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Water Island Event-Driven Fund R AEDFX

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Will AEDFX outperform in future?

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Ceasing Coverage of Arbitrage Event-Driven

Analyst Note

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Morningstar will cease qualitative research coverage of Arbitrage Event-Driven on or about March 12, 2019, in order to reallocate our analysts to research other strategies. At that time, the last Morningstar Analyst Rating and this research will be removed. After that date, please discontinue using the research report or former research reports issued by Morningstar on this fund. We recommend users form their own views on this fund or obtain financial advice.

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