The Arbitrage Funds will be making the following year-end distribution payments for 2024 with a record date of 12/17/24, an ex-dividend/reinvest date of 12/18/24, and a payable date of 12/19/24:

Arbitrage	Institutional (ARBNX)	Retail (ARBFX)	Class A (ARGAX)	Class C (ARBCX)
Ordinary Income	$0.09530	$0.05782	$0.06149	$0.00000
Short-Term Capital Gain	$0.03571	$0.03571	$0.03571	$0.03571
Long-Term Capital Gain	$0.02768	$0.02768	$0.02768	$0.02768
Total	$0.15869	$0.12121	$0.12488	$0.06339
Total % of Record Date NAV	1.17%	0.94%	0.97%	0.54%

Water Island Event-Driven	Institutional (AEDNX)	Retail (AEDFX)	Class A (AGEAX)
Ordinary Income	$0.02370	$0.00000	$0.00000
Short-Term Capital Gain	$0.00000	$0.00000	$0.00000
Long-Term Capital Gain	$0.00000	$0.00000	$0.00000
Total	$0.02370	$0.00000	$0.00000
Total % of Record Date NAV	0.20%	0.00%	0.00%

Water Island Credit Opportunities	Institutional (ACFIX)	Retail (ARCFX)	Class A (AGCAX)
Ordinary Income	$0.00000	$0.00000	$0.00000
Short-Term Capital Gain	$0.00000	$0.00000	$0.00000
Long-Term Capital Gain	$0.00000	$0.00000	$0.00000
Total	$0.00000	$0.00000	$0.00000
Total % of Record Date NAV	0.00%	0.00%	0.00%

These distributions are provided for informational purposes only and should not be relied on as investment or tax advice. We strongly urge clients to consult with their tax advisers regarding the tax consequences of these distributions.

Water Island Capital, LLC is pleased to announce the elevation of Matt Osowiecki to Co-Chief Investment Officer, joining John Orrico, the firm’s current CIO and founder. “Matt is one of our most tenured employees and he has long served as a leader of not just our investment team but also our entire firm. He pairs his exceptional technical skills and strong investment acumen with a keen eye for risk mitigation, which we believe will yield long-term benefits for our clients. This promotion is a well-deserved recognition of his nearly two decades of dedicated service, and I am delighted to work alongside him for years to come,” said John.

Matt joined the firm as an analyst in 2007 and rose to the level of portfolio manager, being named on the Arbitrage Fund in 2016 and the Water Island Event-Driven Fund in 2023. He has previously served as a member of the firm’s Management Committee, and he also helped establish the firm’s initial presence in London, where he lived with his family for several years. In his new capacity as Co-CIO, he will continue to serve as portfolio manager to the funds while also overseeing the firm’s investment strategies with a focus on continuing to deliver clients non-correlated return streams, stringent risk management, and strong capital preservation characteristics. Roger Foltynowicz, the firm’s Lead Portfolio Manager, said, “I couldn’t be happier to see Matt step into this role. He has an intuition and deep understanding of event-driven strategies, combined with years of administrative and operational experience. He also has substantial institutional knowledge of our firm’s culture and our clients, making him the perfect fit to help lead the team into the future. Nobody embodies the Water Island ethos better than Matt.”

Matt shared his enthusiasm, stating, “I am excited to join John as Co-CIO and help shepherd our clients’ assets while delivering differentiated investment solutions. Water Island has long focused on innovating in its space, providing superior client service, and protecting shareholder capital. I look forward to collaborating with my colleagues across the firm in demonstrating our capabilities to a broadening group of investors.” In his free time, Matt enjoys quality time with his wife and children. When he isn’t coaching youth baseball for his kids, you may find him rooting for UConn Huskies basketball or tackling various home improvement projects.

The Arbitrage Funds will be making the following year-end distribution payments for 2023 with a record date of 12/13/23, an ex-dividend/reinvest date of 12/14/23, and a payable date of 12/15/23:

Arbitrage	Institutional (ARBNX)	Retail (ARBFX)	Class A (ARGAX)	Class C (ARBCX)
Ordinary Income	$0.03382	$0.00000	$0.00000	$0.00000
Short-Term Capital Gain	$0.24409	$0.24409	$0.24409	$0.24409
Long-Term Capital Gain	$0.00000	$0.00000	$0.00000	$0.00000
Total	$0.27791	$0.24409	$0.24409	$0.24409
Total % of Record Date NAV	2.07%	1.90%	1.90%	2.05%

Water Island Event-Driven	Institutional (AEDNX)	Retail (AEDFX)	Class A (AGEAX)
Ordinary Income	$0.08382	$0.05624	$0.05251
Short-Term Capital Gain	$0.00000	$0.00000	$0.00000
Long-Term Capital Gain	$0.00000	$0.00000	$0.00000
Total	$0.08382	$0.05624	$0.05251
Total % of Record Date NAV	0.72%	0.49%	0.46%

Water Island Credit Opportunities	Institutional (ACFIX)	Retail (ARCFX)	Class A (AGCAX)
Ordinary Income	$0.00000	$0.00000	$0.00000
Short-Term Capital Gain	$0.00000	$0.00000	$0.00000
Long-Term Capital Gain	$0.00000	$0.00000	$0.00000
Total	$0.00000	$0.00000	$0.00000
Total % of Record Date NAV	0.00%	0.00%	0.00%

These distributions are provided for informational purposes only and should not be relied on as investment or tax advice. We strongly urge clients to consult with their tax advisers regarding the tax consequences of these distributions.

The Arbitrage Funds will be making the following year-end distribution payments for 2022 with a record date of 12/14/22, an ex-dividend/reinvest date of 12/15/22, and a payable date of 12/16/22:

Arbitrage	Institutional (ARBNX)	Retail (ARBFX)	Class A (ARGAX)	Class C (ARBCX)
Ordinary Income	$0.13474	$0.09337	$0.09956	$0.00000
Short-Term Capital Gain	$0.07324	$0.07324	$0.07324	$0.07324
Long-Term Capital Gain	$0.28170	$0.28170	$0.28170	$0.28170
Total	$0.48968	$0.44831	$0.45450	$0.35494
Total % of Record Date NAV	3.72%	3.55%	3.60%	3.04%

Water Island Event-Driven	Institutional (AEDNX)	Retail (AEDFX)	Class A (AGEAX)
Ordinary Income	$0.00000	$0.00000	$0.00000
Short-Term Capital Gain	$0.00000	$0.00000	$0.00000
Long-Term Capital Gain	$0.00000	$0.00000	$0.00000
Total	$0.00000	$0.00000	$0.00000
Total % of Record Date NAV	0.00%	0.00%	0.00%

Water Island Credit Opportunities	Institutional (ACFIX)	Retail (ARCFX)	Class A (AGCAX)
Ordinary Income	$0.00000	$0.00000	$0.00000
Short-Term Capital Gain	$0.00000	$0.00000	$0.00000
Long-Term Capital Gain	$0.00000	$0.00000	$0.00000
Total	$0.00000	$0.00000	$0.00000
Total % of Record Date NAV	0.00%	0.00%	0.00%

These distributions are provided for informational purposes only and should not be relied on as investment or tax advice. We strongly urge clients to consult with their tax advisers regarding the tax consequences of these distributions.

The Arbitrage Funds will be making the following year-end distribution payments for 2021 with a record date of 12/13/21, an ex-dividend/reinvest date of 12/14/21, and a payable date of 12/15/21:

Arbitrage	Institutional (ARBNX)	Retail (ARBFX)	Class A (ARGAX)	Class C (ARBCX)
Ordinary Income	$0.00000	$0.00000	$0.00000	$0.00000
Short-Term Capital Gain	$0.00000	$0.00000	$0.00000	$0.00000
Long-Term Capital Gain	$0.06817	$0.06817	$0.06817	$0.06817
Total	$0.06817	$0.06817	$0.06817	$0.06817
Total % of Record Date NAV	0.51%	0.53%	0.53%	0.57%

Water Island Event-Driven	Institutional (AEDNX)	Retail (AEDFX)	Class A (AGEAX)
Ordinary Income	$0.00000	$0.00000	$0.00000
Short-Term Capital Gain	$0.00000	$0.00000	$0.00000
Long-Term Capital Gain	$0.00000	$0.00000	$0.00000
Total	$0.00000	$0.00000	$0.00000
Total % of Record Date NAV	0.00%	0.00%	0.00%

Water Island Credit Opportunities	Institutional (ACFIX)	Retail (ARCFX)	Class A (AGCAX)
Ordinary Income	$0.00000	$0.00000	$0.00000
Short-Term Capital Gain	$0.00000	$0.00000	$0.00000
Long-Term Capital Gain	$0.00000	$0.00000	$0.00000
Total	$0.00000	$0.00000	$0.00000
Total % of Record Date NAV	0.00%	0.00%	0.00%

These distributions are provided for informational purposes only and should not be relied on as investment or tax advice. We strongly urge clients to consult with their tax advisers regarding the tax consequences of these distributions.