The Process Pillar is our assessment of how sensible, clearly defined, and repeatable ARBNXs performance objective and investment process is for both security selection and portfolio construction.

The Morningstar Analysis section contains a thorough evaluation of an investments merits and drawbacks and often discusses the most important or decisive factors leading to the funds overall rating.

20201-Day Return as of Dec 16,2020,such as interest from borrowings and dividends on borrowed securities,11:11 PM GMT+00:00The Parent Pillar is our rating of ARBNXs parent organizations priorities and whether theyre in line with investors interests.Adjusted Expense Ratio excludes certain variable investment-related expenses,allowing for more consistent cost comparisons across funds.The People Pillar is our evaluation of the ARBNX management teams experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.and its conservative approach to merger-arbitrage should continue to serve investors well. It earns a Morningstar Analyst Rating of Bronze for its three cheapest share classes and a Neutral rating for its most expensive share class.USDNAV as of Dec 16,Get our overall rating based on a fundamental assessment of the pillars below.Arbitrage Fund is managed by a veteran team,

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