4,267,746
Real Estate Investment Trusts - 8.60%
iStar, Inc.(b)	10/01/2024		4.750	%		2,295,000		2,290,709
	02/15/2026		5.500	%		2,900,000		2,936,512
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC(c)	02/15/2025		7.875	%		4,796,000		4,889,170
								10,116,391
Software - 0.61%
PTC, Inc.(b)(c)	02/15/2025		3.625	%		750,000		713,123
Telecommunications - 5.50%
Altice France Holding SA(b)(c)	05/15/2027		10.500	%		5,050,000		4,170,946
Maxar Technologies, Inc.(b)(c)	06/15/2027		7.750	%		2,200,000		2,300,474
								6,471,420
TOTAL CORPORATE BONDS
(Cost $65,999,071)								63,959,828

Water Island Credit Opportunities Fund	Portfolio of Investments (Continued)
	February 28, 2023 (unaudited)

	Maturity Date	Rate			Principal Amount		Value
CONVERTIBLE CORPORATE BONDS - 24.59%
Aerospace & Defense - 2.40%
Kaman Corp.(b)	05/01/2024		3.250	%	$	3,000,000	$	2,817,000
Auto Manufacturers - 0.48%
Lightning eMotors, Inc.(c)	05/15/2024		7.500	%		973,000		558,988
Commercial Services - 1.68%
Block, Inc.(b)	03/01/2025		0.125	%		2,000,000		1,977,500
Diversified Financial Services - 1.20%
WisdomTree, Inc.	06/15/2026		3.250	%		1,500,000		1,415,802
Entertainment - 0.35%
Cineplex, Inc.(c)	09/30/2025		5.750	%		567,000		413,871
Healthcare - Services - 0.92%
UpHealth, Inc.(c)	06/15/2026		6.250	%		689,000		199,379
UpHealth, Inc., Variable Rate, (SOFR plus 9.00%)(c)	12/15/2025		13.550	%		938,000		884,534
								1,083,913
Internet - 2.44%
Spotify USA, Inc.(d)	03/15/2026		0.000	%		3,500,000		2,870,000
Pharmaceuticals - 1.67%
Paratek Pharmaceuticals, Inc.(b)	05/01/2024		4.750	%		2,250,000		1,969,553
Software - 13.45%
1Life Healthcare, Inc.(b)	06/15/2025		3.000	%		1,000,000		993,200
Blackline, Inc.(d)	03/15/2026		0.000	%		2,000,000		1,688,750
Coupa Software, Inc.(b)	06/15/2025		0.125	%		6,000,000		5,958,000
Coupa Software, Inc.	06/15/2026		0.375	%		3,000,000		2,977,500
Kaleyra, Inc.(b)(c)	06/01/2026		6.125	%		1,900,000		1,477,052
RingCentral, Inc.(b)(d)	03/01/2025		0.000	%		3,105,000		2,728,519
								15,823,021
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $31,345,738)								28,929,648

	Shares		Value
WARRANTS(e) - 0.00%(f)
Auto Manufacturers - 0.00%(f)
Lightning eMotors, Inc., Exercise Price $11.50, Expires 05/18/2025(g)		53,913	$	3,397
TOTAL WARRANTS
(Cost $0)				3,397
COMMON STOCK - 0.57%
Commercial Services - 0.57%
Ritchie Bros Auctioneers, Inc.(b)		11,000		672,870
TOTAL COMMON STOCKS
(Cost $662,160)				672,870

Water Island Credit Opportunities Fund	Portfolio of Investments (Continued)
	February 28, 2023 (unaudited)

	Expiration Date	Exercise Price		Notional Amount		Contracts		Value
PURCHASED OPTIONS(e) - 0.24%
Call Options Purchased - 0.19%
Caesars Entertainment, Inc.	04/2023	$	60.00	$	1,015,200		200	$	19,000
Gen Digital, Inc.	04/2023		23.00		848,685		435		5,437
Howmet Aerospace, Inc.	03/2023		40.00		1,898,100		450		113,625
Par Pacific Holdings, Inc.	03/2023		30.00		2,778,000		1,000		40,000
Xerox Holdings Corp.	04/2023		17.00		1,154,300		700		45,500
TOTAL CALL OPTIONS PURCHASED
(Cost $245,266)									223,562
Put Options Purchased - 0.05%
iShares iBoxx $ Investment Grade Corporate Bond ETF	04/2023		102.00		5,296,000		500		30,750
iShares iBoxx High Yield Corporate Bond ETF	03/2023		73.00		7,453,000		1,000		31,500
TOTAL PUT OPTIONS PURCHASED
(Cost $98,533)									62,250
TOTAL PURCHASED OPTIONS
(Cost $343,799)									285,812

	Yield			Shares		Value
SHORT-TERM INVESTMENTS - 4.77%
Money Market Funds
Morgan Stanley Institutional Liquidity Fund - Government Portfolio		4.434	%(h)		2,807,995	$	2,807,995
State Street Institutional U.S. Government Money Market Fund, Premier Class		4.545	%(h)		2,807,994		2,807,994
							5,615,989
TOTAL SHORT-TERM INVESTMENTS
(Cost $5,615,989)							5,615,989
Total Investments - 99.79%
(Cost $121,921,698)							117,401,448
Other Assets in Excess of Liabilities - 0.21%(i)							248,229
NET ASSETS - 100.00%						$	117,649,677

Water Island Credit Opportunities Fund	Portfolio of Investments (Continued)
	February 28, 2023 (unaudited)

Portfolio Footnotes

(a)	This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.
(b)	Security, or a portion of security, is being held as collateral for short sales, written option contracts or forward foreign currency exchange contracts. At February 28, 2023, the aggregate fair market value of those securities was $53,124,142, representing 45.15% of net assets.
(c)	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 February 28, 2023, these securities had a total value of $59,347,444 or 50.44% of net assets.
(d)	Represents a zero coupon bond.
(e)	Non-income-producing security.
(f)	Less than 0.005% of net assets.
(g)	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 $3,397 or 0.0% of net assets.

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

(h)	Rate shown is the 7-day effective yield as of February 28, 2023.
(i)	Includes cash held as collateral for short sales and written option contracts.

SCHEDULE OF SECURITIES SOLD SHORT	Shares			Value
SECURITIES SOLD SHORT - (3.36%)
COMMON STOCKS SOLD SHORT - (3.36%)
Aerospace & Defense - (1.20%)
Howmet Aerospace, Inc.		(32,400	)	$	(1,366,632	)
Kaman Corp.		(1,800	)		(46,800	)
					(1,413,432	)
Commercial Services - (0.40%)
Block, Inc.		(6,100	)		(468,053	)
Distribution/Wholesale - (0.38%)
IAA, Inc.		(11,000	)		(450,010	)
Diversified Financial Services - (0.10%)
WisdomTree Investments, Inc.		(20,400	)		(121,788	)
Entertainment - (0.31%)
Caesars Entertainment, Inc.		(3,900	)		(197,964	)
Cineplex, Inc.		(28,000	)		(168,677	)
					(366,641	)
Internet - (0.19%)
Gen Digital, Inc.		(6,500	)		(126,815	)
Spotify Technology SA		(800	)		(93,040	)
					(219,855	)
Machinery - Diversified - (0.11%)
Altra Industrial Motion Corp.		(2,100	)		(129,213	)

Water Island Credit Opportunities Fund	Portfolio of Investments (Continued)
	February 28, 2023 (unaudited)

SCHEDULE OF SECURITIES SOLD SHORT	Shares			Value
COMMON STOCKS SOLD SHORT - (3.36%) (Continued)
Office/Business Equip - (0.07%)
Xerox Holdings Corp.		(5,000	)	$	(82,450	)
Oil & Gas - (0.36%)
Par Pacific Holdings, Inc.		(15,489	)		(430,284	)
Pharmaceuticals - (0.02%)
Paratek Pharmaceuticals, Inc.		(11,450	)		(20,038	)
Software - (0.22%)
Blackline, Inc.		(3,600	)		(246,096	)
RingCentral, Inc., Class A		(300	)		(9,912	)
					(256,008	)
TOTAL SECURITIES SOLD SHORT
(Proceeds $4,752,987)				$	(3,957,772	)

WRITTEN OPTIONS	Expiration Date	Exercise Price		Notional Amount			Contracts			Value
Written Put Options
Block, Inc.	03/2023	$	72.50	$	(153,460	)		(20	)	$	(3,830	)
TOTAL WRITTEN OPTIONS
(Premiums received $9,266)										$	(3,830	)

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 Depreciation
Morgan Stanley & Co./ Monthly	SPDR Bloomberg High Yield Bond ETF	Received 1 Month-Federal Rate Minus 83 bps (-3.750%)	10/29/2024	$	—	$	—	$	(45,426	)	USD	3,052,695	$	(45,426	)

Water Island Credit Opportunities Fund	Portfolio of Investments (Continued)
	February 28, 2023 (unaudited)

OUTSTANDING FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS  

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation
CAD	5,800	USD	4,239	Morgan Stanley & Co.	03/15/2023	$	12
USD	138,968	CAD	187,700	Morgan Stanley & Co.	03/15/2023		1,396
						$	1,408

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Depreciation
CAD	122,300	USD	91,007	Morgan Stanley & Co.	03/15/2023	$	(1,369	)
USD	201,766	CAD	275,700	Morgan Stanley & Co.	03/15/2023		(307	)
						$	(1,676	)

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

Country	% of Net Assets(a)
United States		95.33	%
Luxembourg		3.54	%
Canada		0.92	%
Other Assets in Excess of Liabilities		0.21	%
		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

SPDR - Standard & Poor's Depositary Receipt

TBD - To Be Determined

USD - United States Dollar

Water Island Credit Opportunities Fund	Portfolio of Investments (Continued)
	February 28, 2023 (unaudited)

The following table summarizes the Water Island Credit Opportunities Fund’s investments and derivative financial instruments categorized in the fair value hierarchy as of February 28, 2023:

Investments in Securities at Fair Value	Level 1		Level 2		Level 3		Total
Assets
Bank Loans	$	—	$	17,933,904	$	—	$	17,933,904
Corporate Bonds*		—		63,959,828		—		63,959,828
Convertible Corporate Bonds*		—		28,929,648		—		28,929,648
Warrants*		3,397		—		—		3,397
Common Stocks*		672,870		—		—		672,870
Purchased Options		285,812		—		—		285,812
Short-Term Investments		5,615,989		—		—		5,615,989
TOTAL	$	6,578,068	$	110,823,380	$	—	$	117,401,448

Other Financial Instruments**
Assets
Forward Foreign Currency Exchange Contracts	$	—		$	1,408		$	—	$	1,408
Liabilities
Common Stocks*		(3,957,772	)		—			—		(3,957,772	)
Written Options		(3,830	)		—			—		(3,830	)
Forward Foreign Currency Exchange Contracts		—			(1,676	)		—		(1,676	)
Equity Swaps		(45,426	)		—			—		(45,426	)
TOTAL	$	(4,007,028	)	$	(268	)	$	—	$	(4,007,296	)

*	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.