Water Island Event-Driven Fund ClassR 

This fund invests in a variety of financial instruments, including stocks, bonds, and other debt-like assets, such as high-yield debt often referred to as "junk bonds." Its core strategy involves targeting companies whose market prices are expected to be affected by specific corporate actions, as identified by the fund's investment adviser. The fund's approach aims to profit from the price movements generated by these "event-driven opportunities," which encompass occurrences like corporate takeovers, consolidations, asset divestitures, financial restructuring, debt refinancing, capital adjustments, business reorganizations, and other unique situations. It operates with a concentrated portfolio rather than a broadly diversified one.