| Arbitrage Fund | Portfolio of Investments |
| | August 31, 2024 (unaudited) |
| | | Shares | | | Value | |
| COMMON STOCKS - 93.48% | | | | | | | | |
| Advertising - 1.03% | | | | | | | | |
| Ascential PLC | | | 1,292,000 | | | $ | 9,688,630 | |
| | | | | | | | | |
| Agriculture - 0.50% | | | | | | | | |
| Vector Group Ltd. | | | 310,700 | | | | 4,654,286 | |
| | | | | | | | | |
| Airlines - 0.04% | | | | | | | | |
| Hawaiian Holdings, Inc.(a) | | | 19,220 | | | | 332,890 | |
| | | | | | | | | |
| Beverages - 1.29% | | | | | | | | |
| Britvic PLC | | | 723,000 | | | | 12,106,322 | |
| | | | | | | | | |
| Commercial Services - 4.72% | | | | | | | | |
| Aaron's Co., Inc. | | | 935,000 | | | | 9,434,150 | |
| Network International Holdings PLC(a)(b) | | | 2,073,373 | | | | 10,837,379 | |
| R1 RCM, Inc.(a)(c) | | | 1,703,751 | | | | 24,039,926 | |
| | | | | | | | 44,311,455 | |
| Computers & Computer Services - 1.42% | | | | | | | | |
| PlayAGS, Inc.(a)(c) | | | 337,544 | | | | 3,820,998 | |
| Thoughtworks Holding, Inc.(a) | | | 2,189,000 | | | | 9,522,150 | |
| | | | | | | | 13,343,148 | |
| Electric - 0.13% | | | | | | | | |
| ALLETE, Inc. | | | 20,000 | | | | 1,271,000 | |
| | | | | | | | | |
| Entertainment - 3.08% | | | | | | | | |
| Everi Holdings, Inc.(a)(c) | | | 2,220,000 | | | | 28,971,000 | |
| | | | | | | | | |
| Environmental Control - 2.08% | | | | | | | | |
| Stericycle, Inc.(a) | | | 330,500 | | | | 19,585,430 | |
| | | | | | | | | |
| Food - 7.31% | | | | | | | | |
| Albertsons Cos., Inc., Class A(c) | | | 1,568,503 | | | | 30,774,029 | |
| Kellanova | | | 469,807 | | | | 37,871,142 | |
| | | | | | | | 68,645,171 | |
| Healthcare - Products - 5.73% | | | | | | | | |
| Axonics, Inc.(a)(c) | | | 471,594 | | | | 32,617,799 | |
| Silk Road Medical, Inc.(a) | | | 783,231 | | | | 21,233,392 | |
| | | | | | | | 53,851,191 | |
| Healthcare - Services - 7.51% | | | | | | | | |
| Amedisys, Inc.(a) | | | 470,231 | | | | 46,087,340 | |
| Catalent, Inc.(a) | | | 402,010 | | | | 24,506,530 | |
| | | | | | | | 70,593,870 | |
| Home Furnishings - 3.00% | | | | | | | | |
| Vizio Holding Corp., Class A(a) | | | 2,508,594 | | | | 28,171,511 | |
| | | | | | | | | |
| Insurance - 1.06% | | | | | | | | |
| Enstar Group Ltd.(a)(c) | | | 30,452 | | | | 9,927,352 | |
| | | | | | | | | |
| Internet - 4.20% | | | | | | | | |
| Squarespace, Inc., Class A(a)(c) | | | 867,968 | | | | 39,475,185 | |
| Arbitrage Fund | Portfolio of Investments (Continued) |
| | August 31, 2024 (unaudited) |
| | | Shares | | | Value | |
| COMMON STOCKS - 93.48% (Continued) | | | | | | | | |
| Iron/Steel - 2.63% | | | | | | | | |
| U.S. Steel Corp.(c) | | | 652,848 | | | $ | 24,749,468 | |
| | | | | | | | | |
| Media - 4.62% | | | | | | | | |
| Endeavor Group Holdings, Inc., Class A(c) | | | 1,081,507 | | | | 29,719,812 | |
| Paramount Global, Class B(c) | | | 1,306,206 | | | | 13,675,977 | |
| | | | | | | | 43,395,789 | |
| Mining - 2.05% | | | | | | | | |
| Filo Corp.(a) | | | 407,000 | | | | 9,688,391 | |
| Osisko Mining, Inc.(a) | | | 2,677,000 | | | | 9,554,684 | |
| | | | | | | | 19,243,075 | |
| Oil & Gas - 9.86% | | | | | | | | |
| Crescent Energy Co., Class A | | | 525,000 | | | | 6,263,250 | |
| Diamond Offshore Drilling, Inc.(a) | | | 660,000 | | | | 9,464,400 | |
| Hess Corp. | | | 317,243 | | | | 43,798,569 | |
| Marathon Oil Corp.(c) | | | 1,154,119 | | | | 33,065,509 | |
| | | | | | | | 92,591,728 | |
| Oil & Gas Services - 2.52% | | | | | | | | |
| ChampionX Corp.(c) | | | 760,997 | | | | 23,689,837 | |
| | | | | | | | | |
| Packaging & Containers - 2.93% | | | | | | | | |
| DS Smith PLC | | | 4,485,149 | | | | 27,566,807 | |
| | | | | | | | | |
| Pharmaceuticals - 3.48% | | | | | | | | |
| G1 Therapeutics, Inc.(a) | | | 1,312,000 | | | | 9,328,320 | |
| PetIQ, Inc., Class A(a)(c) | | | 458,008 | | | | 13,992,144 | |
| Revance Therapeutics, Inc.(a) | | | 1,428,000 | | | | 9,381,960 | |
| | | | | | | | 32,702,424 | |
| Real Estate - 2.34% | | | | | | | | |
| McGrath RentCorp | | | 202,985 | | | | 21,952,828 | |
| | | | | | | | | |
| Retail - 1.00% | | | | | | | | |
| Chuy's Holdings, Inc.(a) | | | 252,000 | | | | 9,374,400 | |
| | | | | | | | | |
| Software - 14.57% | | | | | | | | |
| ANSYS, Inc.(a) | | | 88,951 | | | | 28,590,631 | |
| Envestnet, Inc.(a)(c) | | | 455,384 | | | | 28,575,346 | |
| HashiCorp, Inc., Class A(a) | | | 910,446 | | | | 30,900,537 | |
| Instructure Holdings, Inc.(a) | | | 810,000 | | | | 18,978,300 | |
| Matterport, Inc.(a) | | | 2,400,000 | | | | 10,872,000 | |
| PowerSchool Holdings, Inc., Class A(a) | | | 835,958 | | | | 18,984,606 | |
| | | | | | | | 136,901,420 | |
| Telecommunications - 4.38% | | | | | | | | |
| GCI Liberty, Inc.(a)(d) | | | 660,966 | | | | — | |
| Infinera Corp.(a) | | | 1,510,000 | | | | 9,497,900 | |
| Juniper Networks, Inc.(c) | | | 554,172 | | | | 21,546,207 | |
| Arbitrage Fund | Portfolio of Investments (Continued) |
| | August 31, 2024 (unaudited) |
| | | Shares | | | Value | |
| COMMON STOCKS - 93.48% (Continued) | | | | | | | | |
| Telecommunications - 4.38% (Continued) | | | | | | | | |
| Spirent Communications PLC(a) | | | 4,316,000 | | | $ | 10,072,392 | |
| | | | | | | | 41,116,499 | |
| | | | | | | | | |
| TOTAL COMMON STOCKS | | | | | | | | |
| (Cost $884,656,789) | | | | | | | 878,212,716 | |
| | | | | | | | | |
| RIGHTS(a) - 0.69% | | | | | | | | |
| Bristol-Myers Squibb Co. CVR(d)(e) | | | 857,631 | | | | 1,157,802 | |
| Concert Pharmaceuticals, Inc. CVR, Expires 12/31/2029(d)(e) | | | 1,669,338 | | | | 711,639 | |
| Contra Abiomed, Inc. CVR, Expires 12/31/2030(d)(e) | | | 163,650 | | | | 286,388 | |
| Contra Adamas Pharmaceuticals, Inc. CVR, Expires 12/31/2024(d)(e) | | | 1,150,652 | | | | 89,981 | |
| Contra Adamas Pharmaceuticals, Inc. CVR, Expires 12/31/2025(d)(e) | | | 1,150,652 | | | | 89,866 | |
| Contra Albireo Pharma, Inc. CVR, Expires 12/31/2027(d)(e) | | | 313,065 | | | | 776,119 | |
| Contra CinCor Pharma, Inc. CVR, Expires 12/31/2027(d)(e) | | | 339,795 | | | | 1,201,787 | |
| Contra Resolute Forest Products, Inc. CVR(d)(e) | | | 803,806 | | | | 1,255,223 | |
| Flexion Therapy CVR, Expires 12/31/2030(d)(e) | | | 1,411,000 | | | | 712,837 | |
| Icosavax, Inc. CVR, Expires 02/19/2030(d)(e) | | | 802,494 | | | | 261,613 | |
| | | | | | | | | |
| TOTAL RIGHTS | | | | | | | | |
| (Cost $6,086,303) | | | | | | | 6,543,255 | |
| | | | | | | | | |
| MUTUAL FUNDS(f) - 4.86% | | | | | | | | |
| Water Island Event-Driven Fund, Class I | | | 3,822,731 | | | | 45,681,633 | |
| | | | | | | | | |
| TOTAL MUTUAL FUNDS | | | | | | | | |
| (Cost $34,256,941) | | | | | | | 45,681,633 | |
| | | Expiration
Date | | | Exercise
Price | | | Notional
Amount | | | Contracts | | | Value | |
| PURCHASED OPTIONS(a) - 0.03% | | | | | | | | | | | | | | | | | | | | |
| Call Options Purchased - 0.01% | | | | | | | | | | | | | | | | | | | | |
| Nuvei Corp. | | | 09/2024 | | | $ | 35.00 | | | $ | 15,299,600 | | | | 4,600 | | | $ | 23,000 | |
| WillScot Holdings Corp. | | | 10/2024 | | | | 40.00 | | | | 1,005,894 | | | | 261 | | | | 34,191 | |
| | | | | | | | | | | | | | | | | | | | | |
| TOTAL CALL OPTIONS PURCHASED | | | | | | | | | | | | | | | | | | | | |
| (Cost $127,026) | | | | | | | | | | | | | | | | | | | 57,191 | |
| | | | | | | | | | | | | | | | | | | | | |
| Put Options Purchased - 0.02% | | | | | | | | | | | | | | | | | | | | |
| CoStar Group, Inc. | | | 10/2024 | | | | 80.00 | | | | 2,744,150 | | | | 355 | | | | 142,000 | |
| International Paper Co. | | | | | | | | | | | | | | | | | | | | |
| | | | 09/2024 | | | | 47.50 | | | | 837,666 | | | | 173 | | | | 14,705 | |
| | | | 10/2024 | | | | 45.00 | | | | 837,666 | | | | 173 | | | | 11,245 | |
| | | | | | | | | | | | | | | | | | | | | |
| TOTAL PUT OPTIONS PURCHASED | | | | | | | | | | | | | | | | | | | | |
| (Cost $286,322) | | | | | | | | | | | | | | | | | | | 167,950 | |
| | | | | | | | | | | | | | | | | | | | | |
| TOTAL PURCHASED OPTIONS | | | | | | | | | | | | | | | | | | | | |
| (Cost $413,348) | | | | | | | | | | | | | | | | | | | 225,141 | |
| Arbitrage Fund | Portfolio of Investments (Continued) |
| | August 31, 2024 (unaudited) |
| | | Yield | | | Shares | | | Value | |
| SHORT-TERM INVESTMENTS - 0.12% | | | | | | | | | | | | |
| Money Market Funds | | | | | | | | | | | | |
| Morgan Stanley Institutional Liquidity Fund - Government Portfolio | | | 5.188 | %(g) | | | 552,680 | | | $ | 552,680 | |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | | | 5.353 | %(g) | | | 552,679 | | | | 552,679 | |
| | | | | | | | | | | | 1,105,359 | |
| TOTAL SHORT-TERM INVESTMENTS | | | | | | | | | | | | |
| (Cost $1,105,359) | | | | | | | | | | | 1,105,359 | |
| | | | | | | | | | | | | |
| Total Investments - 99.18% | | | | | | | | | | | | |
| (Cost $926,518,740) | | | | | | | | | | | 931,768,104 | |
| | | | | | | | | | | | | |
| Other Assets in Excess of Liabilities - 0.82%(h) | | | | | | | | | | | 7,697,867 | |
| | | | | | | | | | | | | |
| NET ASSETS - 100.00% | | | | | | | | | | $ | 939,465,971 | |
| (a) | Non-income-producing security. |
| (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, 2024, these securities had a total value of $10,837,379 or 1.15% 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, 2024, the aggregate fair market value of those securities was $161,493,570, representing 17.19% of net assets. |
| (d) | Security fair valued using significant unobservable inputs and classified as a Level 3 security. As of August 31, 2024, the total fair market value of these securities was $6,543,255, representing 0.69% 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 $6,543,255 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 | |
| (f) | Affiliated investment. |
| (g) | Rate shown is the 7-day effective yield as of August 31, 2024. |
| (h) | Includes cash held as collateral for short sales. |
| Arbitrage Fund | Portfolio of Investments (Continued) |
| | August 31, 2024 (unaudited) |
| SCHEDULE OF SECURITIES SOLD SHORT | | Shares | | | Value | |
| COMMON STOCKS SOLD SHORT - (3.88%) | | | | | | | | |
| Commercial Services - (0.94%) | | | | | | | | |
| WillScot Holdings Corp. | | | (229,048 | ) | | $ | (8,827,510 | ) |
| | | | | | | | | |
| Forest Products & Paper - (0.26%) | | | | | | | | |
| Mondi PLC | | | (126,869 | ) | | | (2,452,602 | ) |
| | | | | | | | | |
| Oil & Gas - (0.62%) | | | | | | | | |
| Noble Corp. PLC | | | (152,856 | ) | | | (5,831,456 | ) |
| | | | | | | | | |
| Real Estate - (0.36%) | | | | | | | | |
| CoStar Group, Inc. | | | (43,962 | ) | | | (3,398,263 | ) |
| | | | | | | | | |
| Software - (1.70%) | | | | | | | | |
| Synopsys, Inc. | | | (30,688 | ) | | | (15,944,871 | ) |
| | | | | | | | | |
| TOTAL SECURITIES SOLD SHORT | | | | | | | | |
| (Proceeds $39,664,836) | | | | | | $ | (36,454,702 | ) |
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 | | Chevron Corp. | | Received 1 Month-Federal Rate Minus 40bps (4.930%) | | 10/31/2024 | | $ | — | | | $ | — | | | $ | 1,557,614 | | | USD | 49,667,108 | | | $ | 1,557,614 | |
| Morgan Stanley & Co./ Upon Termination | | Schlumberger NV | | Received 1 Month-Federal Rate Minus 40bps (4.930%) | | 10/31/2024 | | | — | | | | — | | | | 1,422,113 | | | USD | 26,051,542 | | | | 1,422,113 | |
| Morgan Stanley & Co./ Monthly | | Lundin Mining Corp. | | Received 1 Day-CABROVER Minus 40bps (3.850%) | | 08/29/2025 | | | — | | | | — | | | | — | | | CAD | 4,265,116 | | | | — | |
| | | | | | | | | | | | | | | | | $ | 2,979,727 | | | | | | | $ | 2,979,727 | |
| Arbitrage Fund | Portfolio of Investments (Continued) |
| | August 31, 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 | | ConocoPhillips | | Received 1 Month-Federal Rate Minus 40bps (4.930%) | | 10/31/2024 | | $ | — | | | $ | — | | | $ | (1,519,947 | ) | | USD | 31,868,998 | | | $ | (1,519,947 | ) |
| Morgan Stanley & Co./ Upon Termination | | International Paper Co. | | Received 1 Month-Federal Rate Minus 40bps (4.930%) | | 10/31/2024 | | | — | | | | — | | | | (794,831 | ) | | USD | 22,518,673 | | | | (794,831 | ) |
| Morgan Stanley & Co./ Upon Termination | | Nokia OYJ | | Received 1 Month-Federal Rate Minus 40bps (4.930%) | | 10/31/2024 | | | — | | | | — | | | | (404,302 | ) | | USD | 3,202,076 | | | | (404,302 | ) |
| Morgan Stanley & Co./ Upon Termination | | Nuvei Corp. | | Received 1 Month-Federal Rate Minus 40bps (4.930%) | | 10/31/2024 | | | — | | | | — | | | | (46,050 | ) | | USD | 10,164,770 | | | | (46,050 | ) |
| | | | | | | | | | | | | | | | | $ | (2,765,130 | ) | | | | | | $ | (2,765,130 | ) |
| Arbitrage Fund | Portfolio of Investments (Continued) |
| | August 31, 2024 (unaudited) |
OUTSTANDING FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
| Currency Purchased | | Currency Sold | | Counterparty | | Settlement
Date | | Unrealized
Appreciation | |
| CAD | 214,800 | | USD | 155,969 | | Morgan Stanley & Co. | | 09/16/2024 | | $ | 3,488 | |
| EUR | 9,098,800 | | USD | 9,780,195 | | Morgan Stanley & Co. | | 09/16/2024 | | | 283,162 | |
| GBP | 10,903,700 | | USD | 14,137,583 | | Morgan Stanley & Co. | | 09/16/2024 | | | 184,128 | |
| USD | 1,894,188 | | GBP | 1,434,900 | | Morgan Stanley & Co. | | 09/16/2024 | | | 9,485 | |
| | | | | | | | | $ | 480,263 | |
| Currency Purchased | | Currency Sold | | Counterparty | | Settlement
Date | | Unrealized
Depreciation | |
| USD | 19,203,544 | | CAD | 26,335,800 | | Morgan Stanley & Co. | | 09/16/2024 | | $ | (346,772 | ) |
| USD | 9,882,932 | | EUR | 9,098,800 | | Morgan Stanley & Co. | | 09/16/2024 | | | (180,425 | ) |
| GBP | 2,950,800 | | USD | 3,893,624 | | Morgan Stanley & Co. | | 09/16/2024 | | | (17,830 | ) |
| USD | 58,114,288 | | GBP | 45,325,400 | | Morgan Stanley & Co. | | 09/16/2024 | | | (1,419,378 | ) |
| | | | | | | | | $ | (1,964,405 | ) |
The following is a summary of investments classified by country exposure:
| Country | | % of Net Assets(a) | |
| United States | | | 88.60 | % |
| United Kingdom | | | 7.47 | % |
| Canada | | | 2.05 | % |
| Bermuda | | | 1.06 | % |
| Other Assets in Excess of Liabilities | | | 0.82 | % |
| | | | 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. |
| CABROVER - Bank of Canada Overnight Lending Rate |
| CAD - Canadian dollar |
| CVR - Contingent Value Rights |
| EUR - Euro |
| GBP - British pound |
| Ltd. - Limited |
| 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 |
| USD - United States Dollar |
| Arbitrage Fund | Portfolio of Investments (Continued) |
| | August 31, 2024 (unaudited) |
Summary of affiliated issuer transactions for the period ended August 31, 2024:
Arbitrage Fund
| Affiliated Issuer | | Beginning
Value as of
May 31, 2024 | | | Purchases at
Cost | | | Proceeds
from Sales | | | Net
Realized
Gain/(Loss)
on Sales | | | Change in
Unrealized
Appreciation/
Depreciation | | | Ending
Value as of
August 31, 2024 | | | Shares as of
August
31, 2024 | | | Dividend
Income | | | Capital Gain
Distributions | |
| Water Island Event-Driven Fund, Class I | | $ | 53,474,188 | | | $ | - | | | $ | 9,407,241 | | | $ | 1,883,594 | | | $ | (268,908 | ) | | $ | 45,681,633 | | | | 3,822,731 | | | $ | - | | | $ | - | |
| Arbitrage Fund | Portfolio of Investments (Continued) |
| | August 31, 2024 (unaudited) |
The following table summarizes the Arbitrage Fund’s investments and derivative financial instruments categorized in the fair value hierarchy as of August 31, 2024:
| Investments in Securities at Fair Value | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Assets | | | | | | | | | | | | | | | | |
| Common Stocks | | | | | | | | | | | | | | | | |
| Advertising | | $ | 9,688,630 | | | $ | — | | | $ | — | | | $ | 9,688,630 | |
| Agriculture | | | 4,654,286 | | | | — | | | | — | | | | 4,654,286 | |
| Airlines | | | 332,890 | | | | — | | | | — | | | | 332,890 | |
| Beverages | | | 12,106,322 | | | | — | | | | — | | | | 12,106,322 | |
| Commercial Services | | | 44,311,455 | | | | — | | | | — | | | | 44,311,455 | |
| Computers & Computer Services | | | 13,343,148 | | | | — | | | | — | | | | 13,343,148 | |
| Electric | | | 1,271,000 | | | | — | | | | — | | | | 1,271,000 | |
| Entertainment | | | 28,971,000 | | | | — | | | | — | | | | 28,971,000 | |
| Environmental Control | | | 19,585,430 | | | | — | | | | — | | | | 19,585,430 | |
| Food | | | 68,645,171 | | | | — | | | | — | | | | 68,645,171 | |
| Healthcare - Products | | | 53,851,191 | | | | — | | | | — | | | | 53,851,191 | |
| Healthcare - Services | | | 70,593,870 | | | | — | | | | — | | | | 70,593,870 | |
| Home Furnishings | | | 28,171,511 | | | | — | | | | — | | | | 28,171,511 | |
| Insurance | | | 9,927,352 | | | | — | | | | — | | | | 9,927,352 | |
| Internet | | | 39,475,185 | | | | — | | | | — | | | | 39,475,185 | |
| Iron/Steel | | | 24,749,468 | | | | — | | | | — | | | | 24,749,468 | |
| Media | | | 43,395,789 | | | | — | | | | — | | | | 43,395,789 | |
| Mining | | | 19,243,075 | | | | — | | | | — | | | | 19,243,075 | |
| Oil & Gas | | | 92,591,728 | | | | — | | | | — | | | | 92,591,728 | |
| Oil & Gas Services | | | 23,689,837 | | | | — | | | | — | | | | 23,689,837 | |
| Packaging & Containers | | | 27,566,807 | | | | — | | | | — | | | | 27,566,807 | |
| Pharmaceuticals | | | 32,702,424 | | | | — | | | | — | | | | 32,702,424 | |
| Real Estate | | | 21,952,828 | | | | — | | | | — | | | | 21,952,828 | |
| Retail | | | 9,374,400 | | | | — | | | | — | | | | 9,374,400 | |
| Software | | | 136,901,420 | | | | — | | | | — | | | | 136,901,420 | |
| Telecommunications | | | 41,116,499 | | | | — | | | | 0 | | | | 41,116,499 | |
| Rights | | | — | | | | — | | | | 6,543,255 | | | | 6,543,255 | |
| Mutual Funds | | | 45,681,633 | | | | — | | | | — | | | | 45,681,633 | |
| Purchased Options | | | 225,141 | | | | — | | | | — | | | | 225,141 | |
| Short-Term Investments | | | 1,105,359 | | | | — | | | | — | | | | 1,105,359 | |
| TOTAL | | $ | 925,224,849 | | | $ | — | | | $ | 6,543,255 | | | $ | 931,768,104 | |
| | | | | | | | | | | | | | | | | |
| Other Financial Instruments** | | | | | | | | | | | | | | | | |
| Assets | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Exchange Contracts | | $ | — | | | $ | 480,263 | | | $ | — | | | $ | 480,263 | |
| Equity Swaps | | | 2,979,727 | | | | — | | | | — | | | | 2,979,727 | |
| Liabilities | | | | | | | | | | | | | | | | |
| Common Stocks* | | | (36,454,702 | ) | | | — | | | | — | | | | (36,454,702 | ) |
| Forward Foreign Currency Exchange Contracts | | | — | | | | (1,964,405 | ) | | | — | | | | (1,964,405 | ) |
| Equity Swaps | | | (2,765,130 | ) | | | — | | | | — | | | | (2,765,130 | ) |
| TOTAL | | $ | (36,240,105 | ) | | $ | (1,484,142 | ) | | $ | — | | | $ | (37,724,247 | ) |
| * | 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, 2024:
| Investments in Securities | | Balance as of
May 31, 2024 | | | 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, 2024 | | | Net change in Unrealized
Appreciation (Depreciation) from
investments still held as of
August 31, 2024 | |
| Common Stocks | | $ | 0 | | | $ | - | | | $ | 0 | | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | 0 | | | $ | 0 | |
| Rights | | | 6,900,579 | | | | - | | | | (357,324 | ) | | | - | | | | - | | | | - | | | | - | | | | 6,543,255 | | | | (357,324 | ) |
| Total | | $ | 6,900,579 | | | $ | - | | | $ | (357,324 | ) | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | 6,543,255 | | | $ | (357,324 | ) |
| Water Island Event-Driven Fund | Portfolio of Investments |
| | August 31, 2024 (unaudited) |
| | | Shares | | | Value | |
| COMMON STOCKS - 73.04% | | | | | | | | |
| Commercial Services - 4.05% | | | | | | | | |
| Network International Holdings PLC(a)(b) | | | 279,265 | | | $ | 1,459,699 | |
| R1 RCM, Inc.(a)(c) | | | 99,494 | | | | 1,403,860 | |
| | | | | | | | 2,863,559 | |
| Electric - 0.97% | | | | | | | | |
| Atlantica Sustainable Infrastructure PLC | | | 31,375 | | | | 684,289 | |
| | | | | | | | | |
| Entertainment - 1.24% | | | | | | | | |
| Cineplex, Inc.(a) | | | 18,084 | | | | 146,937 | |
| Everi Holdings, Inc.(a) | | | 55,825 | | | | 728,516 | |
| | | | | | | | 875,453 | |
| Environmental Control - 2.18% | | | | | | | | |
| Stericycle, Inc.(a)(c) | | | 25,940 | | | | 1,537,204 | |
| | | | | | | | | |
| Food - 5.20% | | | | | | | | |
| Albertsons Cos., Inc., Class A(c) | | | 91,621 | | | | 1,797,604 | |
| Kellanova | | | 23,262 | | | | 1,875,150 | |
| | | | | | | | 3,672,754 | |
| Healthcare - Products - 4.88% | | | | | | | | |
| Axonics, Inc.(a)(c) | | | 49,876 | | | | 3,449,674 | |
| | | | | | | | | |
| Healthcare - Services - 8.44% | | | | | | | | |
| Amedisys, Inc.(a) | | | 40,122 | | | | 3,932,357 | |
| Catalent, Inc.(a) | | | 33,287 | | | | 2,029,176 | |
| | | | | | | | 5,961,533 | |
| Home Furnishings - 2.85% | | | | | | | | |
| Vizio Holding Corp., Class A(a)(c) | | | 179,661 | | | | 2,017,593 | |
| | | | | | | | | |
| Internet - 3.70% | | | | | | | | |
| Perficient, Inc.(a) | | | 25,106 | | | | 1,887,218 | |
| Squarespace, Inc., Class A(a) | | | 16,004 | | | | 727,862 | |
| | | | | | | | 2,615,080 | |
| Iron/Steel - 3.14% | | | | | | | | |
| U.S. Steel Corp.(c) | | | 58,449 | | | | 2,215,802 | |
| | | | | | | | | |
| Media - 3.51% | | | | | | | | |
| Endeavor Group Holdings, Inc., Class A(c) | | | 66,527 | | | | 1,828,162 | |
| Paramount Global, Class B(c) | | | 62,016 | | | | 649,307 | |
| | | | | | | | 2,477,469 | |
| Mining - 1.60% | | | | | | | | |
| Filo Corp.(a) | | | 47,407 | | | | 1,128,495 | |
| | | | | | | | | |
| Oil & Gas - 9.60% | | | | | | | | |
| Hess Corp. | | | 27,891 | | | | 3,850,632 | |
| Marathon Oil Corp.(c) | | | 102,419 | | | | 2,934,304 | |
| | | | | | | | 6,784,936 | |
| Water Island Event-Driven Fund | Portfolio of Investments (Continued) |
| | August 31, 2024 (unaudited) |
| | | Shares | | | Value | |
| COMMON STOCKS - 73.04% (Continued) | | | | | | | | |
| Oil & Gas Services - 3.50% | | | | | | | | |
| ChampionX Corp.(c) | | | 79,434 | | | $ | 2,472,780 | |
| | | | | | | | | |
| Pharmaceuticals - 2.03% | | | | | | | | |
| Bayer AG | | | 12,589 | | | | 387,766 | |
| PetIQ, Inc., Class A(a)(c) | | | 34,370 | | | | 1,050,003 | |
| | | | | | | | 1,437,769 | |
| Real Estate - 3.51% | | | | | | | | |
| McGrath RentCorp | | | 22,958 | | | | 2,482,908 | |
| | | | | | | | | |
| Real Estate Investment Trusts - 0.41% | | | | | | | | |
| Crown Castle, Inc.(c)(d) | | | 2,579 | | | | 288,900 | |
| | | | | | | | | |
| Software - 7.43% | | | | | | | | |
| ANSYS, Inc.(a) | | | 5,647 | | | | 1,815,059 | |
| Envestnet, Inc.(a) | | | 11,563 | | | | 725,578 | |
| HashiCorp, Inc., Class A(a)(c) | | | 79,741 | | | | 2,706,410 | |
| | | | | | | | 5,247,047 | |
| Telecommunications - 4.80% | | | | | | | | |
| Infinera Corp.(a) | | | 120,413 | | | | 757,398 | |
| Juniper Networks, Inc.(c) | | | 67,744 | | | | 2,633,886 | |
| | | | | | | | 3,391,284 | |
| | | | | | | | | |
| TOTAL COMMON STOCKS | | | | | | | | |
| (Cost $52,531,735) | | | | | | | 51,604,529 | |
| | | | | | | | | |
| RIGHTS(a) - 0.73% | | | | | | | | |
| Bristol-Myers Squibb Co. CVR(e)(f) | | | 67,803 | | | | 91,534 | |
| Concert Pharmaceuticals, Inc. CVR, Expires 12/31/2029(e)(f) | | | 154,954 | | | | 66,057 | |
| Contra Abiomed, Inc. CVR, Expires 12/31/2030(e)(f) | | | 13,890 | | | | 24,308 | |
| Contra Albireo Pharma, Inc. CVR, Expires 12/31/2027(e)(f) | | | 34,047 | | | | 84,406 | |
| Contra CinCor Pharma, Inc. CVR, Expires 12/31/2027(e)(f) | | | 39,632 | | | | 140,170 | |
| Contra Resolute Forest Products, Inc. CVR(e)(f) | | | 68,936 | | | | 107,650 | |
| | | | | | | | | |
| TOTAL RIGHTS | | | | | | | | |
| (Cost $474,646) | | | | | | | 514,125 | |
| Water Island Event-Driven Fund | Portfolio of Investments (Continued) |
| | August 31, 2024 (unaudited) |
| | | Maturity
Date | | Rate | | | Principal
Amount | | | Value | |
| CORPORATE BONDS - 18.10% | | | | | | | | | | | | | | |
| Aerospace & Defense - 1.09% | | | | | | | | | | | | | | |
| Spirit AeroSystems, Inc.(b) | | 11/15/2030 | | | 9.750 | % | | $ | 690,000 | | | $ | 772,209 | |
| | | | | | | | | | | | | | | |
| Agriculture - 2.22% | | | | | | | | | | | | | | |
| Vector Group Ltd.(b) | | 02/01/2029 | | | 5.750 | % | | | 1,546,000 | | | | 1,567,255 | |
| | | | | | | | | | | | | | | |
| Computers & Computer Services - 0.44% | | | | | | | | | | | | | | |
| NCR Voyix Corp.(b) | | 10/01/2028 | | | 5.000 | % | | | 314,000 | | | | 310,335 | |
| | | | | | | | | | | | | | | |
| Entertainment - 4.27% | | | | | | | | | | | | | | |
| Cineplex, Inc.(b) | | 03/31/2029 | | | 7.625 | % | | | 752,000 | | | | 579,631 | |
| Everi Holdings, Inc.(b) | | 07/15/2029 | | | 5.000 | % | | | 2,461,000 | | | | 2,439,534 | |
| | | | | | | | | | | | | | 3,019,165 | |
| Healthcare - Services - 1.19% | | | | | | | | | | | | | | |
| Select Medical Corp.(b) | | 08/15/2026 | | | 6.250 | % | | | 834,000 | | | | 838,122 | |
| | | | | | | | | | | | | | | |
| Leisure Time - 2.31% | | | | | | | | | | | | | | |
| Vista Outdoor, Inc.(b) | | 03/15/2029 | | | 4.500 | % | | | 1,630,000 | | | | 1,629,831 | |
| | | | | | | | | | | | | | | |
| Oil & Gas - 1.93% | | | | | | | | | | | | | | |
| Endeavor Energy Resources LP/EER Finance, Inc.(b) | | 01/30/2028 | | | 5.750 | % | | | 1,341,000 | | | | 1,364,597 | |
| | | | | | | | | | | | | | | |
| Retail - 1.22% | | | | | | | | | | | | | | |
| Brinker International, Inc.(b) | | 10/01/2024 | | | 5.000 | % | | | 865,000 | | | | 863,832 | |
| | | | | | | | | | | | | | | |
| Software - 3.43% | | | | | | | | | | | | | | |
| Alteryx, Inc.(b) | | 03/15/2028 | | | 8.750 | % | | | 2,361,000 | | | | 2,421,921 | |
| | | | | | | | | | | | | | | |
| TOTAL CORPORATE BONDS | | | | | | | | | | | | | | |
| (Cost $12,722,610) | | | | | | | | | | | | | 12,787,267 | |
| | | | | | | | | | | | | | | |
| CONVERTIBLE CORPORATE BONDS - 2.65% | | | | | | | | | | | | | | |
| Internet - 2.65% | | | | | | | | | | | | | | |
| TechTarget, Inc.(g) | | 12/15/2026 | | | 0.000 | % | | | 1,930,000 | | | | 1,872,100 | |
| | | | | | | | | | | | | | | |
| TOTAL CONVERTIBLE CORPORATE BONDS | | | | | | | | | | | | | | |
| (Cost $1,857,444) | | | | | | | | | | | | | 1,872,100 | |
| | | Expiration
Date | | Exercise
Price | | | Notional
Amount | | | Contracts | | | Value | |
| PURCHASED OPTIONS(a) - 0.01% | | | | | | | | | | | | | | | | | | |
| Call Option Purchased - 0.01% | | | | | | | | | | | | | | | | | | |
| WillScot Holdings Corp. | | 10/2024 | | $ | 40.00 | | | $ | 111,766 | | | | 29 | | | $ | 3,799 | |
| | | | | | | | | | | | | | | | | | | |
| TOTAL PURCHASED OPTIONS | | | | | | | | | | | | | | | | | | |
| (Cost $3,953) | | | | | | | | | | | | | | | | | 3,799 | |
| Water Island Event-Driven Fund | Portfolio of Investments (Continued) |
| | August 31, 2024 (unaudited) |
| | | Yield | | | Shares | | | Value | |
| SHORT-TERM INVESTMENTS - 4.42% | | | | | | | | | | | | |
| Money Market Funds | | | | | | | | | | | | |
| Morgan Stanley Institutional Liquidity Fund - Government Portfolio | | | 5.188 | %(h) | | | 1,562,761 | | | $ | 1,562,761 | |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | | | 5.353 | %(h) | | | 1,562,760 | | | | 1,562,760 | |
| | | | | | | | | | | | 3,125,521 | |
| | | | | | | | | | | | | |
| TOTAL SHORT-TERM INVESTMENTS | | | | | | | | | | | | |
| (Cost $3,125,521) | | | | | | | | | | | 3,125,521 | |
| | | | | | | | | | | | | |
| Total Investments - 98.95% | | | | | | | | | | | | |
| (Cost $70,715,909) | | | | | | | | | | | 69,907,341 | |
| | | | | | | | | | | | | |
| Other Assets in Excess of Liabilities - 1.05%(i) | | | | | | | | | | | 741,320 | |
| | | | | | | | | | | | | |
| NET ASSETS - 100.00% | | | | | | | | | | $ | 70,648,661 | |
| (a) | Non-income-producing security. |
| (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, 2024, these securities had a total value of $14,246,966 or 20.17% of net assets. |
| (c) | Security, or a portion of security, is being held as collateral for swaps, short sales or forward foreign currency exchange contracts. At August 31, 2024, the aggregate fair market value of those securities was $10,260,429, representing 14.52% of net assets. |
| (d) | Underlying security for a written/purchased call/put option. |
| (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 $514,125 or 0.73% 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 August 31, 2024, the total fair market value of these securities was $514,125, representing 0.73% of net assets. |
| (g) | Represents a zero coupon bond. |
| (h) | Rate shown is the 7-day effective yield as of August 31, 2024. |
| (i) | Includes cash held as collateral for short sales. |
| Water Island Event-Driven Fund | Portfolio of Investments (Continued) |
| | August 31, 2024 (unaudited) |
| SCHEDULE OF SECURITIES SOLD SHORT | | Shares | | | Value | |
| COMMON STOCKS SOLD SHORT - (4.32%) | | | | | | | | |
| Commercial Services - (1.41%) | | | | | | | | |
| WillScot Holdings Corp. | | | (25,906 | ) | | $ | (998,417 | ) |
| | | | | | | | | |
| Oil & Gas - (1.07%) | | | | | | | | |
| ConocoPhillips | | | (6,626 | ) | | | (753,973 | ) |
| | | | | | | | | |
| Software - (1.43%) | | | | | | | | |
| Synopsys, Inc. | | | (1,951 | ) | | | (1,013,701 | ) |
| | | | | | | | | |
| Telecommunications - (0.41%) | | | | | | | | |
| Nokia OYJ, ADR | | | (64,481 | ) | | | (287,585 | ) |
| | | | | | | | | |
| TOTAL SECURITIES SOLD SHORT | | | | | | | | |
| (Proceeds $3,157,454) | | | | | | $ | (3,053,676 | ) |
| WRITTEN OPTIONS | | Expiration
Date | | Exercise
Price | | | Notional
Amount | | | Contracts | | | Value | |
| Written Call Options | | | | | | | | | | | | | | |
| Crown Castle, Inc. | | 09/2024 | | $ | 110.00 | | | $ | (145,626 | ) | | | (13 | ) | | $ | (3,731 | ) |
| | | | | | | | | | | | | | | | | | | |
| TOTAL WRITTEN OPTIONS |
| (Premiums received $3,098) | | | | | | | | | | | | | | | | $ | (3,731 | ) |
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 | | Chevron Corp. | | Received 1 Month-Federal Rate Minus 40bps (4.930%) | | 10/31/2024 | | $ | — | | | $ | — | | | $ | 265,417 | | | USD | 4,495,455 | | $ | 265,417 | |
| Morgan Stanley & Co./ Upon Termination | | Schlumberger NV | | Received 1 Month-Federal Rate Minus 40bps (4.930%) | | 10/31/2024 | | | — | | | | — | | | | 135,866 | | | USD | 2,706,817 | | | 135,866 | |
| Morgan Stanley & Co./ Monthly | | Lundin Mining Corp. | | Received 1 Day-CABROVER Minus 40bps (3.850%) | | 08/29/2025 | | | — | | | | — | | | | — | | | CAD | 496,793 | | | — | |
| | | | | | | | | | | | | | | | | $ | 401,283 | | | | | | $ | 401,283 | |
| Water Island Event-Driven Fund | Portfolio of Investments (Continued) |
| | August 31, 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 | | ConocoPhillips | | Received 1 Month-Federal Rate Minus 40bps (4.930%) | | 10/31/2024 | | $ | — | | | $ | — | | | $ | (100,958 | ) | | USD | 2,116,809 | | $ | (100,958 | ) |
OUTSTANDING FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
| Currency Purchased | | Currency Sold | | Counterparty | | Settlement
Date | | Unrealized
Appreciation | |
| CAD | | 1,107,700 | | USD | | 808,357 | | Morgan Stanley & Co. | | 09/16/2024 | | $ | 13,942 | |
| EUR | | 811,700 | | USD | | 873,463 | | Morgan Stanley & Co. | | 09/16/2024 | | | 24,284 | |
| GBP | | 108,600 | | USD | | 139,573 | | Morgan Stanley & Co. | | 09/16/2024 | | | 3,070 | |
| | | | | | | | | | | | | $ | 41,296 | |
| Currency Purchased | | Currency Sold | | Counterparty | | Settlement
Date | | Unrealized
Depreciation | |
| USD | | 2,636,593 | | CAD | | 3,601,000 | | Morgan Stanley & Co. | | 09/16/2024 | | $ | (36,600 | ) |
| EUR | | 18,700 | | USD | | 20,843 | | Morgan Stanley & Co. | | 09/16/2024 | | | (161 | ) |
| USD | | 1,282,295 | | EUR | | 1,179,900 | | Morgan Stanley & Co. | | 09/16/2024 | | | (22,686 | ) |
| USD | | 1,573,428 | | GBP | | 1,225,700 | | Morgan Stanley & Co. | | 09/16/2024 | | | (36,495 | ) |
| | | | | | | | | | | | | $ | (95,942 | ) |
| The following is a summary of investments classified by country exposure: | |
| Country | | % of Net Assets(a) | |
| United States | | | 92.74 | % |
| United Kingdom | | | 3.03 | % |
| Canada | | | 2.63 | % |
| Germany | | | 0.55 | % |
| Other Assets in Excess of Liabilities | | | 1.05 | % |
| | | | 100.00 | % |
| (a) | These percentages represent long positions only and are not net of short positions. |
Abbreviations:
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.
CABROVER - Bank of Canada Overnight Lending Rate
CAD - Canadian dollar
CVR - Contingent Value Rights
EUR - Euro
GBP - British pound
LP - Limited Partnership
Ltd. - Limited
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
USD - United States Dollar
| Water Island Event-Driven Fund | Portfolio of Investments (Continued) |
| August 31, 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 August 31, 2024:
| Investments in Securities at Fair Value | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Assets | | | | | | | | | | | | | | | | |
| Common Stocks* | | $ | 51,604,529 | | | $ | — | | | $ | — | | | $ | 51,604,529 | |
| Rights | | | — | | | | — | | | | 514,125 | | | | 514,125 | |
| Corporate Bonds* | | | — | | | | 12,787,267 | | | | — | | | | 12,787,267 | |
| Convertible Corporate Bonds* | | | — | | | | 1,872,100 | | | | — | | | | 1,872,100 | |
| Purchased Options | | | 3,799 | | | | — | | | | — | | | | 3,799 | |
| Short-Term Investments | | | 3,125,521 | | | | — | | | | — | | | | 3,125,521 | |
| TOTAL | | $ | 54,733,849 | | | $ | 14,659,367 | | | $ | 514,125 | | | $ | 69,907,341 | |
| | | | | | | | | | | | | | | | | |
| Other Financial Instruments** | | | | | | | | | | | | | | | | |
| Assets | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Exchange Contracts | | $ | — | | | $ | 41,296 | | | $ | — | | | $ | 41,296 | |
| Equity Swaps | | | 401,283 | | | | — | | | | — | | | | 401,283 | |
| Liabilities | | | | | | | | | | | | | | | | |
| Common Stocks* | | | (3,053,676 | ) | | | — | | | | — | | | | (3,053,676 | ) |
| Written Options | | | (3,731 | ) | | | — | | | | — | | | | (3,731 | ) |
| Forward Foreign Currency Exchange Contracts | | | — | | | | (95,942 | ) | | | — | | | | (95,942 | ) |
| Equity Swaps | | | (100,958 | ) | | | — | | | | — | | | | (100,958 | ) |
| TOTAL | | $ | (2,757,082 | ) | | $ | (54,646 | ) | | $ | — | | | $ | (2,811,728 | ) |
| * | 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 August 31, 2024:
| Investments in Securities | | Balance as of
May 31, 2024 | | | 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, 2024 | | | Net change in Unrealized
Appreciation (Depreciation)
from investments still held as
of August 31, 2024 | |
| Rights | | $ | 509,882 | | | $ | - | | | $ | 4,243 | | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | 514,125 | | | $ | 4,243 | |
| Total | | $ | 509,882 | | | $ | - | | | $ | 4,243 | | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | 514,125 | | | $ | 4,243 | |
| Water Island Credit Opportunities Fund | Portfolio of Investments |
| August 31, 2024 (unaudited) |
| | | Maturity
Date | | Rate | | | Principal
Amount | | | Value | |
| BANK LOANS - 4.77% |
| Aerospace & Defense - 1.38% |
| Spirit Aerosystems, Inc., 2022 Term Loan, Variable Rate, (3 mo. USD SOFR plus 4.50%) | | 01/15/2027 | | | 9.752 | % | | $ | 1,989,873 | | | $ | 2,011,016 | |
| Diversified Financial Services - 3.39% |
| Nuvei Technologies Corp., USD Term Loan, Variable Rate, (1 mo. USD SOFR plus 3.00%) | | 12/19/2030 | | | 8.347 | % | | | 4,948,155 | | | | 4,964,137 | |
| | | | | | | | | | | | | | | |
| TOTAL BANK LOANS |
| (Cost $6,954,725) | | | | | | | | | | | | | 6,975,153 | |
| | | | | | | | | | | | | | | |
| CORPORATE BONDS - 54.04% |
| Aerospace & Defense - 2.23% |
| Spirit AeroSystems, Inc.(a)(b) | | 11/15/2030 | | | 9.750 | % | | | 2,911,000 | | | | 3,257,825 | |
| | | | | | | | | | | | | | | |
| Agriculture - 4.42% |
| Vector Group Ltd.(a) | | 02/01/2029 | | | 5.750 | % | | | 6,373,000 | | | | 6,460,617 | |
| | | | | | | | | | | | | | | |
| Apparel - 2.38% |
| Michael Kors USA, Inc.(a)(b) | | 11/01/2024 | | | 4.250 | % | | | 3,500,000 | | | | 3,481,607 | |
| | | | | | | | | | | | | | | |
| Auto Manufacturers - 2.32% |
| Ford Motor Credit Co. LLC | | 09/08/2024 | | | 3.664 | % | | | 3,400,000 | | | | 3,398,487 | |
| | | | | | | | | | | | | | | |
| Auto Parts & Equipment - 1.59% |
| Goodyear Tire & Rubber Co. | | 05/31/2025 | | | 9.500 | % | | | 2,313,000 | | | | 2,320,330 | |
| | | | | | | | | | | | | | | |
| Banks - 0.65% |
| Truist Financial Corp., Variable Rate, (3 mo. USD Term SOFR plus 0.91%)(b) | | 03/15/2028 | | | 6.251 | % | | | 1,000,000 | | | | 957,646 | |
| | | | | | | | | | | | | | | |
| Computers & Computer Services - 0.86% |
| NCR Voyix Corp.(a) | | 10/01/2028 | | | 5.000 | % | | | 1,280,000 | | | | 1,265,060 | |
| | | | | | | | | | | | | | | |
| Electric - 1.69% |
| Atlantica Sustainable Infrastructure PLC(a) | | 06/15/2028 | | | 4.125 | % | | | 2,500,000 | | | | 2,477,173 | |
| | | | | | | | | | | | | | | |
| Entertainment - 6.55% |
| Cineplex, Inc.(a) | | 03/31/2029 | | | 7.625 | % | | | 1,557,000 | | | | 1,200,114 | |
| Everi Holdings, Inc.(a)(b) | | 07/15/2029 | | | 5.000 | % | | | 3,195,000 | | | | 3,167,132 | |
| International Game Technology PLC(a) | | 02/15/2025 | | | 6.500 | % | | | 5,220,000 | | | | 5,222,088 | |
| | | | | | | | | | | | | | 9,589,334 | |
| Environmental Control - 1.33% |
| Stericycle, Inc.(a)(b) | | 01/15/2029 | | | 3.875 | % | | | 2,000,000 | | | | 1,942,025 | |
| | | | | | | | | | | | | | | |
| Healthcare - Services - 5.48% |
| Catalent Pharma Solutions, Inc.(a)(b) | | 04/01/2030 | | | 3.500 | % | | | 5,000,000 | | | | 4,882,646 | |
| Select Medical Corp.(a)(b) | | 08/15/2026 | | | 6.250 | % | | | 3,117,000 | | | | 3,132,404 | |
| | | | | | | | | | | | | | 8,015,050 | |
| Internet - 5.72% |
| Gen Digital, Inc.(a)(b) | | 04/15/2025 | | | 5.000 | % | | | 2,907,000 | | | | 2,895,820 | |
| Getty Images, Inc.(a) | | 03/01/2027 | | | 9.750 | % | | | 5,500,000 | | | | 5,479,275 | |
| | | | | | | | | | | | | | 8,375,095 | |
| Water Island Credit Opportunities Fund | Portfolio of Investments (Continued) |
| August 31, 2024 (unaudited) |
| | | Maturity
Date | | Rate | | | Principal
Amount | | | Value | |
| CORPORATE BONDS - 54.04% (Continued) |
| Iron/Steel - 1.59% |
| U.S. Steel Corp. | | 03/01/2029 | | | 6.875 | % | | $ | 2,300,000 | | | $ | 2,319,129 | |
| | | | | | | | | | | | | | | |
| Leisure Time - 2.08% | | | | | | | | | | | | | | |
| Vista Outdoor, Inc.(a) | | 03/15/2029 | | | 4.500 | % | | | 3,045,000 | | | | 3,044,685 | |
| | | | | | | | | | | | | | | |
| Office/Business Equip - 2.59% | | | | | | | | | | | | | | |
| Xerox Holdings Corp.(a)(b) | | 08/15/2025 | | | 5.000 | % | | | 3,852,000 | | | | 3,791,296 | |
| | | | | | | | | | | | | | | |
| Oil & Gas - 4.83% | | | | | | | | | | | | | | |
| Endeavor Energy Resources LP/EER Finance, Inc.(a)(b) | | 01/30/2028 | | | 5.750 | % | | | 6,919,000 | | | | 7,040,754 | |
| Occidental Petroleum Corp. | | 09/01/2025 | | | 5.875 | % | | | 30,000 | | | | 30,167 | |
| | | | | | | | | | | | | | 7,070,921 | |
| Retail - 3.14% | | | | | | | | | | | | | | |
| Brinker International, Inc.(a) | | 10/01/2024 | | | 5.000 | % | | | 3,085,000 | | | | 3,080,836 | |
| Dave & Buster's, Inc.(a) | | 11/01/2025 | | | 7.625 | % | | | 1,500,000 | | | | 1,506,829 | |
| | | | | | | | | | | | | | 4,587,665 | |
| Software - 4.17% | | | | | | | | | | | | | | |
| ACI Worldwide, Inc.(a) | | 08/15/2026 | | | 5.750 | % | | | 1,064,000 | | | | 1,060,585 | |
| Alteryx, Inc.(a) | | 03/15/2028 | | | 8.750 | % | | | 4,194,000 | | | | 4,302,218 | |
| PTC, Inc.(a)(b) | | 02/15/2025 | | | 3.625 | % | | | 750,000 | | | | 743,515 | |
| | | | | | | | | | | | | | 6,106,318 | |
| Telecommunications - 0.42% | | | | | | | | | | | | | | |
| Altice France Holding SA(a) | | 05/15/2027 | | | 10.500 | % | | | 1,550,000 | | | | 613,146 | |
| | | | | | | | | | | | | | | |
| TOTAL CORPORATE BONDS | | | | | | | | | | | | | | |
| (Cost $79,832,019) | | | | | | | | | | | | | 79,073,409 | |
| | | | | | | | | | | | | | | |
| CONVERTIBLE CORPORATE BONDS - 36.58% | | | | | | | | | | | | | | |
| Auto Manufacturers - 0.02% | | | | | | | | | | | | | | |
| Lightning eMotors, Inc.(a)(c)(d) | | 05/15/2024 | | | 7.500 | % | | | 973,000 | | | | 29,190 | |
| | | | | | | | | | | | | | | |
| Commercial Services - 1.86% | | | | | | | | | | | | | | |
| Repay Holdings Corp.(a)(e) | | 02/01/2026 | | | 0.000 | % | | | 3,000,000 | | | | 2,719,500 | |
| | | | | | | | | | | | | | | |
| Computers & Computer Services - 1.52% | | | | | | | | | | | | | | |
| Rapid7, Inc.(b) | | 03/15/2027 | | | 0.250 | % | | | 2,500,000 | | | | 2,226,562 | |
| | | | | | | | | | | | | | | |
| Diversified Financial Services - 2.89% | | | | | | | | | | | | | | |
| WisdomTree, Inc. | | 06/15/2026 | | | 3.250 | % | | | 1,500,000 | | | | 1,627,500 | |
| WisdomTree, Inc., Series A(a) | | 08/15/2029 | | | 3.250 | % | | | 2,500,000 | | | | 2,602,500 | |
| | | | | | | | | | | | | | 4,230,000 | |
| Healthcare - Products - 2.64% | | | | | | | | | | | | | | |
| Insulet Corp.(b) | | 09/01/2026 | | | 0.375 | % | | | 3,500,000 | | | | 3,858,750 | |
| | | | | | | | | | | | | | | |
| Internet - 8.14% | | | | | | | | | | | | | | |
| Perficient, Inc. | | 11/15/2026 | | | 0.125 | % | | | 4,750,000 | | | | 4,647,875 | |
| Spotify USA, Inc.(e) | | 03/15/2026 | | | 0.000 | % | | | 3,500,000 | | | | 3,412,500 | |
| Water Island Credit Opportunities Fund | Portfolio of Investments (Continued) |
| August 31, 2024 (unaudited) |
| | | Maturity
Date | | Rate | | | Principal
Amount | | | Value | |
| CONVERTIBLE CORPORATE BONDS - 36.58% (Continued) | | | | | | | | | | | | | | |
| Internet - 8.14% (Continued) | | | | | | | | | | | | | | |
| TechTarget, Inc.(e) | | 12/15/2026 | | | 0.000 | % | | $ | 3,973,000 | | | $ | 3,853,810 | |
| | | | | | | | | | | | | | 11,914,185 | |
| Pharmaceuticals - 5.34% | | | | | | | | | | | | | | |
| Dexcom, Inc.(b) | | | | | | | | | | | | | | |
| | | 11/15/2025 | | | 0.250 | % | | | 5,000,000 | | | | 4,722,500 | |
| | | 05/15/2028 | | | 0.375 | % | | | 3,500,000 | | | | 3,094,000 | |
| | | | | | | | | | | | | | 7,816,500 | |
| Software - 14.17% | | | | | | | | | | | | | | |
| Bentley Systems, Inc.(b) | | 07/01/2027 | | | 0.375 | % | | | 5,000,000 | | | | 4,590,000 | |
| BlackLine, Inc.(e) | | 03/15/2026 | | | 0.000 | % | | | 3,071,000 | | | | 2,836,069 | |
| Envestnet, Inc.(b) | | 08/15/2025 | | | 0.750 | % | | | 4,500,000 | | | | 4,394,250 | |
| Envestnet, Inc. | | 12/01/2027 | | | 2.625 | % | | | 3,000,000 | | | | 3,171,000 | |
| RingCentral, Inc.(b)(e) | | 03/01/2025 | | | 0.000 | % | | | 3,105,000 | | | | 2,988,562 | |
| Verint Systems, Inc.(b) | | 04/15/2026 | | | 0.250 | % | | | 3,000,000 | | | | 2,755,500 | |
| | | | | | | | | | | | | | 20,735,381 | |
| TOTAL CONVERTIBLE CORPORATE BONDS | | | | | | | | | | | | | | |
| (Cost $53,906,656) | | | | | | | | | | | | | 53,530,068 | |
| | | Shares | | | Value | |
| WARRANTS(f) - 0.00%(g) | | | | | | | | |
| Auto Manufacturers - 0.00%(g) | | | | | | | | |
| Lightning eMotors, Inc., Exercise Price $11.50, Expires 05/18/2025(d)(h) | | | 53,913 | | | $ | — | |
| | | | | | | | | |
| TOTAL WARRANTS | | | | | | | | |
| (Cost $0) | | | | | | | 0 | |
| | | Expiration
Date | | Exercise
Price | | | Notional
Amount | | | Contracts | | | Value | |
| PURCHASED OPTIONS(f) - 0.03% |
| Call Options Purchased - 0.02% |
| Dexcom, Inc. | | | 01/2025 | | $ | 100.00 | | | $ | 866,750 | | | | 125 | | | $ | 18,125 | |
| Gen Digital, Inc. | | | 09/2024 | | | 27.00 | | | | 793,800 | | | | 300 | | | | 10,200 | |
| Nuvei Corp. | | | 09/2024 | | | 35.00 | | | | 2,494,500 | | | | 750 | | | | 3,750 | |
| Xerox Holdings Corp. | | | 10/2024 | | | 21.00 | | | | 226,600 | | | | 200 | | | | 0 | |
| Put Options Purchased - 0.01% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | | | 10/2024 | | | 107.00 | | | | 5,560,500 | | | | 500 | | | | 11,000 | |
| | | | | | | | | | | | | | | | | | | | |
| TOTAL PURCHASED OPTIONS |
| (Cost $101,188) | | | | | | | | | | | | | | | | | | 43,075 | |
| Water Island Credit Opportunities Fund | Portfolio of Investments (Continued) |
| August 31, 2024 (unaudited) |
| | | Yield | | | Shares | | | Value | |
| SHORT-TERM INVESTMENTS - 2.18% | | | | | | | | | | | | |
| Money Market Funds | | | | | | | | | | | | |
| Morgan Stanley Institutional Liquidity Fund - Government Portfolio | | | 5.188 | %(i) | | | 1,598,994 | | | $ | 1,598,994 | |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | | | 5.353 | %(i) | | | 1,598,995 | | | | 1,598,995 | |
| | | | | | | | | | | | 3,197,989 | |
| TOTAL SHORT-TERM INVESTMENTS | | | | | | | | | | | | |
| (Cost $3,197,989) | | | | | | | | | | | 3,197,989 | |
| | | | | | | | | | | | | |
| Total Investments - 97.60% | | | | | | | | | | | | |
| (Cost $143,992,577) | | | | | | | | | | | 142,819,694 | |
| | | | | | | | | | | | | |
| Other Assets in Excess of Liabilities - 2.40%(j) | | | | | | | | | | | 3,509,612 | |
| | | | | | | | | | | | | |
| NET ASSETS - 100.00% | | | | | | | | | | $ | 146,329,306 | |
| Portfolio Footnotes |
| |
| (a) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of August 31, 2024, these securities had a total value of $75,398,840 or 51.53% of net assets. |
| (b) | Security, or a portion of security, is being held as collateral short sales, or forward foreign currency exchange contracts. At August 31, 2024, the aggregate fair market value of those securities was $44,946,988, representing 30.72% of net assets. |
| (c) | Security in default on interest payments. |
| (d) | Security fair valued using significant unobservable inputs and classified as a Level 3 security. As of August 31, 2024, the total fair market value of these securities was $29,190, representing 0.02% of net assets. |
| (e) | Represents a zero coupon bond. |
| (f) | Non-income-producing security. |
| (g) | Less than 0.005% of net assets. |
| (h) | 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 $0 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 | | | | $ | — | |
| (i) | Rate shown is the 7-day effective yield as of August 31, 2024. |
| (j) | Includes cash held as collateral for short sales. |
| Water Island Credit Opportunities Fund | Portfolio of Investments (Continued) |
| August 31, 2024 (unaudited) |
| SCHEDULE OF SECURITIES SOLD SHORT | | Shares | | | Value | |
| COMMON STOCKS SOLD SHORT - (6.17%) | | | | | | | | |
| Computers & Computer Services - (0.19%) | | | | | | | | |
| Rapid7, Inc. | | | (7,300 | ) | | $ | (276,013 | ) |
| | | | | | | | | |
| Diversified Financial Services - (0.42%) | | | | | | | | |
| WisdomTree, Inc. | | | (60,000 | ) | | | (608,400 | ) |
| | | | | | | | | |
| Electric - (0.07%) | | | | | | | | |
| Atlantica Sustainable Infrastructure PLC | | | (5,000 | ) | | | (109,050 | ) |
| | | | | | | | | |
| Environmental Control - (0.32%) | | | | | | | | |
| Stericycle, Inc. | | | (8,000 | ) | | | (474,080 | ) |
| | | | | | | | | |
| Healthcare - Products - (1.32%) | | | | | | | | |
| Insulet Corp. | | | (9,500 | ) | | | (1,926,315 | ) |
| | | | | | | | | |
| Healthcare - Services - (0.67%) | | | | | | | | |
| Catalent, Inc. | | | (16,000 | ) | | | (975,360 | ) |
| | | | | | | | | |
| Internet - (1.54%) | | | | | | | | |
| Gen Digital, Inc. | | | (2,400 | ) | | | (63,504 | ) |
| Perficient, Inc. | | | (18,600 | ) | | | (1,398,162 | ) |
| Spotify Technology SA | | | (2,300 | ) | | | (788,624 | ) |
| | | | | | | | (2,250,290 | ) |
| Office/Business Equip - (0.06%) | | | | | | | | |
| Xerox Holdings Corp. | | | (7,500 | ) | | | (84,975 | ) |
| | | | | | | | | |
| Pharmaceuticals - (0.44%) | | | | | | | | |
| Dexcom, Inc. | | | (9,300 | ) | | | (644,862 | ) |
| | | | | | | | | |
| Retail - (0.02%) | | | | | | | | |
| Dave & Buster's Entertainment, Inc. | | | (1,000 | ) | | | (31,340 | ) |
| | | | | | | | | |
| Software - (1.12%) | | | | | | | | |
| Bentley Systems, Inc., Class B | | | (21,000 | ) | | | (1,080,870 | ) |
| BlackLine, Inc. | | | (4,600 | ) | | | (227,930 | ) |
| RingCentral, Inc., Class A | | | (300 | ) | | | (9,999 | ) |
| Verint Systems, Inc. | | | (10,200 | ) | | | (321,810 | ) |
| | | | | | | | (1,640,609 | ) |
| TOTAL SECURITIES SOLD SHORT | | | | | | | | |
| (Proceeds $8,995,090) | | | | | | $ | (9,021,294 | ) |
| WRITTEN OPTIONS | | Expiration
Date | | | Exercise
Price | | | Notional
Amount | | | Contracts | | | Value | |
| Written Put Options | | | | | | | | | | | | | | | | | | | | |
| Dexcom, Inc. | | | 09/2024 | | | $ | 65.00 | | | $ | (104,010 | ) | | | (15 | ) | | $ | (1,560 | ) |
| Insulet Corp. | | | 09/2024 | | | $ | 180.00 | | | $ | (162,216 | ) | | | (8 | ) | | $ | (800 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| TOTAL WRITTEN OPTIONS | | | | | | | | | | | | | | | | | | | | |
| (Premiums received $8,781) | | | | | | | | | | | | | | | | | | $ | (2,360 | ) |
| Water Island Credit Opportunities Fund | Portfolio of Investments (Continued) |
| August 31, 2024 (unaudited) |
EQUITY SWAP CONTRACTS
Swap
Counterparty/
Payment
Frequency | | Reference
Obligation | | Rate
Paid/Received
by the Fund | | Termination
Date | | Upfront
Payments
Made | | | Upfront
Payments
Received | | | Market
Value | | | Notional
Amount | | Unrealized
Appreciation | |
| Morgan Stanley & Co./ Upon Termination | | Atlantica Sustainable Infrastructure PLC | | Received 1 Month-Federal Rate Minus 40bps (4.930%) | | 10/31/2024 | | $ | — | | | $ | — | | | $ | 2,337 | | | USD | 111,387 | | $ | 2,337 | |
| Morgan Stanley & Co./ Upon Termination | | WisdomTree, Inc. | | Received 1 Month-Federal Rate Minus 40bps (4.930%) | | 10/31/2024 | | | — | | | | — | | | | 110,556 | | | USD | 868,014 | | | 110,556 | |
| | | | | | | | | | | | | | | | | $ | 112,893 | | | | | $ | 112,893 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
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 | | Gen Digital, Inc. | | Received 1 Month-Federal Rate Minus 40bps (4.930%) | | 10/31/2024 | | $ | — | | | $ | — | | | $ | (22,439 | ) | | USD | 279,205 | | $ | (22,439 | ) |
| Morgan Stanley & Co./ Upon Termination | | iShares iBoxx High Yield Corporate Bond ETF | | Received 1 Month-Federal Rate Minus 53bps (4.800%) | | 10/31/2024 | | | — | | | | — | | | | (129,500 | ) | | USD | 1,854,000 | | | (129,500 | ) |
| Morgan Stanley & Co./ Upon Termination | | SPDR Bloomberg High Yield Bond ETF | | Received 1 Month-Federal Rate Minus 78bps (4.550%) | | 10/31/2024 | | | — | | | | — | | | | (94,103 | ) | | USD | 1,251,695 | | | (94,103 | ) |
| Morgan Stanley & Co./ Upon Termination | | Nuvei Corp. | | Received 1 Month-Federal Rate Minus 40bps (4.930%) | | 10/31/2024 | | | — | | | | — | | | | (10,500 | ) | | USD | 2,317,700 | | | (10,500 | ) |
| | | | | | | | | | | | | | | | | $ | (256,542 | ) | | | | $ | (256,542 | ) |
| Water Island Credit Opportunities Fund | Portfolio of Investments (Continued) |
| August 31, 2024 (unaudited) |
OUTSTANDING FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
| Currency Purchased | | Currency Sold | | Counterparty | | Settlement
Date | | Unrealized Appreciation | |
| CAD | 278,600 | | USD | 204,489 | | Morgan Stanley & Co. | | 09/16/2024 | | $ | 2,330 | |
| Currency Purchased | | Currency Sold | | Counterparty | | Settlement
Date | | Unrealized Depreciation | |
| USD | 1,375,590 | | CAD | 1,881,700 | | Morgan Stanley & Co. | | 09/16/2024 | | $ | (21,286 | ) |
The following is a summary of investments classified by country exposure:
| Country | | % of Net Assets(a) | |
| United States | | | 87.71 | % |
| United Kingdom | | | 5.26 | % |
| Canada | | | 4.21 | % |
| Luxembourg | | | 0.42 | % |
| Other Assets in Excess of Liabilities | | | 2.40 | % |
| | | | 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) |
| August 31, 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 August 31, 2024:
| Investments in Securities at Fair Value | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Assets | | | | | | | | | | | | | | | | |
| Bank Loans | | $ | — | | | $ | 6,975,153 | | | $ | — | | | $ | 6,975,153 | |
| Corporate Bonds* | | | — | | | | 79,073,409 | | | | — | | | | 79,073,409 | |
| Convertible Corporate Bonds | | | | | | | | | | | | | | | | |
| Auto Manufacturers | | | — | | | | — | | | | 29,190 | | | | 29,190 | |
| Commercial Services | | | — | | | | 2,719,500 | | | | — | | | | 2,719,500 | |
| Computers & Computer Services | | | — | | | | 2,226,562 | | | | — | | | | 2,226,562 | |
| Diversified Financial Services | | | — | | | | 4,230,000 | | | | — | | | | 4,230,000 | |
| Healthcare - Products | | | — | | | | 3,858,750 | | | | — | | | | 3,858,750 | |
| Internet | | | — | | | | 11,914,185 | | | | — | | | | 11,914,185 | |
| Pharmaceuticals | | | — | | | | 7,816,500 | | | | — | | | | 7,816,500 | |
| Software | | | — | | | | 20,735,381 | | | | — | | | | 20,735,381 | |
| Warrants* | | | — | | | | — | | | | 0 | | | | 0 | |
| Purchased Options | | | 43,075 | | | | — | | | | — | | | | 43,075 | |
| Short-Term Investments | | | 3,197,989 | | | | — | | | | — | | | | 3,197,989 | |
| TOTAL | | $ | 3,241,064 | | | $ | 139,549,440 | | | $ | 29,190 | | | $ | 142,819,694 | |
| | | | | | | | | | | | | | | | | |
| Other Financial Instruments** | | | | | | | | | | | | | | | | |
| Assets | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Exchange Contracts | | $ | — | | | $ | 2,330 | | | $ | — | | | $ | 2,330 | |
| Equity Swaps | | | 112,893 | | | | — | | | | — | | | | 112,893 | |
| Liabilities | | | | | | | | | | | | | | | | |
| Common Stocks* | | | (9,021,294 | ) | | | — | | | | — | | | | (9,021,294 | ) |
| Written Options | | | (2,360 | ) | | | — | | | | — | | | | (2,360 | ) |
| Forward Foreign Currency Exchange Contracts | | | — | | | | (21,286 | ) | | | — | | | | (21,286 | ) |
| Equity Swaps | | | (256,542 | ) | | | — | | | | — | | | | (256,542 | ) |
| TOTAL | | $ | (9,167,303 | ) | | $ | (18,956 | ) | | $ | — | | | $ | (9,186,259 | ) |
| * | 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 August 31, 2024:
| Investments in Securities | | Balance as of
May 31, 2024 | | | Accrued
Discounts/
(Premiums) | | | Realized
Gain/(Loss) | | | Change in
Unrealized
Appreciation
(Depreciation) | | | Purchases | | | Sales Proceeds | | | Amortization
Premium/
Discount | | | Transfers into
Level 3 | | | Transfers out of
Level 3 | | | Balance as of
August 31, 2024 | | | Net change in Unrealized
Appreciation (Depreciation)
from investments still held as
of August 31, 2024 | |
| Convertible Corporate Bonds | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | 29,190 | | | $ | - | | | $ | 29,190 | | | $ | - | |
| Warrants | | | - | | | | - | | | | - | | | | (32 | ) | | | - | | | | - | | | | - | | | | 32 | | | | - | | | | 0 | | | | (32 | ) |
| Total | | $ | - | | | $ | - | | | $ | - | | | $ | (32 | ) | | $ | - | | | $ | - | | | $ | - | | | $ | 29,222 | | | $ | - | | | $ | 29,190 | | | $ | (32 | ) |
