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To pursue the fund's investment objective, the adviser employs a "long/short" event-driven strategy, which seeks to profit by investing, long and/or short, in the equity and debt securities of companies whose prices Water Island Capital, LLC (the "adviser") believes are or will be impacted by a publicly announced or anticipated corporate event. The adviser will hold a higher percentage of the fund's assets in long positions. The fund is non-diversified.
| Symbol | Name | Weight | Market Value |
|---|---|---|---|
| XLNX | XILINX INC | 11.37% | $0 |
| KSU | KANSAS CITY SOUTHERN | 7.67% | $0 |
| INFO | IHS MARKIT LTD | 6.55% | $0 |
| WLTW | WILLIS TOWERS WATSON PLC | 4.96% | $0 |
| PPD | PPD INC | 4.83% | $0 |
| CGX | CINEPLEX INC | 4.06% | $0 |
| NUAN | NUANCE COMMUNICATIONS INC | 3.91% | $0 |
| COHR | COHERENT INC | 3.31% | $0 |
| ATH | ATHENE HOLDING LTD-CLASS A | 3.02% | $0 |
| — | KLR 6 1/8 06/01/26 | 2.58% | $0 |
| HRC | HILL-ROM HOLDINGS INC | 2.55% | $0 |
| ROG | ROGERS CORP | 2.54% | $0 |
| FIVN | FIVE9 INC | 2.50% | $0 |
| CHNG | CHANGE HEALTHCARE INC | 2.21% | $0 |
| — | UPH 6 1/4 06/15/26 | 2.20% | $0 |
| UFS | DOMTAR CORP | 2.04% | $0 |
| COR | CORESITE REALTY CORP | 1.95% | $0 |
| CONE | CYRUSONE INC | 1.79% | $0 |
| MNR | MONMOUTH REAL ESTATE INV COR | 1.76% | $0 |
| HIG | HARTFORD FINANCIAL SVCS GRP | 1.74% | $0 |
| DISCA | DISCOVERY INC - A | 1.70% | $0 |
| MGLN | MAGELLAN HEALTH INC | 1.67% | $0 |
| SAFM | SANDERSON FARMS INC | 1.67% | $0 |
| AJRD | AEROJET ROCKETDYNE HOLDINGS | 1.54% | $0 |
| WBT | WELBILT INC | 1.45% | $0 |