The Arbitrage Fund Class R (ARBFX) NPORT-P Water Island Event-Driven Fund (Feb 2024 report)

Arbitrage Fund	Portfolio of Investments
	February 29, 2024 (unaudited)

	Shares		Value
COMMON STOCKS - 84.25%
Airlines - 0.56%
Hawaiian Holdings, Inc.(a)(b)		393,303	$	5,549,505
Apparel - 2.88%
Capri Holdings Ltd.(a)		616,055		28,418,617
Biotechnology - 9.48%
Ambrx Biopharma, Inc.(a)		270,425		7,555,674
Cerevel Therapeutics Holdings, Inc.(a)		473,467		19,412,147
Cymabay Therapeutics, Inc.(a)		579,266		18,646,573
Karuna Therapeutics, Inc.(a)		79,081		24,829,062
Olink Holding AB, ADR(a)		1,035,589		23,166,126
				93,609,582
Commercial Services - 1.45%
Applus Services SA		350,026		4,312,710
Moneylion, Inc.(a)		1		50
Network International Holdings PLC(a)(c)		2,073,373		10,023,944
				14,336,704
Construction Materials - 4.62%
Masonite International Corp.(a)(d)		190,824		24,852,918
PGT Innovations, Inc.(a)(d)		497,509		20,780,951
				45,633,869
Electric - 0.84%
PNM Resources, Inc.		227,098		8,291,348
Electronics - 1.00%
Smart Metering Systems PLC		824,472		9,855,719
Energy - Alternate Sources - 0.72%
Opdenergy Holdings SA(a)		1,125,274		7,114,744
Food - 3.03%
Albertsons Cos., Inc., Class A		1,478,503		29,984,041
Food Service - 4.69%
Sovos Brands, Inc.(a)(d)		2,031,141		46,289,703
Healthcare - Products - 2.86%
Axonics, Inc.(a)		416,344		28,286,411
Healthcare - Services - 7.06%
Amedisys, Inc.(a)(d)		507,236		47,183,093
Catalent, Inc.(a)(b)(d)		394,010		22,592,533
				69,775,626
Home Builders - 3.01%
MDC Holdings, Inc.		474,367		29,742,811
Home Furnishings - 1.75%
Vizio Holding Corp., Class A(a)		1,569,313		17,278,136
Internet - 1.64%
Adevinta ASA(a)		1,521,167		16,240,982

Arbitrage Fund	Portfolio of Investments (Continued)
	February 29, 2024 (unaudited)

	Shares		Value
COMMON STOCKS - 84.25% (Continued)
Iron/Steel - 2.51%
U.S. Steel Corp.(b)(d)		524,348	$	24,822,634
Oil & Gas - 11.28%
Callon Petroleum Co.(a)(b)		145,300		4,527,548
Hess Corp.(d)		313,743		45,728,042
Pioneer Natural Resources Co.(d)		260,013		61,152,458
				111,408,048
Pharmaceuticals - 0.77%
Harpoon Therapeutics, Inc.(a)		332,162		7,619,796
Real Estate - 4.80%
McGrath RentCorp(d)		181,985		22,653,493
Tricon Residential, Inc.		2,222,472		24,736,113
				47,389,606
Semiconductors - 3.64%
Broadcom, Inc.		12,600		16,386,174
Silicon Motion Technology Corp., ADR		276,663		19,584,974
				35,971,148
Software - 13.58%
Alteryx, Inc., Class A(a)(d)		579,990		27,862,720
ANSYS, Inc.(a)(d)		69,951		23,375,526
Everbridge, Inc.(a)		1,065,349		30,117,416
Splunk, Inc.(a)(d)		338,150		52,825,793
				134,181,455
Telecommunications - 2.08%
GCI Liberty, Inc.(a)(e)		660,966		—
Juniper Networks, Inc.(d)		554,172		20,520,989
				20,520,989
TOTAL COMMON STOCKS
(Cost $835,186,719)				832,321,474
RIGHTS(a) - 0.68%
Bristol-Myers Squibb Co. CVR(f)		857,631		1,157,802
Concert Pharmaceuticals, Inc. CVR, Expires 12/31/2029(e)(f)		1,669,338		678,419
Contra Abiomed, Inc. CVR, Expires 12/31/2030(f)		163,650		286,387
Contra Adamas Pharmaceuticals, Inc. CVR, Expires 12/31/2024(e)(f)		1,150,652		85,723
Contra Adamas Pharmaceuticals, Inc. CVR, Expires 12/31/2025(e)(f)		1,150,652		85,724
Contra Albireo Pharma, Inc. CVR, Expires 12/31/2027(e)(f)		313,065		739,804
Contra CinCor Pharma, Inc. CVR, Expires 12/31/2027(e)(f)		339,795		1,145,585
Contra Resolute Forest Products, Inc. CVR(e)(f)		803,806		1,255,223
Flexion Therapy CVR, Expires 12/31/2030(e)(f)		1,411,000		1,087,317
Icosavax, Inc. CVR, Expires 02/19/2030(e)(f)		802,494		249,335
TOTAL RIGHTS
(Cost $6,086,303)				6,771,319

Arbitrage Fund	Portfolio of Investments (Continued)
	February 29, 2024 (unaudited)

	Maturity Date	Rate			Principal Amount		Value
CONVERTIBLE CORPORATE BONDS - 0.25%
Healthcare - Services - 0.25%
UpHealth, Inc., Variable Rate, (SOFR plus 9.00%)(c)	12/15/2025		14.310	%	$	1,756,000	$	1,510,160
UpHealth, Inc.(c)	06/15/2026		6.250	%		1,275,000		956,250
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $3,031,000)								2,466,410

	Shares		Value
MUTUAL FUNDS(g) - 7.80%
Water Island Event Driven Fund, Class I		6,653,026	$	77,042,037
TOTAL MUTUAL FUNDS
(Cost $61,186,458)				77,042,037

	Expiration Date	Exercise Price		Notional Amount		Contracts		Value
PURCHASED OPTIONS(a) - 0.04%
Call Option Purchased - 0.00%(h)
Catalent, Inc.	04/2024	$	62.50	$	2,672,044		466	$	18,640
TOTAL CALL OPTIONS PURCHASED
(Cost $19,728)									18,640
Put Options Purchased - 0.04%
Callon Petroleum Co.	03/2024		33.00		4,527,548		1,453		138,035
Hawaiian Holdings, Inc.
	04/2024		11.00		2,716,175		1,925		9,625
	04/2024		12.00		2,532,745		1,795		8,975
U.S. Steel Corp.
	04/2024		45.00		5,065,380		1,070		72,760
	06/2024		45.00		5,065,380		1,070		133,750
TOTAL PUT OPTIONS PURCHASED
(Cost $882,952)									363,145
TOTAL PURCHASED OPTIONS
(Cost $902,680)									381,785

Arbitrage Fund	Portfolio of Investments (Continued)
	February 29, 2024 (unaudited)

	Yield			Shares		Value
SHORT-TERM INVESTMENTS - 9.38%
Money Market Funds
Morgan Stanley Institutional Liquidity Fund - Government Portfolio		5.222	%(i)		46,313,609	$	46,313,609
State Street Institutional U.S. Government Money Market Fund, Premier Class		5.387	%(i)		46,313,610		46,313,610
							92,627,219

TOTAL SHORT-TERM INVESTMENTS
(Cost $92,627,219)		92,627,219
Total Investments - 102.40%
(Cost $999,020,379)		1,011,610,244
Liabilities in Excess of Other Assets - (2.40)%(j)		(23,755,404	)
NET ASSETS - 100.00%	$	987,854,840

Portfolio Footnotes
(a)	Non-income-producing security.
(b)	Underlying security for a written/purchased call/put option.
(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 29, 2024, these securities had a total value of $12,490,354 or 1.26% of net assets.
(d)	Security, or a portion of security, is being held as collateral for swaps, short sales or forward foreign currency exchange contracts. At February 29, 2024, the aggregate fair market value of those securities was $165,015,080, representing 16.70% of net assets.
(e)	Security fair valued using significant unobservable inputs and classified as a Level 3 security.  As of February 29, 2024, the total fair market value of these securities was $5,327,130, representing 0.54% of net assets.
(f)	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 $6,771,319 or 0.69% 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 CinCor Pharma, Inc. CVR, Expires 12/31/2027	02/23/2023		1,039,773
Contra Resolute Forest Products, Inc. CVR	03/01/2023		1,141,404
Flexion Therapy CVR, Expires 12/31/2030	11/22/2021		874,820
Icosavax, Inc. CVR, Expires 02/19/2030	02/21/2024		248,773
Total		$	6,086,303

(g)	Affiliated investment.
(h)	Less than 0.005% of net assets.
(i)	Rate shown is the 7-day effective yield as of February 29, 2024.
(j)	Includes cash held as collateral for short sales.

Arbitrage Fund	Portfolio of Investments (Continued)
	February 29, 2024 (unaudited)

SCHEDULE OF SECURITIES SOLD SHORT	Shares			Value
COMMON STOCKS SOLD SHORT - (6.29%)
Commercial Services - (0.99%)
WillScot Mobile Mini Holdings Corp.		(205,352	)	$	(9,805,558	)
Oil & Gas - (2.24%)
Chevron Corp.		(145,314	)		(22,089,181	)
Semiconductors - (1.66%)
Broadcom, Inc.		(12,600	)		(16,386,174	)
Software - (1.40%)
Synopsys, Inc.		(24,133	)		(13,845,826	)
TOTAL SECURITIES SOLD SHORT
(Proceeds $54,353,301)				$	(62,126,739	)

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./ Upon Termination	Chevron Corp.	Received 1 Month-Federal Rate Minus 40bps (4.930%)	10/29/2024	$	—	$	—	$	(1,693,926	)	USD	25,100,421	$	(1,693,926	)
Morgan Stanley & Co./ Upon Termination	Exxon Mobil Corp.	Received 1 Month-Federal Rate Minus 40bps (4.930%)	10/29/2024		—		—		(1,212,415	)	USD	61,923,622		(1,212,415	)
								$	(2,906,341	)			$	(2,906,341	)

Arbitrage Fund	Portfolio of Investments (Continued)
	February 29, 2024 (unaudited)

OUTSTANDING FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS  

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation
AUD	166,700	USD	108,280	Morgan Stanley & Co.	03/15/2024	$	112
USD	6,034,465	AUD	9,169,200	Morgan Stanley & Co.	03/15/2024		72,477
EUR	3,092,500	USD	3,326,642	Morgan Stanley & Co.	03/15/2024		17,190
USD	20,902,520	EUR	19,312,100	Morgan Stanley & Co.	03/15/2024		20,893
USD	6,445,802	GBP	5,084,000	Morgan Stanley & Co.	03/15/2024		27,880
USD	2,439,216	NZD	3,986,800	Morgan Stanley & Co.	03/15/2024		11,845
						$	150,397

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Depreciation
AUD	9,188,800	USD	6,022,021	Morgan Stanley & Co.	03/15/2024	$	(47,290	)
USD	120,380	AUD	186,300	Morgan Stanley & Co.	03/15/2024		(755	)
EUR	5,681,500	USD	6,196,142	Morgan Stanley & Co.	03/15/2024		(52,897	)
GBP	20,808,000	USD	26,451,610	Morgan Stanley & Co.	03/15/2024		(184,079	)
USD	39,956,698	GBP	31,833,500	Morgan Stanley & Co.	03/15/2024		(229,165	)
USD	15,804,237	NOK	173,232,600	Morgan Stanley & Co.	03/15/2024		(510,159	)
NZD	3,986,800	USD	2,493,691	Morgan Stanley & Co.	03/15/2024		(66,320	)
						$	(1,090,665	)

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

Country	% of Net Assets(a)
United States		85.35	%
Canada		5.03	%
British Virgin Islands		2.88	%
Sweden		2.35	%
United Kingdom		2.01	%
Cayman Islands		1.98	%
Norway		1.64	%
Spain		1.16	%
Liabilities in Excess of Other Assets		(2.40	)%
		100.00	%

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

Arbitrage Fund	Portfolio of Investments (Continued)
	February 29, 2024 (unaudited)

Abbreviations:

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

ADR - American Depositary Receipt

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

AUD - Australian dollar

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

CVR - Contingent Value Rights

EUR - Euro

GBP - British pound

Ltd. - Limited

NOK - Norwegian krone

NZD - New Zealand dollar

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

USD - United States Dollar

Summary of affiliated issuer transactions for the period ended February 29, 2024:

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 February 29, 2024		Shares as of February 29, 2024		Dividend Income		Capital Gain Distributions
Water Island Event-Driven Fund	$	71,734,267	$	553,814	$	-	$	-	$	4,753,956	$	77,042,037		6,653,026	$	553,814	$	-

Arbitrage Fund	Portfolio of Investments (Continued)
	February 29, 2024 (unaudited)

The following table summarizes the Arbitrage Fund’s investments and derivative financial instruments categorized in the fair value hierarchy as of February 29, 2024:

Investments in Securities at Fair Value	Level 1			Level 2			Level 3		Total
Assets
Common Stocks
Airlines	$	5,549,505		$	—		$	—	$	5,549,505
Apparel		28,418,617			—			—		28,418,617
Biotechnology		93,609,582			—			—		93,609,582
Commercial Services		14,336,704			—			—		14,336,704
Construction Materials		45,633,869			—			—		45,633,869
Electric		8,291,348			—			—		8,291,348
Electronics		9,855,719			—			—		9,855,719
Energy - Alternate Sources		7,114,744			—			—		7,114,744
Food		29,984,041			—			—		29,984,041
Food Service		46,289,703			—			—		46,289,703
Healthcare - Products		28,286,411			—			—		28,286,411
Healthcare - Services		69,775,626			—			—		69,775,626
Home Builders		29,742,811			—			—		29,742,811
Home Furnishings		17,278,136			—			—		17,278,136
Internet		16,240,982			—			—		16,240,982
Iron/Steel		24,822,634			—			—		24,822,634
Oil & Gas		111,408,048			—			—		111,408,048
Pharmaceuticals		7,619,796			—			—		7,619,796
Real Estate		47,389,606			—			—		47,389,606
Semiconductors		35,971,148			—			—		35,971,148
Software		134,181,455			—			—		134,181,455
Telecommunications		20,520,989			—			0		20,520,989
Rights		—			1,444,189			5,327,130		6,771,319
Convertible Corporate Bonds*		—			2,466,410			—		2,466,410
Mutual Funds		77,042,037			—			—		77,042,037
Purchased Options		381,785			—			—		381,785
Short-Term Investments		92,627,219			—			—		92,627,219
TOTAL	$	1,002,372,515		$	3,910,599		$	5,327,130	$	1,011,610,244
Other Financial Instruments**
Assets
Forward Foreign Currency Exchange Contracts	$	—		$	150,397		$	—	$	150,397
Liabilities
Common Stocks*		(62,126,739	)		—			—		(62,126,739	)
Forward Foreign Currency Exchange Contracts		—			(1,090,665	)		—		(1,090,665	)
Equity Swaps		(2,906,341	)		—			—		(2,906,341	)
TOTAL	$	(65,033,080	)	$	(940,268	)	$	—	$	(65,973,348	)

*	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 February 29, 2024:

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 February 29, 2024		Net change in Unrealized Appreciation (Depreciation) from investments still held as of February 29, 2024
Common Stocks	$	82,025,339	$	3,323,372	$	(3,323,473	)	$	-	$	(82,025,238	)	$	-	$	-	$	-	$	-
Rights		4,823,685		1,059,948		372,444			248,773		(1,177,720	)		-		-		5,327,130		372,444
Private Investments		581,400		26,445		(280,614	)		-		(327,231	)		-		-		-		-
Total	$	87,430,424	$	4,409,765	$	(3,231,643	)	$	248,773	$	(83,530,189	)	$	-	$	-	$	5,327,130	$	372,444

Water Island Event-Driven Fund	Portfolio of Investments
	February 29, 2024 (unaudited)

	Shares		Value
COMMON STOCKS - 84.18%
Airlines - 0.57%
Hawaiian Holdings, Inc.(a)(b)		44,333	$	625,539
Apparel - 2.42%
Capri Holdings Ltd.(a)		57,746		2,663,823
Biotechnology - 13.53%
Cerevel Therapeutics Holdings, Inc.(a)		71,716		2,940,356
Cymabay Therapeutics, Inc.(a)(c)		103,181		3,321,397
Karuna Therapeutics, Inc.(a)(c)		12,856		4,036,398
Olink Holding AB, ADR(a)		205,046		4,586,879
				14,885,030
Commercial Services - 2.52%
Applus Services SA		44,556		548,979
Network International Holdings PLC(a)(d)		460,379		2,225,752
				2,774,731
Construction Materials - 3.04%
Masonite International Corp.(a)		25,656		3,341,438
Electric - 0.85%
PNM Resources, Inc.		25,501		931,042
Electronics - 1.03%
Smart Metering Systems PLC		94,381		1,128,228
Entertainment - 0.54%
Cineplex, Inc.(a)		101,193		589,792
Food - 2.14%
Albertsons Cos., Inc., Class A		116,083		2,354,163
Food Service - 5.18%
Sovos Brands, Inc.(a)(c)		250,196		5,701,967
Healthcare - Products - 4.05%
Axonics, Inc.(a)(c)		65,675		4,461,960
Healthcare - Services - 6.55%
Amedisys, Inc.(a)(c)		59,955		5,577,014
Catalent, Inc.(a)		28,509		1,634,706
				7,211,720
Home Builders - 1.01%
MDC Holdings, Inc.		17,813		1,116,875
Home Furnishings - 1.01%
Vizio Holding Corp., Class A(a)		100,809		1,109,907
Internet - 3.19%
Adevinta ASA(a)		329,288		3,515,696
Iron/Steel - 2.88%
U.S. Steel Corp.(c)		66,865		3,165,389
Oil & Gas - 11.14%
APA Corp.		7,732		230,336

Water Island Event-Driven Fund	Portfolio of Investments (Continued)
	February 29, 2024 (unaudited)

	Shares		Value
COMMON STOCKS - 84.18% (Continued)
Oil & Gas - 11.14% (Continued)
Hess Corp.(c)		32,380	$	4,719,385
Pioneer Natural Resources Co.(c)		31,066		7,306,413
				12,256,134
Pharmaceuticals - 0.35%
Bayer AG		12,589		382,198
Real Estate - 5.99%
McGrath RentCorp(c)		25,858		3,218,804
Tricon Residential, Inc.		302,803		3,370,197
				6,589,001
Real Estate Investment Trusts - 0.26%
Crown Castle, Inc.(b)(c)		2,579		283,535
Semiconductors - 2.47%
Broadcom, Inc.		416		541,004
Silicon Motion Technology Corp., ADR		30,789		2,179,553
				2,720,557
Software - 9.82%
Alteryx, Inc., Class A(a)		93,119		4,473,437
ANSYS, Inc.(a)		8,150		2,723,485
Splunk, Inc.(a)(c)		23,123		3,612,275
				10,809,197
Telecommunications - 3.64%
Juniper Networks, Inc.(c)		108,076		4,002,054
TOTAL COMMON STOCKS
(Cost $94,316,754)				92,619,976
RIGHTS(a) - 0.45%
Bristol-Myers Squibb Co. CVR(e)		67,803		91,534
Concert Pharmaceuticals, Inc. CVR, Expires 12/31/2029(e)(f)		154,954		62,973
Contra Abiomed, Inc. CVR, Expires 12/31/2030(e)		13,890		24,308
Contra Albireo Pharma, Inc. CVR, Expires 12/31/2027(e)(f)		34,047		80,457
Contra CinCor Pharma, Inc. CVR, Expires 12/31/2027(e)(f)		39,632		133,615
Contra Resolute Forest Products, Inc. CVR(e)(f)		68,936		107,650
TOTAL RIGHTS
(Cost $474,646)				500,537

Water Island Event-Driven Fund	Portfolio of Investments (Continued)
	February 29, 2024 (unaudited)

	Maturity Date	Rate			Principal Amount		Value
CORPORATE BONDS - 5.66%
Commercial Services - 0.95%
Valvoline, Inc.(d)	02/15/2030		4.250	%	$	1,046,000	$	1,039,385
Oil & Gas - 3.13%
Callon Petroleum Co.(d)	08/01/2028		8.000	%		1,578,000		1,648,249
PDC Energy, Inc.	05/15/2026		5.750	%		1,802,000		1,799,466
								3,447,715
Oil & Gas Services - 0.62%
CSI Compressco LP/CSI Compressco Finance, Inc.(d)	04/01/2025		7.500	%		686,000		686,686
Retail - 0.96%
Carrols Restaurant Group, Inc.(d)	07/01/2029		5.875	%		1,030,000		1,051,209
TOTAL CORPORATE BONDS
(Cost $6,222,961)								6,224,995
CONVERTIBLE CORPORATE BONDS - 0.59%
Entertainment - 0.28%
Cineplex, Inc.(d)	09/30/2025		5.750	%		392,000		308,825
Healthcare - Services - 0.31%
UpHealth, Inc., Variable Rate, (SOFR plus 9.00%)(d)	12/15/2025		14.310	%		205,000		176,300
UpHealth, Inc.(d)	06/15/2026		6.250	%		217,000		162,750
								339,050
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $710,394)								647,875

	Expiration Date	Exercise Price		Notional Amount		Contracts			Value
PURCHASED OPTIONS(a) - 0.00%(g)
Put Options Purchased - 0.00%(g)
Hawaiian Holdings, Inc.
	04/2024	$	11.00	$	297,721		211	$	1,055
	04/2024		12.00		297,721		211		1,055
TOTAL PURCHASED OPTIONS
(Cost $35,491)									2,110

Water Island Event-Driven Fund	Portfolio of Investments (Continued)
	February 29, 2024 (unaudited)

	Yield			Shares		Value
SHORT-TERM INVESTMENTS - 11.30%
Money Market Funds
Morgan Stanley Institutional Liquidity Fund - Government Portfolio		5.222	%(h)		6,216,502	$	6,216,502
State Street Institutional U.S. Government Money Market Fund, Premier Class		5.387	%(h)		6,216,501		6,216,501
							12,433,003
TOTAL SHORT-TERM INVESTMENTS
(Cost $12,433,003)							12,433,003

Total Investments - 102.18%
(Cost $114,193,249)		112,428,496
Liabilities in Excess of Other Assets - (2.18)%(i)		(2,395,888	)
NET ASSETS - 100.00%	$	110,032,608

Portfolio Footnotes  

(a)	Non-income-producing security.
(b)	Underlying security for a written/purchased call/put option.
(c)	Security, or a portion of security, is being held as collateral for swaps, short sales or forward foreign currency exchange contracts. At February 29, 2024, the aggregate fair market value of those securities was $27,107,032, representing 24.64% of net assets.
(d)	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 29, 2024, these securities had a total value of $7,299,156 or 6.63% of net assets.
(e)	Restricted securities (including private placements) - The Fund may own investment securities that have other legal or contractual limitations. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $500,537 or 0.45% 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 CinCor Pharma, Inc. CVR, Expires 12/31/2027	02/23/2023	121,274
Contra Resolute Forest Products, Inc. CVR	03/01/2023	97,889
Total		$	474,646

(f)	Security fair valued using significant unobservable inputs and classified as a Level 3 security.  As of February 29, 2024, the total fair market value of these securities was $384,695, representing 0.35% of net assets.
(g)	Less than 0.005% of net assets.
(h)	Rate shown is the 7-day effective yield as of February 29, 2024.
(i)	Includes cash held as collateral for short sales.

Water Island Event-Driven Fund	Portfolio of Investments (Continued)
	February 29, 2024 (unaudited)

SCHEDULE OF SECURITIES SOLD SHORT	Shares			Value
COMMON STOCKS SOLD SHORT - (5.65%)
Commercial Services - (1.27%)
WillScot Mobile Mini Holdings Corp.		(29,178	)	$	(1,393,249	)
Entertainment - (0.02%)
Cineplex, Inc.		(3,228	)		(18,814	)
Oil & Gas - (2.40%)
Callon Petroleum Co.		(7,417	)		(231,114	)
Chevron Corp.		(15,886	)		(2,414,831	)
					(2,645,945	)
Semiconductors - (0.49%)
Broadcom, Inc.		(416	)		(541,004	)
Software - (1.47%)
Synopsys, Inc.		(2,812	)		(1,613,329	)
TOTAL SECURITIES SOLD SHORT
(Proceeds $5,744,795)				$	(6,212,341	)

WRITTEN OPTIONS	Expiration Date		Exercise Price		Notional Amount		Contracts			Value
Written Call Options
Crown Castle, Inc.	03/2024	$	110.00	$	(142,922	)	(13	)	$	(3,510	)
TOTAL WRITTEN OPTIONS
(Premiums received $2,058)									$	(3,510	)

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./ Upon Termination	Chevron Corp.	Received 1 Month-Federal Rate Minus 40bps (4.930%)	10/29/2024	$	—	$	—	$	(166,282	)	USD	2,463,947	$	(166,282	)
Morgan Stanley & Co./ Upon Termination	Exxon Mobil Corp.	Received 1 Month-Federal Rate Minus 40bps (4.930%)	10/29/2024		—		—		(150,332	)	USD	7,390,890		(150,332	)
								$	(316,614	)			$	(316,614	)

Water Island Event-Driven Fund	Portfolio of Investments (Continued)
	February 29, 2024 (unaudited)

OUTSTANDING FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation
CAD	6,700	USD	4,929	Morgan Stanley & Co.	03/15/2024	$	9
USD	513,336	CAD	689,600	Morgan Stanley & Co.	03/15/2024		5,106
EUR	325,500	USD	350,203	Morgan Stanley & Co.	03/15/2024		1,751
USD	1,393,692	EUR	1,286,500	Morgan Stanley & Co.	03/15/2024		2,637
USD	1,685,513	GBP	1,322,000	Morgan Stanley & Co.	03/15/2024		16,652
USD	435,131	NOK	4,539,600	Morgan Stanley & Co.	03/15/2024		7,609
						$	33,764

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Depreciation
CAD	33,900	USD	25,120	Morgan Stanley & Co.	03/15/2024	$	(135	)
USD	403,946	CAD	548,700	Morgan Stanley & Co.	03/15/2024		(441	)
EUR	99,400	USD	108,252	Morgan Stanley & Co.	03/15/2024		(774	)
GBP	2,205,600	USD	2,802,402	Morgan Stanley & Co.	03/15/2024		(18,104	)
USD	4,546,718	GBP	3,622,700	Morgan Stanley & Co.	03/15/2024		(26,494	)
USD	3,040,603	NOK	33,328,500	Morgan Stanley & Co.	03/15/2024		(98,150	)
						$	(144,098	)

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

Country	% of Net Assets(a)
United States		79.60	%
Canada		6.92	%
Sweden		4.17	%
Norway		3.19	%
United Kingdom		3.05	%
British Virgin Islands		2.42	%
Cayman Islands		1.98	%
Spain		0.50	%
Germany		0.35	%
Liabilities in Excess of Other Assets		(2.18	)%
		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 29, 2024 (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.

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

EUR - Euro

GBP - British pound

LP - Limited Partnership

Ltd. - Limited

NOK - Norwegian krone

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

USD - United States Dollar

Water Island Event-Driven Fund	Portfolio of Investments (Continued)
	February 29, 2024 (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 29, 2024:

Investments in Securities at Fair Value	Level 1			Level 2			Level 3		Total
Assets
Common Stocks*	$	92,619,976		$	—		$	—	$	92,619,976
Rights		—			115,842			384,695		500,537
Corporate Bonds*		—			6,224,995			—		6,224,995
Convertible Corporate Bonds*		—			647,875			—		647,875
Purchased Options		2,110			—			—		2,110
Short-Term Investments		12,433,003			—			—		12,433,003
TOTAL	$	105,055,089		$	6,988,712		$	384,695	$	112,428,496
Other Financial Instruments**
Assets
Forward Foreign Currency Exchange Contracts	$	—		$	33,764		$	—	$	33,764
Liabilities
Common Stocks*		(6,212,341	)		—			—		(6,212,341	)
Written Options		(3,510	)		—			—		(3,510	)
Forward Foreign Currency Exchange Contracts		—			(144,098	)		—		(144,098	)
Equity Swaps		(316,614	)		—			—		(316,614	)
TOTAL	$	(6,532,465	)	$	(110,334	)	$	—	$	(6,642,799	)

*	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.

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 29, 2024:

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 February 29, 2024		Net change in Unrealized Appreciation (Depreciation) from investments still held as of February 29, 2024
Common Stocks	$	6,889,128	$	285,151	$	(285,251	)	$	-	$	(6,889,028	)	$	-	$	-	$	-	$	-
Rights		366,494		91,928		28,416			-		(102,143	)		-		-		384,695		26,479
Private Investments		45,600		2,074		(22,009	)		-		(25,665	)		-		-		-		-
Total	$	7,301,222	$	379,153	$	(278,844	)	$	-	$	(7,016,836	)	$	-	$	-	$	384,695	$	26,479

Water Island Credit Opportunities Fund	Portfolio of Investments
	February 29, 2024 (unaudited)

	Maturity Date	Rate			Principal Amount		Value
BANK LOAN - 2.10%
Commercial Services - 2.10%
Verscend Holding Corp., 2021 Term Loan B, Variable Rate, (1 mo. USD SOFR plus 4.00%)	08/27/2025		9.441	%	$	2,969,543	$	2,975,423
TOTAL BANK LOANS
(Cost $2,976,704)								2,975,423
CORPORATE BONDS - 69.90%
Aerospace & Defense - 0.24%
Howmet Aerospace, Inc.	10/01/2024		5.125	%		340,000		338,121
Apparel - 1.73%
Michael Kors USA, Inc.(a)	11/01/2024		4.250	%		2,500,000		2,453,125
Auto Manufacturers - 3.73%
Ford Motor Credit Co. LLC	03/18/2024		5.584	%		1,915,000		1,914,774
Ford Motor Credit Co. LLC(b)	09/08/2024		3.664	%		3,400,000		3,358,488
								5,273,262
Auto Parts & Equipment - 2.14%
Goodyear Tire & Rubber Co.	05/31/2025		9.500	%		3,000,000		3,030,000
Banks - 2.78%
PNC Financial Services Group, Inc.	04/29/2024		3.900	%		3,000,000		2,989,422
Truist Financial Corp., Variable Rate, (3 mo. USD SOFR plus 0.91%)	03/15/2028		6.296	%		1,000,000		941,638
								3,931,060
Commercial Services - 5.26%
Triton Container International Ltd.(a)(b)	06/07/2024		1.150	%		4,000,000		3,943,107
Valvoline, Inc.(a)	02/15/2030		4.250	%		3,365,000		3,343,719
Verscend Escrow Corp.(a)	08/15/2026		9.750	%		150,000		150,289
								7,437,115
Construction Materials - 2.85%
PGT Innovations, Inc.(a)	10/01/2029		4.375	%		4,000,000		4,026,860
Diversified Financial Services - 2.63%
NFP Corp.(a)	08/15/2028		6.875	%		3,666,000		3,723,259
Electrical Components & Equipment - 1.75%
WESCO Distribution, Inc.(a)	06/15/2025		7.125	%		2,465,000		2,479,728
Entertainment - 4.27%
International Game Technology PLC(a)(b)	02/15/2025		6.500	%		2,020,000		2,023,044
United Parks & Resorts, Inc.(a)	05/01/2025		8.750	%		4,000,000		4,009,874
								6,032,918
Healthcare - Services - 3.41%
Catalent Pharma Solutions, Inc.(a)	04/01/2030		3.500	%		5,000,000		4,815,899
Internet - 5.91%
Gen Digital, Inc.(a)	04/15/2025		5.000	%		2,907,000		2,877,930

Water Island Credit Opportunities Fund	Portfolio of Investments (Continued)
	February 29, 2024 (unaudited)

	Maturity Date	Rate			Principal Amount		Value
CORPORATE BONDS - 69.90% (Continued)
Internet - 5.91% (Continued)
Getty Images, Inc.(a)	03/01/2027		9.750	%	$	5,500,000	$	5,483,217
								8,361,147
Iron/Steel - 0.72%
U.S. Steel Corp.	03/01/2029		6.875	%		1,000,000		1,011,485
Media - 0.81%
DISH Network Corp.(a)	11/15/2027		11.750	%		1,100,000		1,146,836
Miscellaneous Manufacturing - 1.03%
Hillenbrand, Inc.(b)	06/15/2025		5.750	%		1,475,000		1,464,022
Office/Business Equip - 1.92%
Xerox Holdings Corp.(a)	08/15/2025		5.000	%		2,762,000		2,716,475
Oil & Gas - 10.76%
Callon Petroleum Co.(a)	08/01/2028		8.000	%		3,870,000		4,042,285
CrownRock LP/CrownRock Finance, Inc.(a)	10/15/2025		5.625	%		6,000,000		5,970,300
Occidental Petroleum Corp.	09/01/2025		5.875	%		30,000		30,072
PDC Energy, Inc.	05/15/2026		5.750	%		5,180,000		5,172,714
								15,215,371
Oil & Gas Services - 2.12%
CSI Compressco LP/CSI Compressco Finance, Inc.(a)	04/01/2025		7.500	%		3,000,000		3,003,000
Packaging & Containers - 2.81%
Ball Corp.
	07/01/2025		5.250	%		1,500,000		1,499,176
	03/15/2026		4.875	%		2,500,000		2,470,020
								3,969,196
Retail - 3.56%
Abercrombie & Fitch Management Co.(a)	07/15/2025		8.750	%		2,215,000		2,233,342
Carrols Restaurant Group, Inc.(a)	07/01/2029		5.875	%		1,275,000		1,301,255
Dave & Buster's, Inc.(a)(b)	11/01/2025		7.625	%		1,500,000		1,503,916
								5,038,513
Software - 5.34%
ACI Worldwide, Inc.(a)	08/15/2026		5.750	%		600,000		588,585
Alteryx, Inc.(a)	03/15/2028		8.750	%		3,200,000		3,245,222
Boxer Parent Co., Inc.(a)	10/02/2025		7.125	%		1,715,000		1,716,698
Fidelity National Information Services, Inc.	03/01/2024		0.600	%		1,266,000		1,266,000
PTC, Inc.(a)	02/15/2025		3.625	%		750,000		732,068
								7,548,573
Telecommunications - 4.13%
Altice France Holding SA(a)(b)	05/15/2027		10.500	%		3,550,000		2,319,089
Sprint LLC(b)	06/15/2024		7.125	%		2,500,000		2,506,625

Water Island Credit Opportunities Fund	Portfolio of Investments (Continued)
	February 29, 2024 (unaudited)

	Maturity Date	Rate			Principal Amount		Value
CORPORATE BONDS - 69.90% (Continued)
Telecommunications - 4.13% (Continued)
U.S. Cellular Corp.	12/15/2033		6.700	%	$	1,030,000	$	1,013,427
								5,839,141
TOTAL CORPORATE BONDS
(Cost $100,284,760)								98,855,106
CONVERTIBLE CORPORATE BONDS - 23.30%
Aerospace & Defense - 2.10%
Kaman Corp.(b)	05/01/2024		3.250	%		3,000,000		2,973,900
Auto Manufacturers - 0.03%
Lightning eMotors, Inc.(a)(c)	05/15/2024		7.500	%		973,000		48,650
Diversified Financial Services - 1.06%
WisdomTree, Inc.	06/15/2026		3.250	%		1,500,000		1,500,750
Entertainment - 0.32%
Cineplex, Inc.(a)	09/30/2025		5.750	%		567,000		446,694
Healthcare - Services - 0.65%
UpHealth, Inc., Variable Rate, (SOFR plus 9.00%)(a)	12/15/2025		14.310	%		470,000		404,200
UpHealth, Inc.(a)	06/15/2026		6.250	%		689,000		516,750
								920,950
Internet - 5.23%
Perficient, Inc.	11/15/2026		0.125	%		2,750,000		2,334,173
Spotify USA, Inc.(d)	03/15/2026		0.000	%		3,500,000		3,160,500
TechTarget, Inc.(d)	12/15/2026		0.000	%		2,000,000		1,897,603
								7,392,276
Software - 13.91%
BlackLine, Inc.(d)	03/15/2026		0.000	%		3,071,000		2,733,190
Everbridge, Inc.(d)	03/15/2026		0.000	%		2,500,000		2,432,500
RingCentral, Inc.(d)	03/01/2025		0.000	%		3,105,000		2,923,978
Splunk, Inc.
	09/15/2025		1.125	%		4,500,000		5,076,000
	06/15/2027		1.125	%		3,862,000		3,806,001
Verint Systems, Inc.(b)	04/15/2026		0.250	%		3,000,000		2,695,230
								19,666,899
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $33,977,892)								32,950,119

Water Island Credit Opportunities Fund	Portfolio of Investments (Continued)
	February 29, 2024 (unaudited)

	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	$	111

TOTAL WARRANTS
(Cost $0)					111
COMMON STOCKS - 0.45%
Oil & Gas - 0.39%
APA Corp.			18,233	$	543,161
Software - 0.06%
Alteryx, Inc., Class A(e)			1,800		86,472
TOTAL COMMON STOCKS
(Cost $711,486)					629,633
PREFERRED STOCKS - 1.17%
Pipelines - 1.17%
NuStar Energy LP, Series B, Variable Rate, (3 mo. USD SOFR plus 5.90%)	11.28	%	31,989		813,160
NuStar Energy LP, Series A, Variable Rate, (3 mo. USD SOFR plus 7.03%)	12.41	%	33,072		838,706
					1,651,866
TOTAL PREFERRED STOCKS
(Cost $1,669,115)					1,651,866

	Expiration Date	Exercise Price		Notional Amount		Contracts		Value
PURCHASED OPTIONS(e) - 0.13%
Call Options Purchased - 0.13%
Caesars Entertainment, Inc.	03/2024	$	50.00	$	738,990		170	$	1,700
Dave & Buster's Entertainment, Inc.	04/2024		65.00		864,360		140		49,000
Gen Digital, Inc.	03/2024		25.00		429,800		200		0
Telephone and Data Systems, Inc.	03/2024		20.00		765,000		500		10,000
United Parks & Resorts, Inc.
	03/2024		60.00		898,625		175		0
	06/2024		55.00		898,625		175		49,000
Xerox Holdings Corp.	04/2024		17.00		829,925		445		75,650
TOTAL PURCHASED OPTIONS
(Cost $324,875)									185,350

Water Island Credit Opportunities Fund	Portfolio of Investments (Continued)
	February 29, 2024 (unaudited)

	Yield			Shares		Value
SHORT-TERM INVESTMENTS - 0.15%
Money Market Funds
Morgan Stanley Institutional Liquidity Fund - Government Portfolio		5.222	%(h)		105,956	$	105,956
State Street Institutional U.S. Government Money Market Fund, Premier Class		5.387	%(h)		105,955		105,955
							211,911

TOTAL SHORT-TERM INVESTMENTS
(Cost $211,911)		211,911
Total Investments - 97.20%
(Cost $140,156,743)		137,459,519
Other Assets in Excess of Liabilities - 2.80%(i)		3,954,228
NET ASSETS - 100.00%	$	141,413,747

Portfolio Footnotes

(a)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of February 29, 2024, these securities had a total value of $71,265,416 or 50.39% of net assets.
(b)	Security, or a portion of security, is being held as collateral for swaps, short sales, or forward foreign currency exchange contracts. At February 29, 2024, the aggregate fair market value of those securities was $14,416,415, representing 10.19% of net assets.
(c)	Security in default on interest payments.
(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 $111 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 29, 2024.
(i)	Includes cash held as collateral for short sales.

Water Island Credit Opportunities Fund	Portfolio of Investments (Continued)
	February 29, 2024 (unaudited)

SCHEDULE OF SECURITIES SOLD SHORT	Shares			Value
COMMON STOCKS SOLD SHORT - (4.57%)
Diversified Financial Services - (0.22%)
WisdomTree, Inc.		(39,400	)	$	(317,564	)
Entertainment - (0.37%)
Cineplex, Inc.		(18,000	)		(104,911	)
United Parks & Resorts, Inc.		(8,100	)		(415,935	)
					(520,846	)
Healthcare - Services - (0.65%)
Catalent, Inc.		(16,000	)		(917,440	)
Internet - (0.16%)
Perficient, Inc.		(400	)		(25,948	)
Spotify Technology SA		(800	)		(205,128	)
					(231,076	)
Office/Business Equip - (0.46%)
Xerox Holdings Corp.		(34,800	)		(649,020	)
Oil & Gas - (0.39%)
Callon Petroleum Co.		(17,488	)		(544,926	)
Retail - (0.24%)
Dave & Buster's Entertainment, Inc.		(5,600	)		(345,744	)
Software - (2.08%)
BlackLine, Inc.		(3,000	)		(170,190	)
RingCentral, Inc., Class A		(300	)		(10,026	)
Splunk, Inc.		(15,200	)		(2,374,544	)
Verint Systems, Inc.		(12,100	)		(382,481	)
					(2,937,241	)
TOTAL SECURITIES SOLD SHORT
(Proceeds $6,398,420)				$	(6,463,857	)

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	Gen Digital, Inc.	Received 1 Month-Federal Rate Minus 40bps (4.930%)	10/29/2024	$	—	$	—	$	11,833	USD	106,389	$	11,833
Morgan Stanley & Co./ Upon Termination	Telephone & Data Systems, Inc.	Received 1 Month-Federal Rate Minus 40bps (4.930%)	10/29/2024		—		—		35,976	USD	181,326		35,976
								$	47,809			$	47,809

Water Island Credit Opportunities Fund	Portfolio of Investments (Continued)
	February 29, 2024 (unaudited)

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	iShares iBoxx High Yield Corporate Bond ETF	Received 1 Month-Federal Rate Minus 40bps (4.930%)	10/29/2024	$	—	$	—	$	(79,250	)	USD	1,854,000	$	(79,250	)
Morgan Stanley & Co./ Upon Termination	SPDR Bloomberg High Yield Bond ETF	Received 1 Month-Federal Rate Minus 40bps (4.930%)	10/29/2024		—		—		(109,223	)	USD	2,152,195		(109,223	)
								$	(188,473	)			$	(188,473	)

Water Island Credit Opportunities Fund	Portfolio of Investments (Continued)
	February 29, 2024 (unaudited)

OUTSTANDING FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS  

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation
USD	43,846	CAD	59,000	Morgan Stanley & Co.	03/15/2024	$	364

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Depreciation
CAD	23,400	USD	17,427	Morgan Stanley & Co.	03/15/2024	$	(182	)
USD	315,397	CAD	428,400	Morgan Stanley & Co.	03/15/2024		(329	)
						$	(511	)

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

Country	% of Net Assets(a)
United States		91.02	%
Bermuda		2.79	%
Luxembourg		1.64	%
United Kingdom		1.43	%
Canada		0.32	%
Other Assets in Excess of Liabilities		2.80	%
		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

LLC - Limited Liability Company

LP - Limited Partnership

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

USD - United States Dollar  

Water Island Credit Opportunities Fund	Portfolio of Investments (Continued)
	February 29, 2024 (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 29, 2024:

Investments in Securities at Fair Value	Level 1			Level 2			Level 3		Total
Assets
Bank Loans	$	—		$	2,975,423		$	—	$	2,975,423
Corporate Bonds*		—			98,855,106			—		98,855,106
Convertible Corporate Bonds*		—			32,950,119			—		32,950,119
Warrants		111			—			—		111
Common Stocks*		629,633			—			—		629,633
Preferred Stocks*		1,651,866			—			—		1,651,866
Purchased Options		185,350			—			—		185,350
Short-Term Investments		211,911			—			—		211,911
TOTAL	$	2,678,871		$	134,780,648		$	—	$	137,459,519
Other Financial Instruments**
Assets
Forward Foreign Currency Exchange Contracts	$	—		$	364		$	—	$	364
Equity Swaps		47,809			—			—		47,809
Liabilities
Common Stocks*		(6,463,857	)		—			—		(6,463,857	)
Forward Foreign Currency Exchange Contracts		—			(511	)		—		(511	)
Equity Swaps		(188,473	)		—			—		(188,473	)
TOTAL	$	(6,604,521	)	$	(147	)	$	—	$	(6,604,668	)

*	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.