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      <image:title>Commentary - Notes from the Desk:  Water Island Credit Opportunities Fund Update - Make it stand out</image:title>
      <image:caption>Source: Bloomberg. As of: March 13, 2023. The US Treasury Actives Curve – also known as a yield curve – depicts the yield of Treasury securities of various maturities at a point in time.</image:caption>
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      <image:title>Commentary - Notes from the Desk:  Water Island Credit Opportunities Fund Update - Make it stand out</image:title>
      <image:caption>Source: Bloomberg. As of: February 15, 2023.</image:caption>
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      <image:title>Commentary - Notes from the Desk:  Water Island Credit Opportunities Fund Update - Make it stand out</image:title>
      <image:caption>Source: Bloomberg. As of: March 14, 2023.</image:caption>
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      <image:title>Commentary - Notes from the Desk:  Water Island Credit Opportunities Fund Update - Make it stand out</image:title>
      <image:caption>Source: Bloomberg. As of: March 13, 2023. The 5-Year Breakeven Inflation Rate (USGGBE05 Index) is a representation of expectations for inflation five years into the future, derived from 5-Year Treasury constant maturity securities and 5-Year Treasury inflation-indexed constant maturity securities.</image:caption>
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