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.

Water Island Capital is pleased to announce Water Island Long/Short Fund (Nasdaq: ATQIX), a mutual fund within The Arbitrage Funds series trust, has officially been adopted by the firm’s affiliated exchange-traded fund (ETF) trust, AltShares Trust, and begun trading as the AltShares Event-Driven ETF (NYSE Arca: EVNT). This is a non-taxable event for the mutual fund’s shareholders. The information statement about the conversion is available at this link. To learn more about AltShares Event-Driven ETF, please click here.

AltShares Event-Driven ETF is distributed by Foreside Financial Services, LLC, which is not affiliated with Water Island Capital, LLC or any of its affiliates.

Water Island Long/Short Fund has made the following special distribution per share as of the following dates:

Record date: September 14, 2021
Ex date: September 15, 2021
Payable date: September 15, 2021

	Ticker	Ordinary Income	Short-Term Capital Gain	Long-Term Capital Gain	Total
Water Island Long/Short	ATQIX	$0.00000	$2.36527	$0.04524	$2.41051

This distribution data is 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 distributions.

The Arbitrage Funds will be making the following year-end distribution payments for 2020 with a record date of 12/16/20, an ex-dividend/reinvest date of 12/17/20, and a payable date of 12/18/20:

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	$0.88524	$0.88524	$0.88524	$0.88524
Long-Term Capital Gain	$0.00000	$0.00000	$0.00000	$0.00000
Total	$0.88524	$0.88524	$0.88524	$0.88524
Total % of Record Date NAV	6.32%	6.54%	6.55%	6.94%

Water Island Event-Driven	Institutional (AEDNX)	Retail (AEDFX)	Class A (AGEAX)	Class C (AEFCX)
Ordinary Income	$0.02629	$0.00000	$0.01453	$0.00000
Short-Term Capital Gain	$0.00000	$0.00000	$0.00000	$0.00000
Long-Term Capital Gain	$0.00000	$0.00000	$0.00000	$0.00000
Total	$0.02629	$0.00000	$0.01453	$0.00000
Total % of Record Date NAV	0.24%	0.00%	0.14%	0.00%

Water Island Credit Opportunities	Institutional (ACFIX)	Retail (ARCFX)	Class A (AGCAX)	Class C (ARCCX)
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	$0.00000	$0.00000	$0.00000	$0.00000
Total	$0.00000	$0.00000	$0.00000	$0.00000
Total % of Record Date NAV	0.00%	0.00%	0.00%	0.00%

Water Island Long/Short	Institutional (ATQIX)	Retail (ATQFX)
Ordinary Income	$0.44952	$0.42233
Short-Term Capital Gain	$0.83487	$0.83487
Long-Term Capital Gain	$0.00000	$0.00000
Total	$1.28439	$1.25720
Total % of Record Date NAV	9.94%	9.73%

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 year-end distribution payments for 2020 with a record date of 12/16/20, an ex-dividend date of 12/17/20, and a payable date of 12/18/20. As of 9/30/20, the estimated distribution amounts are as follows:

	Ordinary Income	Short-Term Capital Gain	Long-Term Capital Gain	Total
Arbitrage	$0.0000	$0.8239	$0.0000	$0.8239
Water Island Event-Driven	$0.0000	$0.0000	$0.0000	$0.0000
Water Island Credit Opportunities	$0.0000	$0.0000	$0.0000	$0.0000
Water Island Long/Short	$0.4470	$0.9696	$0.0000	$1.4166

The figures above are preliminary estimates. Given the nature of the funds' strategies, these estimates are highly likely to change, and may potentially change significantly, before figures are finalized at year-end. These estimates are provided for informational purposes only and should not be relied on as investment or tax advice. Changes in market conditions, portfolio changes and changes in fund shares outstanding could materially affect these estimates. We strongly urge clients to consult with their tax advisers regarding the tax consequences of these distributions. Distribution estimates calculated as of 9/30/20. Estimates are calculated at the fund level — final distribution numbers may vary by share class.