To pursue its investment objective, the Fund employs a long/ short event-driven strategy, which seeks to profit by investing, long and 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 strategy may invest both long and short across various industries or sectors, market capitalizations, and credit qualities, and in both U.S. and foreign securities, seeking what the Adviser believes are the most favorable event opportunities across the globe. By focusing on event opportunities, the Adviser aims to generate a return profile that is more correlated to the outcomes of each idiosyncratic event rather than the overall direction of broader equity and credit markets.