| 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 | |