The Arbitrage Funds
Advised by Water Island Capital
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Water Island Capital Renames Flagship Event-Driven Fund

Water Island Capital (“the Firm”), the adviser to the Arbitrage Event-Driven Fund (“the Fund”), is pleased to announce a small, but important, change to the Fund. Effective August 5, 2019, the Fund will be renamed the Water Island Diversified Event-Driven Fund. Water Island Capital has been the adviser of the Fund since inception and has nearly two decades of experience managing alternative strategies in a mutual fund format. Water Island believes the new name more clearly delineates the Fund’s strategy, while highlighting the Firm’s broad expertise in catalyst-driven investments. Importantly, there will be no change to the Fund’s proven strategy or personnel. Furthermore, there will be no changes to the Fund’s tickers, identifiers, or investment terms. If you have any questions about Water Island Capital, the Water Island Diversified Event-Driven Fund, or the Arbitrage Funds family, please contact us.

RISKS: The fund uses investment techniques and strategies with risks that are different from the risks ordinarily associated with equity and credit investments. Such risks include active management risk; concentration risk; convertible security risk; counterparty risk; credit risk; currency risk; derivatives risk; ETF risk; event-driven risk; foreign securities risk (in that the securities of foreign issuers may be less liquid and more volatile than securities of comparable US issuers); hedging transaction risk; high portfolio turnover (which may increase the fund’s brokerage costs, which would reduce performance); interest rate risk; large shareholder transaction risk; leverage/borrowing risk; market risk; merger arbitrage risk (in that the proposed reorganizations in which the fund invests may be renegotiated or terminated, in which case the fund may realize losses); options risk; short sale risk (in that the fund will suffer a loss if it sells a security short and the value of the security rises rather than falls); small and medium capitalization securities risk; temporary investment/cash management risk; and total return swap risk. Risks may increase volatility and may increase costs and lower performance. Foreign investing involves special risks such as currency fluctuations and political uncertainty.

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