| Arbitrage Fund | Portfolio of Investments |
| August 31, 2026 (unaudited) |
| Shares | Value | |||||||
| COMMON STOCKS - 95.20% | ||||||||
| Apparel - 0.48% | ||||||||
| Skechers USA, Inc., Class A(a)(b) | 259,875 | $ | 4,259,351 | |||||
| Biotechnology - 1.97% | ||||||||
| AtaiBeckley, Inc.(a) | 1,214,390 | 8,913,623 | ||||||
| Crinetics Pharmaceuticals, Inc.(a)(c) | 100,400 | 8,528,980 | ||||||
| 17,442,603 | ||||||||
| Chemicals - 1.13% | ||||||||
| Element Solutions, Inc.(d) | 280,855 | 9,981,587 | ||||||
| Commercial Services - 4.46% | ||||||||
| Intertek Group PLC | 280,725 | 22,233,361 | ||||||
| MarketAxess Holdings, Inc.(d) | 106,434 | 17,309,362 | ||||||
| 39,542,723 | ||||||||
| Cosmetics/Personal Care - 1.22% | ||||||||
| Kenvue, Inc. | 570,756 | 10,775,873 | ||||||
| Diversified Financial Services - 3.25% | ||||||||
| Schroders PLC | 3,635,813 | 28,770,930 | ||||||
| Electric - 9.77% | ||||||||
| Dominion Energy, Inc. | 582,049 | 38,421,054 | ||||||
| TXNM Energy, Inc.(d) | 835,506 | 48,133,501 | ||||||
| 86,554,555 | ||||||||
| Electronics - 1.48% | ||||||||
| Atkore, Inc. | 140,189 | 13,134,308 | ||||||
| Engineering & Construction - 1.50% | ||||||||
| Bowman Consulting Group Ltd.(a)(d) | 310,878 | 13,240,294 | ||||||
| Entertainment - 4.57% | ||||||||
| Caesars Entertainment, Inc.(a)(d) | 1,362,703 | 40,472,279 | ||||||
| Food - 2.48% | ||||||||
| Tate & Lyle PLC | 1,163,686 | 8,735,446 | ||||||
| Utz Brands, Inc.(d) | 930,110 | 13,207,562 | ||||||
| 21,943,008 | ||||||||
| Healthcare - Products - 17.19% | ||||||||
| Bio-Techne Corp.(d) | 452,350 | 32,709,428 | ||||||
| BioLife Solutions, Inc.(a) | 560,140 | 20,764,390 | ||||||
| Integer Holdings Corp.(a) | 144,799 | 18,136,075 | ||||||
| Lantheus Holdings, Inc.(a)(d) | 107,605 | 10,863,801 | ||||||
| Penumbra, Inc.(a)(d) | 182,302 | 58,901,776 | ||||||
| Varex Imaging Corp.(a)(d) | 592,449 | 10,954,382 | ||||||
| 152,329,852 | ||||||||
| Home Builders - 2.70% | ||||||||
| Beazer Homes USA, Inc.(a) | 721,793 | 23,949,092 | ||||||
| Insurance - 3.27% | ||||||||
| Accelerant Holdings, Class A(a) | 890,012 | 17,559,937 | ||||||
| Beazley PLC | 473,000 | 8,312,672 | ||||||
| Bowhead Specialty Holdings, Inc.(a) | 93,482 | 3,133,516 | ||||||
| 29,006,125 | ||||||||
| Arbitrage Fund | Portfolio of Investments (Continued) |
| August 31, 2026 (unaudited) |
| Shares | Value | |||||||
| COMMON STOCKS - 95.20% (Continued) | ||||||||
| Internet - 4.40% | ||||||||
| Delivery Hero SE(a)(e) | 195,944 | $ | 8,359,698 | |||||
| Roku, Inc.(a)(d) | 195,316 | 30,650,940 | ||||||
| 39,010,638 | ||||||||
| Media - 8.67% | ||||||||
| Endeavor Group Holdings, Inc., Class A(a)(b) | 1,081,507 | 33,844,881 | ||||||
| Warner Bros Discovery, Inc.(a)(c) | 1,505,951 | 42,964,782 | ||||||
| 76,809,663 | ||||||||
| Mining - 3.52% | ||||||||
| Arcosa, Inc.(d) | 214,827 | 31,214,363 | ||||||
| Real Estate Investment Trusts - 3.90% | ||||||||
| LXP Industrial Trust | 425,169 | 25,812,010 | ||||||
| Segro PLC | 668,000 | 8,700,210 | ||||||
| 34,512,220 | ||||||||
| Retail - 1.49% | ||||||||
| MarineMax, Inc.(a) | 252,812 | 13,191,730 | ||||||
| Semiconductors - 5.06% | ||||||||
| Silicon Laboratories, Inc.(a)(d) | 204,740 | 44,848,297 | ||||||
| Software - 7.80% | ||||||||
| Aspen Technology, Inc.(a)(b) | 53,275 | 1,152,183 | ||||||
| DoubleVerify Holdings, Inc.(a)(d) | 1,311,807 | 17,578,214 | ||||||
| LiveRamp Holdings, Inc.(a)(c)(d) | 1,101,458 | 41,546,996 | ||||||
| Weave Communications, Inc.(a) | 1,205,000 | 8,808,550 | ||||||
| 69,085,943 | ||||||||
| Transportation - 4.89% | ||||||||
| Norfolk Southern Corp.(d) | 126,417 | 43,334,484 | ||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $821,927,474) | 843,409,918 | |||||||
| RIGHTS(a) - 1.09% | ||||||||
| Akero Therapeutics, Inc., CVR, Expires 6/30/2031(b)(f) | 197,023 | 137,226 | ||||||
| Apellis Pharmaceuticals, Inc., CVR, Expires 12/31/2031(b)(f) | 199,800 | 6,174 | ||||||
| Arcellx, Inc., CVR, Expires 12/31/2029(b)(f) | 124,165 | — | ||||||
| Avadel Pharmaceuticals PLC CVR, Expires 12/31/2028(b)(f) | 957,437 | 645,983 | ||||||
| Blueprint Medicines Corp. CVR, Expires 6/30/2032(b)(f) | 56,349 | 28,806 | ||||||
| Bristol-Myers Squibb Co. CVR(b)(f) | 857,631 | 1,179,243 | ||||||
| Centessa Pharmaceuticals PLC CVR, Expires 6/24/2031(b)(f) | 572,200 | 1,455,333 | ||||||
| Concert Pharmaceuticals, Inc., CVR, Expires 12/31/2029(b)(f) | 1,669,338 | 861,045 | ||||||
| Contra Abiomed, Inc., CVR, Expires 12/31/2029(b)(f) | 163,650 | 261,840 | ||||||
| Contra Albireo Pharma, Inc., CVR, Expires 12/31/2027(b)(f) | 313,065 | 137,842 | ||||||
| Contra Metsera, Inc., CVR, Expires 12/31/2031(b)(f) | 164,636 | 870,398 | ||||||
| Arbitrage Fund | Portfolio of Investments |
| August 31, 2026 (unaudited) |
| Shares | Value | |||||||
| RIGHTS(a) - 1.09% (Continued) | ||||||||
| Contra Resolute Forest Products, Inc., CVR(b)(f) | 803,806 | $ | 1,255,223 | |||||
| Flexion Therapy CVR, Expires 12/31/2030(b)(f) | 1,411,000 | 862,544 | ||||||
| Hologic, Inc., CVR, Expires 2/7/2028(b)(f) | 421,861 | — | ||||||
| Icosavax, Inc., CVR, Expires 2/16/2031(b)(f) | 802,494 | 316,504 | ||||||
| Regulus Therapeutics, Inc., CVR, Expires 12/31/2034(b)(f) | 500,000 | 649,250 | ||||||
| TreeHouse Foods, Inc., CVR, Expires 2/11/2033(b)(f) | 80,813 | 164,406 | ||||||
| Verve Therapeutics, Inc., CVR, Expires 7/25/2035(b)(f) | 660,593 | 462,019 | ||||||
| Walgreens Boots Alliance, Inc., CVR(b)(f) | 205,000 | 119,556 | ||||||
| XOMA Royalty Corp. CVR(b)(f) | 198,676 | 235,371 | ||||||
| TOTAL RIGHTS | ||||||||
| (Cost $9,424,561) | 9,648,763 | |||||||
| MUTUAL FUNDS(g) - 3.15% | ||||||||
| Water Island Event-Driven Fund, Class I | 2,088,887 | 27,949,301 | ||||||
| TOTAL MUTUAL FUNDS | ||||||||
| (Cost $18,653,756) | 27,949,301 | |||||||
| Expiration Date | Exercise Price | Notional Amount | Contracts | Value | ||||||||||||||
| PURCHASED OPTIONS(a) - 0.01% | ||||||||||||||||||
| Call Option Purchased - 0.00%(h) | ||||||||||||||||||
| Boston Scientific Corp. | 09/2026 | $ | 50.00 | $ | 753,480 | 156 | $ | 17,160 | ||||||||||
| TOTAL CALL OPTIONS PURCHASED | ||||||||||||||||||
| (Cost $24,936) | 17,160 | |||||||||||||||||
| Put Options Purchased - 0.01% | ||||||||||||||||||
| Apogee Therapeutics, Inc. | ||||||||||||||||||
| 11/2026 | 90.00 | 1,958,660 | 145 | 0 | ||||||||||||||
| 11/2026 | 95.00 | 337,700 | 25 | 0 | ||||||||||||||
| 11/2026 | 100.00 | 1,404,832 | 104 | 104 | ||||||||||||||
| Crinetics Pharmaceuticals, Inc. | 09/2026 | 80.00 | 8,528,980 | 1,004 | 0 | |||||||||||||
| Forte Biosciences, Inc. | 09/2026 | 55.00 | 10,909,483 | 1,417 | 0 | |||||||||||||
| LiveRamp Holdings, Inc. | 11/2026 | 35.00 | 7,630,756 | 2,023 | 0 | |||||||||||||
| Organon & Co. | 12/2026 | 11.00 | 11,574,912 | 8,412 | 42,060 | |||||||||||||
| Warner Bros Discovery, Inc. | ||||||||||||||||||
| 09/2026 | 21.00 | 1,623,357 | 569 | 0 | ||||||||||||||
| 09/2026 | 22.00 | 33,434,307 | 11,719 | 0 | ||||||||||||||
| TOTAL PUT OPTIONS PURCHASED | ||||||||||||||||||
| (Cost $1,078,385) | 42,164 | |||||||||||||||||
| TOTAL PURCHASED OPTIONS | ||||||||||||||||||
| (Cost $1,103,321) | 59,324 | |||||||||||||||||
| Arbitrage Fund | Portfolio of Investments (Continued) |
| August 31, 2026 (unaudited) |
| Yield | Shares | Value | ||||||||||
| SHORT-TERM INVESTMENTS - 1.00% | ||||||||||||
| Money Market Funds | ||||||||||||
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class | 3.596 | %(i) | 4,425,316 | $ | 4,425,316 | |||||||
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 3.730 | %(i) | 4,425,316 | 4,425,316 | ||||||||
| 8,850,632 | ||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | ||||||||||||
| (Cost $8,850,632) | 8,850,632 | |||||||||||
| Total Investments - 100.45% | ||||||||||||
| (Cost $859,959,744) | 889,917,938 | |||||||||||
| Liabilities in Excess of Other Assets - (0.45)%(j) | (3,951,469 | ) | ||||||||||
| NET ASSETS - 100.00% | $ | 885,966,469 | ||||||||||
| Portfolio Footnotes | |
| (a) | Non-income-producing security. |
| (b) | Security fair valued using significant unobservable inputs and classified as a Level 3 security. As of August 31, 2026, the total fair market value of these securities was $48,905,178, representing 5.52% 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, short sales, written option contracts or forward foreign currency exchange contracts. At August 31, 2026, the aggregate fair market value of those securities was $180,226,430, representing 20.34% of net assets. |
| (e) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of August 31, 2026, these securities had a total value of $8,359,698 or 0.94% of net assets. |
| (f) | Restricted securities (including private placements) - The Fund may own investment securities that have other legal or contractual limitations. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $9,648,763 or 1.09% of net assets. |
| Arbitrage Fund | Portfolio of Investments |
| August 31, 2026 (unaudited) |
| Restricted Security | Acquisition Date | Acquisition Cost | ||||
| Akero Therapeutics, Inc., CVR, Expires 6/30/2031 | 12/10/2025 | $ | 128,065 | |||
| Apellis Pharmaceuticals, Inc., CVR, Expires 12/31/2031 | 05/15/2026 | 5,994 | ||||
| Arcellx, Inc., CVR, Expires 12/31/2029 | 04/29/2026 | 8,691 | ||||
| Avadel Pharmaceuticals PLC CVR, Expires 12/31/2028 | 02/13/2026 | 612,760 | ||||
| Blueprint Medicines Corp. CVR, Expires 6/30/2032 | 07/21/2025 | 25,920 | ||||
| Bristol-Myers Squibb Co. CVR | 11/23/2020 | 1,185,787 | ||||
| Centessa Pharmaceuticals PLC CVR, Expires 6/24/2031 | 06/25/2026 | 1,430,500 | ||||
| Concert Pharmaceuticals, Inc., CVR, Expires 12/31/2029 | 03/07/2023 | 617,655 | ||||
| Contra Abiomed, Inc., CVR, Expires 12/31/2029 | 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 | ||||
| Hologic, Inc., CVR, Expires 2/7/2028 | 04/08/2026 | 4,219 | ||||
| Icosavax, Inc., CVR, Expires 2/16/2031 | 02/21/2024 | 248,773 | ||||
| Regulus Therapeutics, Inc., CVR, Expires 12/31/2034 | 06/26/2025 | 580,000 | ||||
| TreeHouse Foods, Inc., CVR, Expires 2/11/2033 | 02/11/2026 | 155,969 | ||||
| Verve Therapeutics, Inc., CVR, Expires 7/25/2035 | 07/28/2025 | 416,174 | ||||
| Walgreens Boots Alliance, Inc., CVR | 08/29/2025 | 108,650 | ||||
| XOMA Royalty Corp. CVR | 07/15/2026 | 232,451 | ||||
| Total | $ | 9,424,561 | ||||
| (g) | Affiliated investment. |
| (h) | Less than 0.005% of net assets. |
| (i) | Rate shown is the 7-day effective yield as of August 31, 2026. |
| (j) | Includes cash held as collateral for short sales. |
| Arbitrage Fund | Portfolio of Investments (Continued) |
| August 31, 2026 (unaudited) |
| SCHEDULE OF SECURITIES SOLD SHORT | Shares | Value | ||||||
| COMMON STOCKS SOLD SHORT - (3.41%) | ||||||||
| Healthcare - Products - (2.68%) | ||||||||
| Boston Scientific Corp. | (188,756 | ) | $ | (9,116,915 | ) | |||
| Repligen Corp. | (80,772 | ) | (14,618,116 | ) | ||||
| (23,735,031 | ) | |||||||
| Real Estate Investment Trusts - (0.73%) | ||||||||
| Prologis, Inc. | (46,092 | ) | (6,449,193 | ) | ||||
| TOTAL SECURITIES SOLD SHORT | ||||||||
| (Proceeds $30,038,170) | $ | (30,184,224 | ) | |||||
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 | Fox Corp. | Received 1 Month-Federal Funds Rate Minus 40bps (3.230%) | 10/30/2026 | $ | — | $ | — | $ | 336,369 | USD | 13,070,653 | $ | 336,369 | ||||||||||||
| Morgan Stanley & Co./ Upon Termination | Kimberly-Clark Corp. | Received 1 Month-Federal Funds Rate Minus 40bps (3.230%) | 10/30/2026 | — | — | 103,423 | USD | 9,094,599 | 103,423 | ||||||||||||||||
| Morgan Stanley & Co./ Upon Termination | NextEra Energy, Inc. | Received 1 Month-Federal Funds Rate Minus 40bps (3.230%) | 10/30/2026 | — | — | 1,579,720 | USD | 40,825,617 | 1,579,720 | ||||||||||||||||
| $ | 2,019,512 | $ | 2,019,512 | ||||||||||||||||||||||
| Arbitrage Fund | Portfolio of Investments |
| August 31, 2026 (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 | Union Pacific Corp. | Received 1 Month-Federal Funds Rate Minus 40bps (3.230%) | 10/30/2026 | $ | — | $ | — | $ | (7,413,957 | ) | USD | 29,949,378 | $ | (7,413,957 | ) | |||||||||||
| Arbitrage Fund | Portfolio of Investments (Continued) |
| August 31, 2026 (unaudited) |
| OUTSTANDING FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS |
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation | ||||||||||
| EUR | 327,300 | USD | 375,841 | Morgan Stanley & Co. | 09/15/2026 | $ | 4,527 | |||||||
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Depreciation | ||||||||||
| USD | 8,689,836 | EUR | 7,581,100 | Morgan Stanley & Co. | 09/15/2026 | $ | (120,482 | ) | ||||||
| USD | 71,200,921 | GBP | 53,471,600 | Morgan Stanley & Co. | 09/15/2026 | (1,253,564 | ) | |||||||
| $ | (1,374,046 | ) | ||||||||||||
| The following is a summary of investments classified by country exposure: |
| Country | % of Net Assets(a) | |||
| United States | 88.63 | % | ||
| United Kingdom | 8.83 | % | ||
| Cayman Islands | 1.98 | % | ||
| Germany | 0.94 | % | ||
| Ireland | 0.07 | % | ||
| Liabilities in Excess of Other Assets | (0.45 | )% | ||
| 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. |
| CVR - Contingent Value Rights |
| EUR - Euro |
| GBP - British pound |
| Ltd. - Limited |
| PLC - Public Limited Company |
| SE - SE Regulation. A European Company which can operate on a Europe-wide basis and be governed by Community law directly applicable in all Member States |
| USD - United States Dollar |
| Water Island Event-Driven Fund | Portfolio of Investments |
| August 31, 2026 (unaudited) |
| Shares | Value | |||||||
| COMMON STOCKS - 82.36% | ||||||||
| Aerospace & Defense - 0.73% | ||||||||
| Boeing Co.(a) | 1,800 | $ | 374,004 | |||||
| Airlines - 0.79% | ||||||||
| Alaska Air Group, Inc.(a) | 2,000 | 82,660 | ||||||
| SkyWest, Inc.(a) | 1,200 | 113,592 | ||||||
| Southwest Airlines Co. | 2,000 | 77,060 | ||||||
| United Airlines Holdings, Inc.(a) | 1,200 | 129,588 | ||||||
| 402,900 | ||||||||
| Apparel - 3.88% | ||||||||
| Birkenstock Holding PLC(a) | 29,000 | 1,012,390 | ||||||
| Skechers USA, Inc., Class A(a)(b) | 39,204 | 642,554 | ||||||
| VF Corp. | 24,000 | 322,560 | ||||||
| 1,977,504 | ||||||||
| Biotechnology - 4.86% | ||||||||
| Apogee Therapeutics, Inc.(a)(c) | 5,486 | 741,049 | ||||||
| AtaiBeckley, Inc.(a) | 71,870 | 527,526 | ||||||
| Aura Biosciences, Inc.(a)(d) | 44,000 | 315,920 | ||||||
| Crinetics Pharmaceuticals, Inc.(a)(c) | 5,900 | 501,205 | ||||||
| Viking Therapeutics, Inc.(a)(d) | 12,000 | 393,360 | ||||||
| 2,479,060 | ||||||||
| Chemicals - 2.23% | ||||||||
| Element Solutions, Inc.(d) | 31,342 | 1,113,895 | ||||||
| Solstice Advanced Materials, Inc.(c) | 400 | 25,356 | ||||||
| 1,139,251 | ||||||||
| Commercial Services - 3.02% | ||||||||
| Intertek Group PLC | 6,571 | 520,422 | ||||||
| MarketAxess Holdings, Inc.(d) | 6,258 | 1,017,738 | ||||||
| 1,538,160 | ||||||||
| Cosmetics/Personal Care - 0.74% | ||||||||
| Kenvue, Inc.(d) | 20,045 | 378,450 | ||||||
| Diversified Financial Services - 2.50% | ||||||||
| Schroders PLC | 161,069 | 1,274,572 | ||||||
| Electric - 5.10% | ||||||||
| Dominion Energy, Inc.(d) | 7,524 | 496,659 | ||||||
| TXNM Energy, Inc.(d) | 36,547 | 2,105,473 | ||||||
| 2,602,132 | ||||||||
| Electronics - 1.01% | ||||||||
| Atkore, Inc. | 5,492 | 514,545 | ||||||
| Engineering & Construction - 1.54% | ||||||||
| Bowman Consulting Group Ltd.(a)(d) | 18,471 | 786,680 | ||||||
| Entertainment - 4.30% | ||||||||
| Caesars Entertainment, Inc.(a)(d) | 62,299 | 1,850,280 | ||||||
| Water Island Event-Driven Fund | Portfolio of Investments (Continued) |
| August 31, 2026 (unaudited) |
| Shares | Value | |||||||
| COMMON STOCKS - 82.36% (Continued) | ||||||||
| Entertainment - 4.30% (Continued) | ||||||||
| Cineplex, Inc.(a) | 40,000 | $ | 344,601 | |||||
| 2,194,881 | ||||||||
| Food - 1.01% | ||||||||
| Utz Brands, Inc. | 36,190 | 513,898 | ||||||
| Healthcare - Products - 10.91% | ||||||||
| Bio-Techne Corp.(d) | 7,217 | 521,861 | ||||||
| BioLife Solutions, Inc.(a) | 33,092 | 1,226,720 | ||||||
| Integer Holdings Corp.(a) | 8,254 | 1,033,814 | ||||||
| Lantheus Holdings, Inc.(a)(d) | 5,005 | 505,305 | ||||||
| Pacific Biosciences of California, Inc.(a)(d) | 248,000 | 336,040 | ||||||
| Penumbra, Inc.(a) | 4,397 | 1,420,671 | ||||||
| Varex Imaging Corp.(a)(d) | 28,163 | 520,734 | ||||||
| 5,565,145 | ||||||||
| Home Builders - 2.01% | ||||||||
| Beazer Homes USA, Inc.(a) | 30,909 | 1,025,561 | ||||||
| Insurance - 3.41% | ||||||||
| Accelerant Holdings, Class A(a) | 52,649 | 1,038,765 | ||||||
| Beazley PLC | 29,387 | 516,458 | ||||||
| Bowhead Specialty Holdings, Inc.(a) | 5,507 | 184,594 | ||||||
| 1,739,817 | ||||||||
| Internet - 3.13% | ||||||||
| Delivery Hero SE(a)(e) | 11,691 | 498,781 | ||||||
| Roku, Inc.(a)(d) | 6,975 | 1,094,587 | ||||||
| 1,593,368 | ||||||||
| Media - 8.44% | ||||||||
| Warner Bros Discovery, Inc.(a)(c) | 62,800 | 1,791,684 | ||||||
| Endeavor Group Holdings, Inc., Class A(a)(b) | 66,527 | 2,081,908 | ||||||
| EchoStar Corp., Class A(a)(d) | 5,000 | 432,200 | ||||||
| 4,305,792 | ||||||||
| Mining - 3.92% | ||||||||
| Arcosa, Inc.(d) | 6,948 | 1,009,544 | ||||||
| Cameco Corp. | 10,000 | 987,600 | ||||||
| 1,997,144 | ||||||||
| Oil & Gas - 1.70% | ||||||||
| EQT Corp.(d) | 16,000 | 866,880 | ||||||
| Pharmaceuticals - 2.01% | ||||||||
| Bayer AG | 18,000 | 1,025,323 | ||||||
| Real Estate Investment Trusts - 1.40% | ||||||||
| LXP Industrial Trust | 8,416 | 510,935 | ||||||
| Segro PLC | 15,440 | 201,095 | ||||||
| 712,030 | ||||||||
| Water Island Event-Driven Fund | Portfolio of Investments |
| August 31, 2026 (unaudited) |
| Shares | Value | |||||||
| COMMON STOCKS - 82.36% (Continued) | ||||||||
| Retail - 5.40% | ||||||||
| Dick's Sporting Goods, Inc.(c) | 12,000 | $ | 1,621,200 | |||||
| MarineMax, Inc.(a) | 15,038 | 784,683 | ||||||
| Penske Automotive Group, Inc. | 1,600 | 346,544 | ||||||
| 2,752,427 | ||||||||
| Semiconductors - 2.36% | ||||||||
| Intel Corp.(a)(d) | 5,000 | 447,550 | ||||||
| Silicon Laboratories, Inc.(a)(d) | 3,444 | 754,408 | ||||||
| 1,201,958 | ||||||||
| Software - 3.87% | ||||||||
| DoubleVerify Holdings, Inc.(a)(d) | 39,429 | 528,348 | ||||||
| LiveRamp Holdings, Inc.(a) | 38,269 | 1,443,507 | ||||||
| 1,971,855 | ||||||||
| Transportation - 2.09% | ||||||||
| Norfolk Southern Corp.(d) | 3,108 | 1,065,391 | ||||||
| TOTAL COMMON STOCKS (Cost $40,869,807) | 41,998,728 | |||||||
| RIGHTS(a) - 0.90% | ||||||||
| Akero Therapeutics, Inc., CVR, Expires 6/30/2031(b)(f) | 16,553 | 11,529 | ||||||
| Apellis Pharmaceuticals, Inc., CVR, Expires 12/31/2031(b)(f) | 8,000 | 247 | ||||||
| Arcellx, Inc., CVR, Expires 12/31/2029(b)(f) | 10,933 | — | ||||||
| Avadel Pharmaceuticals PLC CVR, Expires 12/31/2028(b)(f) | 35,059 | 23,654 | ||||||
| Bristol-Myers Squibb Co. CVR(b)(f) | 67,803 | 93,229 | ||||||
| Centessa Pharmaceuticals PLC CVR, Expires 6/24/2031(b)(f) | 12,500 | 31,793 | ||||||
| Concert Pharmaceuticals, Inc., CVR, Expires 12/31/2029(b)(f) | 154,954 | 79,925 | ||||||
| Contra Abiomed, Inc., CVR, Expires 12/31/2029(b)(f) | 13,890 | 22,224 | ||||||
| Contra Albireo Pharma, Inc., CVR, Expires 12/31/2027(b)(f) | 34,047 | 14,991 | ||||||
| Contra Metsera, Inc., CVR, Expires 12/31/2031(b)(f) | 8,653 | 45,747 | ||||||
| Contra Resolute Forest Products, Inc., CVR(b)(f) | 68,936 | 107,651 | ||||||
| Hologic, Inc., CVR, Expires 2/7/2028(b)(f) | 29,603 | — | ||||||
| TreeHouse Foods, Inc. CVR, Expires 2/11/2033(b)(f) | 5,664 | 11,523 | ||||||
| XOMA Royalty Corp. CVR(b)(f) | 12,194 | 14,446 | ||||||
| TOTAL RIGHTS (Cost $486,719) | 456,959 | |||||||
| Maturity Date | Rate | Principal Amount | Value | |||||||||||
| BANK LOAN - 0.56% | ||||||||||||||
| Construction Materials - 0.56% | ||||||||||||||
| EMRLD Borrower LP, Term Loan B, Variable Rate, (1 mo. USD SOFR Plus 2.25%) | 05/31/2030 | 5.936 | % | $ | 284,563 | $ | 285,668 | |||||||
| TOTAL BANK LOANS (Cost $285,812) | 285,668 | |||||||||||||
| Water Island Event-Driven Fund | Portfolio of Investments (Continued) |
| August 31, 2026 (unaudited) |
| Maturity Date | Rate | Principal Amount | Value | |||||||||||
| CORPORATE BONDS - 16.88% | ||||||||||||||
| Commercial Services - 1.42% | ||||||||||||||
| Clarivate Science Holdings Corp.(e) | 07/01/2028 | 3.875 | % | $ | 744,000 | $ | 724,393 | |||||||
| Computers & Computer Services - 2.04% | ||||||||||||||
| NCR Atleos Corp.(e) | 04/01/2029 | 9.500 | % | 984,000 | 1,041,540 | |||||||||
| Food - 0.50% | ||||||||||||||
| KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc.(e) | 08/15/2034 | 7.000 | % | 252,000 | 254,279 | |||||||||
| Healthcare - Products - 1.59% | ||||||||||||||
| Bausch & Lomb Corp.(e) | 10/01/2028 | 8.375 | % | 790,000 | 810,366 | |||||||||
| Internet - 0.16% | ||||||||||||||
| Getty Images, Inc.(e) | 02/21/2030 | 11.250 | % | 109,000 | 80,106 | |||||||||
| Media - 5.04% | ||||||||||||||
| EchoStar Corp., 6.75% PIK until 05/30/27; then 6.75% Cash until Maturity | 11/30/2030 | 6.750 | % | 1,860,000 | 1,887,794 | |||||||||
| iHeartCommunications, Inc.(e) | ||||||||||||||
| 05/01/2029 | 9.125 | % | 391,000 | 350,828 | ||||||||||
| 08/15/2030 | 7.750 | % | 398,000 | 332,330 | ||||||||||
| 2,570,952 | ||||||||||||||
| Oil & Gas - 0.44% | ||||||||||||||
| Valaris Ltd.(e) | 04/30/2030 | 8.375 | % | 217,000 | 225,636 | |||||||||
| Pharmaceuticals - 1.94% | ||||||||||||||
| Organon & Co./Organon Foreign Debt Co-Issuer BV(e) | 04/30/2028 | 4.125 | % | 997,000 | 987,030 | |||||||||
| Real Estate Investment Trusts - 1.53% | ||||||||||||||
| SBA Communications Corp. | 02/01/2029 | 3.125 | % | 815,000 | 778,969 | |||||||||
| Retail - 0.71% | ||||||||||||||
| Papa John's International, Inc.(e) | 09/15/2029 | 3.875 | % | 390,000 | 361,376 | |||||||||
| Semiconductors - 1.51% | ||||||||||||||
| Synaptics, Inc.(e) | 06/15/2029 | 4.000 | % | 783,000 | 771,914 | |||||||||
| TOTAL CORPORATE BONDS
(Cost $8,673,267) | 8,606,561 | |||||||||||||
| CONVERTIBLE CORPORATE BONDS - 1.30% | ||||||||||||||
| Computers & Computer Services - 1.30% | ||||||||||||||
| Rapid7, Inc. | 03/15/2029 | 1.250 | % | 768,000 | 660,839 | |||||||||
| TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $707,952) | 660,839 | |||||||||||||
| Water Island Event-Driven Fund | Portfolio of Investments |
| August 31, 2026 (unaudited) |
| Expiration Date | Exercise Price | Notional Amount | Contracts | Value | ||||||||||||||
| PURCHASED OPTIONS(a) - 0.06% | ||||||||||||||||||
| Call Option Purchased - 0.00%(g) | ||||||||||||||||||
| Boston Scientific Corp. | 09/2026 | $ | 50.00 | $ | 19,320 | 4 | $ | 440 | ||||||||||
| TOTAL CALL OPTIONS PURCHASED (Cost $639) | 440 | |||||||||||||||||
| Put Options Purchased - 0.06% | ||||||||||||||||||
| Apogee Therapeutics, Inc. | ||||||||||||||||||
| 11/2026 | 90.00 | 121,572 | 9 | 0 | ||||||||||||||
| 11/2026 | 95.00 | 13,508 | 1 | 0 | ||||||||||||||
| 11/2026 | 100.00 | 81,048 | 6 | 6 | ||||||||||||||
| Crinetics Pharmaceuticals, Inc. | 09/2026 | 80.00 | 501,205 | 59 | 0 | |||||||||||||
| Organon & Co. | 12/2026 | 11.00 | 460,960 | 335 | 1,675 | |||||||||||||
| Warner Bros Discovery, Inc. | ||||||||||||||||||
| 09/2026 | 21.00 | 97,002 | 34 | 0 | ||||||||||||||
| 09/2026 | 22.00 | 987,138 | 346 | 0 | ||||||||||||||
| 10/2026 | 27.00 | 2,134,044 | 748 | 30,668 | ||||||||||||||
| TOTAL PUT OPTIONS PURCHASED (Cost $171,300) | 32,349 | |||||||||||||||||
| TOTAL PURCHASED OPTIONS (Cost $171,939) | 32,789 | |||||||||||||||||
| Total Investments - 102.06% (Cost $51,195,496) | 52,041,544 | |||||||||||||||||
| Liabilities in Excess of Other Assets - (2.06)%(h) | (1,049,810 | ) | ||||||||||||||||
| NET ASSETS - 100.00% | $ | 50,991,734 | ||||||||||||||||
Portfolio Footnotes
| (a) | Non-income-producing security. |
| (b) | Security fair valued using significant unobservable inputs and classified as a Level 3 security. As of August 31, 2026, the total fair market value of these securities was $3,181,421, representing 6.24% 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, short sales or forward foreign currency exchange contracts. At August 31, 2026, the aggregate fair market value of those securities was $11,109,114, representing 21.79% of net assets. |
| (e) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of August 31, 2026, these securities had a total value of $6,438,579 or 12.63% of net assets. |
| (f) | Restricted securities (including private placements) - The Fund may own investment securities that have other legal or contractual limitations. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $456,959 or 0.90% of net assets. |
| Water Island Event-Driven Fund | Portfolio of Investments (Continued) |
| August 31, 2026 (unaudited) |
| Restricted Security | Acquisition Date | Acquisition Cost | ||||
| Akero Therapeutics, Inc., CVR, Expires 6/30/2031 | 12/10/2025 | $ | 10,759 | |||
| Apellis Pharmaceuticals, Inc., CVR, Expires 12/31/2031 | 05/15/2026 | 240 | ||||
| Arcellx, Inc., CVR, Expires 12/31/2029 | 04/29/2026 | 765 | ||||
| Avadel Pharmaceuticals PLC CVR, Expires 12/31/2028 | 02/13/2026 | 22,438 | ||||
| Bristol-Myers Squibb Co. CVR | 11/20/2020 | 110,781 | ||||
| Centessa Pharmaceuticals PLC CVR, Expires 6/24/2031 | 06/25/2026 | 31,250 | ||||
| Concert Pharmaceuticals, Inc., CVR, Expires 12/31/2029 | 03/07/2023 | 57,333 | ||||
| Contra Abiomed, Inc., CVR, Expires 12/31/2029 | 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 | ||||
| Hologic, Inc., CVR, Expires 2/7/2028 | 04/08/2026 | 296 | ||||
| TreeHouse Foods, Inc. CVR, Expires 2/11/2033 | 02/11/2026 | 10,932 | ||||
| XOMA Royalty Corp. CVR | 07/15/2026 | 14,267 | ||||
| Total | $ | 486,719 | ||||
| (g) | Less than 0.005% of net assets. |
| (h) | Includes cash held as collateral for short sales. |
| Water Island Event-Driven Fund | Portfolio of Investments |
| August 31, 2026 (unaudited) |
| SCHEDULE OF SECURITIES SOLD SHORT | Shares | Value | ||||||
| COMMON STOCKS SOLD SHORT - (2.85%) | ||||||||
| Computers & Computer Services - (0.05%) | ||||||||
| Rapid7, Inc. | (1,766 | ) | $ | (23,770 | ) | |||
| Healthcare - Products - (2.12%) | ||||||||
| Boston Scientific Corp. | (4,553 | ) | (219,910 | ) | ||||
| Repligen Corp. | (4,772 | ) | (863,637 | ) | ||||
| (1,083,547 | ) | |||||||
| Media - (0.02%) | ||||||||
| iHeartMedia, Inc., Class A | (2,985 | ) | (8,119 | ) | ||||
| Real Estate Investment Trusts - (0.29%) | ||||||||
| Prologis, Inc. | (1,065 | ) | (149,015 | ) | ||||
| Semiconductors - (0.37%) | ||||||||
| Advanced Micro Devices, Inc. | (400 | ) | (188,288 | ) | ||||
| TOTAL COMMON STOCKS SOLD SHORT (Proceeds $1,465,927) | $ | (1,452,739 | ) | |||||
| EXCHANGE-TRADED FUNDS SOLD SHORT - (4.81%) |
| Shares | Value | |||||||
| Equity Fund Sold Short - (4.81%) | ||||||||
| State Street SPDR S&P 500 ETF Trust | (3,200 | ) | (2,454,560 | ) | ||||
| TOTAL EXCHANGE-TRADED FUNDS SOLD SHORT (Proceeds $2,449,684) | $ | (2,454,560 | ) | |||||
| TOTAL SECURITIES SOLD SHORT (Proceeds $3,915,611) | $ | (3,907,299 | ) | |||||
| WRITTEN OPTIONS | Expiration Date | Exercise Price | Notional Amount | Contracts | Value | |||||||||||||
| Written Call Options | ||||||||||||||||||
| Dick's Sporting Goods, Inc. | ||||||||||||||||||
| 09/2026 | $ | 130.00 | (108,080 | ) | (8 | ) | $ | (5,336 | ) | |||||||||
| 09/2026 | 135.00 | (1,134,840 | ) | (84 | ) | (34,860 | ) | |||||||||||
| 09/2026 | 140.00 | (1,134,840 | ) | (84 | ) | (19,740 | ) | |||||||||||
| Solstice Advanced Materials, Inc. | ||||||||||||||||||
| 09/2026 | 60.00 | (253,560 | ) | (40 | ) | (18,520 | ) | |||||||||||
| 09/2026 | 65.00 | (253,560 | ) | (40 | ) | (7,400 | ) | |||||||||||
| TOTAL WRITTEN CALL OPTIONS (Premiums received $89,701) | $ | (85,856 | ) | |||||||||||||||
| Written Put Options | ||||||||||||||||||
| Advanced Micro Devices, Inc. | ||||||||||||||||||
| Water Island Event-Driven Fund | Portfolio of Investments (Continued) |
| August 31, 2026 (unaudited) |
| WRITTEN OPTIONS | Expiration Date | Exercise Price | Notional Amount | Contracts | Value | |||||||||||||
| Written Put Options (Continued) | ||||||||||||||||||
| 09/2026 | $ | 460.00 | $ | (188,288 | ) | (4 | ) | $ | (2,160 | ) | ||||||||
| 09/2026 | 470.00 | (188,288 | ) | (4 | ) | (3,760 | ) | |||||||||||
| 09/2026 | 480.00 | (188,288 | ) | (4 | ) | (6,240 | ) | |||||||||||
| Warner Bros Discovery, Inc. | ||||||||||||||||||
| 10/2026 | 22.00 | (68,472 | ) | (24 | ) | (960 | ) | |||||||||||
| 10/2026 | 23.00 | (2,111,220 | ) | (740 | ) | (11,840 | ) | |||||||||||
| 10/2026 | 25.00 | (684,720 | ) | (240 | ) | (4,800 | ) | |||||||||||
| TOTAL WRITTEN PUT OPTIONS (Premiums received $96,842) | (29,760 | ) | ||||||||||||||||
| TOTAL WRITTEN OPTIONS (Premiums received $186,543) | $ | (115,616 | ) | |||||||||||||||
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 | Fox Corp. | Received 1 Month-Federal Funds Rate Minus 40bps (3.230%) | 10/30/2026 | $ | — | $ | — | $ | 12,012 | USD | 466,779 | $ | 12,012 | |||||||||||||
| Morgan Stanley & Co./ Upon Termination | NextEra Energy, Inc. | Received 1 Month-Federal Funds Rate Minus 40bps (3.230%) | 10/30/2026 | — | — | 20,421 | USD | 527,741 | 20,421 | |||||||||||||||||
| $ | 32,433 | $ | 32,433 | |||||||||||||||||||||||
| 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 | Kimberly-Clark Corp. | Received 1 Month-Federal Funds Rate Minus 40bps (3.230%) | 10/30/2026 | $ | — | $ | — | $ | (342 | ) | USD | 314,954 | $ | (342 | ) | |||||||||||
| Morgan Stanley & Co./ Upon Termination | Union Pacific Corp. | Received 1 Month-Federal Funds Rate Minus 40bps (3.230%) | 10/30/2026 | — | — | (221,762 | ) | USD | 692,027 | (221,762 | ) | |||||||||||||||
| $ | (222,104 | ) | $ | (222,104 | ) | |||||||||||||||||||||
| Water Island Event-Driven Fund | Portfolio of Investments |
| August 31, 2026 (unaudited) |
OUTSTANDING FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation | ||||||||||
| CAD | 380,300 | USD | 271,797 | Morgan Stanley & Co. | 09/15/2026 | $ | 2,768 | |||||||
| USD | 20,516 | CAD | 28,400 | Morgan Stanley & Co. | 09/15/2026 | 13 | ||||||||
| EUR | 459,500 | USD | 525,597 | Morgan Stanley & Co. | 09/15/2026 | 8,408 | ||||||||
| USD | 66,644 | EUR | 57,200 | Morgan Stanley & Co. | 09/15/2026 | 171 | ||||||||
| $ | 11,360 | |||||||||||||
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized
Depreciation | ||||||||||
| CAD | 29,600 | USD | 21,453 | Morgan Stanley & Co. | 09/15/2026 | $ | (83 | ) | ||||||
| USD | 613,809 | CAD | 856,700 | Morgan Stanley & Co. | 09/15/2026 | (4,704 | ) | |||||||
| EUR | 29,100 | USD | 34,022 | Morgan Stanley & Co. | 09/15/2026 | (203 | ) | |||||||
| USD | 2,000,658 | EUR | 1,739,600 | Morgan Stanley & Co. | 09/15/2026 | (21,008 | ) | |||||||
| USD | 2,371,210 | GBP | 1,780,600 | Morgan Stanley & Co. | 09/15/2026 | (41,518 | ) | |||||||
| $ | (67,516 | ) | ||||||||||||
| The following is a summary of investments classified by country exposure: |
| Country | % of Net Assets(a) | |||
| United States | 85.36 | % | ||
| United Kingdom | 4.99 | % | ||
| Canada | 4.20 | % | ||
| Germany | 2.99 | % | ||
| Cayman Islands | 2.04 | % | ||
| Jersey | 1.99 | % | ||
| Bermuda | 0.44 | % | ||
| Ireland | 0.05 | % | ||
| Liabilities in Excess of Other Assets | (2.06 | )% | ||
| 100.00 | % | |||
(a) These percentages represent long positions only and are not net of short positions.
| Water Island Event-Driven Fund | Portfolio of Investments (Continued) |
| August 31, 2026 (unaudited) |
Abbreviations:
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.
BV - Besloten Vennootschap is the Dutch term for private limited liability company.
CAD - Canadian dollar
ETF - Exchange-Traded Fund
EUR - Euro
GBP - British pound
Ltd. - Limited
PIK - Payment-in-kind
PLC - Public Limited Company
SE - SE Regulation. A European Company which can operate on a Europe-wide basis and be governed by Community law directly applicable in all Member States
SOFR - Secured Overnight Financing Rate
S&P - Standard & Poor's
SPDR - Standard & Poor's Depositary Receipt
USD - United States Dollar
| Water Island Credit Opportunities Fund | Portfolio of Investments |
| August 31, 2026 (unaudited) |
| Maturity Date | Rate | Principal Amount | Value | |||||||||||
| BANK LOANS - 7.47% | ||||||||||||||
| Airlines - 1.98% | ||||||||||||||
| VistaJet Malta Finance PLC, 2025 Term Loan B(a) | 04/01/2031 | TBD | $ | 3,500,000 | $ | 3,519,320 | ||||||||
| Construction Materials - 1.52% | ||||||||||||||
| EMRLD Borrower LP, Term Loan B, Variable Rate, (1 mo. USD SOFR Plus 2.25%) | 05/31/2030 | 5.936 | % | 2,700,362 | 2,710,853 | |||||||||
| Internet - 2.85% | ||||||||||||||
| Delivery Hero SE, 2024 USD Term Loan B(a) | 12/12/2029 | TBD | 5,000,000 | 5,065,625 | ||||||||||
| Transportation - 1.12% | ||||||||||||||
| Rand Parent LLC, 2025 Term Loan B, Variable Rate, (3 mo. USD SOFR Plus 3.00%) | 03/18/2030 | 6.732 | % | 1,984,887 | 1,995,744 | |||||||||
| TOTAL BANK LOANS | ||||||||||||||
| (Cost $13,343,297) | 13,291,542 | |||||||||||||
| CORPORATE BONDS - 58.18% | ||||||||||||||
| Advertising - 2.42% | ||||||||||||||
| Clear Channel Outdoor Holdings, Inc.(b) | ||||||||||||||
| 04/15/2028 | 7.750 | % | 1,000,000 | 1,000,000 | ||||||||||
| 06/01/2029 | 7.500 | % | 3,302,000 | 3,302,000 | ||||||||||
| 4,302,000 | ||||||||||||||
| Airlines - 1.15% | ||||||||||||||
| VistaJet Malta Finance PLC/Vista Management Holding, Inc.(b)(c) | 06/01/2028 | 9.500 | % | 2,000,000 | 2,042,150 | |||||||||
| Auto Manufacturers - 1.81% | ||||||||||||||
| New Flyer Holdings, Inc.(b)(c) | 07/01/2030 | 9.250 | % | 3,000,000 | 3,219,891 | |||||||||
| Commercial Services - 1.35% | ||||||||||||||
| Clarivate Science Holdings Corp.(b)(c) | 07/01/2028 | 3.875 | % | 2,473,000 | 2,407,826 | |||||||||
| Computers & Computer Services - 4.46% | ||||||||||||||
| NCR Atleos Corp.(b)(c) | 04/01/2029 | 9.500 | % | 6,557,000 | 6,940,427 | |||||||||
| Seagate Data Storage Technology Pte. Ltd. | 12/01/2032 | 9.625 | % | 900,000 | 990,531 | |||||||||
| 7,930,958 | ||||||||||||||
| Electronics - 4.37% | ||||||||||||||
| Atkore, Inc.(b) | 06/01/2031 | 4.250 | % | 7,710,000 | 7,761,680 | |||||||||
| Engineering & Construction - 0.76% | ||||||||||||||
| Jacobs Engineering Group, Inc.(c) | 08/18/2028 | 6.350 | % | 1,321,000 | 1,355,724 | |||||||||
| Entertainment - 2.82% | ||||||||||||||
| Live Nation Entertainment, Inc.(b) | 05/15/2027 | 6.500 | % | 5,000,000 | 5,006,135 | |||||||||
| Food - 0.96% | ||||||||||||||
| KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc.(b) | 08/15/2034 | 7.000 | % | 1,684,000 | 1,699,227 | |||||||||
| Healthcare - Products - 1.90% | ||||||||||||||
| Bausch & Lomb Corp.(b) | 10/01/2028 | 8.375 | % | 3,296,000 | 3,380,971 | |||||||||
| Water Island Credit Opportunities Fund | Portfolio of Investments (Continued) |
| August 31, 2026 (unaudited) |
| Maturity Date | Rate | Principal Amount | Value | |||||||||||
| CORPORATE BONDS - 58.18% (Continued) | ||||||||||||||
| Healthcare - Services - 1.13% | ||||||||||||||
| Surgery Center Holdings, Inc.(b) | 04/15/2032 | 7.250 | % | $ | 2,000,000 | $ | 2,011,328 | |||||||
| Home Builders - 1.15% | ||||||||||||||
| Taylor Morrison Communities, Inc.(b) | 11/15/2032 | 5.750 | % | 2,000,000 | 2,043,993 | |||||||||
| Household Products - 3.44% | ||||||||||||||
| Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC(b)(c) | ||||||||||||||
| 01/15/2029 | 4.750 | % | 3,687,000 | 3,607,558 | ||||||||||
| 07/15/2030 | 6.625 | % | 2,500,000 | 2,505,947 | ||||||||||
| 6,113,505 | ||||||||||||||
| Internet - 0.15% | ||||||||||||||
| Getty Images, Inc.(b) | 02/21/2030 | 11.250 | % | 364,000 | 267,512 | |||||||||
| Media - 7.50% | ||||||||||||||
| DISH DBS Corp.(b)(d) | 12/01/2026 | 5.250 | % | 1,702,636 | 1,696,677 | |||||||||
| EchoStar Corp., 6.75% PIK until 05/30/27; then 6.75% Cash until Maturity(c) | 11/30/2030 | 6.750 | % | 6,327,000 | 6,421,544 | |||||||||
| iHeartCommunications, Inc.(b)(c) | ||||||||||||||
| 05/01/2029 | 9.125 | % | 1,313,000 | 1,178,101 | ||||||||||
| 08/15/2030 | 7.750 | % | 1,305,000 | 1,089,675 | ||||||||||
| Nexstar Media, Inc.(b)(c) | 11/01/2028 | 4.750 | % | 3,000,000 | 2,955,788 | |||||||||
| 13,341,785 | ||||||||||||||
| Oil & Gas - 1.69% | ||||||||||||||
| Valaris Ltd.(b) | 04/30/2030 | 8.375 | % | 1,453,000 | 1,510,828 | |||||||||
| Wildfire Intermediate Holdings LLC(b)(c) | 10/15/2029 | 7.500 | % | 1,449,000 | 1,501,919 | |||||||||
| 3,012,747 | ||||||||||||||
| Oil & Gas Services - 2.50% | ||||||||||||||
| Helix Energy Solutions Group, Inc.(b) | 03/01/2029 | 9.750 | % | 4,250,000 | 4,451,879 | |||||||||
| Pharmaceuticals - 4.73% | ||||||||||||||
| Organon & Co./Organon Foreign Debt Co-Issuer BV(b)(c) | ||||||||||||||
| 04/30/2028 | 4.125 | % | 5,469,000 | 5,414,310 | ||||||||||
| 04/30/2031 | 5.125 | % | 3,000,000 | 2,997,863 | ||||||||||
| 8,412,173 | ||||||||||||||
| Real Estate Investment Trusts - 2.93% | ||||||||||||||
| SBA Communications Corp.(c) | 02/01/2029 | 3.125 | % | 5,459,000 | 5,217,658 | |||||||||
| Retail - 4.47% | ||||||||||||||
| Carvana Co., 14% PIK until 08/15/25; then 9% Cash until Maturity(b)(c) | 06/01/2031 | 9.000 | % | 5,000,000 | 5,513,185 | |||||||||
| Papa John's International, Inc.(b)(c) | 09/15/2029 | 3.875 | % | 2,621,000 | 2,428,629 | |||||||||
| 7,941,814 | ||||||||||||||
| Semiconductors - 2.92% | ||||||||||||||
| Synaptics, Inc.(b)(c) | 06/15/2029 | 4.000 | % | 5,271,000 | 5,196,368 | |||||||||
| Water Island Credit Opportunities Fund | Portfolio of Investments |
| August 31, 2026 (unaudited) |
| Maturity Date | Rate | Principal Amount | Value | |||||||||||
| CORPORATE BONDS - 58.18% (Continued) | ||||||||||||||
| Telecommunications - 3.57% | ||||||||||||||
| Black Pearl Compute LLC(b) | 02/15/2031 | 6.125 | % | $ | 2,000,000 | $ | 2,001,106 | |||||||
| Stingray Compute LLC(b)(c) | 06/15/2031 | 6.000 | % | 1,250,000 | 1,217,150 | |||||||||
| Windstream Services LLC/Windstream Escrow Finance Corp.(b)(c) | 10/01/2031 | 8.250 | % | 3,000,000 | 3,134,034 | |||||||||
| 6,352,290 | ||||||||||||||
| TOTAL CORPORATE BONDS | ||||||||||||||
| (Cost $103,759,085) | 103,469,614 | |||||||||||||
| CONVERTIBLE CORPORATE BONDS - 21.31% | ||||||||||||||
| Computers & Computer Services - 6.69% | ||||||||||||||
| Rapid7, Inc.(c) | 03/15/2027 | 0.250 | % | 5,500,000 | 5,342,150 | |||||||||
| Rapid7, Inc. | 03/15/2029 | 1.250 | % | 2,125,000 | 1,828,494 | |||||||||
| Zscaler, Inc.(e) | 07/15/2028 | 3.700 | % | 5,000,000 | 4,730,025 | |||||||||
| 11,900,669 | ||||||||||||||
| Electric - 4.45% | ||||||||||||||
| TXNM Energy, Inc. | 06/01/2054 | 5.750 | % | 6,000,000 | 7,908,600 | |||||||||
| Internet - 5.01% | ||||||||||||||
| Etsy, Inc.(c) | 09/01/2027 | 0.125 | % | 5,000,000 | 4,750,000 | |||||||||
| Snap, Inc.(c) | 05/01/2030 | 0.500 | % | 5,000,000 | 4,160,000 | |||||||||
| 8,910,000 | ||||||||||||||
| Real Estate - 2.45% | ||||||||||||||
| Redfin Corp.(c) | 04/01/2027 | 0.500 | % | 4,500,000 | 4,353,750 | |||||||||
| Software - 2.71% | ||||||||||||||
| Bentley Systems, Inc.(c) | 07/01/2027 | 0.375 | % | 5,000,000 | 4,815,500 | |||||||||
| TOTAL CONVERTIBLE CORPORATE BONDS | ||||||||||||||
| (Cost $38,120,981) | 37,888,519 | |||||||||||||
| Shares | Value | |||||||
| COMMON STOCK - 0.18% | ||||||||
| Computers & Computer Services - 0.18% | ||||||||
| Varonis Systems, Inc.(f)(g) | 7,200 | $ | 315,144 | |||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $343,224) | 315,144 | |||||||
| Water Island Credit Opportunities Fund | Portfolio of Investments (Continued) |
| August 31, 2026 (unaudited) |
| Maturity Date | Rate | Shares | Value | |||||||||||
| PREFERRED STOCK - 2.32% | ||||||||||||||
| Internet - 2.32% | ||||||||||||||
| Alphabet, Inc., Series A | 05/15/2029 | 6.250 | % | 85,000 | $ | 4,119,100 | ||||||||
| TOTAL PREFERRED STOCKS | ||||||||||||||
| (Cost $4,265,379) | 4,119,100 | |||||||||||||
| Expiration Date | Exercise Price | Notional Amount | Contracts | Value | ||||||||||||||
| PURCHASED OPTIONS(f) - 0.05% | ||||||||||||||||||
| Call Options Purchased - 0.05% | ||||||||||||||||||
| State Street SPDR S&P 500 ETF Trust | ||||||||||||||||||
| 09/2026 | $ | 800.00 | $ | 19,176,250 | 250 | $ | 5,250 | |||||||||||
| 10/2026 | 795.00 | 19,176,250 | 250 | 82,250 | ||||||||||||||
| TOTAL CALL OPTIONS PURCHASED | ||||||||||||||||||
| (Cost $216,861) | 87,500 | |||||||||||||||||
| Put Options Purchased - 0.00%(h) | ||||||||||||||||||
| Varonis Systems, Inc. | 12/2026 | 35.00 | 656,550 | 150 | 3,000 | |||||||||||||
| TOTAL PUT OPTIONS PURCHASED | ||||||||||||||||||
| (Cost $66,251) | 3,000 | |||||||||||||||||
| TOTAL PURCHASED OPTIONS | ||||||||||||||||||
| (Cost $283,112) | 90,500 | |||||||||||||||||
| Yield | Shares | Value | ||||||||||
| SHORT-TERM INVESTMENTS - 17.08% | ||||||||||||
| Money Market Funds | ||||||||||||
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class | 3.596 | %(i) | 15,184,074 | $ | 15,184,074 | |||||||
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 3.730 | %(i) | 15,184,075 | 15,184,075 | ||||||||
| 30,368,149 | ||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | ||||||||||||
| (Cost $30,368,149) | 30,368,149 | |||||||||||
| Total Investments - 106.59% | ||||||||||||
| (Cost $190,483,227) | 189,542,568 | |||||||||||
| Liabilities in Excess of Other Assets - (6.59)%(j) | (11,715,156 | ) | ||||||||||
| NET ASSETS - 100.00% | $ | 177,827,412 | ||||||||||
| Water Island Credit Opportunities Fund | Portfolio of Investments |
| August 31, 2026 (unaudited) |
Portfolio Footnotes
| (a) | This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date. |
| (b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of August 31, 2026, these securities had a total value of $89,484,157 or 50.32% 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, 2026, the aggregate fair market value of those securities was $72,210,782, representing 40.61% of net assets. |
| (d) | Security in default on interest payments. |
| (e) | Represents a zero coupon bond. Interest rate presented is yield to maturity. |
| (f) | Non-income-producing security. |
| (g) | Underlying security for a written/purchased call/put option. |
| (h) | Less than 0.005% of net assets. |
| (i) | Rate shown is the 7-day effective yield as of August 31, 2026. |
| (j) | Includes cash held as collateral for short sales. |
| SCHEDULE OF SECURITIES SOLD SHORT | Shares | Value | ||||||
| COMMON STOCKS SOLD SHORT - (5.17%) | ||||||||
| Computers & Computer Services - (0.25%) | ||||||||
| Rapid7, Inc. | (6,087 | ) | $ | (81,931 | ) | |||
| Zscaler, Inc. | (1,940 | ) | (365,467 | ) | ||||
| (447,398 | ) | |||||||
| Electric - (3.46%) | ||||||||
| TXNM Energy, Inc. | (106,700 | ) | (6,146,987 | ) | ||||
| Healthcare - Services - (0.00%)(a) | ||||||||
| Surgery Partners, Inc. | (500 | ) | (6,945 | ) | ||||
| Internet - (1.05%) | ||||||||
| Alphabet, Inc., Class A | (4,400 | ) | (1,493,140 | ) | ||||
| Snap, Inc., Class A | (66,400 | ) | (368,520 | ) | ||||
| (1,861,660 | ) | |||||||
| Media - (0.01%) | ||||||||
| iHeartMedia, Inc., Class A | (9,788 | ) | (26,623 | ) | ||||
| Pharmaceuticals - (0.35%) | ||||||||
| Organon & Co. | (45,000 | ) | (619,200 | ) | ||||
| Software - (0.05%) | ||||||||
| Bentley Systems, Inc., Class B | (2,500 | ) | (91,875 | ) | ||||
| TOTAL COMMON STOCKS SOLD SHORT | ||||||||
| (Proceeds $9,287,739) | (9,200,688 | ) | ||||||
| Water Island Credit Opportunities Fund | Portfolio of Investments (Continued) |
| August 31, 2026 (unaudited) |
| SCHEDULE OF SECURITIES SOLD SHORT | Shares | Value | ||||||
| EXCHANGE-TRADED FUNDS SOLD SHORT - (4.93%) | ||||||||
| Equity Funds Sold Short - (4.93%) | ||||||||
| iShares iBoxx USD High Yield Corporate Bond ETF | (50,000 | ) | $ | (3,990,500 | ) | |||
| iShares iBoxx USD Investment Grade Corporate Bond ETF | (45,000 | ) | (4,779,450 | ) | ||||
| (8,769,950 | ) | |||||||
| TOTAL EXCHANGE-TRADED FUNDS SOLD SHORT | ||||||||
| (Proceeds $8,780,959) | (8,769,950 | ) | ||||||
U.S. TREASURY & GOVERNMENT AGENCIES SOLD SHORT - (1.27%)
| Maturity Date | Rate | Principal Amount | Value | |||||||||||
| Sovereign - (1.27%) | ||||||||||||||
| U.S. Treasury Notes | 06/30/2031 | 4.125 | % | $ | (2,286,000 | ) | $ | (2,249,389 | ) | |||||
| TOTAL U.S. TREASURY & GOVERNMENT AGENCIES SOLD SHORT | ||||||||||||||
| (Proceeds $2,282,013) | (2,249,389 | ) | ||||||||||||
| TOTAL SECURITIES SOLD SHORT | ||||||||||||||
| (Proceeds $20,350,711) | $ | (20,220,027 | ) | |||||||||||
| (a) | Less than 0.005% of net assets. |
| WRITTEN OPTIONS | Expiration Date | Exercise Price | Notional Amount | Contracts | Value | |||||||||||||
| Written Call Options | ||||||||||||||||||
| Alphabet, Inc. | 09/2026 | $ | 350.00 | $ | (339,350 | ) | (10 | ) | $ | (3,900 | ) | |||||||
| Zscaler, Inc. | 09/2026 | 200.00 | (169,547 | ) | (9 | ) | (8,622 | ) | ||||||||||
| TOTAL WRITTEN CALL OPTIONS | ||||||||||||||||||
| (Premiums received $16,363) | (12,522 | ) | ||||||||||||||||
| TOTAL WRITTEN OPTIONS | ||||||||||||||||||
| (Premiums received $16,363) | $ | (12,522 | ) | |||||||||||||||
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 Funds Rate Minus 98bps (2.650%) | 10/30/2026 | $ | — | $ | — | $ | 94,009 | USD | 1,854,000 | $ | 94,009 | |||||||||||||
| Water Island Credit Opportunities Fund | Portfolio of Investments |
| August 31, 2026 (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 Appreciation | ||||||||||||||||||
| Morgan Stanley & Co./ Upon Termination | SPDR Bloomberg High Yield Bond ETF | Received 1 Month-Federal Funds Rate Minus 73bps (2.900%) | 10/30/2026 | — | — | 92,411 | USD | 1,251,695 | 92,411 | |||||||||||||||||
| $ | 186,420 | $ | 186,420 | |||||||||||||||||||||||
The following is a summary of investments classified by country exposure:
| Country | % of Net Assets(a) | |||
| United States | 102.13 | % | ||
| Canada | 1.90 | % | ||
| Malta | 1.15 | % | ||
| Bermuda | 0.85 | % | ||
| Singapore | 0.56 | % | ||
| Liabilities in Excess of Other Assets | (6.59 | )% | ||
| 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. |
| BV - Besloten Vennootschap is the Dutch term for private limited liability company. |
| ETF - Exchange-Traded Fund |
| LLC - Limited Liability Company |
| LP - Limited Partnership |
| PIK - Payment-in-kind |
| PLC - Public Limited Company |
| SE - SE Regulation. A European Company which can operate on a Europe-wide basis and be governed by Community law directly applicable in all Member States |
| SOFR - Secured Overnight Financing Rate |
| S&P - Standard & Poor's |
| SPDR - Standard & Poor's Depositary Receipt |
| USD - United States Dollar |