The fund invests in equity and debt and debt-like instruments (including high yield bonds commonly known as "junk bonds") of companies whose prices the fund's investment adviser believes are or will be impacted by a corporate event. Specifically, the fund employs investment strategies designed to capture price movements generated by corporate events such as mergers, acquisitions, asset sales, restructurings, refinancings, recapitalizations, reorganizations or other special situations (referred to as "event-driven opportunities"). It is non-diversified.

AEDNX

The fund will invest at least 80% of its net assets in equity securities of companies (both U.S. and foreign) that are involved in publicly announced mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations and other corporate reorganizations. Equity securities include common and preferred stock. Merger arbitrage is a highly specialized investment approach designed to profit from the successful completion of mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations and other corporate reorganizations.

ARBFX

ARBNX

Normally, the fund invests at least 80% of its net assets in equity securities and related derivative instruments with similar economic characteristics. It seeks to achieve its investment objective by employing an event driven strategy, primarily investing in companies that have announced a material change or in companies that the advisor expects to undergo a material change. The fund's investment in equity securities may include common stock, preferred stock, securities convertible into common stock, non-convertible preferred stock, and depositary receipts.

BILPX

The investment seeks to provide positive returns in rising and falling market environments. The sub-adviser seeks to achieve attractive absolute returns by utilizing an event driven strategy across a diversified set of equities while actively managing risk to preserve capital, minimize volatility, and maintain liquidity. The sub-adviser generally seeks to accomplish this objective by investing in equities (including common stock, initial public offerings (“IPOs”) and other new issues) and equity-related securities (including preferred stock, options, swaps, forwards and warrants) across a diversified range of industries.

DAMDX

The investment seeks to provide positive returns over full-market cycles. The fund is actively managed by using techniques intended to provide positive returns over full-market cycles. In making investment decisions the fund's investment adviser, will employ event-driven strategies designed to exploit disparities or inefficiencies in U.S. and foreign (non-U.S.) equity and debt markets.

DEVDX

The advisor intends to invest primarily in equity securities of companies believed to be likely acquisition targets within twelve to eighteen months. The fund also may engage in arbitrage transactions by investing in the equity securities of companies that are involved in publicly announced mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations, and other corporate reorganizations. It generally invests in securities of U.S. companies, but also may invest its assets in foreign securities, including emerging market securities.

EMAYX

To achieve the fund's investment objective, the adviser invests in the securities of publicly traded companies involved in mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations, or similar events ("corporate reorganizations"). Various strategies can be employed to capitalize on the mispricing of corporate securities during corporate reorganizations, including transactions involving common and preferred stock, debt instruments, and derivative securities.

EVDAX

The fund invests primarily in securities of domestic and foreign issuers that the fund's investment adviser, believes provide attractive opportunities for appreciation or investment income. The Adviser seeks to limit excessive risk of capital loss by utilizing various investment strategies, including investing in value oriented common stocks, i.e., common stocks that trade at a significant discount to the Adviser's assessment of their "private market value" virtually risk free U.S. Treasury Bills, and by utilizing certain "arbitrage" strategies. It is non-diversified.

GABCX

Under normal market conditions, the fund will invest at least 80% of its net assets in equity securities and related derivatives of U.S. and foreign companies that are involved in publicly announced mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations and other corporate reorganizations (collectively, "Merger Transactions"). The types of equity securities in which the fund primarily invests include common stocks and preferred stocks of any size market capitalization.

GAKAX

The fund normally invests at least 80% of the value of its total assets (net assets plus the amount of any borrowings for investment purposes) in securities of companies that are involved in publicly-announced mergers (including mergers through takeovers and tender offers, so long as tender offers are being used to effect a merger) ("Merger Transactions") or companies that the Adviser believes may be involved in Merger Transactions. It engages in risk arbitrage strategies, particularly merger arbitrage strategies, in order to achieve its investment objective.

HMEZX

The investment seeks capital growth by engaging in merger arbitrage. Under normal market conditions, the fund invests at least 80% of its total assets principally in the common stock, preferred stock and, occasionally, warrants of companies which are involved in publicly announced mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations and other corporate reorganizations. Merger arbitrage is a highly specialized investment approach generally designed to profit from the successful completion of such transactions.

MERFX

MERIX

Under normal circumstances, the fund invests primarily in equity securities of U.S. and Canadian issuers, which may include American Depository Receipts ("ADRs"). ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks. Under normal market conditions, it will primarily invest using merger arbitrage strategies.

SPAIX

VARBX

The fund adviser primarily employs investment strategies designed to capture price movements generated by specific events, including, but not limited to, equity and/or debt securities of companies involved in mergers, acquisitions, asset sales or other divestitures, restructurings, refinancings, recapitalizations, reorganizations or other special situations (referred to as "event-driven opportunities").

WCEIX

The fund will invest principally in fixed income investments and other investments related to specific events or catalysts that the Adviser expects will cause material credit events or similar situations, such as capital structure arbitrage, mergers and acquisitions, spin-offs, credit restructurings, IPOs of debt, re-financings, debt maturities, asset monetizations, and other restructurings. It is non-diversified.

Symbol	Full Name	Category	Inception	Expense Ratio	YTD Return	10Y Return (Annualized)	Dividend Yield
AEDNX	Water Island Event-Driven Fund	Event Driven	Sep 30, 2010	1.44%	-1.37%	2.08%	0.73%
ARBFX	The Arbitrage Fund	Event Driven	Sep 17, 2000	1.43%	-0.39%	2.47%	1.93%
ARBNX	The Arbitrage Fund Class Institutional	Event Driven	Oct 17, 2003	1.49%	-0.30%	2.75%	2.37%
BILPX	BlackRock Event Driven Equity Fund	Event Driven	Dec 18, 2007	1.16%	-0.50%	3.96%	2.00%
DAMDX	Dunham Monthly Distribution Fund	Event Driven	Jul 31, 2008	2.38%	-0.56%	1.58%	9.15%
DEVDX	Driehaus Event Driven Fund	Event Driven	Aug 22, 2013	1.66%	-0.65%	4.35%	4.51%
EMAYX	Gabelli Enterprise Mergers and Acquisitions Fund	Event Driven	Feb 27, 2001	1.01%	-1.82%	3.10%	3.05%
EVDAX	Camelot Event Driven Fund Class A	Event Driven	Nov 21, 2003	2.22%	0.00%	—	6.40%
GABCX	Gabelli ABC Fund	Event Driven	May 13, 1993	0.79%	0.77%	2.45%	3.33%
GAKAX	AXS Merger Fund	Event Driven	Jun 28, 2012	1.75%	0.38%	4.05%	6.06%
HMEZX	NexPoint Merger Arbitrage Fund	Event Driven	Aug 18, 2016	1.50%	1.85%	—	5.07%
MERFX	The Merger Fund	Event Driven	Jan 30, 1989	1.50%	-0.29%	2.75%	2.60%
MERIX	The Merger Fund Class I	Event Driven	Aug 1, 2013	1.32%	-0.24%	3.05%	2.91%
SPAIX	SilverPepper Merger Arbitrage Fund	Event Driven	Oct 30, 2013	1.99%	—	—	—
VARBX	Vivaldi Merger Arbitrage Fund Class I	Event Driven	Oct 1, 2015	1.81%	1.69%	—	4.00%
WCEIX	Virtus Westchester Event-Driven Fund	Event Driven	Jan 1, 2014	1.63%	-0.65%	3.34%	2.50%
WCFRX	Virtus Westchester Credit Event Fund	Event Driven	Dec 28, 2017	1.90%	1.43%	—	4.09%

The Best Event Driven Mutual Funds

Risk vs. Return Scatterplot