Arbitrage Fund	Portfolio of Investments
	February 28, 2022 (unaudited)

	Shares		Value
COMMON STOCKS - 86.40%
Aerospace & Defense - 1.01%
Aerojet Rocketdyne Holdings, Inc.		422,570	$	16,374,588
Airlines - 0.25%
Spirit Airlines, Inc.(a)		161,950		4,061,706
Auto Parts & Equipment - 1.90%
Meritor, Inc.(a)		444,994		15,846,236
Tenneco, Inc., Class A(a)		400,351		7,718,767
Veoneer, Inc.(a)		206,497		7,320,319
				30,885,322
Banks - 3.01%
First Horizon Corp.		852,063		20,006,439
Sbanken ASA(b)		1,000,885		10,342,865
TriState Capital Holdings, Inc.(a)(c)		555,000		18,426,000
				48,775,304
Biotechnology - 1.77%
Arena Pharmaceuticals, Inc.(a)(c)		109,307		10,380,886
Swedish Orphan Biovitrum AB(a)		894,158		18,355,814
				28,736,700
Chemicals - 6.49%
Atotech Ltd.(a)		811,029		19,440,365
GCP Applied Technologies, Inc.(a)		696,580		21,997,996
Kraton Corp.(a)		227,237		10,486,988
Rogers Corp.(a)(c)		195,211		53,292,603
				105,217,952
Commercial Services - 6.06%
Bakkt Holdings, Inc.(a)(d)		171,827		981,132
Clipper Logistics Plc		344,405		4,116,593
Europcar Mobility Group(a)(b)		13,799,346		7,819,808
MoneyGram International, Inc.(a)		385,319		4,138,326
Moneylion, Inc.(a)(d)		1,911,916		4,607,718
S&P Global, Inc.		199,519		74,959,206
Terminix Global Holdings, Inc.(a)		40,300		1,715,168
				98,337,951
Computers & Computer Services - 2.08%
Avast Plc(b)		868,154		7,320,857
McAfee Corp., Class A		1,019,033		26,484,668
				33,805,525
Construction Materials - 0.95%
Forterra, Inc.(a)		654,034		15,409,041
Diversified Financial Services - 1.37%
Intertrust N.V.(a)(b)		386,013		8,362,023
Sanne Group Plc		1,128,610		13,823,101
				22,185,124

Arbitrage Fund	Portfolio of Investments (Continued)
	February 28, 2022 (unaudited)

	Shares		Value
COMMON STOCKS - 86.40% (Continued)
Electric - 1.84%
PNM Resources, Inc.		659,216	$	29,776,787
Electronics - 2.66%
Coherent, Inc.(a)(c)		162,981		43,079,138
Energy - Alternate Sources - 1.68%
Falck Renewables SpA		1,093,619		10,790,736
Renewable Energy Group, Inc.(a)		268,096		16,487,904
				27,278,640
Engineering & Construction - 0.27%
Akka Technologies(a)		81,250		4,440,289
Environmental Control - 1.10%
US Ecology, Inc.(a)(c)		376,604		17,866,094
Food - 1.48%
Sanderson Farms, Inc.		131,779		23,534,412
Stryve Foods, Inc., Class A(a)(d)		171,198		470,794
				24,005,206
Forest Products & Paper - 0.49%
Verso Corp., Class A		301,799		8,000,691
Gas - 1.02%
South Jersey Industries, Inc.		488,212		16,565,033
Healthcare - Products - 0.77%
Apria, Inc.(a)(c)		332,703		12,423,130
Healthcare - Services - 0.01%
UpHealth, Inc.(a)(d)		48,973		109,210
Insurance - 3.75%
TOWER Ltd.		8,008,907		3,793,179
Willis Towers Watson Plc(c)(e)		256,776		57,081,305
				60,874,484
Internet - 1.78%
Mimecast Ltd.(a)(c)		362,383		28,820,320
Leisure Time - 0.54%
Accell Group N.V.(a)		135,474		8,749,450
Machinery - Diversified - 5.24%
SPX FLOW, Inc.		331,888		28,505,860
Welbilt, Inc.(a)(c)		2,393,160		56,574,303
				85,080,163
Media - 2.79%
Houghton Mifflin Harcourt Co.(a)		1,085,502		22,741,267
TEGNA, Inc.		981,987		22,507,142
				45,248,409
Pharmaceuticals - 2.14%
BioDelivery Sciences International, Inc.(a)		738,797		4,122,487

Arbitrage Fund	Portfolio of Investments (Continued)
	February 28, 2022 (unaudited)

	Shares		Value
COMMON STOCKS - 86.40% (Continued)
Pharmaceuticals - 2.14% (Continued)
Clinigen Group Plc		840,226	$	10,375,540
Vifor Pharma AG		69,581		12,226,560
Vifor Pharma AG/New(a)		197		34,584
Zogenix, Inc.(a)		304,716		8,001,842
				34,761,013
Real Estate Investment Trusts - 6.29%
Befimmo SA		167,200		8,914,339
Bluerock Residential Growth REIT, Inc.(c)		309,026		8,204,640
Corepoint Lodging, Inc.(a)		635,729		10,152,592
CyrusOne, Inc.(c)		562,860		50,854,401
Healthcare Trust of America, Inc., Class A		536,260		15,760,681
Preferred Apartment Communities, Inc.		324,056		8,185,655
				102,072,308
Retail - 1.60%
Del Taco Restaurants, Inc.		978,309		12,209,296
Vivo Energy Plc(b)		7,582,982		13,732,974
				25,942,270
Semiconductors - 2.57%
CMC Materials, Inc.(c)		131,562		24,395,541
Magnachip Semiconductor Corp.(a)		727,164		13,234,385
Tower Semiconductor Ltd.(a)		86,080		4,032,848
				41,662,774
Software - 20.40%
Activision Blizzard, Inc.(c)		422,256		34,413,864
Blue Prism Group Plc(a)		1,356,638		23,149,515
Bottomline Technologies DE, Inc.(a)		428,267		24,257,043
Cerner Corp.(e)		358,274		33,409,050
Change Healthcare, Inc.(a)		1,789,941		38,340,536
Citrix Systems, Inc.(c)		253,913		26,026,083
Inovalon Holdings, Inc., Class A(a)(f)		405,270		16,616,070
Kaleyra, Inc.(a)		134,591		1,040,388
Momentive Global, Inc.(a)(c)		1,604,381		25,220,869
Nuance Communications, Inc.(a)(c)		1,373,140		76,236,733
Onemarket Ltd.(a)(f)		111,800		—
Playtech Plc(a)		877,000		7,847,227
QAD, Inc., Class A(a)(f)		232,603		20,352,763
Zynga, Inc., Class A(a)(c)(e)		443,534		4,027,289
				330,937,430
Telecommunications - 3.09%
NeoPhotonics Corp.(a)(c)		1,073,920		16,441,715

Arbitrage Fund	Portfolio of Investments (Continued)
	February 28, 2022 (unaudited)

	Shares		Value
COMMON STOCKS - 86.40% (Continued)
Telecommunications - 3.09% (Continued)
Vonage Holdings Corp.(a)		1,659,196	$	33,714,863
				50,156,578
TOTAL COMMON STOCKS
(Cost $1,411,724,601)				1,401,638,630
RIGHTS(a) - 0.12%
Bristol-Myers Squibb Co. CVR		857,631		857,631
CA Immobilien Anlagen AG CVR(f)		221,534		—
Contra Adamas Pharmaceuticals, Inc. CVR, Expires 12/31/2024(f)		1,150,652		70,880
Contra Adamas Pharmaceuticals, Inc. CVR, Expires 12/31/2025(f)		1,150,652		70,765
Contra Flexion Therapeutics, Inc. CVR, Expires 12/31/2030(f)		1,411,000		898,525
Elanco Animal Health, Inc. CVR, Expires 12/31/2021(f)(g)		1,124,589		—
Media General, Inc. CVR(f)		613,589		—
TOTAL RIGHTS
(Cost $2,226,999)				1,897,801

	Maturity Date	Rate			Principal Amount		Value
CONVERTIBLE CORPORATE BONDS - 0.53%
Auto Manufacturers - 0.13%
Lightning eMotors, Inc.(b)	05/15/2024		7.500	%	$	2,596,000	$	2,053,773
Healthcare - Services - 0.19%
UpHealth, Inc.(b)	06/15/2026		6.250	%		3,613,000		3,065,731
Software - 0.21%
Kaleyra, Inc.(b)	06/01/2026		6.125	%		3,525,000		3,483,266
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $9,735,770)								8,602,770

	Shares		Value
MUTUAL FUNDS - 4.50%
Water Island Event-Driven Fund, Class I(h)		6,605,365	$	72,989,286
TOTAL MUTUAL FUNDS
(Cost $60,632,644)				72,989,286
PRIVATE INVESTMENTS(a)(d)(f)(i) - 0.11%
Fast Capital LLC		290,700		290,700
Fuse LLC		725,800		1,266,404
Fuse Sponsor Capital, Z2 Shares		72,580		169,982
TOTAL PRIVATE INVESTMENTS
(Cost $1,036,875)				1,727,086

Arbitrage Fund	Portfolio of Investments (Continued)
	February 28, 2022 (unaudited)

	Shares		Value
WARRANTS(a) - 0.02%
Auto Manufacturers - 0.01%
Lightning eMotors, Inc., Exercise Price $11.50, Expires 05/18/2025(d)		225,739	$	211,066
Commercial Services - 0.01%
Moneylion, Inc., Exercise Price $11.50, Expires 09/22/2026		290,320		105,647
Healthcare - Services - 0.00%(j)
UpHealth, Inc., Exercise Price $11.50, Expires 07/01/2024(d)		4,897		1,598
TOTAL WARRANTS
(Cost $0)				318,311

	Expiration Date		Exercise Price		Notional Amount		Contracts		Value
PURCHASED OPTIONS(a) - 0.02%
Call Options Purchased - 0.02%
Frontier Group Holdings, Inc.		03/2022	$	15.00	$	3,990,224		3,098	$	54,215
Take-Two Interactive Software, Inc.		03/2022		155.00		3,369,600		208		226,720
Zynga, Inc.		03/2022		9.00		4,025,164		4,433		97,526
TOTAL CALL OPTIONS PURCHASED
(Cost $513,598)										378,461
Put Options Purchased - 0.00%(j)
Cerner Corp.		03/2022		90.00		33,467,425		3,589		17,945
TOTAL PUT OPTIONS PURCHASED
(Cost $198,671)										17,945
TOTAL PURCHASED OPTIONS
(Cost $712,269)										396,406

	Yield			Shares		Value
SHORT-TERM INVESTMENTS - 10.86%
Money Market Funds
Morgan Stanley Institutional Liquidity Fund - Government Portfolio		0.026	%(k)		88,121,071	$	88,121,071
State Street Institutional U.S. Government Money Market Fund, Premier Class		0.099	%(k)		88,121,071		88,121,071
							176,242,142

TOTAL SHORT-TERM INVESTMENTS
(Cost $176,242,142)		176,242,142
Total Investments - 102.56%
(Cost $1,662,311,300)		1,663,812,432
Liabilities in Excess of Other Assets - (2.56)%(l)		(41,453,189	)
NET ASSETS - 100.00%	$	1,622,359,243

Arbitrage Fund	Portfolio of Investments (Continued)
	February 28, 2022 (unaudited)

Portfolio Footnotes

(a)	Non-income-producing security.
(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of February 28, 2022, these securities had a total value of $56,181,297 or 3.46% of net assets.
(c)	Security, or a portion of security, is being held as collateral for short sales, written option contracts or forward foreign currency exchange contracts. At February 28, 2022, the aggregate fair market value of those securities was $310,110,160, representing 19.11% of net assets.
(d)	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 $8,108,604 or 0.50% of net assets.

Restricted Security	Acquisition Date	Acquisition Cost
Bakkt Holdings, Inc.	10/06/2021	$	1,718,270
Fast Capital LLC	08/18/2020		300,786
Fuse LLC	06/19/2020		669,078
Fuse Sponsor Capital, Z2 Shares	06/19/2020		67,011
Lightning eMotors, Inc., Exercise Price $11.50, Expires 05/18/2025	04/28/2021		—
Moneylion, Inc.	09/14/2021		16,344,382
Stryve Foods, Inc.	07/09/2021		1,711,980
UpHealth, Inc.	05/25/2021		489,730
UpHealth, Inc., Exercise Price $11.50, Expires 07/01/2024	06/04/2021		—
Total		$	21,301,237

(e)	Underlying security for a written/purchased call/put option.
(f)	Security fair valued using significant unobservable inputs and classified as a Level 3 security.  As of February 28, 2022, the total fair market value of these securities was $39,736,089, representing 2.45% of net assets.
(g)	Expired CVR. Awaiting final confirmation.
(h)	Affiliated investment.
(i)	Represents a holding that is a direct investment into a private company and is not a listed or publicly traded entity.
(j)	Less than 0.005% of net assets.
(k)	Rate shown is the 7-day effective yield as of February 28, 2022.
(l)	Includes cash held as collateral for short sales.

Arbitrage Fund	Portfolio of Investments (Continued)
	February 28, 2022 (unaudited)

SCHEDULE OF SECURITIES SOLD SHORT	Shares			Value
COMMON STOCKS SOLD SHORT - (2.15%)
Airlines - (0.25%)
Frontier Group Holdings, Inc.		(309,746	)	$	(3,989,528	)
Commercial Services - (0.10%)
Bakkt Holdings, Inc.		(91,784	)		(524,087	)
GXO Logistics, Inc.		(12,364	)		(1,037,710	)
					(1,561,797	)
Electronics - (0.63%)
II-VI, Inc.		(148,313	)		(10,301,821	)
Internet - (0.05%)
NortonLifeLock, Inc.		(26,214	)		(759,682	)
Real Estate Investment Trusts - (0.86%)
Healthcare Realty Trust, Inc.		(536,260	)		(13,985,661	)
Semiconductors - (0.15%)
Entegris, Inc.		(9,879	)		(1,289,012	)
MKS Instruments, Inc.		(7,728	)		(1,163,837	)
					(2,452,849	)
Software - (0.11%)
Take-Two Interactive Software, Inc.		(11,088	)		(1,796,256	)
TOTAL SECURITIES SOLD SHORT (Proceeds $38,620,687)				$	(34,847,594	)

WRITTEN OPTIONS	Expiration Date	Exercise Price		Notional Amount			Contracts			Value
Written Call Options
Willis Towers Watson Plc	03/2022	$	220.00	$	(14,582,880	)		(656	)	$	(413,280	)
TOTAL WRITTEN CALL OPTIONS (Premiums received $660,199)											(413,280	)
Written Put Options
Cerner Corp.	03/2022		85.00		(17,307,200	)		(1,856	)		(9,280	)
TOTAL WRITTEN PUT OPTIONS (Premiums received $25,399)											(9,280	)
TOTAL WRITTEN OPTIONS (Premiums received $685,598)										$	(422,560	)

Arbitrage Fund	Portfolio of Investments (Continued)
	February 28, 2022 (unaudited)

EQUITY SWAP CONTRACTS

Swap Counterparty/ Payment Frequency	Reference Obligation	Rate Paid/Received by the Fund	Termination Date	Upfront Payments Paid		Upfront Payments Received		Market Value		Notional Amount		Unrealized Appreciation
Goldman Sachs & Co./ Monthly	Meggitt Plc	Paid 1 Month SONIA Plus 55 bps (0.995%)	08/04/2022	$	—	$	—	$	—	GBP	14,446,329	$	—
Goldman Sachs & Co./ Monthly	Sanne Group Plc	Paid 1 Month SONIA Plus 55 bps (0.995%)	08/31/2022		—		—		—	GBP	5,669,009		—
Goldman Sachs & Co./ Monthly	Zardoya Otis SA	Paid 1 Week ESTR Plus 53 bps (0.045%)	09/27/2022		—		—		—	EUR	5,335,770		—
Goldman Sachs & Co./ Monthly	CNP Assurance	Paid 1 Week ESTR Plus 63 bps (0.055%)	11/01/2022		—		—		—	EUR	17,566,409		—
Goldman Sachs & Co./ Monthly	Distell Group Holdings Ltd.	Paid 1 Month JIBAR Plus 95 bps (4.942%)	11/18/2022		—		—		—	ZAR	63,400,014		—
Goldman Sachs & Co./ Monthly	Nobina AB	Paid 1 Month STIBOR Plus 70 bps (0.630%)	12/13/2022		—		—		—	SEK	37,485,621		—
Morgan Stanley & Co./ Monthly	Entegris, Inc.	Received 1 Month-Federal Rate Minus 40 bps (-0.320%)	08/11/2023		—		—		—	USD	6,446,103		—
Morgan Stanley & Co./ Monthly	iShares MSCI Australia ETF	Received 1 Month-Federal Rate Minus 398 bps (-4.060%)	08/11/2023		—		—		—	USD	1,361,783		—
Morgan Stanley & Co./ Monthly	iShares Russell 2000 ETF	Received 1 Month-Federal Rate Minus 113 bps (-1.050%)	08/11/2023		—		—		—	USD	3,190,091		—
Morgan Stanley & Co./ Monthly	MKS Instruments, Inc.	Received 1 Month-Federal Rate Minus 40 bps (-0.320%)	08/11/2023		—		—		—	USD	5,578,977		—
Morgan Stanley & Co./ Monthly	Raymond James Financial, Inc.	Received 1 Month-Federal Rate Minus 40 bps (-0.320%)	08/11/2023		—		—		—	USD	15,213,938		—
Morgan Stanley & Co./ Monthly	S&P Global, Inc.	Received 1 Month-Federal Rate Minus 40 bps (-0.320%)	08/11/2023		—		—		—	USD	74,959,664		—
Morgan Stanley & Co./ Monthly	Distell Group Holdings Ltd.	Paid 1 Month SABOR Plus 125 bps (5.080%)	11/17/2023		—		—		—	ZAR	22,316,964		—
								$	—			$	—

Arbitrage Fund	Portfolio of Investments (Continued)
	February 28, 2022 (unaudited)

OUTSTANDING FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation
AUD	22,326,400	USD	16,099,076	Morgan Stanley & Co.	03/15/2022	$	119,334
CAD	15,756,600	USD	12,281,135	Morgan Stanley & Co.	03/15/2022		150,844
USD	14,643	CHF	13,400	Morgan Stanley & Co.	03/15/2022		23
USD	55,414,389	EUR	49,018,400	Morgan Stanley & Co.	03/15/2022		424,139
USD	4,665,701	GBP	3,447,100	Morgan Stanley & Co.	03/15/2022		40,909
NOK	13,461,900	USD	1,502,822	Morgan Stanley & Co.	03/15/2022		24,091
NZD	961,000	USD	643,368	Morgan Stanley & Co.	03/15/2022		6,735
USD	3,984,847	NZD	5,886,500	Morgan Stanley & Co.	03/15/2022		2,706
SEK	3,800,200	USD	400,095	Morgan Stanley & Co.	03/15/2022		1,235
USD	22,054,047	SEK	199,978,500	Morgan Stanley & Co.	03/15/2022		934,780
						$	1,704,796

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Depreciation
USD	36,995,988	AUD	51,514,000	Morgan Stanley & Co.	03/15/2022	$	(424,965	)
USD	12,350,688	CAD	15,756,600	Morgan Stanley & Co.	03/15/2022		(81,291	)
USD	147,952	CHF	136,400	Morgan Stanley & Co.	03/15/2022		(859	)
EUR	7,289,800	USD	8,267,943	Morgan Stanley & Co.	03/15/2022		(90,037	)
USD	2,558,125	EUR	2,292,300	Morgan Stanley & Co.	03/15/2022		(13,443	)
GBP	3,416,600	USD	4,633,401	Morgan Stanley & Co.	03/15/2022		(49,531	)
USD	57,921,579	GBP	43,621,600	Morgan Stanley & Co.	03/15/2022		(603,205	)
USD	11,874,736	NOK	106,744,400	Morgan Stanley & Co.	03/15/2022		(232,725	)
NZD	80,100	USD	54,215	Morgan Stanley & Co.	03/15/2022		(28	)
USD	507,842	NZD	760,800	Morgan Stanley & Co.	03/15/2022		(6,829	)
SEK	24,187,000	USD	2,646,816	Morgan Stanley & Co.	03/15/2022		(92,482	)
						$	(1,595,395	)

Arbitrage Fund	Portfolio of Investments (Continued)
	February 28, 2022 (unaudited)

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

Country	% of Net Assets(a)
United States		85.53	%
United Kingdom		8.74	%
Sweden		1.58	%
Netherlands		1.05	%
Belgium		0.82	%
Republic of Korea		0.82	%
Switzerland		0.76	%
Italy		0.73	%
Norway		0.64	%
Isle of Man		0.48	%
France		0.48	%
Czech Republic		0.45	%
Israel		0.25	%
New Zealand		0.23	%
Australia		0.00	%(b)
Austria		0.00	%(b)
Liabilities in Excess of Other Assets		(2.56	)%
		100.00	%

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

^(b) Less than 0.005% of net assets.

Abbreviations:

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

AG - Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e., owned by shareholders.

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

AUD - Australian dollar

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

CAD - Canadian dollar

CHF - Swiss franc

CVR - Contingent Value Rights

ESTR - Euro Short-term Rate

ETF - Exchange-Traded Fund

EUR - Euro

GBP - British pound

JIBAR - Johannesburg Interbank Agreed Rate

LLC - Limited Liability Company

Ltd. - Limited

MSCI - Morgan Stanley Capital International

NOK - Norwegian krone

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

NZD - New Zealand dollar

Plc - Public Limited Company

REIT - Real Estate Investment Trust

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

SABOR - South African Benchmark Overnight Rate

SEK - Swedish krona

SONIA - Sterling OverNight Index Average

S&P - Standard & Poor's

SpA - Societa per Azione

STIBOR - Stockholm Interbank Offered Rate

USD - United States Dollar

ZAR - South African rand

Arbitrage Fund                  

Affiliated Issuer	Beginning Value as of May 31, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ Depreciation			Ending Value as of February 28, 2022		Shares as of February 28, 2022		Dividend Income		Capital Gain Distributions
Water Island Event-Driven Fund	$	75,829,593	$	-	$	-	$	-	$	(2,840,307	)	$	72,989,286		6,605,365	$	-	$	-

Arbitrage Fund	Portfolio of Investments (Continued)
	February 28, 2022 (unaudited)

Investments in Securities at Value	Level 1		Level 2		Level 3		Total
Assets
Common Stocks
Aerospace & Defense	$	16,374,588	$	—	$	—	$	16,374,588
Airlines		4,061,706		—		—		4,061,706
Auto Parts & Equipment		30,885,322		—		—		30,885,322
Banks		48,775,304		—		—		48,775,304
Biotechnology		28,736,700		—		—		28,736,700
Chemicals		105,217,952		—		—		105,217,952
Commercial Services		98,337,951		—		—		98,337,951
Computers & Computer Services		33,805,525		—		—		33,805,525
Construction Materials		15,409,041		—		—		15,409,041
Diversified Financial Services		22,185,124		—		—		22,185,124
Electric		29,776,787		—		—		29,776,787
Electronics		43,079,138		—		—		43,079,138
Energy - Alternate Sources		27,278,640		—		—		27,278,640
Engineering & Construction		4,440,289		—		—		4,440,289
Environmental Control		17,866,094		—		—		17,866,094
Food		24,005,206		—		—		24,005,206
Forest Products & Paper		8,000,691		—		—		8,000,691
Gas		16,565,033		—		—		16,565,033
Healthcare - Products		12,423,130		—		—		12,423,130
Healthcare - Services		109,210		—		—		109,210
Insurance		60,874,484		—		—		60,874,484
Internet		28,820,320		—		—		28,820,320
Leisure Time		8,749,450		—		—		8,749,450
Machinery - Diversified		85,080,163		—		—		85,080,163
Media		45,248,409		—		—		45,248,409
Pharmaceuticals		34,761,013		—		—		34,761,013
Real Estate Investment Trusts		102,072,308		—		—		102,072,308
Retail		25,942,270		—		—		25,942,270
Semiconductors		41,662,774		—		—		41,662,774
Software		293,968,597		—		36,968,833		330,937,430
Telecommunications		50,156,578		—		—		50,156,578
Rights		—		857,631		1,040,170		1,897,801
Convertible Corporate Bonds*		—		8,602,770		—		8,602,770
Mutual Funds		72,989,286		—		—		72,989,286
Private Investments		—		—		1,727,086		1,727,086
Warrants*		318,311		—		—		318,311
Purchased Options		396,406		—		—		396,406
Short-Term Investments		176,242,142		—		—		176,242,142
TOTAL	$	1,614,615,942	$	9,460,401	$	39,736,089	$	1,663,812,432

Other Financial Instruments**
Assets
Forward Foreign Currency Exchange Contracts	$	—		$	1,704,796		$	—	$	1,704,796
Equity Swaps		0			—			—		0
Liabilities
Common Stocks*		(34,847,594	)		—			—		(34,847,594	)
Written Options		(422,560	)		—			—		(422,560	)
Forward Foreign Currency Exchange Contracts		—			(1,595,395	)		—		(1,595,395	)
TOTAL	$	(35,270,154	)	$	109,401		$	—	$	(35,160,753	)

*	Refer to Portfolio of Investments for sector information.
**	Other financial instruments are instruments such as written options, securities sold short, equity swaps and forward foreign currency exchange contracts.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund’s assets and liabilities during the period ended February 28, 2022:

Investments in Securities	Balance as of May 31, 2021		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases		Sales Proceeds			Transfers into Level 3		Transfers out of Level 3			Balance as of February 28, 2022		Net change in Unrealized Appreciation (Depreciation) from investments still held as of February 28, 2022
Common Stocks	$	85,217,245	$	5,697,206		$	(5,043,077	)	$	36,590,100	$	(85,492,641	)	$	-	$	-		$	36,968,833	$	378,733
Rights		1,135,875		(217,983	)		(48,637	)		1,012,898		(841,983	)		-		-			1,040,170		27,272
Convertible Corporate Bonds		6,433,715		-			328,097			-		-			-		(6,761,812	)		-		-
Private Investments		1,016,499		-			707,196			3,391		-			-		-			1,727,086		707,196
Total	$	93,803,334	$	5,479,223		$	(4,056,421	)	$	37,606,389	$	(86,334,624	)	$	-	$	(6,761,812	)	$	39,736,089	$	1,113,201

Water Island Event-Driven Fund	Portfolio of Investments
	February 28, 2022 (unaudited)

	Shares		Value
COMMON STOCKS - 95.59%
Aerospace & Defense - 1.53%
Aerojet Rocketdyne Holdings, Inc.		46,470	$	1,800,713
Airlines - 0.25%
Spirit Airlines, Inc.(a)(b)		11,898		298,402
Auto Parts & Equipment - 1.98%
Meritor, Inc.(a)		32,242		1,148,137
Tenneco, Inc., Class A(a)		29,035		559,795
Veoneer, Inc.(a)		17,446		618,461
				2,326,393
Banks - 1.23%
First Horizon Corp.		61,794		1,450,923
Biotechnology - 2.15%
Arena Pharmaceuticals, Inc.(a)(b)		7,927		752,827
Swedish Orphan Biovitrum AB(a)		86,904		1,784,018
				2,536,845
Chemicals - 6.32%
GCP Applied Technologies, Inc.(a)		50,496		1,594,664
Kraton Corp.(a)		21,400		987,610
Rogers Corp.(a)(b)		17,799		4,859,127
				7,441,401
Commercial Services - 5.99%
Bakkt Holdings, Inc.(a)(c)		29,314		167,383
Clipper Logistics Plc		24,978		298,556
MoneyGram International, Inc.(a)		34,921		375,052
Moneylion, Inc.(a)(c)		218,409		526,366
S&P Global, Inc.		14,790		5,556,692
Terminix Global Holdings, Inc.(a)		3,200		136,192
				7,060,241
Computers & Computer Services - 2.52%
Avast Plc(d)		66,516		560,907
McAfee Corp., Class A		92,836		2,412,808
				2,973,715
Construction Materials - 1.12%
Forterra, Inc.(a)		56,115		1,322,069
Diversified Financial Services - 0.86%
Intertrust N.V.(a)(d)		28,654		620,719
Sanne Group Plc		31,615		387,217
				1,007,936
Electric - 2.26%
PNM Resources, Inc.		58,821		2,656,945
Electronics - 3.70%
Coherent, Inc.(a)(b)		16,467		4,352,557

Water Island Event-Driven Fund	Portfolio of Investments (Continued)
	February 28, 2022 (unaudited)

	Shares		Value
COMMON STOCKS - 95.59% (Continued)
Energy - Alternate Sources - 1.27%
Renewable Energy Group, Inc.(a)		24,304	$	1,494,696
Entertainment - 0.21%
Cineplex, Inc.(a)		23,133		252,592
Environmental Control - 1.28%
US Ecology, Inc.(a)(b)		31,799		1,508,545
Food - 1.95%
Sanderson Farms, Inc.		12,392		2,213,088
Stryve Foods, Inc., Class A(a)(c)		29,191		80,275
				2,293,363
Forest Products & Paper - 0.62%
Verso Corp., Class A		27,459		727,938
Gas - 1.02%
South Jersey Industries, Inc.		35,374		1,200,240
Healthcare - Products - 0.90%
Apria, Inc.(a)(b)		28,269		1,055,564
Healthcare - Services - 0.02%
UpHealth, Inc.(a)(c)		8,340		18,598
Insurance - 4.76%
Hartford Financial Services Group, Inc. (The)		5,355		372,065
Willis Towers Watson Plc(e)		23,566		5,238,722
				5,610,787
Internet - 2.51%
Just Eat Takeaway.com N.V.(a)(d)		7,623		309,583
Mimecast Ltd.(a)(b)		33,210		2,641,191
				2,950,774
Leisure Time - 0.54%
Accell Group N.V.(a)		9,816		633,956
Lodging - 0.26%
Crown Resorts Ltd.(a)		33,674		302,783
Machinery - Diversified - 5.86%
SPX FLOW, Inc.		29,487		2,532,638
Welbilt, Inc.(a)		184,892		4,370,847
				6,903,485
Media - 3.13%
TEGNA, Inc.		71,186		1,631,583
Houghton Mifflin Harcourt Co.(a)		98,313		2,059,658
				3,691,241
Pharmaceuticals - 2.43%
BioDelivery Sciences International, Inc.(a)		53,980		301,208
Clinigen Group Plc		61,406		758,273
Vifor Pharma AG		6,340		1,114,045

Water Island Event-Driven Fund	Portfolio of Investments (Continued)
	February 28, 2022 (unaudited)

	Shares		Value
COMMON STOCKS - 95.59% (Continued)
Pharmaceuticals - 2.43% (Continued)
Vifor Pharma AG/New(a)		27	$	4,740
Zogenix, Inc.(a)		26,158		686,909
				2,865,175
Real Estate Investment Trusts - 6.83%
Bluerock Residential Growth REIT, Inc.(b)		28,071		745,285
Corepoint Lodging, Inc.(a)		51,091		815,923
CyrusOne, Inc.(b)		49,663		4,487,052
Healthcare Trust of America, Inc., Class A		44,725		1,314,468
Preferred Apartment Communities, Inc.		27,001		682,045
				8,044,773
Retail - 1.61%
Del Taco Restaurants, Inc.		72,425		903,864
Vivo Energy Plc(d)		549,429		995,030
				1,898,894
Semiconductors - 3.20%
CMC Materials, Inc.		11,627		2,155,995
Magnachip Semiconductor Corp.(a)		72,698		1,323,104
Tower Semiconductor Ltd.(a)		6,291		294,733
				3,773,832
Software - 23.70%
Activision Blizzard, Inc.(b)		35,601		2,901,481
Blue Prism Group Plc(a)		104,965		1,791,111
Bottomline Technologies DE, Inc.(a)		36,270		2,054,333
Cerner Corp.(e)		32,597		3,039,670
Change Healthcare, Inc.(a)(b)		225,009		4,819,693
Citrix Systems, Inc.(b)		21,157		2,168,592
Inovalon Holdings, Inc., Class A(a)(f)		37,435		1,534,835
Kaleyra, Inc.(a)		22,292		172,317
Momentive Global, Inc.(a)(b)		135,658		2,132,544
Nuance Communications, Inc.(a)(b)		125,032		6,941,777
Zynga, Inc., Class A(a)(e)		39,410		357,843
				27,914,196
Telecommunications - 3.58%
NeoPhotonics Corp.(a)(b)		85,994		1,316,568
Vonage Holdings Corp.(a)		142,876		2,903,240
				4,219,808
TOTAL COMMON STOCKS
(Cost $114,514,217)				112,589,380
RIGHTS(a) - 0.06%
Bristol-Myers Squibb Co. CVR		67,803		67,803

Water Island Event-Driven Fund	Portfolio of Investments (Continued)
	February 28, 2022 (unaudited)

	Shares		Value
RIGHTS(a) - 0.06% (Continued)
CA Immobilien Anlagen AG CVR(f)		18,714	$	—
TOTAL RIGHTS
(Cost $110,781)				67,803

	Maturity Date	Rate			Principal Amount		Value
CORPORATE BONDS - 1.46%
Entertainment - 1.03%
Peninsula Pacific Entertainment LLC / Peninsula Pacific Entertainment Finance In(d)	11/15/2027		8.500	%	$	1,090,000	$	1,206,826
Packaging & Containers - 0.43%
Flex Acquisition Co., Inc.(d)	07/15/2026		7.875	%		493,000		508,406
TOTAL CORPORATE BONDS
(Cost $1,719,846)								1,715,232
CONVERTIBLE CORPORATE BONDS - 2.77%
Auto Manufacturers - 0.27%
Lightning eMotors, Inc.(d)	05/15/2024		7.500	%		403,000		318,825
Entertainment - 0.35%
Cineplex, Inc.(d)	09/30/2025		5.750	%		392,000		408,676
Healthcare - Services - 0.44%
UpHealth, Inc.(d)	06/15/2026		6.250	%		616,000		522,693
Pharmaceuticals - 1.22%
Dermira, Inc.	05/15/2022		3.000	%		1,430,000		1,437,150
Software - 0.49%
Kaleyra, Inc.(d)	06/01/2026		6.125	%		584,000		577,086
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $3,322,537)								3,264,430

	Shares		Value
WARRANTS(a) - 0.03%
Auto Manufacturers - 0.02%
Lightning eMotors, Inc., Exercise Price $11.50, Expires 05/18/2025(c)		35,043	$	32,765
Commercial Services - 0.01%
Moneylion, Inc., Exercise Price $11.50, Expires 09/22/2026		22,640		8,239
Healthcare - Services - 0.00%(g)
UpHealth, Inc., Exercise Price $11.50, Expires 07/01/2024(c)		834		272
TOTAL WARRANTS
(Cost $0)				41,276
PRIVATE INVESTMENTS(a)(c)(f)(h) - 0.11%
Fast Capital LLC		22,800		22,800

Water Island Event-Driven Fund	Portfolio of Investments (Continued)
	February 28, 2022 (unaudited)

	Shares		Value
PRIVATE INVESTMENTS(a)(c)(f)(h) - 0.11% (Continued)
Fuse LLC	56,600	$	98,758
Fuse Sponsor Capital, Z2 Shares	5,660		13,256
TOTAL PRIVATE INVESTMENTS
(Cost $80,993)			134,814

	Expiration Date		Exercise Price		Notional Amount		Contracts		Value
PURCHASED OPTIONS(a) - 0.03%
Call Options Purchased - 0.03%
Frontier Group Holdings, Inc.		03/2022	$	15.00	$	293,664		228	$	3,990
Take-Two Interactive Software, Inc.		03/2022		155.00		307,800		19		20,710
Zynga, Inc.		03/2022		9.00		360,476		397		8,734
TOTAL CALL OPTIONS PURCHASED
(Cost $44,759)										33,434
Put Options Purchased - 0.00%(g)

Cerner Corp.	03/2022	90.00	3,039,950	326	1,630
TOTAL PUT OPTIONS PURCHASED
(Cost $18,050)					1,630
TOTAL PURCHASED OPTIONS
(Cost $62,809)					35,064

	Yield			Shares		Value
SHORT-TERM INVESTMENTS - 0.50%
Money Market Funds
Morgan Stanley Institutional Liquidity Fund - Government Portfolio		0.026	%(i)		292,053	$	292,053
State Street Institutional U.S. Government Money Market Fund, Premier Class		0.099	%(i)		292,054		292,054
							584,107
TOTAL SHORT-TERM INVESTMENTS
(Cost $584,107)							584,107
Total Investments - 100.55%
(Cost $120,395,290)							118,432,106
Liabilities in Excess of Other Assets - (0.55)%(j)							(649,104	)
NET ASSETS - 100.00%						$	117,783,002

Portfolio Footnotes

^(a) Non-income-producing security.

Water Island Event-Driven Fund	Portfolio of Investments (Continued)
	February 28, 2022 (unaudited)

(b)	Security, or a portion of security, is being held as collateral for short sales, written option contracts or forward foreign currency exchange contracts. At February 28, 2022, the aggregate fair market value of those securities was $31,293,406, representing 26.57% of net assets.
(c)	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 $960,473 or 0.82% of net assets.

Restricted Security	Acquisition Date	Acquisition Cost
Bakkt Holdings, Inc.	10/06/2021	$	293,140
Fast Capital LLC	08/18/2020		23,591
Fuse LLC	06/19/2020		52,176
Fuse Sponsor Capital, Z2 Shares	06/19/2020		5,226
Lightning eMotors, Inc., Exercise Price $11.50, Expires 05/18/2025	04/28/2021		—
Moneylion, Inc.	09/14/2021		1,868,733
Stryve Foods, Inc.	07/09/2021		291,910
UpHealth, Inc.	05/25/2021		83,400
UpHealth, Inc., Exercise Price $11.50, Expires 07/01/2024	06/04/2021		—
Total		$	2,618,176

(d)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of February 28, 2022, these securities had a total value of $6,028,751 or 5.12% of net assets.
(e)	Underlying security for a written/purchased call/put option.
(f)	Security fair valued using significant unobservable inputs and classified as a Level 3 security.  As of February 28, 2022, the total fair market value of these securities was $1,669,649, representing 1.42% of net assets.
(g)	Less than 0.005% of net assets.
(h)	Represents a holding that is a direct investment into a private company and is not a listed or publicly traded entity.
(i)	Rate shown is the 7-day effective yield as of February 28, 2022.
(j)	Includes cash held as collateral for short sales and written option contracts.

Water Island Event-Driven Fund	Portfolio of Investments (Continued)
	February 28, 2022 (unaudited)

SCHEDULE OF SECURITIES SOLD SHORT	Shares			Value
COMMON STOCKS SOLD SHORT - (2.60%)
Airlines - (0.25%)
Frontier Group Holdings, Inc.		(22,756	)	$	(293,097	)
Commercial Services - (0.14%)
Bakkt Holdings, Inc.		(15,547	)		(88,774	)
GXO Logistics, Inc.		(897	)		(75,285	)
					(164,059	)
Construction Materials - (0.06%)
Forterra, Inc.		(3,048	)		(71,811	)
Electronics - (0.88%)
II-VI, Inc.		(14,985	)		(1,040,858	)
Entertainment - (0.03%)
Cineplex, Inc.		(3,228	)		(35,247	)
Internet - (0.05%)
NortonLifeLock, Inc.		(2,014	)		(58,366	)
Real Estate Investment Trusts - (0.99%)
Healthcare Realty Trust, Inc.		(44,725	)		(1,166,428	)
Semiconductors - (0.06%)
Entegris, Inc.		(549	)		(71,633	)
Software - (0.14%)
Take-Two Interactive Software, Inc.		(985	)		(159,570	)
TOTAL SECURITIES SOLD SHORT
(Proceeds $3,514,086)				$	(3,061,069	)

WRITTEN OPTIONS	Expiration Date		Exercise Price		Notional Amount			Contracts			Value
Written Call Options
Willis Towers Watson Plc		03/2022	$	220.00	$	(1,333,800	)		(60	)	$	(37,800	)
TOTAL WRITTEN CALL OPTIONS
(Premiums received $60,385)												(37,800	)
Written Put Options
Cerner Corp.		03/2022		85.00		(1,575,925	)		(169	)		(845	)
TOTAL WRITTEN PUT OPTIONS
(Premiums received $2,314)												(845	)
TOTAL WRITTEN OPTIONS
(Premiums received $62,699)											$	(38,645	)

Water Island Event-Driven Fund	Portfolio of Investments (Continued)
	February 28, 2022 (unaudited)

EQUITY SWAP CONTRACTS

Swap Counterparty/ Payment Frequency	Reference Obligation	Rate Paid/Received by the Fund	Termination Date		Upfront Payments Paid		Upfront Payments Received		Market Value	Notional Amount			Unrealized Appreciation
Goldman Sachs & Co./ Monthly	Sanne Group Plc	Paid 1 Month SONIA Plus 47 bps (0.915%)	06/16/2022	$	—	$	—	$	—	GBP	456,180	$	—
Goldman Sachs & Co./ Monthly	Meggitt Plc	Paid 1 Month SONIA Plus 55 bps (0.995%)	08/04/2022		—		—		—	GBP	1,145,146		—
Goldman Sachs & Co./ Monthly	CNP Assurance	Paid 1 Week ESTR Plus 63 bps (0.550%)	11/02/2022		—		—		—	EUR	1,413,831		—
Morgan Stanley & Co./ Monthly	Distell Group Holdings Ltd.	Paid 1 Month SABOR Plus 125 bps (5.080%)	11/17/2023		—		—		—	ZAR	1,849,697		—
Goldman Sachs & Co./ Monthly	Distell Group Holdings Ltd.	Paid 1 Month JIBAR Plus 95 bps (4.942%)	11/18/2022		—		—		—	ZAR	5,076,647		—
Goldman Sachs & Co./ Monthly	Nobina AB	Paid 1 Month STIBOR Plus 70 bps (0.630%)	12/13/2022		—		—		—	SEK	2,967,777		—
Morgan Stanley & Co./ Monthly	iShares Russell 2000 ETF	Received 1 Month-Federal Rate Minus 113 bps (-1.050%)	08/18/2023		—		—		—	USD	487,561		—
Morgan Stanley & Co./ Monthly	S&P Global, Inc.	Received 1 Month-Federal Rate Minus 40 bps (-0.330%)	08/18/2023		—		—		—	USD	5,556,979		—
Morgan Stanley & Co./ Monthly	Entegris, Inc.	Received 1 Month-Federal Rate Minus 40 bps (-0.320%)	08/18/2023		—		—		—	USD	612,082		—
								$	—			$	—

Water Island Event-Driven Fund	Portfolio of Investments (Continued)
	February 28, 2022 (unaudited)

OUTSTANDING FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation
AUD	1,985,000	USD	1,431,328	Morgan Stanley & Co.	03/15/2022	$	10,621
CAD	1,540,000	USD	1,200,820	Morgan Stanley & Co.	03/15/2022		14,243
USD	42,489	CAD	53,500	Morgan Stanley & Co.	03/15/2022		277
CHF	3,800	USD	4,132	Morgan Stanley & Co.	03/15/2022		14
USD	1,202	CHF	1,100	Morgan Stanley & Co.	03/15/2022		2
EUR	12,300	USD	13,743	Morgan Stanley & Co.	03/15/2022		56
USD	2,391,695	EUR	2,113,200	Morgan Stanley & Co.	03/15/2022		21,047
USD	232,077	GBP	171,200	Morgan Stanley & Co.	03/15/2022		2,388
SEK	369,300	USD	38,881	Morgan Stanley & Co.	03/15/2022		120
USD	2,143,442	SEK	19,436,000	Morgan Stanley & Co.	03/15/2022		90,853
						$	139,621

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Depreciation
USD	3,824,787	AUD	5,328,700	Morgan Stanley & Co.	03/15/2022	$	(46,105	)
CAD	48,900	USD	38,757	Morgan Stanley & Co.	03/15/2022		(176	)
USD	1,823,012	CAD	2,325,700	Morgan Stanley & Co.	03/15/2022		(11,969	)
USD	19,344	CHF	17,800	Morgan Stanley & Co.	03/15/2022		(73	)
EUR	769,800	USD	873,421	Morgan Stanley & Co.	03/15/2022		(9,838	)
USD	87,457	EUR	78,400	Morgan Stanley & Co.	03/15/2022		(495	)
USD	2,919,718	GBP	2,198,300	Morgan Stanley & Co.	03/15/2022		(29,624	)
SEK	2,350,700	USD	257,239	Morgan Stanley & Co.	03/15/2022		(8,989	)
						$	(107,269	)

Water Island Event-Driven Fund	Portfolio of Investments (Continued)
	February 28, 2022 (unaudited)

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

Country	% of Net Assets(a)
United States		85.38	%
United Kingdom		8.04	%
Sweden		2.04	%
Netherlands		1.33	%
Republic of Korea		1.12	%
Switzerland		0.95	%
Canada		0.56	%
Czech Republic		0.47	%
Australia		0.26	%
Israel		0.25	%
Italy		0.15	%
Austria		0.00	%(b)
Liabilities in Excess of Other Assets		(0.55	)%
		100.00	%

(a)	These percentages represent long positions only and are not net of short positions.
(b)	Less than 0.005% of net assets.

Abbreviations:

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

AG - Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e., owned by shareholders.

AUD - Australian dollar

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

CAD - Canadian dollar

CHF - Swiss franc

CVR - Contingent Value Rights

ESTR - Euro Short-term Rate

ETF - Exchange-Traded Fund

EUR - Euro

GBP - British pound

JIBAR - Johannesburg Interbank Agreed Rate

LLC - Limited Liability Company

Ltd. - Limited

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

Plc - Public Limited Company

REIT - Real Estate Investment Trust

SABOR - South African Benchmark Overnight Rate

SEK - Swedish krona

SONIA - Sterling OverNight Index Average

S&P - Standard & Poor's

STIBOR - Stockholm Interbank Offered Rate

USD - United States Dollar

ZAR - South African rand

Water Island Event-Driven Fund	Portfolio of Investments (Continued)
	February 28, 2022 (unaudited)

Investments in Securities at Value	Level 1		Level 2		Level 3		Total
Assets
Common Stocks
Aerospace & Defense	$	1,800,713	$	—	$	—	$	1,800,713
Airlines		298,402		—		—		298,402
Auto Parts & Equipment		2,326,393		—		—		2,326,393
Banks		1,450,923		—		—		1,450,923
Biotechnology		2,536,845		—		—		2,536,845
Chemicals		7,441,401		—		—		7,441,401
Commercial Services		7,060,241		—		—		7,060,241
Computers & Computer Services		2,973,715		—		—		2,973,715
Construction Materials		1,322,069		—		—		1,322,069
Diversified Financial Services		1,007,936		—		—		1,007,936
Electric		2,656,945		—		—		2,656,945
Electronics		4,352,557		—		—		4,352,557
Energy - Alternate Sources		1,494,696		—		—		1,494,696
Entertainment		252,592		—		—		252,592
Environmental Control		1,508,545		—		—		1,508,545
Food		2,293,363		—		—		2,293,363
Forest Products & Paper		727,938		—		—		727,938
Gas		1,200,240		—		—		1,200,240
Healthcare – Products		1,055,564		—		—		1,055,564
Healthcare – Services		18,598		—		—		18,598
Insurance		5,610,787		—		—		5,610,787
Internet		2,950,774		—		—		2,950,774
Leisure Time		633,956		—		—		633,956
Lodging		302,783		—		—		302,783
Machinery - Diversified		6,903,485		—		—		6,903,485
Media		3,691,241		—		—		3,691,241
Pharmaceuticals		2,865,175		—		—		2,865,175
Real Estate Investment Trusts		8,044,773		—		—		8,044,773
Retail		1,898,894		—		—		1,898,894
Semiconductors		3,773,832		—		—		3,773,832
Software		26,379,361		—		1,534,835		27,914,196
Telecommunications		4,219,808		—		—		4,219,808
Rights		—		67,803		—		67,803
Corporate Bonds*		—		1,715,232		—		1,715,232
Convertible Corporate Bonds*		—		3,264,430		—		3,264,430
Warrants*		41,276		—		—		41,276
Private Investments		—		—		134,814		134,814
Purchased Options		35,064		—		—		35,064
Short-Term Investments		584,107		—		—		584,107
TOTAL	$	111,714,992	$	5,047,465	$	1,669,649	$	118,432,106

Other Financial Instruments**
Assets
Forward Foreign Currency Exchange Contracts	$	—		$	139,621		$	—	$	139,621
Equity Swaps		0			—			—		0
Liabilities
Common Stocks*		(3,061,069	)		—			—		(3,061,069	)
Written Options		(38,645	)		—			—		(38,645	)
Forward Foreign Currency Exchange Contracts		—			(107,269	)		—		(107,269	)
TOTAL	$	(3,099,714	)	$	32,352		$	—	$	(3,067,362	)

*	Refer to Portfolio of Investments for sector information.
**	Other financial instruments are instruments such as written options, securities sold short, equity swaps and forward foreign currency exchange contracts.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund’s assets and liabilities during the period ended February 28, 2022:

Investments in Securities	Balance as of May 31, 2021		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Purchases		Sales Proceeds			Transfers into Level 3		Transfers out of Level 3			Balance as of February 28, 2022		Net change in Unrealized Appreciation (Depreciation) from investments still held as of February 28, 2022
Common Stocks	$	6,055,654	$	466,544	$	(424,231	)	$	1,512,152	$	(6,075,284	)	$	-	$	-		$	1,534,835	$	22,683
Rights		43,889		81,275		(3,858	)		-		(121,306	)		-		-			-		-
Convertible Corporate Bonds		1,081,737		-		55,939			-		-			-		(1,137,676	)		-		-
Private Investments		79,400		-		55,148			266		-			-		-			134,814		55,148
Total	$	7,260,680	$	547,819	$	(317,002	)	$	1,512,418	$	(6,196,590	)	$	-	$	(1,137,676	)	$	1,669,649	$	77,831

Water Island Credit Opportunities Fund	Portfolio of Investments
	February 28, 2022 (unaudited)

	Maturity Date	Rate			Principal Amount		Value
BANK LOANS - 3.99%
Chemicals - 0.49%
Zep Inc., 2017 1st Lien Term Loan, Variable Rate, (12 mo. USD LIBOR plus 4.00%)	08/12/2024		5.000	%	$	720,331	$	701,873
Commercial Services - 3.50%
Moneygram International, Inc., 2021 Term Loan B, TBD(a)	07/21/2026		TBD			5,000,000		5,001,875
TOTAL BANK LOANS
(Cost $5,730,169)								5,703,748
CORPORATE BONDS - 63.90%
Aerospace & Defense - 1.04%
Boeing Co. (The)(b)	05/01/2050		5.805	%		1,250,000		1,485,011
Auto Parts & Equipment - 1.40%
Tenneco, Inc.(c)	04/15/2029		5.125	%		2,000,000		2,005,000
Banks - 0.68%
Truist Bank, Variable Rate, (3 mo. USD LIBOR plus 0.65%)(b)	03/15/2028		0.853	%		1,000,000		965,266
Chemicals - 3.01%
GCP Applied Technologies, Inc.(c)	04/15/2026		5.500	%		1,175,000		1,197,031
Kraton Polymers LLC / Kraton Polymers Capital Corp.(c)	12/15/2025		4.250	%		3,028,000		3,107,485
								4,304,516
Commercial Services - 1.64%
RR Donnelley & Sons Co.(b)(c)	11/01/2026		6.125	%		2,200,000		2,343,000
Computers & Computer Services - 1.03%
Diebold Nixdorf, Inc.(d)	04/15/2024		8.500	%		1,500,000		1,477,500
Construction Materials - 1.21%
Forterra Finance LLC / FRTA Finance Corp.(c)	07/15/2025		6.500	%		1,663,000		1,721,205
Entertainment - 5.55%
Cedar Fair LP / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op(c)	05/01/2025		5.500	%		500,000		513,935
Peninsula Pacific Entertainment LLC / Peninsula Pacific Entertainment Finance In(c)	11/15/2027		8.500	%		5,320,000		5,890,198
Scientific Games International, Inc.(c)	10/15/2025		5.000	%		1,500,000		1,515,000
								7,919,133
Food - 9.55%
B&G Foods, Inc.(b)(d)	04/01/2025		5.250	%		1,500,000		1,510,950
Chobani LLC / Chobani Finance Corp., Inc.(c)	04/15/2025		7.500	%		4,499,000		4,476,505
Fresh Market, Inc. (The)(c)	05/01/2023		9.750	%		6,088,000		6,148,880
US Foods, Inc.(c)	04/15/2025		6.250	%		1,451,000		1,500,769
								13,637,104
Gas - 1.40%
Rockpoint Gas Storage Canada Ltd.(c)	03/31/2023		7.000	%		2,000,000		1,997,500

Water Island Credit Opportunities Fund	Portfolio of Investments (Continued)
	February 28, 2022 (unaudited)

	Maturity Date	Rate			Principal Amount		Value
CORPORATE BONDS - 63.90% (Continued)
Hand/Machine Tools - 2.17%
Werner FinCo LP / Werner FinCo, Inc.(b)(c)	07/15/2025		8.750	%	$	3,000,000	$	3,105,000
Internet - 4.38%
Getty Images, Inc.(c)	03/01/2027		9.750	%		6,000,000		6,247,500
Machinery - Diversified - 3.20%
JPW Industries Holding Corp.(b)(c)	10/01/2024		9.000	%		2,000,000		2,060,000
Welbilt, Inc.	02/15/2024		9.500	%		2,500,000		2,506,250
								4,566,250
Media - 0.70%
Cengage Learning, Inc.(b)(c)	06/15/2024		9.500	%		1,000,000		1,001,710
Office/Business Equip - 2.66%
Xerox Holdings Corp.(c)(d)	08/15/2025		5.000	%		3,745,000		3,805,426
Oil & Gas - 2.26%
Par Petroleum LLC / Par Petroleum Finance Corp.(b)(c)	12/15/2025		7.750	%		3,190,000		3,221,900
Packaging & Containers - 9.54%
Flex Acquisition Co., Inc.(c)
	01/15/2025		6.875	%		6,500,000		6,514,170
	07/15/2026		7.875	%		3,183,000		3,282,469
LABL, Inc.(c)
	07/15/2026		6.750	%		2,500,000		2,506,250
	07/15/2027		10.500	%		1,293,000		1,325,325
								13,628,214
Pipelines - 0.99%
Energy Transfer LP
	05/15/2024		3.900	%		1,250,000		1,282,121
	05/15/2028		4.950	%		125,000		133,764
								1,415,885
Real Estate Investment Trusts - 3.86%
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC(b)(c)	02/15/2025		7.875	%		5,296,000		5,517,240
Software - 2.86%
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc.(c)	03/01/2025		5.750	%		2,000,000		1,991,000
Citrix Systems, Inc.	03/01/2030		3.300	%		2,100,000		2,086,001
								4,077,001
Telecommunications - 4.77%
Altice France Holding SA(b)(c)	05/15/2027		10.500	%		6,500,000		6,805,500
TOTAL CORPORATE BONDS
(Cost $91,767,730)								91,246,861

Water Island Credit Opportunities Fund	Portfolio of Investments (Continued)
	February 28, 2022 (unaudited)

	Maturity Date	Rate			Principal Amount		Value
CONVERTIBLE CORPORATE BONDS - 31.71%
Aerospace & Defense - 2.19%
Kaman Corp.(b)	05/01/2024		3.250	%	$	3,000,000	$	3,127,500
Auto Manufacturers - 0.76%
Lightning eMotors, Inc.(c)	05/15/2024		7.500	%		1,370,000		1,083,848
Commercial Services - 1.79%
Block, Inc.	03/01/2025		0.125	%		2,000,000		2,551,250
Computers & Computer Services - 1.22%
Pure Storage, Inc.	04/15/2023		0.125	%		1,500,000		1,750,500
Diversified Financial Services - 1.00%
WisdomTree Investments, Inc.(b)(c)	06/15/2026		3.250	%		1,500,000		1,428,000
Entertainment - 0.41%
Cineplex, Inc.(c)	09/30/2025		5.750	%		567,000		591,120
Healthcare - Services - 1.16%
UpHealth, Inc.(b)(c)	06/15/2026		6.250	%		1,951,000		1,655,478
Internet - 8.24%
fuboTV, Inc.(b)(c)	02/15/2026		3.250	%		2,500,000		1,885,000
Spotify USA, Inc.(b)(c)(e)	03/15/2026		0.000	%		3,500,000		2,987,250
Twitter, Inc.(b)	06/15/2024		0.250	%		2,500,000		2,534,375
Zendesk, Inc.	06/15/2025		0.625	%		3,500,000		4,357,500
								11,764,125
Pharmaceuticals - 2.77%
Dermira, Inc.	05/15/2022		3.000	%		1,938,000		1,947,690
Paratek Pharmaceuticals, Inc.(b)	05/01/2024		4.750	%		2,250,000		2,006,100
								3,953,790
Software - 7.10%
Five9, Inc.(b)	06/01/2025		0.500	%		3,000,000		3,256,702
Kaleyra, Inc.(c)	06/01/2026		6.125	%		1,900,000		1,877,505
Nuance Communications, Inc.	12/15/2035		1.000	%		1,000,000		2,291,300
RingCentral, Inc.(e)	03/01/2025		0.000	%		3,105,000		2,709,112
								10,134,619
Telecommunications - 5.07%
Vonage Holdings Corp.(b)	06/01/2024		1.750	%		5,500,000		7,246,250
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $45,721,914)								45,286,480

	Shares		Value
WARRANTS(f) - 0.04%
Auto Manufacturers - 0.04%
Lightning eMotors, Inc., Exercise Price $11.50, Expires 05/18/2025(g)		53,913	$	50,409
TOTAL WARRANTS
(Cost $0)				50,409

Water Island Credit Opportunities Fund	Portfolio of Investments (Continued)
	February 28, 2022 (unaudited)

	Expiration Date		Exercise Price		Notional Amount		Contracts		Value
PURCHASED OPTIONS(f) - 0.04%
Call Options Purchased - 0.04%
B&G Foods, Inc.		05/2022	$	35.00	$	592,000		200	$	7,500
Diebold Nixdorf, Inc.		05/2022		12.50		269,700		310		4,650
Par Pacific Holdings, Inc.		06/2022		17.50		95,200		70		6,650
SPDR S&P 500 ETF Trust		03/2022		475.00		6,549,450		150		2,325
Uniti Group, Inc.		03/2022		14.00		1,523,975		1,175		26,438
Xerox Holdings Corp.		04/2022		25.00		591,300		300		3,750
TOTAL CALL OPTIONS PURCHASED
(Cost $202,879)										51,313
TOTAL PURCHASED OPTIONS
(Cost $202,879)										51,313
Total Investments - 99.68%
(Cost $143,422,692)										142,338,811
Other Assets in Excess of Liabilities - 0.32%(h)										454,465
NET ASSETS - 100.00%									$	142,793,276

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, or a portion of security, is being held as collateral for short sales or forward foreign currency exchange contracts. At February 28, 2022, the aggregate fair market value of those securities was $39,187,773, representing 27.44% of net assets.
(c)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of February 28, 2022, these securities had a total value of $91,308,199 or 63.94% of net assets.
(d)	Underlying security for a purchased call/put option.
(e)	Represents a zero coupon bond.
(f)	Non-income-producing security.
(g)	Restricted securities (including private placements) - The Fund may own investment securities that have other legal or contractual limitations. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $50,409 or 0.04% of net assets.

Restricted Security	Acquisition Date		Acquisition Cost
Lightning eMotors, Inc., Exercise Price $11.50, Expires 05/18/2025	04/28/2021	$	—
Total		$	—

^(h) Includes cash held as collateral for short sales.

Water Island Credit Opportunities Fund	Portfolio of Investments (Continued)
	February 28, 2022 (unaudited)

SCHEDULE OF SECURITIES SOLD SHORT	Shares			Value
COMMON STOCKS SOLD SHORT - (10.56%)
Aerospace & Defense - (0.21%)
Kaman Corp.		(6,900	)	$	(299,529	)
Commercial Services - (1.00%)
Block, Inc.		(11,200	)		(1,428,000	)
Computers & Computer Services - (0.55%)
Diebold Nixdorf, Inc.		(4,200	)		(36,540	)
Pure Storage, Inc., Class A		(29,100	)		(754,854	)
					(791,394	)
Diversified Financial Services - (0.16%)
WisdomTree Investments, Inc.		(39,400	)		(221,822	)
Entertainment - (0.25%)
Cineplex, Inc.		(33,300	)		(363,607	)
Food - (0.12%)
B&G Foods, Inc.		(5,600	)		(165,760	)
Internet - (2.42%)
fuboTV, Inc.		(17,333	)		(148,197	)
Spotify Technology SA		(1,300	)		(203,047	)
Twitter, Inc.		(14,400	)		(511,920	)
Zendesk, Inc.		(22,200	)		(2,590,074	)
					(3,453,238	)
Office/Business Equip - (0.11%)
Xerox Holdings Corp.		(7,900	)		(155,709	)
Oil & Gas - (0.02%)
Par Pacific Holdings, Inc.		(2,260	)		(30,736	)
Pharmaceuticals - (0.07%)
Paratek Pharmaceuticals, Inc.		(27,450	)		(96,624	)
Real Estate Investment Trusts - (0.16%)
Uniti Group, Inc.		(17,500	)		(226,975	)
Software - (2.63%)
Five9, Inc.		(12,800	)		(1,408,000	)
Nuance Communications, Inc.		(37,700	)		(2,093,104	)
RingCentral, Inc., Class A		(2,000	)		(261,680	)
					(3,762,784	)
Telecommunications - (2.86%)
Vonage Holdings Corp.		(201,000	)		(4,084,320	)
TOTAL COMMON STOCKS SOLD SHORT
(Proceeds $15,657,613)					(15,080,498	)

Water Island Credit Opportunities Fund	Portfolio of Investments (Continued)
	February 28, 2022 (unaudited)

SCHEDULE OF SECURITIES SOLD SHORT	Maturity Date	Rate			Principal Amount			Value
U.S. TREASURY & GOVERNMENT AGENCIES - (1.57%)
Sovereign - (1.57%)
U.S. Treasury Bond	02/15/2050		2.000	%	$	(1,240,000	)	$	(1,187,446	)
U.S. Treasury Note	04/30/2026		0.750	%		(1,100,000	)		(1,056,086	)
									(2,243,532	)
TOTAL U.S. TREASURY & GOVERNMENT AGENCIES
(Proceeds $2,525,521)									(2,243,532	)
TOTAL SECURITIES SOLD SHORT
(Proceeds $18,183,134)								$	(17,324,030	)

EQUITY SWAP CONTRACTS

Swap Counterparty/ Payment Frequency

Reference Obligation

Rate Paid/Received by the Fund

Termination Date

Upfront Payments Paid

Upfront Payments Received

Market Value

Notional Amount

Unrealized Appreciation

Morgan Stanley & Co./ Monthly

SPDR Bloomberg High Yield Bond ETF

Received 1 Month-Federal Rate Minus 458 bps (-4.500%)

08/18/2023

$

—

$

—

$

—

USD 1,449,770

$

—

Morgan Stanley & Co./ Monthly

iShares iBoxx $ Investment Grade Corporate Bond ETF

Received 1 Month-Federal Rate Minus 168 bps (-1.600%)

08/18/2023

—

—

—

USD 1,385,280

—

$

—

$

—

Water Island Credit Opportunities Fund	Portfolio of Investments (Continued)
	February 28, 2022 (unaudited)

OUTSTANDING FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation
CAD	262,300	USD	204,894	Morgan Stanley & Co.	03/15/2022	$	2,061
USD	53,951	CAD	67,900	Morgan Stanley & Co.	03/15/2022		378
						$	2,439

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Depreciation
CAD	81,300	USD	64,584	Morgan Stanley & Co.	03/15/2022	$	(437	)
USD	449,643	CAD	573,800	Morgan Stanley & Co.	03/15/2022		(3,088	)
						$	(3,525	)

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

Country	% of Net Assets(a)
United States		93.10	%
Luxembourg		4.77	%
Canada		1.81	%
Other Assets in Excess of Liabilities		0.32	%
		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.

CAD - Canadian dollar

ETF - Exchange-Traded Fund

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

Ltd. - Limited

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

S&P - Standard & Poor's

SPDR - Standard & Poor's Depositary Receipt

TBD - To Be Determined

USD - United States Dollar  

Water Island Credit Opportunities Fund	Portfolio of Investments (Continued)
	February 28, 2022 (unaudited)

Investments in Securities at Value	Level 1		Level 2		Level 3		Total
Assets
Bank Loans*	$	—	$	5,703,748	$	—	$	5,703,748
Corporate Bonds*		—		91,246,861		—		91,246,861
Convertible Corporate Bonds*		—		45,286,480		—		45,286,480
Warrants*		50,409		—		—		50,409
Purchased Options		51,313		—		—		51,313
TOTAL	$	101,722	$	142,237,089	$	—	$	142,338,811

Other Financial Instruments**
Assets
Forward Foreign Currency Exchange Contracts	$	—		$	2,439		$	—	$	2,439
Equity Swaps		0			—			—		0
Liabilities
Common Stocks*		(15,080,498	)		—			—		(15,080,498	)
U.S. Treasury & Government Agencies		—			(2,243,532	)		—		(2,243,532	)
Forward Foreign Currency Exchange Contracts		—			(3,525	)		—		(3,525	)
TOTAL	$	(15,080,498	)	$	(2,244,618	)	$	—	$	(17,325,116	)

*	Refer to Portfolio of at Investments for sector information.
**	Other financial instruments are instruments such as securities sold short, equity swaps and forward foreign currency exchange contracts.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund’s assets and liabilities during the period ended February 28, 2022:

Investments in Securities	Balance as of May 31, 2021		Accrued Discounts/ (Premiums)		Realized Gain/(Loss)		Change in Unrealized Appreciation (Depreciation)		Purchases		Sales Proceeds		Amortization Premium/ Discount		Transfers into Level 3		Transfers out of Level 3			Balance as of February 28, 2022		Net change in Unrealized Appreciation (Depreciation) from investments still held as of February 28, 2022
Convertible Corporate Bonds	$	1,668,592	$	-	$	-	$	86,360	$	-	$	-	$	-	$	-	$	(1,754,952	)	$	-	$	-
Total	$	1,668,592	$	-	$	-	$	86,360	$	-	$	-	$	-	$	-	$	(1,754,952	)	$	-	$	-