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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Water Island Capital Hires New Senior Investment Risk Manager

Water Island Capital is pleased to announce Nikhil Miraj has joined our team of skilled professionals as a Senior Investment Risk Manager. Nikhil has a deep background in both risk management and quantitative analysis, with a breadth of experience in portfolio risk decomposition, performance attribution, portfolio optimization, building multi-factor models, building and implementing asset allocation models, and conducting scenario analysis. He arrives from Chilton Investment Company, where he had served as Vice President of Risk and Quantitative Analysis since 2011. Prior to Chilton, Nikhil served as an Equity Analyst at Thomson Horstmann & Bryant, conducting both fundamental and quantitative analysis. He began his career in finance at Standard and Poor’s, serving as both an Associate in Structured Finance and as a Client Quantitative Analyst working with ClariFI. Prior to his career in finance, Nikhil was a successful engineer. Most notably, he worked at General Electric, where he developed processes to manufacture components for NASA and the defense industry, including a new breed of ceramic composite panels that helped resolve issues that helped improve the safety of the Space Shuttle.

Nikhil holds an MBA in Finance and Financial Instruments & Markets from the Leonard N. Stern School of Business at New York University, a Master of Science in Materials Science and Engineering from Virginia Polytechnic Institute and State University, and a Bachelor of Technology in Ceramic Engineering from the Indian Institute of Technology.

Nikhil will partner with our investment team to manage the portfolio and risk optimization processes and to contribute to asset allocation decisions. He will also work closely with our technology and data analytics team, which is responsible for building and maintaining the infrastructure that supports risk aggregation and risk monitoring across our portfolios. We are excited to work with Nikhil and we look forward to the contributions he will make to the future growth of our firm and to our ability to execute on our commitment to our clients. Should you have any questions about Water Island Capital’s approach to risk management, please don’t hesitate to reach out to your client representative.