Arbitrage Fund Portfolio of Investments
  February 28, 2026 (unaudited)

 

   Shares   Value 
COMMON STOCKS - 76.60%
Apparel - 0.52%          
Skechers USA, Inc., Class A(a)(b)   259,875   $4,259,351 
           
Banks - 4.11%          
Stellar Bancorp, Inc.(c)   296,357    11,160,805 
Webster Financial Corp.   307,416    22,173,916 
         33,334,721 
Beverages - 1.40%          
JDE Peet's NV   302,682    11,337,476 
           
Biotechnology - 4.78%          
Amicus Therapeutics, Inc.(a)   750,710    10,787,703 
Arcellx, Inc.(a)   124,165    14,128,735 
RAPT Therapeutics, Inc.(a)(d)   100,700    5,838,586 
Ventyx Biosciences, Inc.(a)(d)   575,000    8,032,750 
         38,787,774 
Chemicals - 0.80%          
Axalta Coating Systems Ltd.(a)(c)(d)   195,000    6,514,950 
           
Cosmetics/Personal Care - 1.34%          
Kenvue, Inc.(d)   567,511    10,850,810 
           
Diversified Financial Services - 8.53%          
DigitalBridge Group, Inc.(c)   892,474    13,788,724 
Janus Henderson Group PLC(c)(d)   716,731    37,341,685 
Schroders PLC   2,288,313    18,071,342 
         69,201,751 
Electric - 3.83%          
TXNM Energy, Inc.   526,006    31,044,874 
           
Engineering & Construction - 1.98%          
Great Lakes Dredge & Dock Corp.(a)   947,458    16,059,413 
           
Healthcare - Products - 12.88%          
Exact Sciences Corp.(a)(d)   267,160    27,619,001 
Hologic, Inc.(a)(d)   395,061    29,771,797 
Masimo Corp.(a)   103,665    18,177,658 
Penumbra, Inc.(a)(c)   84,048    28,945,290 
         104,513,746 
Healthcare - Services - 1.00%          
Enhabit, Inc.(a)   593,854    8,082,353 
           
Home Builders - 2.23%          
Tri Pointe Homes, Inc.(a)   390,051    18,059,361 
           
Machinery - Diversified - 3.76%          
Chart Industries, Inc.(a)   147,257    30,526,376 
           
Media - 10.95%          
Endeavor Group Holdings, Inc., Class A(a)(b)   1,081,507    32,392,215 
TEGNA, Inc.   1,185,517    24,836,581 

 

 

 

 

Arbitrage Fund Portfolio of Investments
  February 28, 2026 (unaudited)

 

   Shares   Value 
COMMON STOCKS - 76.60% (Continued)          
Media - 10.95% (Continued)          
Warner Bros Discovery, Inc.(a)(d)   1,120,451   $31,563,105 
         88,791,901 
Packaging & Containers - 1.63%          
Sealed Air Corp.   316,428    13,252,005 
           
Pharmaceuticals - 0.02%          
Atrium Therapeutics, Inc.(a)   13,073    192,827 
           
Real Estate - 0.99%          
Kennedy-Wilson Holdings, Inc.   738,700    8,037,056 
           
Real Estate Investment Trusts - 2.69%          
Alexander & Baldwin, Inc.   178,805    3,717,356 
Peakstone Realty Trust(d)   480,300    10,019,058 
Veris Residential, Inc.   427,715    8,062,428 
         21,798,842 
Semiconductors - 0.99%          
Silicon Laboratories, Inc.(a)(d)   39,100    7,997,123 
           
Software - 7.27%          
Aspen Technology, Inc.(a)(b)   53,275     
Clearwater Analytics Holdings, Inc., Class A(a)(c)(d)   173,724    4,063,404 
Confluent, Inc., Class A(a)(d)   731,790    22,443,999 
Electronic Arts, Inc.(c)(d)   162,010    32,494,346 
Palo Alto Networks, Inc.(a)   1    130 
Pivotal Software, Inc.(a)(b)   319,502     
         59,001,879 
Transportation - 4.90%          
Norfolk Southern Corp.(c)   101,059    31,807,310 
ZIM Integrated Shipping Services Ltd.(d)   275,100    7,931,133 
         39,738,443 
TOTAL COMMON STOCKS          
(Cost $603,945,564)        621,383,032 
           
RIGHTS(a) - 1.01%          
Akero Therapeutics, Inc. CVR(b)(e)   197,023    130,725 
Avadel Pharmaceuticals PLC CVR(b)(e)   957,437    615,249 
Blueprint Medicines Corp. CVR, Expires 6/30/2032(b)(e)   56,349    27,442 
Bristol-Myers Squibb Co. CVR(b)(e)   857,631    964,835 
Concert Pharmaceuticals, Inc. CVR, Expires 12/31/2029(b)(e)   1,669,338    820,146 
Contra Abiomed, Inc. CVR, Expires 12/31/2030(b)(e)   163,650    261,840 
Contra Albireo Pharma, Inc. CVR, Expires 12/31/2027(b)(e)   313,065    894,458 
Contra Metsera, Inc. CVR, Expires 12/31/2031(b)(e)   164,636    829,008 
Contra Resolute Forest Products, Inc. CVR(b)(e)   803,806    1,195,500 
Flexion Therapy CVR, Expires 12/31/2030(b)(e)   1,411,000    821,625 
Icosavax, Inc. CVR, Expires 02/19/2030(b)(e)   802,494    301,497 
Regulus Therapeutics, Inc. CVR, Expires 12/31/2034(b)(e)   500,000    618,400 
TreeHouse Foods, Inc. CVR(b)(e)   80,813    156,632 

 

 

 

 

Arbitrage Fund Portfolio of Investments
  February 28, 2026 (unaudited)

 

   Shares   Value 
RIGHTS(a) - 1.01% (Continued)
Verve Therapeutics, Inc. CVR, Expires 7/25/2035(b)(e)   660,593   $440,153 
Walgreens Boots Alliance, Inc. CVR, Expires 10/29/2031(b)(e)   205,000    113,898 
           
TOTAL RIGHTS          
(Cost $7,742,706)        8,191,408 
           
MUTUAL FUNDS(f) - 3.33%          
Water Island Event-Driven Fund, Class I   2,088,887    27,009,303 
           
TOTAL MUTUAL FUNDS          
(Cost $18,653,757)        27,009,303 

 

   Maturity
Date
  Rate   Principal
Amount
   Value 
CORPORATE BONDS - 3.02%
Machinery - Diversified - 0.97%                  
Chart Industries, Inc.(g)  01/01/2030   7.500%  $7,566,000   $7,859,651 
                   
Telecommunications - 2.05%                  
Frontier Communications Holdings LLC(g)  05/15/2030   8.750%   16,155,000    16,653,882 
                   
TOTAL CORPORATE BONDS                  
(Cost $24,426,561)                24,513,533 

 

   Expiration
Date
  Exercise
Price
   Notional
Amount
   Contracts   Value 
PURCHASED OPTIONS(a) - 0.13%                       
Call Options Purchased - 0.04%                       
Banco Santander SA                       
   04/2026  $13.00   $1,431,288    1,158   $52,110 
   04/2026   14.00    1,431,288    1,158    23,160 
   06/2026   13.00    2,474,472    2,002    142,142 
   06/2026   14.00    2,473,236    2,001    90,045 
Kenvue, Inc.                       
   03/2026   19.00    956,000    500    20,000 
   03/2026   20.00    956,000    500    3,500 
                        
TOTAL CALL OPTIONS PURCHASED                       
(Cost $370,603)                     330,957 
                        
Put Options Purchased - 0.09%                       
Axalta Coating Systems Ltd.                       
   04/2026   28.00    2,171,650    650    3,250 
   04/2026   29.00    2,171,650    650    16,250 
   04/2026   30.00    2,171,650    650    6,500 
Clearwater Analytics Holdings, Inc.                       
   03 /2026   20.00    3,452,364    1,476    29,520 
   06/2026   22.50    1,195,229    511    12,775 
Compass, Inc.  03/2026   12.00    487,500    500    2,500 
Confluent, Inc.  03/2026   30.00    4,220,192    1,376    0 

 

 

 

 

Arbitrage Fund Portfolio of Investments
  February 28, 2026 (unaudited)

 

   Expiration
Date
  Exercise
Price
   Notional
Amount
   Contracts   Value 
PURCHASED OPTIONS(a) - 0.13% (Continued)    
Put Options Purchased - 0.09% (Continued)    
Electronic Arts, Inc.                       
   03/2026  $195.00    $2,025,757    101    $11,615 
   06/2026   200.00    12,054,257    601    294,490 
Exact Sciences Corp.  04/2026   75.00    10,338,000    1,000    0 
Hologic, Inc.  03/2026   72.50    11,183,424    1,484    0 
Janus Henderson Group PLC  06/2026   45.00    8,039,030    1,543    7,715 
Kenvue, Inc.                       
   05/2026   16.00    9,066,704    4,742    47,420 
   05/2026   17.00    1,783,896    933    16,794 
Peakstone Realty Trust  03/2026   20.00    10,019,058    4,803    0 
RAPT Therapeutics, Inc.                       
   03/2026   45.00    98,566    17    0 
   03/2026   50.00    1,861,158    321    0 
Silicon Laboratories, Inc.  04/2026   200.00    7,997,123    391    74,290 
Ventyx Biosciences, Inc.                       
   03/2026   10.00    790,702    566    0 
   03/2026   12.50    3,295,523    2,359    0 
Warner Bros Discovery, Inc.  03/2026   27.00    23,409,270    8,310    58,170 
ZIM Integrated Shipping Services Ltd.  04/2026   25.00    7,931,133    2,751    99,036 
                        
TOTAL PUT OPTIONS PURCHASED                       
(Cost $2,213,821)                     680,325 
                        
TOTAL PURCHASED OPTIONS                       
(Cost $2,584,424)                     1,011,282 

 

   Yield   Shares   Value 
SHORT-TERM INVESTMENTS - 16.33%               
Money Market Funds               
Morgan Stanley Institutional Liquidity Fund - Government Portfolio, Institutional Class   3.595%(h)   66,246,230   $66,246,230 
State Street Institutional U.S. Government Money Market Fund, Premier Class   3.737%(h)   66,246,229    66,246,229 
              132,492,459 
TOTAL SHORT-TERM INVESTMENTS               
(Cost $132,492,459)             132,492,459 
                
Total Investments - 100.42%               
(Cost $789,845,471)             814,601,017 
                
Liabilities in Excess of Other Assets - (0.42)%(i)             (3,419,238)
                
NET ASSETS - 100.00%            $811,181,779 

 

 

 

 

Arbitrage Fund Portfolio of Investments
  February 28, 2026 (unaudited)

 

Portfolio Footnotes

(a) Non-income-producing security.
(b) Security fair valued using significant unobservable inputs and classified as a Level 3 security.  As of February 28, 2026, the total fair market value of these securities was $44,842,974, representing 5.53% 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 February 28, 2026, the aggregate fair market value of those securities was $102,218,120, representing 12.60% of net assets.
(d) Underlying security for a written/purchased call/put option.
  Less than 0.005% 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 $8,191,408 or 1.01% of net assets.

 

Restricted Security  Acquisition Date  Acquisition Cost 
Akero Therapeutics, Inc. CVR  12/10/2025  $128,065 
Avadel Pharmaceuticals PLC CVR  02/13/2026   612,760 
Blueprint Medicines Corp. CVR, Expires 6/30/2032  07/21/2025   25,920 
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 Albireo Pharma, Inc. CVR, Expires 12/31/2027  03/03/2023   673,090 
Contra Metsera, Inc. CVR, Expires 12/31/2031  11/14/2025   806,716 
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 
Regulus Therapeutics, Inc. CVR, Expires 12/31/2034  06/26/2025   580,000 
TreeHouse Foods, Inc. CVR  02/11/2026   155,969 
Verve Therapeutics, Inc. CVR, Expires 7/25/2035  07/28/2025   416,174 
Walgreens Boots Alliance, Inc. CVR, Expires 10/29/2031  08/29/2025   108,650 
Total     $7,742,706 

 

(f) Affiliated investment.
(g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of February 28, 2026, these securities had a total value of $24,513,533 or 3.02% of net assets.
(h) Rate shown is the 7-day effective yield as of February 28, 2026.
(i) Includes cash held as collateral for short sales.

 

 

 

 

Arbitrage Fund Portfolio of Investments
  February 28, 2026 (unaudited)

 

SCHEDULE OF SECURITIES SOLD SHORT  Shares   Value 
COMMON STOCKS SOLD SHORT - (2.76%)
Banks - (1.94%)
Banco Santander SA, ADR   (631,678)  $(7,807,540)
Prosperity Bancshares, Inc.   (112,705)   (7,931,051)
         (15,738,591)
Healthcare - Products - (0.82%)          
Boston Scientific Corp.   (86,943)   (6,681,569)
           
TOTAL SECURITIES SOLD SHORT          
(Proceeds $23,351,282)       $(22,420,160)

 

WRITTEN OPTIONS  Expiration
Date
  Exercise
Price
   Notional
Amount
   Contracts   Value 
Written Call Options
Kenvue, Inc.  05/2026  $19.00   $(10,850,600)   (5,675)  $(482,375)
TOTAL WRITTEN CALL OPTIONS
(Premiums received $267,863)                     (482,375)

 

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  Union Pacific Corp.  Received 1 Month-Federal Rate Minus 40bps (3.240%)  10/30/2026  $   $   $(3,801,025)  USD 22,689,037  $(3,801,025)

 

 

 

 

Arbitrage Fund Portfolio of Investments
  February 28, 2026 (unaudited)

 

OUTSTANDING FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

 

Currency Purchased  Currency Sold  Counterparty  Settlement
Date
  Unrealized Appreciation 
GBP 7,442,600  USD 10,019,233  Morgan Stanley & Co.  03/16/2026  $10,984 
USD 16,624,299  GBP 12,199,100  Morgan Stanley & Co.  03/16/2026   183,860 
                $194,844 

  

 
Currency Purchased  Currency Sold  Counterparty  Settlement
Date
  Unrealized Depreciation 
USD 11,364,830  EUR 9,731,200  Morgan Stanley & Co.  03/16/2026  $(140,770)
USD 12,332,526  GBP 9,248,000  Morgan Stanley & Co.  03/16/2026   (130,786)
                $(271,556)

 

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

 

Country  % of Net Assets(a) 
United States   90.33%
Jersey   4.60%
United Kingdom   2.23%
Netherlands   1.40%
Israel   0.98%
Bermuda   0.80%
Ireland   0.08%
Liabilities in Excess of Other Assets   (0.42)%
    100.00%

 

(a) These percentages represent long positions only and are not net of short positions.
 
Abbreviations:
 
ADR - American Depositary Receipt
bps - Basis Points. 100 Basis Points is equal to 1 percentage point.
CVR - Contingent Value Rights
EUR - Euro
GBP - British pound
LLC - Limited Liability Company
Ltd. - Limited
NV - Naamloze Vennootschap is the Dutch term for a public limited liability corporation.
PLC - Public Limited Company
SA - Generally designates corporations in various countries, mostly those employing civil law. This translates literally in all languages mentioned as anonymous company.
USD - United States Dollar

 

 

 

Water Island Event-Driven Fund Portfolio of Investments
  February 28, 2026 (unaudited)

 

   Shares   Value 
COMMON STOCKS - 77.96%
Apparel - 1.28%
Skechers USA, Inc., Class A(a)(b)   39,204   $642,554 
           
Banks - 1.01%          
Stellar Bancorp, Inc.   121    4,557 
Webster Financial Corp.   6,929    499,789 
         504,346 
Beverages - 1.08%          
JDE Peet's NV   14,489    542,711 
           
Biotechnology - 4.17%          
Amicus Therapeutics, Inc.(a)   47,787    686,699 
Arcellx, Inc.(a)   7,676    873,452 
RAPT Therapeutics, Inc.(a)(c)   100    5,798 
Ventyx Biosciences, Inc.(a)   18,076    252,522 
Viking Therapeutics, Inc.(a)   8,060    272,750 
         2,091,221 
Commercial Services - 0.37%          
PayPal Holdings, Inc.   4,000    184,840 
           
Cosmetics/Personal Care - 1.53%          
Kenvue, Inc.(c)   40,091    766,540 
           
Diversified Financial Services - 11.06%          
Air Lease Corp.   13,589    881,111 
DigitalBridge Group, Inc.(d)   65,910    1,018,309 
Janus Henderson Group PLC(d)   45,590    2,375,239 
Schroders PLC   126,298    997,405 
Victory Capital Holdings, Inc., Class A   4,000    276,720 
         5,548,784 
Electric - 2.62%          
TXNM Energy, Inc.   22,297    1,315,969 
           
Engineering & Construction - 2.00%          
Great Lakes Dredge & Dock Corp.(a)   59,079    1,001,389 
           
Entertainment - 2.57%          
Caesars Entertainment, Inc.(a)   14,000    350,700 
Cineplex, Inc.(a)   80,000    623,437 
Penn Entertainment, Inc.(a)   20,045    313,504 
         1,287,641 
Healthcare - Products - 14.59%          
Exact Sciences Corp.(a)   19,841    2,051,163 
Hologic, Inc.(a)(c)(d)   27,953    2,106,538 
Masimo Corp.(a)   7,124    1,249,193 
Pacific Biosciences of California, Inc.(a)   155,000    260,400 
Penumbra, Inc.(a)(d)   4,788    1,648,939 
         7,316,233 

 

 

 

 

Water Island Event-Driven Fund Portfolio of Investments
  February 28, 2026 (unaudited)

 

   Shares   Value 
COMMON STOCKS - 77.96% (Continued)          
Healthcare - Services - 1.50%          
Enhabit, Inc.(a)   55,153   $750,632 
           
Home Builders - 1.99%          
Tri Pointe Homes, Inc.(a)   21,534    997,024 
           
Machinery - Diversified - 2.98%          
Chart Industries, Inc.(a)(d)   7,211    1,494,840 
           
Media - 10.35%          
Warner Bros Discovery, Inc.(a)(c)   68,572    1,931,673 
TEGNA, Inc.(d)   60,492    1,267,308 
Endeavor Group Holdings, Inc., Class A(a)(b)   66,527    1,992,550 
         5,191,531 
Packaging & Containers - 1.61%          
Sealed Air Corp.   19,339    809,917 
           
Pharmaceuticals - 1.38%          
Amneal Pharmaceuticals, Inc.(a)   4,000    55,240 
Atrium Therapeutics, Inc.(a)   1,150    16,962 
Bayer AG   12,500    620,488 
         692,690 
Real Estate Investment Trusts - 1.49%          
Alexander & Baldwin, Inc.   11,826    245,863 
Veris Residential, Inc.   26,592    501,259 
         747,122 
Retail - 0.51%          
Dick's Sporting Goods, Inc.   1,250    254,538 
           
Semiconductors - 0.98%          
Silicon Laboratories, Inc.(a)(c)   2,406    492,099 
           
Software - 8.04%          
Clearwater Analytics Holdings, Inc., Class A(a)(c)   13,202    308,795 
Confluent, Inc., Class A(a)(c)   45,063    1,382,082 
Electronic Arts, Inc.(c)(d)   10,795    2,165,153 
Figma, Inc., Class A(a)   6,000    176,340 
Palo Alto Networks, Inc.(a)(e)       43 
         4,032,413 
Telecommunications - 0.92%          
EchoStar Corp., Class A(a)   4,000    462,120 
           
Transportation - 3.93%          
Norfolk Southern Corp.(d)   4,694    1,477,390 
ZIM Integrated Shipping Services Ltd.(c)   17,200    495,876 
         1,973,266 
TOTAL COMMON STOCKS
(Cost $37,818,297)
        39,100,420 

 

 

 

 

Water Island Event-Driven Fund Portfolio of Investments
  February 28, 2026 (unaudited)

 

   Shares   Value 
RIGHTS(a) - 0.92%          
Akero Therapeutics, Inc. CVR(b)(f)   16,553   $10,983 
Avadel Pharmaceuticals PLC CVR(b)(f)   35,059    22,529 
Bristol-Myers Squibb Co. CVR(b)(f)   67,803    76,278 
Concert Pharmaceuticals, Inc. CVR, Expires 12/31/2029(b)(f)   154,954    76,129 
Contra Abiomed, Inc. CVR, Expires 12/31/2030(b)(f)   13,890    22,224 
Contra Albireo Pharma, Inc. CVR, Expires 12/31/2027(b)(f)   34,047    97,276 
Contra Metsera, Inc. CVR, Expires 12/31/2031(b)(f)   8,653    43,571 
Contra Resolute Forest Products, Inc. CVR(b)(f)   68,936    102,528 
TreeHouse Foods, Inc. CVR(b)(f)   5,664    10,978 
           
TOTAL RIGHTS
(Cost $439,900)
        462,496 

 

   Maturity
Date
  Rate   Principal
Amount
   Value 
BANK LOAN - 0.57%
Construction Materials - 0.57%                  
EMRLD Borrower LP, Term Loan B, Variable Rate, (3 mo. USD SOFR Plus 2.25%)  05/31/2030   5.923%  $286,000   $285,311 
TOTAL BANK LOAN
(Cost $287,424)
                285,311 
                   
CORPORATE BONDS - 16.36%                  
Electric - 1.58%                  
Calpine LLC(g)  03/15/2028   5.125%   794,000    793,706 
                   
Healthcare - Products - 1.63%                  
Bausch & Lomb Corp.(g)  10/01/2028   8.375%   790,000    818,637 
                   
Machinery - Diversified - 1.01%                  
Chart Industries, Inc.(g)  01/01/2030   7.500%   486,000    504,862 
                   
Media - 1.26%                  
TEGNA, Inc.  09/15/2029   5.000%   631,000    630,403 
                   
Real Estate - 1.55%                  
Kennedy-Wilson, Inc.  03/01/2031   5.000%   804,000    779,374 
                   
Telecommunications - 9.33%                  
EchoStar Corp.  11/30/2030   6.750%   1,860,000    1,883,723 
Frontier Communications Holdings LLC(g)  05/15/2030   8.750%   2,712,000    2,795,749 
                 4,679,472 
TOTAL CORPORATE BONDS
(Cost $8,189,613)
                8,206,454 
                   
CONVERTIBLE CORPORATE BONDS - 2.28%                  
Computers & Computer Services - 1.31%                  
Rapid7, Inc.  03/15/2029   1.250%   768,000    653,760 
                   
Investment Company Security - 0.97%                  
Gladstone Capital Corp.  10/01/2030   5.875%   519,000    487,668 
                   
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $1,208,731)
                1,141,428 

 

 

 

 

Water Island Event-Driven Fund Portfolio of Investments
  February 28, 2026 (unaudited)

 

   Expiration
Date
  Exercise
Price
   Notional
Amount
   Contracts   Value 
PURCHASED OPTIONS(a) - 0.10%            
Call Options Purchased - 0.02%                       
Banco Santander SA                       
   06/2026  $13.00   $87,756    71   $5,041 
   06/2026   14.00    87,756    71    3,195 
Kenvue, Inc.                       
   03/2026   19.00    68,832    36    1,440 
   03/2026   20.00    68,832    36    252 
                        
TOTAL CALL OPTIONS PURCHASED
(Cost $11,742)
                     9,928 
                        
Put Options Purchased - 0.08%                       
Clearwater Analytics Holdings, Inc.                       
   03/2026   20.00    266,646    114    2,280 
   06/2026   22.50    86,543    37    925 
Confluent, Inc.  03/2026   30.00    242,293    79    0 
Electronic Arts, Inc.                       
   03/2026   195.00    140,399    7    805 
   06/2026   200.00    802,280    40    19,600 
Hologic, Inc.  03/2026   72.50    715,920    95    0 
Kenvue, Inc.                       
   05/2026   16.00    640,520    335    3,350 
   05/2026   17.00    126,192    66    1,188 
RAPT Therapeutics, Inc.  03/2026   45.00    5,798    1    0 
Silicon Laboratories, Inc.  04/2026   200.00    490,872    24    4,560 
Warner Bros Discovery, Inc.  03/2026   27.00    1,453,572    516    3,612 
ZIM Integrated Shipping Services Ltd.  04/2026   25.00    495,876    172    6,192 
                        
TOTAL PUT OPTIONS PURCHASED
(Cost $117,569)
                     42,512 
                        
TOTAL PURCHASED OPTIONS
(Cost $129,311)
                     52,440 

 

 

 

 

Water Island Event-Driven Fund Portfolio of Investments
  February 28, 2026 (unaudited)

 

   Yield   Shares   Value 
SHORT-TERM INVESTMENTS - 2.19%               
Money Market Funds               
Morgan Stanley Institutional Liquidity Fund - Government Portfolio, Institutional Class   3.595%(h)    549,464   $549,464 
State Street Institutional U.S. Government Money Market Fund, Premier Class   3.737%(h)    549,464    549,464 
              1,098,928 
                
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,098,928)
             1,098,928 
                
Total Investments - 100.38%
(Cost $49,172,204)
             50,347,477 
                
Liabilities in Excess of Other Assets - (0.38)%(i)             (190,463)
                
NET ASSETS - 100.00%            $50,157,014 

 

Portfolio Footnotes
(a) Non-income-producing security.
(b) Security fair valued using significant unobservable inputs and classified as a Level 3 security.  As of February 28, 2026, the total fair market value of these securities was $3,097,600, representing 6.18% of net assets.
(c) Underlying security for a written/purchased call/put option.
(d) Security, or a portion of security, is being held as collateral for swaps, written options, short sales or forward foreign currency exchange contracts. At February 28, 2026, the aggregate fair market value of those securities was $7,181,471, representing 14.32% of net assets.
(e) Fractional Shares, amount rounds to zero.
(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 $462,496 or 0.92% of net assets.

 

Restricted Security  Acquisition Date  Acquisition Cost 
Akero Therapeutics, Inc. CVR  12/10/2025  $10,759 
Avadel Pharmaceuticals PLC CVR  02/13/2026   22,438 
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 Metsera, Inc. CVR, Expires 12/31/2031  11/14/2025   42,400 
Contra Resolute Forest Products, Inc. CVR  03/01/2023   97,889 
TreeHouse Foods, Inc. CVR  02/11/2026   10,931 
Total     $439,900 

 

(g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of February 28, 2026, these securities had a total value of $4,912,954 or 9.80% of net assets.
(h) Rate shown is the 7-day effective yield as of February 28, 2026.
(i) Includes cash held as collateral for short sales.

 

 

 

 

Water Island Event-Driven Fund Portfolio of Investments
  February 28, 2026 (unaudited)

 

SCHEDULE OF SECURITIES SOLD SHORT  Shares   Value 
COMMON STOCKS SOLD SHORT - (1.30%)
Banks - (0.36%)
Banco Santander SA, ADR   (14,238)  $(175,982)
Prosperity Bancshares, Inc.   (46)   (3,237)
         (179,219)
Computers & Computer Services - (0.02%)          
Rapid7, Inc.   (1,766)   (10,985)
           
Healthcare - Products - (0.76%)          
Boston Scientific Corp.   (4,958)   (381,022)
           
Investment Company Security - (0.16%)          
Gladstone Capital Corp.   (4,386)   (79,825)
           
TOTAL SECURITIES SOLD SHORT
(Proceeds $718,622)
       $(651,051)

 

         
WRITTEN OPTIONS  Expiration
Date
   Exercise
Price
   Notional
Amount
   Contracts   Value 
Written Call Options                         
Kenvue, Inc.   05/2026   $19.00   $(766,712)   (401)  $(34,085)
                          
TOTAL WRITTEN OPTIONS
(Premiums received $18,914)
                      $(34,085)

 

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  Union Pacific Corp.  Received 1 Month-Federal Rate Minus 40bps (3.240%)  10/30/2026  $    $   $(184,475)  USD 1,045,166  $(184,475)

 

 

 

 

Water Island Event-Driven Fund Portfolio of Investments
  February 28, 2026 (unaudited)

 

OUTSTANDING FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

 

Currency Purchased  Currency Sold  Counterparty  Settlement
Date
  Unrealized
Appreciation
 
CAD   174,200   USD   126,726   Morgan Stanley & Co.  03/16/2026  $1,057 
USD   139,359   CAD   189,100   Morgan Stanley & Co.  03/16/2026   646 
EUR   249,100   USD   292,177   Morgan Stanley & Co.  03/16/2026   2,344 
USD   59,728   EUR   50,200   Morgan Stanley & Co.  03/16/2026   375 
GBP   637,000   USD   857,530   Morgan Stanley & Co.  03/16/2026   940 
USD   923,896   GBP   679,600   Morgan Stanley & Co.  03/16/2026   8,016 
                      $13,378 

 

Currency Purchased  Currency Sold  Counterparty  Settlement
Date
  Unrealized
Depreciation
 
CAD   66,600   USD   49,067   Morgan Stanley & Co.  03/16/2026  $(214)
USD   634,978   CAD   874,100   Morgan Stanley & Co.  03/16/2026   (6,212)
EUR   21,600   USD   25,811   Morgan Stanley & Co.  03/16/2026   (273)
USD   1,403,706   EUR   1,199,300   Morgan Stanley & Co.  03/16/2026   (14,276)
GBP   78,500   USD   105,890   Morgan Stanley & Co.  03/16/2026   (97)
USD   1,077,799   GBP   808,800   Morgan Stanley & Co.  03/16/2026   (12,202)
                      $(33,274)

 

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

 

Country    % of Net Assets(a) 
United States   87.43%
Jersey   4.73%
Canada   2.87%
United Kingdom   1.99%
Germany   1.24%
Netherlands   1.08%
Israel   0.99%
Ireland   0.05%
Liabilities in Excess of Other Assets   (0.38)%
    100.00%

 

 

 

 

Water Island Event-Driven Fund Portfolio of Investments
  February 28, 2026 (unaudited)

 

(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.

CAD - Canadian dollar

CVR - Contingent Value Rights

EUR - Euro

GBP - British pound

LLC - Limited Liability Company

LP - Limited Partnership

Ltd. - Limited

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

PLC - Public Limited Company

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

SOFR - Secured Overnight Financing Rate

USD - United States Dollar

 

 

 

 

Water Island Credit Opportunities Fund Portfolio of Investments
  February 28, 2026 (unaudited)

 

    Maturity
Date
   Rate   Principal
Amount
   Value 
BANK LOANS - 3.07%                   
Construction Materials - 1.77%                   
EMRLD Borrower LP, Term Loan B, Variable Rate, (3 mo. USD SOFR Plus 2.25%)   05/31/2030   5.923%  $2,714,000   $2,707,459 
                    
Transportation - 1.30%                   
Rand Parent LLC, 2025 Term Loan B, Variable Rate, (3 mo. USD SOFR Plus 3.00%)   03/18/2030   6.672%   1,994,962    1,998,583 
                    
TOTAL BANK LOANS                   
(Cost $4,729,961)                 4,706,042 
                    
CORPORATE BONDS - 46.58%                   
Advertising - 2.83%                   
Clear Channel Outdoor Holdings, Inc.(a)                   
    04/15/2028   7.750%   1,000,000    1,007,936 
    06/01/2029   7.500%   3,302,000    3,325,510 
                  4,333,446 
Electric - 2.16%                   
Calpine LLC(a)   03/15/2028   5.125%   3,303,000    3,301,776 
                    
Electrical Components & Equipment - 2.30%                   
WESCO Distribution, Inc.(a)   06/15/2028   7.250%   3,500,000    3,525,533 
                    
Entertainment - 3.28%                   
Live Nation Entertainment, Inc.(a)   05/15/2027   6.500%   5,000,000    5,023,700 
                    
Healthcare - Products - 7.10%                   
Bausch & Lomb Corp.(a)   10/01/2028   8.375%   3,296,000    3,415,480 
Hologic, Inc.(a)   02/15/2029   3.250%   7,500,000    7,461,090 
                  10,876,570 
Healthcare - Services - 1.30%                   
Surgery Center Holdings, Inc.(a)   04/15/2032   7.250%   2,000,000    1,997,574 
                    
Iron/Steel - 1.50%                   
U.S. Steel Corp.   03/01/2029   6.875%   2,300,000    2,295,939 
                    
Machinery - Diversified - 5.39%                   
Chart Industries, Inc.(a)(b)                   
    01/01/2030   7.500%   6,155,000    6,393,887 
    01/01/2031   9.500%   1,768,000    1,859,782 
                  8,253,669 
Media - 2.27%                   
TEGNA, Inc.(b)   09/15/2029   5.000%   3,473,000    3,469,712 
                    
Packaging & Containers - 3.97%                   
Sealed Air Corp./Sealed Air Corp. U.S.(a)(b)   02/01/2028   6.125%   6,000,000    6,083,358 
                    
Pharmaceuticals - 2.89%                   
Organon & Co./Organon Foreign Debt Co-Issuer BV(a)(b)   04/30/2028   4.125%   4,509,000    4,426,330 

 

 

 

Water Island Credit Opportunities Fund Portfolio of Investments
  February 28, 2026 (unaudited)

 

    Maturity
Date
   Rate   Principal
Amount
   Value 
CORPORATE BONDS - 46.58% (Continued)                   
Real Estate - 3.91%                   
Kennedy-Wilson, Inc.(b)   02/01/2030   4.750%   1,220,000   1,183,296 
Kennedy-Wilson, Inc.   03/01/2031   5.000%   4,959,000    4,807,108 
                  5,990,404 
Telecommunications - 7.68%                   
EchoStar Corp.(b)   11/30/2030   6.750%   5,093,000    5,157,956 
Frontier Communications Holdings LLC(a)   05/15/2030   8.750%   6,408,000    6,605,886 
                  11,763,842 
TOTAL CORPORATE BONDS                   
(Cost $71,232,739)                 71,341,853 
                    
CONVERTIBLE CORPORATE BONDS - 40.24%                   
Biotechnology - 4.15%                   
Dynavax Technologies Corp.(a)   03/15/2030   2.000%   3,000,000    3,138,000 
Halozyme Therapeutics, Inc.(b)   03/01/2027   0.250%   3,000,000    3,219,375 
                  6,357,375 
Computers & Computer Services - 6.86%                   
Rapid7, Inc.(b)                   
    03/15/2027   0.250%   2,500,000    2,350,000 
    03/15/2029   1.250%   2,125,000    1,808,906 
Varonis Systems, Inc.(b)   09/15/2029   1.000%   3,000,000    2,689,500 
Zscaler, Inc.(a)(b)(c)   07/15/2028   3.598%   4,000,000    3,664,000 
                  10,512,406 
Electric - 2.63%                   
TXNM Energy, Inc.   06/01/2054   5.750%   3,000,000    4,032,153 
                    
Electronics - 1.62%                   
Itron, Inc.(c)(d)   03/15/2026   0.000%   2,500,000    2,478,750 
                    
Healthcare - Products - 4.07%                   
Exact Sciences Corp.   03/01/2028   0.375%   6,000,000    6,231,000 
                    
Investment Company Security - 0.87%                   
Gladstone Capital Corp.   10/01/2030   5.875%   1,423,000    1,337,094 
                    
Real Estate - 2.81%                   
Redfin Corp.(b)   04/01/2027   0.500%   4,500,000    4,297,500 
                    
Software - 17.23%                   
Bentley Systems, Inc.   07/01/2027   0.375%   5,000,000    4,770,000 
BlackLine, Inc.(c)   03/15/2026   5.415%   3,071,000    3,061,787 
Confluent, Inc.(b)(c)   01/15/2027   2.542%   5,000,000    4,890,000 
CSG Systems International, Inc.   09/15/2028   3.875%   5,000,000    6,072,500 
Nutanix, Inc.(b)   12/15/2029   0.500%   5,000,000    4,597,500 
Tyler Technologies, Inc.   03/15/2026   0.250%   3,000,000    2,994,000 
                  26,385,787 
TOTAL CONVERTIBLE CORPORATE BONDS                   
(Cost $61,397,309)                 61,632,065 

 

 

 

Water Island Credit Opportunities Fund Portfolio of Investments
  February 28, 2026 (unaudited)

 

   Expiration
Date
  Exercise
Price
   Notional
Amount
    Contracts   Value  
PURCHASED OPTIONS(d) - 0.01%                            
Call Option Purchased - 0.01%                            
State Street SPDR S&P 500 ETF Trust   03/2026  $710.00   $13,719,800     200   $ 18,200  
                             
TOTAL PURCHASED OPTIONS                            
(Cost $95,335)                        18,200  

 

      Yield     Shares     Value  
SHORT-TERM INVESTMENTS - 7.78%                        
Money Market Funds                        
Morgan Stanley Institutional Liquidity Fund - Government Portfolio, Institutional Class     3.595 %(e)     5,957,219     $ 5,957,219  
State Street Institutional U.S. Government Money Market Fund, Premier Class     3.737 %(e)     5,957,220       5,957,220  
                      11,914,439  
                         
TOTAL SHORT-TERM INVESTMENTS                        
(Cost $11,914,439)                     11,914,439  
                         
Total Investments - 97.68%                        
(Cost $149,369,783)                     149,612,599  
                         
Other Assets in Excess of Liabilities - 2.32%(f)                     3,558,877  
                         
NET ASSETS - 100.00%                   $ 153,171,476  

 

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 28, 2026, these securities had a total value of $61,229,842 or 39.97% of net assets.
(b) 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 February 28, 2026, the aggregate fair market value of those securities was $46,139,086, representing 30.12% of net assets.
(c) Represents a zero coupon bond. Interest rate presented is yield to maturity.
(d) Non-income-producing security.
(e) Rate shown is the 7-day effective yield as of February 28, 2026.
(f) Includes cash held as collateral for short sales.

 

 

 

Water Island Credit Opportunities Fund Portfolio of Investments
  February 28, 2026 (unaudited)

 

SCHEDULE OF SECURITIES SOLD SHORT     Shares     Value  
COMMON STOCKS SOLD SHORT - (7.65%)                
Biotechnology - (1.81%)                
Exact Sciences Corp.     (12,400 )   $ (1,281,912 )
Halozyme Therapeutics, Inc.     (21,400 )     (1,487,942 )
              (2,769,854 )
Computers & Computer Services - (0.36%)                
Rapid7, Inc.     (6,087 )     (37,861 )
Varonis Systems, Inc.     (11,100 )     (256,410 )
Zscaler, Inc.     (1,740 )     (255,763 )
              (550,034 )
Electric - (2.08%)                
TXNM Energy, Inc.     (54,000 )     (3,187,080 )
                 
Healthcare - Services - (0.01%)                
Surgery Partners, Inc.     (500 )     (7,750 )
                 
Investment Company Security - (0.14%)                
Gladstone Capital Corp.     (12,024 )     (218,837 )
                 
Pharmaceuticals - (0.10%)                
Organon & Co.     (20,300 )     (147,987 )
                 
Real Estate - (0.32%)                
Kennedy-Wilson Holdings, Inc.     (45,700 )     (497,216 )
                 
Software - (2.83%)                
Bentley Systems, Inc., Class B     (6,000 )     (219,300 )
CSG Systems International, Inc.     (41,000 )     (3,275,900 )
Nutanix, Inc., Class A     (22,100 )     (845,988 )
              (4,341,188 )
TOTAL SECURITIES SOLD SHORT                
(Proceeds $12,141,903)           $ (11,719,946 )

 

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   iShares iBoxx High Yield Corporate Bond ETF   Received 1 Month- Federal Rate Minus 109bps (2.550%)   10/30/2026   $     $     $ 36,843     USD 1,854,000     $ 36,843  
Morgan Stanley & Co./ Upon Termination   SPDR Bloomberg High Yield  Bond ETF   Received 1 Month- Federal Rate Minus 40bps (3.240%)   10/30/2026                 57,874     USD 1,251,695       57,874  
                                               $ 94,717           $ 94,717  

 

 

 

Water Island Credit Opportunities Fund Portfolio of Investments
  February 28, 2026 (unaudited)

 

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

 

Country     % of Net Assets(a)  
United States     95.45 %
Canada     2.23 %
Other Assets in Excess of Liabilities     2.32 %
      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.
ETF - Exchange-Traded Fund
LLC - Limited Liability Company
LP - Limited Partnership
SOFR - Secured Overnight Financing Rate
S&P - Standard & Poor's
SPDR - Standard & Poor's Depositary Receipt
USD - United States Dollar