The Arbitrage Fund Class R (ARBFX) NPORT-P Water Island Credit Opportunities Fund (Aug 2023 report)

Arbitrage Fund	Portfolio of Investments
	August 31, 2023 (unaudited)

	Shares		Value
COMMON STOCKS - 81.69%
Apparel - 2.36%
Capri Holdings Ltd.(a)(b)		474,000	$	24,880,260
Banks - 2.38%
First Horizon Corp.		1,029,513		12,920,388
PacWest Bancorp(b)		1,523,463		12,111,531
				25,031,919
Biotechnology - 9.71%
Abcam PLC, ADR(a)(b)		937,000		21,194,940
Horizon Therapeutics PLC(a)(c)		473,188		53,347,215
Seagen, Inc.(a)(b)		110,880		22,849,041
Swedish Orphan Biovitrum AB(a)		257,271		4,972,238
				102,363,434
Chemicals - 0.81%
Rogers Corp.(a)		58,819		8,499,934
Commercial Services - 2.81%
Applus Services SA		350,026		3,598,142
Caverion Oyj		1,752,280		16,530,746
Moneylion, Inc.(a)(d)		82,977		1,857,025
Network International Holdings PLC(a)(e)		1,091,041		5,362,665
RB Global, Inc.		36,215		2,235,190
				29,583,768
Computers & Computer Services - 0.90%
Ordina NV		1,530,246		9,524,514
Distribution/Wholesale - 0.19%
Veritiv Corp.		11,902		2,003,464
Diversified Financial Services - 1.23%
Numis Corp. PLC		1,386,619		5,866,937
Sculptor Capital Management, Inc.(b)		612,000		7,111,440
				12,978,377
Electric - 3.70%
PNM Resources, Inc.(b)		879,194		38,957,086
Electronics - 2.84%
National Instruments Corp.(b)		502,760		29,964,496
Energy - Alternate Sources - 0.67%
Opdenergy Holdings SA(a)		1,125,274		7,016,101
Environmental Control - 1.93%
Heritage-Crystal Clean, Inc.(a)		450,000		20,295,000
Food - 1.22%
Albertsons Cos., Inc., Class A(b)		575,928		12,900,787
Food Service - 1.00%
Sovos Brands, Inc.(a)(b)		472,090		10,574,816

Arbitrage Fund	Portfolio of Investments (Continued)
	August 31, 2023 (unaudited)

	Shares		Value
COMMON STOCKS - 81.69% (Continued)
Healthcare - Products - 0.38%
Globus Medical, Inc., Class A(a)		74,750	$	4,043,975
Healthcare - Services - 3.12%
Amedisys, Inc.(a)		109,866		10,299,937
Syneos Health, Inc.(a)(b)		527,215		22,527,897
				32,827,834
Insurance - 1.29%
American Equity Investment Life Holding Co.(a)(b)		203,228		10,909,279
TOWER Ltd.		7,208,016		2,686,338
				13,595,617
Investment Company Security - 0.51%
Gresham House PLC		404,000		5,424,942
Iron/Steel - 0.33%
Kloeckner & Co. SE		333,155		3,489,741
Machinery - Diversified - 2.34%
CIRCOR International, Inc.(a)		443,630		24,705,755
Media - 4.01%
TEGNA, Inc.(b)		2,554,217		42,221,207
Oil & Gas - 4.60%
Baytex Energy Corp.(a)		211,967		862,706
Denbury, Inc.(a)(b)		383,000		35,075,140
Earthstone Energy, Inc., Class A(a)(b)		615,232		12,538,428
				48,476,274
Pharmaceuticals - 3.51%
Dechra Pharmaceuticals PLC		286,734		13,824,703
Reata Pharmaceuticals, Inc., Class A(a)		137,353		23,212,657
				37,037,360
Pipelines - 1.26%
Holly Energy Partners LP		243,000		5,175,900
Magellan Midstream Partners LP		121,687		8,082,451
				13,258,351
Real Estate Investment Trusts - 1.05%
Bluerock Homes Trust, Inc.(a)		38,628		537,315
RPT Realty(b)		925,000		10,489,500
				11,026,815
Retail - 1.03%
Fiesta Restaurant Group, Inc.(a)		640,000		5,382,400
Lookers PLC		3,361,358		5,493,034
				10,875,434
Semiconductors - 3.29%
Broadcom, Inc.		12,600		11,628,414
Magnachip Semiconductor Corp.(a)		411,831		3,385,251

Arbitrage Fund	Portfolio of Investments (Continued)
	August 31, 2023 (unaudited)

	Shares		Value
COMMON STOCKS - 81.69% (Continued)
Semiconductors - 3.29% (Continued)
Silicon Motion Technology Corp., ADR(b)		361,624	$	19,639,799
				34,653,464
Software - 23.22%
Activision Blizzard, Inc.		819,477		75,383,689
Avid Technology, Inc.(a)		604,000		16,102,640
EMIS Group PLC		280,351		6,797,542
ESI Group(a)		37,400		6,042,652
Kahoot! ASA(a)		2,783,744		9,033,284
New Relic, Inc.(a)(b)		298,000		25,362,780
SimCorp AS		231,445		24,632,555
Software AG		220,161		7,591,668
SUSE SA(a)		382,000		6,441,151
VMware, Inc., Class A(a)(b)		398,878		67,322,629
				244,710,590
Telecommunications - 0.00%
GCI Liberty, Inc.(a)(f)		660,966		—
TOTAL COMMON STOCKS
(Cost $880,521,447)				860,921,315
RIGHTS(a) - 0.60%
Bristol-Myers Squibb Co. CVR(d)		857,631		857,631
Concert Pharmaceuticals, Inc. CVR, Expires 12/31/2029(d)(f)		1,669,338		647,035
Contra Abiomed, Inc. CVR, Expires 12/31/2030(d)		163,650		286,388
Contra Adamas Pharmaceuticals, Inc. CVR, Expires 12/31/2024(d)(f)		1,150,652		81,811
Contra Adamas Pharmaceuticals, Inc. CVR, Expires 12/31/2025(d)(f)		1,150,652		81,696
Contra Albireo Pharma, Inc. CVR, Expires 12/31/2027(d)(f)		313,065		705,555
Contra Amryt Pharma PLC CVR, Expires 12/31/2024(d)(f)		2,355,440		39,100
Contra Amryt Pharma PLC CVR, Expires 12/31/2024(d)(f)		2,355,440		58,650
Contra CinCor Pharma, Inc. CVR, Expires 12/31/2027(d)(f)		339,795		1,092,543
Contra Resolute Forest Products, Inc. CVR, Expires 6/30/2024(d)(f)		803,806		1,196,787
Flexion Therapy CVR, Expires 12/31/2030(d)(f)		1,411,000		1,036,944
Swedish Orphan Biovitrum AB CVR, Expires 09/14/2023		257,271		232,398
TOTAL RIGHTS
(Cost $5,955,302)				6,316,538

	Maturity Date	Rate			Principal Amount		Value
CONVERTIBLE CORPORATE BONDS - 0.46%
Healthcare - Services - 0.27%
UpHealth, Inc.(e)	06/15/2026		6.250	%	$	1,275,000	$	510,000
UpHealth, Inc., Variable Rate, (SOFR plus 9.00%)(e)	12/15/2025		14.300	%		2,928,000		2,327,760
								2,837,760
Software - 0.19%
Kaleyra, Inc.(e)	06/01/2026		6.125	%		2,073,000		2,022,583
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $6,276,000)								4,860,343

Arbitrage Fund	Portfolio of Investments (Continued)
	August 31, 2023 (unaudited)

	Shares		Value
MUTUAL FUNDS(g) - 7.11%
Water Island Event-Driven Fund		6,605,365	$	74,904,842
TOTAL MUTUAL FUNDS
(Cost $60,632,644)				74,904,842
PRIVATE INVESTMENTS(a)(d)(f)(h) - 0.02%
Fast Capital LLC		290,700		223,839
TOTAL PRIVATE INVESTMENTS
(Cost $300,786)				223,839
WARRANTS(a) - 0.00%(i)
Commercial Services - 0.00%(i)
Moneylion, Inc., Exercise Price $11.50, Expires 09/22/2026		290,320		17,274
TOTAL WARRANTS
(Cost $0)				17,274

	Expiration Date	Exercise Price		Notional Amount		Contracts		Value
PURCHASED OPTIONS(a) - 0.02%
Call Options Purchased - 0.02%
Hersha Hospitality Trust
	10/2023	$	10.00	$	2,638,634		2,687	$	20,152
	11/2023		10.00		2,638,634		2,687		20,153
iRobot Corp.	09/2023		55.00		2,189,507		563		0
MaxLinear, Inc.	09/2023		30.00		3,564,950		1,517		11,378
Permian Resources Corp.	09/2023		15.00		11,702,754		8,253		103,162
TOTAL CALL OPTIONS PURCHASED
(Cost $425,371)									154,845
Put Options Purchased - 0.00%(i)
Horizon Therapeutics PLC	09/2023		85.00		7,429,566		659		6,590
TOTAL PUT OPTIONS PURCHASED
(Cost $111,067)									6,590
TOTAL PURCHASED OPTIONS
(Cost $536,438)									161,435

Arbitrage Fund	Portfolio of Investments (Continued)
	August 31, 2023 (unaudited)

	Yield			Shares		Value
SHORT-TERM INVESTMENTS - 12.61%
Money Market Funds
Morgan Stanley Institutional Liquidity Fund - Government Portfolio		5.250	%(j)	$	66,447,974	$	66,447,974
State Street Institutional U.S. Government Money Market Fund, Premier Class		5.393	%(j)		66,447,975		66,447,975
							132,895,949
TOTAL SHORT-TERM INVESTMENTS
(Cost $132,895,949)							132,895,949
Total Investments - 102.51%
(Cost $1,087,118,566)							1,080,301,535
Liabilities in Excess of Other Assets - (2.51)%(k)							(26,444,891	)
NET ASSETS - 100.00%						$	1,053,856,644

Portfolio Footnotes
(a)	Non-income-producing security.
(b)	Security, or a portion of security, is being held as collateral for swaps, short sales or forward foreign currency exchange contracts. At August 31, 2023, the aggregate fair market value of those securities was $240,590,000, representing 22.83% of net assets.
(c)	Underlying security for a written/purchased call/put option.
(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 $8,165,004 or 0.77% of net assets.

Restricted Security	Acquisition Date	Acquisition Cost
Bristol-Myers Squibb Co. CVR	11/20/2020	$	1,185,787
Concert Pharmaceuticals, Inc. CVR, Expires 12/31/2029	03/07/2023		617,655
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 Albireo Pharma, Inc. CVR, Expires 12/31/2027	03/03/2023		673,090
Contra Amryt Pharma PLC CVR, Expires 12/31/2024	04/13/2023		58,886
Contra Amryt Pharma PLC CVR, Expires 12/31/2024	04/13/2023		58,886
Contra CinCor Pharma, Inc. CVR, Expires 12/31/2027	02/23/2023		1,039,773
Contra Resolute Forest Products, Inc. CVR, Expires 6/30/2024	03/01/2023		1,141,404
Fast Capital LLC	08/18/2020		300,786
Flexion Therapy CVR, Expires 12/31/2030	11/22/2021		874,820
Moneylion, Inc.	06/19/2020		17,080,390
Total		$	23,336,478

(e)	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, 2023, these securities had a total value of $10,223,008 or 0.97% of net assets.
(f)	Security fair valued using significant unobservable inputs and classified as a Level 3 security.  As of August 31, 2023, the total fair market value of these securities was $5,163,960, representing 0.49% 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, 2023.
(k)	Includes cash held as collateral for short sales.

Arbitrage Fund	Portfolio of Investments (Continued)
	August 31, 2023 (unaudited)

SCHEDULE OF SECURITIES SOLD SHORT	Shares			Value
COMMON STOCKS SOLD SHORT - (5.48%)
Healthcare - Products - (0.08%)
NuVasive, Inc.		(22,425	)	$	(891,394	)
Home Furnishings - (0.18%)
iRobot Corp.		(49,957	)		(1,942,828	)
Oil & Gas - (1.60%)
HF Sinclair Corp.		(76,545	)		(4,216,864	)
Permian Resources Corp.		(889,640	)		(12,615,095	)
					(16,831,959	)
Real Estate Investment Trusts - (1.01%)
Kimco Realty Corp.		(559,533	)		(10,597,555	)
Savings & Loans - (1.19%)
Banc of California, Inc.		(1,001,854	)		(12,553,230	)
Semiconductors - (1.42%)
Broadcom, Inc.		(12,600	)		(11,628,414	)
MaxLinear, Inc.		(140,109	)		(3,292,562	)
					(14,920,976	)
TOTAL SECURITIES SOLD SHORT
(Proceeds $58,990,621)				$	(57,737,942	)

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./ Upon Termination

ONEOK, Inc.

Received 1 Month-Federal Rate Minus 40bps (-4.930%)

10/31/2024

$

—

$

—

$

189,926

USD

5,481,884

$

189,926

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./ Upon Termination	Exxon Mobil Corp.	Received 1 Month-Federal Rate Minus 40bps (-4.930%)	10/31/2024	$	—	$	—	$	(1,113,151	)	USD	34,658,896	$	(1,113,151	)
Morgan Stanley & Co./ Upon Termination	Brookfield Asset Management Ltd.	Received 1 Month-Federal Rate Minus 40bps (-4.930%)	10/31/2024		—		—		(67,107	)	USD	1,689,380		(67,107	)
Morgan Stanley & Co./ Upon Termination	Broadcom, Inc.	Received 1 Month-Federal Rate Minus 40bps (-4.930%)	10/31/2024		—		—		(19,716,637	)	USD	26,665,969		(19,716,637	)
								$	(20,896,895	)			$	(20,896,895	)

Arbitrage Fund	Portfolio of Investments (Continued)
	August 31, 2023 (unaudited)

OUTSTANDING FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation
USD	9,930,524	CAD	13,209,100	Morgan Stanley & Co.	09/15/2023	$	152,736
USD	8,484,695	DKK	57,545,400	Morgan Stanley & Co.	09/15/2023		107,355
USD	31,903,849	EUR	28,960,700	Morgan Stanley & Co.	09/15/2023		485,568
USD	23,215,864	GBP	18,051,000	Morgan Stanley & Co.	09/15/2023		347,744
USD	9,645,858	NOK	97,333,500	Morgan Stanley & Co.	09/15/2023		487,594
NZD	144,200	USD	85,416	Morgan Stanley & Co.	09/15/2023		572
USD	3,199,234	NZD	5,225,900	Morgan Stanley & Co.	09/15/2023		82,969
SEK	900,500	USD	82,011	Morgan Stanley & Co.	09/15/2023		277
USD	6,485,252	SEK	69,617,600	Morgan Stanley & Co.	09/15/2023		123,510
						$	1,788,325

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Depreciation
CAD	13,209,100	USD	9,893,322	Morgan Stanley & Co.	09/15/2023	$	(115,534	)
USD	16,349,224	DKK	112,566,700	Morgan Stanley & Co.	09/15/2023		(38,003	)
EUR	16,913,300	USD	18,577,459	Morgan Stanley & Co.	09/15/2023		(228,911	)
USD	47,449,206	EUR	43,905,200	Morgan Stanley & Co.	09/15/2023		(181,751	)
GBP	2,438,000	USD	3,135,056	Morgan Stanley & Co.	09/15/2023		(46,447	)
USD	23,715,242	GBP	18,896,400	Morgan Stanley & Co.	09/15/2023		(223,884	)
NOK	84,748,700	USD	8,446,945	Morgan Stanley & Co.	09/15/2023		(472,803	)
USD	7,880,432	NOK	84,846,200	Morgan Stanley & Co.	09/15/2023		(102,883	)
NZD	612,700	USD	379,444	Morgan Stanley & Co.	09/15/2023		(14,084	)
USD	42,554	NZD	72,100	Morgan Stanley & Co.	09/15/2023		(440	)
SEK	13,481,100	USD	1,267,927	Morgan Stanley & Co.	09/15/2023		(36,007	)
USD	106,918	SEK	1,183,500	Morgan Stanley & Co.	09/15/2023		(1,232	)
						$	(1,461,979	)

Arbitrage Fund	Portfolio of Investments (Continued)
	August 31, 2023 (unaudited)

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

Country	% of Net Assets(a)
United States	77.21	%
United Kingdom	6.07	%
Ireland	5.06	%
British Virgin Islands	2.36	%
Denmark	2.34	%
Cayman Islands	1.87	%
Finland	1.57	%
Germany	1.05	%
Spain	1.01	%
Netherlands	0.90	%
Norway	0.86	%
Luxembourg	0.61	%
France	0.57	%
Sweden	0.49	%
Canada	0.29	%
New Zealand	0.25	%
Liabilities in Excess of Other Assets	(2.51	)%
	100.00	%

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

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.

AS - Aktieselskab is a Danish term for a stock-based corporation.

ASA - Allmennaksjeselskap is the Norwegian term for public limited company.

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

CAD - Canadian dollar

CVR - Contingent Value Rights

DKK - Danish krone

EUR - Euro

GBP - British pound

LLC - Limited Liability Company

LP - Limited Partnership

Ltd. - Limited

NOK - Norwegian krone

NV - 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.

SE - SE Regulation. A European Company which can operate on a Europe-wide basis and be governed by Community law directly applicable in all Member States

SEK - Swedish krona

SOFR - Secured Overnight Financing Rate

USD - United States Dollar  

Summary of affiliated issuer transactions for the period ended August 31, 2023:

Arbitrage Fund

Affiliated Issuer	Beginning Value as of May 31, 2023		Purchases at Cost		Proceeds from Sales		Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ Depreciation		Ending Value as of August 31, 2023		Shares as of August 31, 2023		Dividend Income		Capital Gain Distributions
Water Island Event-Driven Fund	$	71,734,267	$	-	$	-	$	-	$	3,170,575	$	74,904,842		6,605,365	$	-	$	-

Arbitrage Fund	Portfolio of Investments (Continued)
	August 31, 2023 (unaudited)

The following table summarizes the Arbitrage Fund’s investments and derivative financial instruments categorized in the fair value hierarchy as of August 31, 2023:

Investments in Securities at Fair Value	Level 1			Level 2			Level 3		Total
Assets
Common Stocks
Apparel	$	24,880,260		$	—		$	—	$	24,880,260
Banks		25,031,919			—			—		25,031,919
Biotechnology		102,363,434			—			—		102,363,434
Chemicals		8,499,934			—			—		8,499,934
Commercial Services		29,583,768			—			—		29,583,768
Computers & Computer Services		9,524,514			—			—		9,524,514
Distribution/Wholesale		2,003,464			—			—		2,003,464
Diversified Financial Services		12,978,377			—			—		12,978,377
Electric		38,957,086			—			—		38,957,086
Electronics		29,964,496			—			—		29,964,496
Energy - Alternate Sources		7,016,101			—			—		7,016,101
Environmental Control		20,295,000			—			—		20,295,000
Food		12,900,787			—			—		12,900,787
Food Service		10,574,816			—			—		10,574,816
Healthcare - Products		4,043,975			—			—		4,043,975
Healthcare - Services		32,827,834			—			—		32,827,834
Insurance		13,595,617			—			—		13,595,617
Investment Company Security		5,424,942			—			—		5,424,942
Iron/Steel		3,489,741			—			—		3,489,741
Machinery - Diversified		24,705,755			—			—		24,705,755
Media		42,221,207			—			—		42,221,207
Oil & Gas		48,476,274			—			—		48,476,274
Pharmaceuticals		37,037,360			—			—		37,037,360
Pipelines		13,258,351			—			—		13,258,351
Real Estate Investment Trusts		11,026,815			—			—		11,026,815
Retail		10,875,434			—			—		10,875,434
Semiconductors		34,653,464			—			—		34,653,464
Software		244,710,590			—			—		244,710,590
Telecommunications		—			—			0		0
Rights		232,398			1,144,019			4,940,121		6,316,538
Convertible Corporate Bonds*		—			4,860,343			—		4,860,343
Mutual Funds		74,904,842			—			—		74,904,842
Private Investments		—			—			223,839		223,839
Warrants*		17,274			—			—		17,274
Purchased Options		161,435			—			—		161,435
Short-Term Investments		132,895,949			—			—		132,895,949
TOTAL	$	1,069,133,213		$	6,004,362		$	5,163,960	$	1,080,301,535
Other Financial Instruments**
Assets
Forward Foreign Currency Exchange Contracts	$	—		$	1,788,325		$	—	$	1,788,325
Equity Swaps		189,926			—			—		189,926
Liabilities
Common Stocks*		(57,737,942	)		—			—		(57,737,942	)
Forward Foreign Currency Exchange Contracts		—			(1,461,979	)		—		(1,461,979	)
Equity Swaps		(20,896,895	)		—			—		(20,896,895	)
TOTAL	$	(78,444,911	)	$	326,346		$	—	$	(78,118,565	)

*	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.

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, 2023:

Investments in Securities	Balance as of May 31, 2023		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, 2023		Net change in Unrealized Appreciation (Depreciation) from investments still held as of August 31, 2023
Common Stocks	$	82,025,339	$	3,323,372	$	(3,323,473	)	$	-	$	(82,025,238	)	$	-	$	-	$	-	$	-
Rights		4,823,685		-		116,436			-		-			-		-		4,940,121		116,436
Private Investments		581,400		-		(357,561	)		-		-			-		-		223,839		(357,561	)
Total	$	87,430,424	$	3,323,372	$	(3,564,598	)	$	-	$	(82,025,238	)	$	-	$	-	$	5,163,960	$	(241,125	)

Water Island Event-Driven Fund	Portfolio of Investments
	August 31, 2023 (unaudited)

	Shares		Value
COMMON STOCKS - 85.37%
Apparel - 2.71%
Capri Holdings Ltd.(a)(b)		57,746	$	3,031,087
Banks - 3.19%
First Horizon Corp.		115,970		1,455,423
PacWest Bancorp		265,081		2,107,394
				3,562,817
Biotechnology - 10.62%
Abcam PLC, ADR(a)		102,101		2,309,525
Horizon Therapeutics PLC(a)(c)		54,116		6,101,038
Seagen, Inc.(a)(b)		13,897		2,863,755
Swedish Orphan Biovitrum AB(a)		31,025		599,615
				11,873,933
Chemicals - 0.76%
Rogers Corp.(a)		5,910		854,054
Commercial Services - 3.54%
Applus Services SA		44,556		458,020
Caverion Oyj		251,274		2,370,481
Moneylion, Inc.(a)(d)		8,781		196,516
Network International Holdings PLC(a)(e)		135,085		663,967
RB Global, Inc.		4,275		263,853
				3,952,837
Computers & Computer Services - 0.80%
Ordina NV		142,855		889,154
Electric - 3.97%
PNM Resources, Inc.(b)		100,132		4,436,849
Electronics - 3.03%
National Instruments Corp.(b)		56,861		3,388,916
Entertainment - 0.13%
Cineplex, Inc.(a)		23,133		146,208
Food - 1.13%
Albertsons Cos., Inc., Class A(b)		56,581		1,267,414
Food Service - 1.50%
Sovos Brands, Inc.(a)		74,831		1,676,214
Healthcare - Products - 0.41%
Globus Medical, Inc., Class A(a)		8,537		461,852
Healthcare - Services - 5.16%
Amedisys, Inc.(a)		13,941		1,306,969
Syneos Health, Inc.(a)		104,385		4,460,371
				5,767,340
Insurance - 1.62%
American Equity Investment Life Holding Co.(a)(b)		26,461		1,420,427

Water Island Event-Driven Fund	Portfolio of Investments (Continued)
	August 31, 2023 (unaudited)

	Shares		Value
COMMON STOCKS - 85.37% (Continued)
Insurance - 1.62% (Continued)
Hartford Financial Services Group, Inc.		5,355	$	384,596
				1,805,023
Internet - 0.10%
Just Eat Takeaway.com NV(a)(e)		7,623		107,475
Iron/Steel - 0.30%
Kloeckner & Co. SE		32,369		339,060
Machinery - Diversified - 2.93%
CIRCOR International, Inc.(a)(b)		58,704		3,269,226
Media - 3.53%
TEGNA, Inc.(b)		238,865		3,948,438
Oil & Gas - 4.07%
Baytex Energy Corp.(a)		38,315		155,942
Denbury, Inc.(a)(b)		48,004		4,396,206
				4,552,148
Pharmaceuticals - 5.45%
Bayer AG		9,665		529,672
Dechra Pharmaceuticals PLC		34,831		1,679,355
Reata Pharmaceuticals, Inc., Class A(a)		22,958		3,879,902
				6,088,929
Pipelines - 2.34%
Holly Energy Partners LP		76,390		1,627,107
Magellan Midstream Partners LP		14,792		982,485
				2,609,592
Real Estate Investment Trusts - 0.99%
RPT Realty		97,698		1,107,895
Retail - 0.62%
Lookers PLC		425,665		695,609
Semiconductors - 2.43%
Broadcom, Inc.		416		383,922
Magnachip Semiconductor Corp.(a)		37,044		304,502
Silicon Motion Technology Corp., ADR(b)		37,426		2,032,606
				2,721,030
Software - 24.04%
Activision Blizzard, Inc.(b)		85,927		7,904,425
Alfa Financial Software Holdings PLC(e)		105,229		202,622
Avid Technology, Inc.(a)		89,404		2,383,511
EMIS Group PLC		35,420		858,813
Kahoot! ASA(a)		444,706		1,443,077
New Relic, Inc.(a)(b)		28,366		2,414,230
Sciplay Corp., Class A(a)		19,383		439,994
SimCorp AS		30,326		3,227,578
Software AG(a)		26,029		897,541
Tabula Rasa HealthCare, Inc.(a)		42,131		432,685

Water Island Event-Driven Fund	Portfolio of Investments (Continued)
	August 31, 2023 (unaudited)

	Shares		Value
COMMON STOCKS - 85.37% (Continued)
Software - 24.04% (Continued)
VMware, Inc., Class A(a)(b)		39,503	$	6,667,316
				26,871,792
TOTAL COMMON STOCKS
(Cost $97,379,369)				95,424,892
RIGHTS(a) - 0.44%
Bristol-Myers Squibb Co. CVR(d)		67,803		67,803
Concert Pharmaceuticals, Inc. CVR, Expires 12/31/2029(d)(f)		154,954		60,060
Contra Abiomed, Inc. CVR, Expires 12/31/2030(d)		13,890		24,307
Contra Albireo Pharma, Inc. CVR, Expires 12/31/2027(d)(f)		34,047		76,732
Contra Amryt Pharma PLC CVR, Expires 12/31/2024(d)(f)		204,285		3,391
Contra Amryt Pharma PLC CVR, Expires 12/31/2024(d)(f)		204,285		5,087
Contra CinCor Pharma, Inc. CVR, Expires 12/31/2027(d)(f)		39,632		127,429
Contra Resolute Forest Products, Inc. CVR, Expires 6/30/2024(d)(f)		68,936		102,639
Swedish Orphan Biovitrum AB CVR, Expires 09/14/2023		31,025		28,025
TOTAL RIGHTS
(Cost $484,860)				495,473

	Maturity Date	Rate			Principal Amount		Value
CORPORATE BONDS - 3.07%
Chemicals - 0.68%
Valvoline, Inc.(e)	02/15/2030		4.250	%	$	777,000	$	763,738
Computers & Computer Services - 0.78%
NCR Corp.(e)	09/01/2029		6.125	%		847,000		872,354
Oil & Gas - 1.61%
PDC Energy, Inc.	05/15/2026		5.750	%		1,802,000		1,797,495
TOTAL CORPORATE BONDS
(Cost $3,431,222)								3,433,587
CONVERTIBLE CORPORATE BONDS - 1.77%
Entertainment - 0.25%
Cineplex, Inc.(e)	09/30/2025		5.750	%		392,000		281,612
Healthcare - Services - 0.32%
UpHealth, Inc.(e)	06/15/2026		6.250	%		217,000		86,800
UpHealth, Inc., Variable Rate, (SOFR plus 9.00%)(e)	12/15/2025		14.300	%		342,000		271,890
								358,690
Pharmaceuticals - 0.90%
Paratek Pharmaceuticals, Inc.	05/01/2024		4.750	%		1,022,000		999,005
Software - 0.30%
Kaleyra, Inc.(e)	06/01/2026		6.125	%		344,000		335,634
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $2,199,252)								1,974,941

Water Island Event-Driven Fund	Portfolio of Investments (Continued)
	August 31, 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	$	1,347
TOTAL WARRANTS
(Cost $0)				1,347
PRIVATE INVESTMENTS(a)(d)(f)(h) - 0.02%
Fast Capital LLC		22,800		17,556
TOTAL PRIVATE INVESTMENTS
(Cost $23,591)				17,556

	Expiration Date	Exercise Price		Notional Amount		Contracts		Value
PURCHASED OPTIONS(a) - 0.00%(g)
Call Options Purchased - 0.00%(g)
iRobot Corp.	09/2023	$	55.00	$	213,895		55	$	0
MaxLinear, Inc.	09/2023		30.00		357,200		152		1,140
TOTAL CALL OPTIONS PURCHASED
(Cost $30,991)									1,140
Put Options Purchased - 0.00%(g)
Horizon Therapeutics PLC	09/2023		85.00		823,002		73		730
TOTAL PURCHASED OPTIONS
(Cost $43,294)									1,870

	Yield			Shares		Value
SHORT-TERM INVESTMENTS - 13.88%
Money Market Funds
Morgan Stanley Institutional Liquidity Fund - Government Portfolio		5.250	%(i)		7,756,958	$	7,756,958
State Street Institutional U.S. Government Money Market Fund, Premier Class		5.393	%(i)		7,756,957		7,756,957
							15,513,915
TOTAL SHORT-TERM INVESTMENTS
(Cost $15,513,915)							15,513,915
Total Investments - 104.55%
(Cost $119,075,503)							116,863,581
Liabilities in Excess of Other Assets - (4.55)%(j)							(5,090,007	)
NET ASSETS - 100.00%						$	111,773,574

Water Island Event-Driven Fund	Portfolio of Investments (Continued)
	August 31, 2023 (unaudited)

Portfolio Footnotes
(a)	Non-income-producing security.
(b)	Security, or a portion of security, is being held as collateral for swaps, short sales or forward foreign currency exchange contracts. At August 31, 2023, the aggregate fair market value of those securities was $27,041,020, representing 24.19% of net assets.
(c)	Underlying security for a written/purchased call/put option.
(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 $681,520 or 0.61% of net assets.

Restricted Security	Acquisition Date	Acquisition Cost
Bristol-Myers Squibb Co. CVR	11/20/2020	$	110,781
Concert Pharmaceuticals, Inc. CVR, Expires 12/31/2029	03/07/2023		57,333
Contra Abiomed, Inc. CVR, Expires 12/31/2030	12/21/2022		14,168
Contra Albireo Pharma, Inc. CVR, Expires 12/31/2027	03/03/2023		73,201
Contra Amryt Pharma PLC CVR, Expires 12/31/2024	04/13/2023		5,107
Contra Amryt Pharma PLC CVR, Expires 12/31/2024	04/13/2023		5,107
Contra CinCor Pharma, Inc. CVR, Expires 12/31/2027	02/23/2023		121,274
Contra Resolute Forest Products, Inc. CVR, Expires 6/30/2024	03/01/2023		97,889
Fast Capital LLC	08/18/2020		23,591
Moneylion, Inc.	06/19/2020		1,926,135
Total		$	2,434,586

(e)	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, 2023, these securities had a total value of $3,586,092 or 3.21% of net assets.
(f)	Security fair valued using significant unobservable inputs and classified as a Level 3 security.  As of August 31, 2023, the total fair market value of these securities was $392,894, representing 0.35% 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, 2023.
(j)	Includes cash held as collateral for short sales.

Water Island Event-Driven Fund	Portfolio of Investments (Continued)
	August 31, 2023 (unaudited)

SCHEDULE OF SECURITIES SOLD SHORT	Shares			Value
COMMON STOCKS SOLD SHORT - (5.09%)
Entertainment - (0.02%)
Cineplex, Inc.		(3,228	)	$	(20,402	)
Healthcare - Products - (0.09%)
NuVasive, Inc.		(2,561	)		(101,800	)
Home Furnishings - (0.18%)
iRobot Corp.		(5,170	)		(201,062	)
Oil & Gas - (1.19%)
HF Sinclair Corp.		(24,200	)		(1,333,178	)
Real Estate Investment Trusts - (1.00%)
Kimco Realty Corp.		(59,097	)		(1,119,297	)
Savings & Loans - (1.96%)
Banc of California, Inc.		(174,272	)		(2,183,628	)
Semiconductors - (0.65%)
Broadcom, Inc.		(416	)		(383,922	)
MaxLinear, Inc.		(14,500	)		(340,750	)
					(724,672	)
TOTAL SECURITIES SOLD SHORT
(Proceeds $6,020,906)				$	(5,684,039	)

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./ Upon Termination

ONEOK, Inc.

Received 1 Month-Federal Rate Minus 40bps (-4.930%)

10/31/2024

$

—

$

—

$

23,086

USD

666,350

$

23,086

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./ Upon Termination	Exxon Mobil Corp.	Received 1 Month-Federal Rate Minus 40bps (-4.930%)	10/31/2024	$	—	$	—	$	(139,518	)	USD	4,343,997	$	(139,518	)
Morgan Stanley & Co./ Upon Termination	Brookfield Asset Management Ltd.	Received 1 Month-Federal Rate Minus 40bps (-4.930%)	10/31/2024		—		—		(8,737	)	USD	219,949		(8,737	)
Morgan Stanley & Co./ Upon Termination	Broadcom, Inc.	Received 1 Month-Federal Rate Minus 40bps (-4.930%)	10/31/2024		—		—		(1,741,007	)	USD	2,852,216		(1,741,007	)
								$	(1,889,262	)			$	(1,889,262	)

Water Island Event-Driven Fund	Portfolio of Investments (Continued)
	August 31, 2023 (unaudited)

OUTSTANDING FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation
CAD	31,300	USD	23,112	Morgan Stanley & Co.	09/15/2023	$	57
USD	1,646,174	CAD	2,192,100	Morgan Stanley & Co.	09/15/2023		23,514
USD	1,424,296	DKK	9,663,000	Morgan Stanley & Co.	09/15/2023		17,576
USD	1,839,342	EUR	1,676,600	Morgan Stanley & Co.	09/15/2023		20,468
GBP	67,200	USD	85,092	Morgan Stanley & Co.	09/15/2023		41
USD	2,627,332	GBP	2,054,700	Morgan Stanley & Co.	09/15/2023		24,311
USD	1,139,027	NOK	12,062,700	Morgan Stanley & Co.	09/15/2023		4,028
SEK	108,600	USD	9,891	Morgan Stanley & Co.	09/15/2023		33
USD	782,084	SEK	8,395,500	Morgan Stanley & Co.	09/15/2023		14,894
						$	104,922

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Depreciation
CAD	1,620,000	USD	1,212,906	Morgan Stanley & Co.	09/15/2023	$	(13,734	)
USD	1,834,063	DKK	12,626,600	Morgan Stanley & Co.	09/15/2023		(4,091	)
EUR	2,270,000	USD	2,492,858	Morgan Stanley & Co.	09/15/2023		(30,228	)
USD	6,231,397	EUR	5,765,400	Morgan Stanley & Co.	09/15/2023		(23,251	)
GBP	125,600	USD	160,857	Morgan Stanley & Co.	09/15/2023		(1,738	)
USD	1,866,633	GBP	1,486,500	Morgan Stanley & Co.	09/15/2023		(16,557	)
USD	328,154	NOK	3,502,000	Morgan Stanley & Co.	09/15/2023		(1,355	)
SEK	1,625,800	USD	152,910	Morgan Stanley & Co.	09/15/2023		(4,342	)
USD	12,892	SEK	142,700	Morgan Stanley & Co.	09/15/2023		(149	)
						$	(95,445	)

Water Island Event-Driven Fund	Portfolio of Investments (Continued)
	August 31, 2023 (unaudited)

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

Country	% of Net Assets(a)
United States	78.31	%
United Kingdom	5.73	%
Ireland	5.46	%
Denmark	2.89	%
British Virgin Islands	2.71	%
Finland	2.12	%
Cayman Islands	1.82	%
Germany	1.58	%
Norway	1.29	%
Netherlands	0.90	%
Canada	0.76	%
Sweden	0.57	%
Spain	0.41	%
Liabilities in Excess of Other Assets	(4.55	)%
	100.00	%

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

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.

AS - Aktieselskab is a Danish term for a stock-based corporation.

ASA - Allmennaksjeselskap is the Norwegian term for public limited company.

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

CAD - Canadian dollar

CVR - Contingent Value Rights

DKK - Danish krone

EUR - Euro

GBP - British pound

LLC - Limited Liability Company

LP - Limited Partnership

Ltd. - Limited

NOK - Norwegian krone

NV - 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.

SE - SE Regulation. A European Company which can operate on a Europe-wide basis and be governed by Community law directly applicable in all Member States

SEK - Swedish krona

SOFR - Secured Overnight Financing Rate

USD - United States Dollar

Water Island Event-Driven Fund	Portfolio of Investments (Continued)
	August 31, 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 August 31, 2023:

Investments in Securities at Fair Value	Level 1			Level 2			Level 3		Total
Assets
Common Stocks*	$	95,424,892		$	—		$	—	$	95,424,892
Rights		28,025			92,110			375,338		495,473
Corporate Bonds*		—			3,433,587			—		3,433,587
Convertible Corporate Bonds*		—			1,974,941			—		1,974,941
Warrants*		1,347			—			—		1,347
Private Investments		—			—			17,556		17,556
Purchased Options		1,870			—			—		1,870
Short-Term Investments		15,513,915			—			—		15,513,915
TOTAL	$	110,970,049		$	5,500,638		$	392,894	$	116,863,581
Other Financial Instruments**
Assets
Forward Foreign Currency Exchange Contracts	$	—		$	104,922		$	—	$	104,922
Equity Swaps		23,086			—			—		23,086
Liabilities
Common Stocks*		(5,684,039	)		—			—		(5,684,039	)
Forward Foreign Currency Exchange Contracts		—			(95,445	)		—		(95,445	)
Equity Swaps		(1,889,262	)		—			—		(1,889,262	)
TOTAL	$	(7,550,215	)	$	9,477		$	—	$	(7,540,738	)

* 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.

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, 2023:

Investments in Securities	Balance as of May 31, 2023		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, 2023		Net change in Unrealized Appreciation (Depreciation) from investments still held as of August 31, 2023
Common Stocks	$	6,889,128	$	285,151	$	(285,251	)	$	-	$	(6,889,028	)	$	-	$	-	$	-	$	-
Rights		366,494		-		8,844			-		-			-		-		375,338		8,844
Private Investments		45,600		-		(28,044	)		-		-			-		-		17,556		(28,044	)
Total	$	7,301,222	$	285,151	$	(304,451	)	$	-	$	(6,889,028	)	$	-	$	-	$	392,894	$	(19,200	)

Water Island Credit Opportunities Fund	Portfolio of Investments
	August 31, 2023 (unaudited)

	Maturity Date	Rate			Principal Amount		Value
BANK LOANS - 4.17%
Commercial Services - 2.49%
Verscend Holding Corp., 2021 Term Loan B, Variable Rate, (1 mo. SOFR plus 4.00%)	08/27/2025		9.446	%	$	2,984,772	$	2,987,965
Internet - 1.68%
Imperva, Inc., 1st Lien Term Loan, TBD(a)	01/12/2026		0.000	%		2,000,000		2,007,710
TOTAL BANK LOANS
(Cost $4,994,734)								4,995,675
CORPORATE BONDS - 64.45%
Aerospace & Defense - 2.21%
Howmet Aerospace, Inc.	10/01/2024		5.125	%		1,498,000		1,482,983
TransDigm, Inc.(b)	03/15/2026		6.250	%		1,180,000		1,168,754
								2,651,737
Apparel - 2.05%
Michael Kors USA, Inc.(b)	11/01/2024		4.250	%		2,500,000		2,455,950
Auto Manufacturers - 4.35%
Ford Motor Credit Co. LLC
	03/18/2024		5.584	%		1,915,000		1,905,131
	09/08/2024		3.664	%		3,400,000		3,298,031
								5,203,162
Banks - 3.22%
PNC Financial Services Group, Inc.	04/29/2024		3.900	%		3,000,000		2,955,586
Truist Financial Corp., Variable Rate, (3 mo. USD LIBOR plus 0.65%)	03/15/2028		6.202	%		1,000,000		905,178
								3,860,764
Chemicals - 2.76%
Valvoline, Inc.(b)(c)	02/15/2030		4.250	%		3,365,000		3,307,567
Commercial Services - 3.32%
Triton Container International Ltd.(b)(c)	06/07/2024		1.150	%		4,000,000		3,821,768
Verscend Escrow Corp.(b)(c)	08/15/2026		9.750	%		150,000		149,227
								3,970,995
Computers & Computer Services - 1.73%
NCR Corp.(b)(c)	09/01/2029		6.125	%		2,008,000		2,068,107
Electrical Components & Equipment - 0.73%
WESCO Distribution, Inc.(b)(c)	06/15/2025		7.125	%		870,000		873,843
Entertainment - 7.61%
Caesars Entertainment, Inc.(b)	07/01/2025		6.250	%		4,053,000		4,021,538
International Game Technology PLC(b)(c)	02/15/2025		6.500	%		1,000,000		1,000,888
SeaWorld Parks & Entertainment, Inc.(b)	05/01/2025		8.750	%		4,000,000		4,090,000
								9,112,426
Food - 5.26%
Chobani LLC / Chobani Finance Corp., Inc.(b)(c)	04/15/2025		7.500	%		3,549,000		3,540,132

Water Island Credit Opportunities Fund	Portfolio of Investments (Continued)
	August 31, 2023 (unaudited)

	Maturity Date	Rate			Principal Amount		Value
CORPORATE BONDS - 64.45% (Continued)
Food - 5.26% (Continued)
U.S. Foods, Inc.(b)(c)	04/15/2025		6.250	%	$	2,750,000	$	2,757,200
								6,297,332
Healthcare - Services - 2.08%
Syneos Health, Inc.(b)	01/15/2029		3.625	%		2,500,000		2,493,750
Internet - 6.16%
Gen Digital, Inc.(b)(c)	04/15/2025		5.000	%		1,407,000		1,379,268
Getty Images, Inc.(b)(c)	03/01/2027		9.750	%		6,000,000		5,990,158
								7,369,426
Leisure Time - 0.88%
Carnival Corp.(b)	08/01/2027		9.875	%		1,000,000		1,057,018
Media - 0.92%
Cengage Learning, Inc.(b)	06/15/2024		9.500	%		87,000		87,331
DISH Network Corp.(b)	11/15/2027		11.750	%		1,000,000		1,014,641
								1,101,972
Miscellaneous Manufacturing - 1.22%
Hillenbrand, Inc.(c)	06/15/2025		5.750	%		1,475,000		1,465,781
Office/Business Equip - 2.20%
Xerox Holdings Corp.(b)	08/15/2025		5.000	%		2,762,000		2,634,093
Oil & Gas - 4.34%
Occidental Petroleum Corp.	09/01/2025		5.875	%		30,000		29,931
PDC Energy, Inc.	05/15/2026		5.750	%		5,180,000		5,167,050
								5,196,981
Packaging & Containers - 3.25%
Ball Corp.	11/15/2023		4.000	%		2,957,000		2,940,503
LABL, Inc.(b)	07/15/2026		6.750	%		972,000		950,064
								3,890,567
Pharmaceuticals - 1.45%
Horizon Therapeutics USA, Inc.(b)	08/01/2027		5.500	%		1,700,000		1,736,277
Retail - 1.27%
Dave & Buster's, Inc.(b)(c)	11/01/2025		7.625	%		1,500,000		1,514,893
Software - 3.05%
ACI Worldwide, Inc.(b)(c)	08/15/2026		5.750	%		600,000		586,937
Boxer Parent Co., Inc.(b)	10/02/2025		7.125	%		1,715,000		1,717,144
Fidelity National Information Services, Inc.	03/01/2024		0.600	%		640,000		623,579
PTC, Inc.(b)(c)	02/15/2025		3.625	%		750,000		723,849
								3,651,509
Telecommunications - 4.39%
Altice France Holding SA(b)(c)	05/15/2027		10.500	%		5,050,000		2,740,130

Water Island Credit Opportunities Fund	Portfolio of Investments (Continued)
	August 31, 2023 (unaudited)

	Maturity Date	Rate			Principal Amount		Value
CORPORATE BONDS - 64.45% (Continued)
Telecommunications - 4.39% (Continued)
Sprint LLC	06/15/2024		7.125	%	$	2,500,000	$	2,519,830
								5,259,960
TOTAL CORPORATE BONDS
(Cost $79,858,418)								77,174,110
CONVERTIBLE CORPORATE BONDS - 18.63%
Aerospace & Defense - 2.40%
Kaman Corp.(c)	05/01/2024		3.250	%		3,000,000		2,877,000
Auto Manufacturers - 0.36%
Lightning eMotors, Inc.(b)	05/15/2024		7.500	%		973,000		428,120
Commercial Services - 1.54%
Block, Inc.(c)	03/01/2025		0.125	%		2,000,000		1,847,000
Diversified Financial Services - 1.24%
WisdomTree, Inc.	06/15/2026		3.250	%		1,500,000		1,488,000
Entertainment - 0.34%
Cineplex, Inc.(b)	09/30/2025		5.750	%		567,000		407,332
Healthcare - Services - 0.75%
UpHealth, Inc.(b)	06/15/2026		6.250	%		689,000		275,600
UpHealth, Inc., Variable Rate, (SOFR plus 9.00%)(b)	12/15/2025		14.300	%		783,000		622,485
								898,085
Internet - 2.49%
Spotify USA, Inc.(d)	03/15/2026		0.000	%		3,500,000		2,985,500
Pharmaceuticals - 1.84%
Paratek Pharmaceuticals, Inc.	05/01/2024		4.750	%		2,250,000		2,199,375
Real Estate - 1.65%
Radius Global Infrastructure, Inc.(b)	09/15/2026		2.500	%		2,000,000		1,971,250
Software - 6.02%
BlackLine, Inc.(d)	03/15/2026		0.000	%		2,000,000		1,722,500
Kaleyra, Inc.(b)(c)	06/01/2026		6.125	%		1,336,000		1,303,507
RingCentral, Inc.(c)(d)	03/01/2025		0.000	%		3,105,000		2,883,769
Verint Systems, Inc.(c)	04/15/2026		0.250	%		1,500,000		1,290,741
								7,200,517
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $24,599,430)								22,302,179

	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	$	836
TOTAL WARRANTS
(Cost $0)			$	836

Water Island Credit Opportunities Fund	Portfolio of Investments (Continued)
	August 31, 2023 (unaudited)

	Expiration Date	Exercise Price		Notional Amount		Contracts		Value
PURCHASED OPTIONS(e) - 0.10%
Call Options Purchased - 0.09%
Caesars Entertainment, Inc.	09/2023	$	60.00	$	1,934,100		350	$	8,750
Dave & Buster's Entertainment, Inc.	09/2023		50.00		365,211		93		930
Gen Digital, Inc.	09/2023		20.00		607,500		300		15,000
Howmet Aerospace, Inc.	10/2023		50.00		2,250,885		455		62,562
Xerox Holdings Corp.	10/2023		17.00		1,112,300		700		17,500
TOTAL CALL OPTIONS PURCHASED
(Cost $229,351)									104,742
Put Options Purchased - 0.01%
Ford Motor Co.	11/2023		10.00		606,500		500		7,000
International Game Technology PLC	10/2023		25.00		112,070		35		350
iShares iBoxx High Yield Corporate Bond ETF	09/2023		72.00		7,528,000		1,000		4,000
TOTAL PUT OPTIONS PURCHASED
(Cost $55,478)									11,350
TOTAL PURCHASED OPTIONS
(Cost $284,829)									116,092

	Yield			Shares		Value
SHORT-TERM INVESTMENTS - 14.53%
Money Market Funds
Morgan Stanley Institutional Liquidity Fund - Government Portfolio		5.250	%(h)		8,697,145	$	8,697,145
State Street Institutional U.S. Government Money Market Fund, Premier Class		5.393	%(h)		8,697,145		8,697,145
							17,394,290
TOTAL SHORT-TERM INVESTMENTS
(Cost $17,394,290)							17,394,290
Total Investments - 101.88%
(Cost $127,131,701)							121,983,182
Liabilities in Excess of Other Assets - (1.88)%(i)							(2,249,120	)
NET ASSETS - 100.00%						$	119,734,062

Water Island Credit Opportunities Fund	Portfolio of Investments (Continued)
	August 31, 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 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, 2023, these securities had a total value of $58,888,821 or 49.18% of net assets.
(c)	Security, or a portion of security, is being held as collateral for swaps, short sales, written option contracts or forward foreign currency exchange contracts. At August 31, 2023, the aggregate fair market value of those securities was $40,527,133, representing 33.85% 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 $836 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 August 31, 2023.
(i)	Includes cash held as collateral for short sales and written option contracts.

Water Island Credit Opportunities Fund	Portfolio of Investments (Continued)
	August 31, 2023 (unaudited)

SCHEDULE OF SECURITIES SOLD SHORT	Shares			Value
COMMON STOCKS SOLD SHORT - (2.59%)
Aerospace & Defense - (0.04%)
Kaman Corp.		(1,800	)	$	(40,374	)
Commercial Services - (0.28%)
Block, Inc.		(5,700	)		(328,605	)
Diversified Financial Services - (0.24%)
WisdomTree, Inc.		(39,400	)		(287,620	)
Entertainment - (0.50%)
Caesars Entertainment, Inc.		(7,600	)		(419,976	)
Cineplex, Inc.		(28,000	)		(176,969	)
					(596,945	)
Internet - (0.47%)
Gen Digital, Inc.		(21,900	)		(443,475	)
Spotify Technology SA		(800	)		(123,176	)
					(566,651	)
Office/Business Equip - (0.27%)
Xerox Holdings Corp.		(20,400	)		(324,156	)
Real Estate - (0.44%)
Radius Global Infrastructure, Inc., Class A		(35,400	)		(528,168	)
Retail - (0.03%)
Dave & Buster's Entertainment, Inc.		(1,000	)		(39,270	)
Software - (0.32%)
BlackLine, Inc.		(2,400	)		(144,144	)
RingCentral, Inc., Class A		(300	)		(9,279	)
Verint Systems, Inc.		(7,200	)		(233,208	)
					(386,631	)
TOTAL COMMON STOCKS SOLD SHORT
(Proceeds $3,925,696)					(3,098,420	)
EXCHANGE-TRADED FUNDS SOLD SHORT - (1.57%)
Equity Fund Sold Short - (1.57%)
iShares iBoxx High Yield Corporate Bond ETF		(25,000	)		(1,882,000	)
TOTAL EXCHANGE-TRADED FUNDS SOLD SHORT
(Proceeds $1,890,790)					(1,882,000	)
TOTAL SECURITIES SOLD SHORT
(Proceeds $5,816,486)				$	(4,980,420	)

Water Island Credit Opportunities Fund	Portfolio of Investments (Continued)
	August 31, 2023 (unaudited)

WRITTEN OPTIONS	Expiration Date	Exercise Price		Notional Amount			Contracts			Value
Written Call Options
International Game Technology PLC	10/2023	$	35.00	$	(160,100	)		(50	)	$	(2,175	)
TOTAL WRITTEN OPTIONS
(Premiums received $7,416)										$	(2,175	)

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./ Upon Termination

Howmet Aerospace, Inc.

Received 1 Month-Federal Rate Minus 40bps (-4.930%)

10/31/2024

$

—

$

—

$

21,024

USD

1,104,417

$

21,024

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./ Upon Termination	SPDR Bloomberg High Yield Bond ETF	Received 1 Month-Federal Rate Minus 78bps (-0.650%)	10/31/2024	$	—	$	—	$	(57,599	)	USD	2,152,195	$	(57,599	)

Water Island Credit Opportunities Fund	Portfolio of Investments (Continued)
	August 31, 2023 (unaudited)

OUTSTANDING FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS  

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation
CAD	18,300	USD	13,486	Morgan Stanley & Co.	09/15/2023	$	60
USD	293,093	CAD	390,300	Morgan Stanley & Co.	09/15/2023		4,183
						$	4,243
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Depreciation
CAD	76,700	USD	57,921	Morgan Stanley & Co.	09/15/2023	$	(1,146	)
USD	18,101	CAD	24,500	Morgan Stanley & Co.	09/15/2023		(36	)
						$	(1,182	)

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

Country	% of Net Assets(a)
United States		94.34	%
Bermuda		3.19	%
Luxembourg		2.29	%
Panama		0.88	%
United Kingdom		0.84	%
Canada		0.34	%
Liabilities in Excess of Other Assets		(1.88	)%
		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

Ltd. - Limited

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.

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)
	August 31, 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 August 31, 2023:

Investments in Securities at Fair Value	Level 1			Level 2			Level 3		Total
Assets
Bank Loans	$	—		$	4,995,675		$	—	$	4,995,675
Corporate Bonds*		—			77,174,110			—		77,174,110
Convertible Corporate Bonds*		—			22,302,179			—		22,302,179
Warrants*		836			—			—		836
Purchased Options		116,092			—			—		116,092
Short-Term Investments		17,394,290			—			—		17,394,290
TOTAL	$	17,511,218		$	104,471,964		$	—	$	121,983,182
Other Financial Instruments**
Assets
Forward Foreign Currency Exchange Contracts	$	—		$	4,243		$	—	$	4,243
Equity Swaps		21,024			—			—		21,024
Liabilities
Common Stocks*		(3,098,420	)		—			—		(3,098,420	)
Exchange-Traded Funds		(1,882,000	)		—			—		(1,882,000	)
Written Options		(2,175	)		—			—		(2,175	)
Forward Foreign Currency Exchange Contracts		—			(1,182	)		—		(1,182	)
Equity Swaps		(57,599	)		—			—		(57,599	)
TOTAL	$	(5,019,170	)	$	3,061		$	—	$	(5,016,109	)

*	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.