The Arbitrage Funds
Advised by Water Island Capital
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The Arbitrage Funds Announce the Appointment of Two New Trustees to Fund Board

New York, New York, Oct. 31, 2018 – The Arbitrage Funds is pleased to announce the appointment of two new trustees, Nancy M. Morris and Christina Chew, to our fund board, effective immediately.

Nancy Morris brings over 30 years of leadership experience in government and the investment management industry. She served as Secretary of the Securities and Exchange Commission and Deputy Chief Counsel of the Division of Investment Management. Her industry experience includes some of the largest asset management and mutual fund firms, including Wellington Management Company, T. Rowe Price, and Allianz Global Investors. Nancy also chaired the Investment Company Institute (ICI) Chief Compliance Officer Committee and served on the ICI’s Liquidity Rule Implementation Working Group. Ms. Morris received a JD from the University of Idaho and a BA from Hartwick College.

Christina Chew is a seasoned investment management professional who joined Water Island Capital, advisor to The Arbitrage Funds, in 2013. In addition to now serving on The Arbitrage Funds trust board, she serves as Senior Managing Partner of Water Island Capital where she has management oversight responsibility for client service and marketing, risk and operational infrastructure, capital raising functions and accounting and administration. She is also responsible for firm-wide strategic planning and new product development. Ms. Chew received an MBA from The Wharton School, an MA from the University of Pennsylvania, and a BA from Columbia College.

Founder of Water Island Capital and Chairman of The Arbitrage Funds Trust, John S. Orrico, stated, “We are delighted that Nancy and Christina are joining our fund board. Both individuals bring unique perspectives and deep experience that will enhance our board discussions. In addition, our board strongly believes that diversity drives better decision making. The appointment of Nancy and Christina will complement the diversity of The Arbitrage Funds’ board – which will benefit our shareholders.”

With the appointment of Mss. Morris and Chew, The Arbitrage Funds' board consists of 7 members, including: John S. Orrico, Founder & Chief Investment Officer of Water Island Capital; John C. Alvarado, CFO of Magnum Development LLC; Robert P. Herrmann, President & CEO of Discovery Data; Stephen R. Byers, Independent Director and Consultant; and Francis X. Tracy, former President, Chief Financial Officer, Treasurer, and Secretary for Batterymarch Financial Management.

About The Arbitrage Funds

The Arbitrage Funds (the “Trust”) is a Delaware statutory trust, which was organized on December 22, 1999, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as an open-end management investment company. The Trust currently offers four series of shares to investors, The Arbitrage Fund, The Arbitrage Event-Driven Fund, The Arbitrage Tactical Equity Fund and The Water Island Credit Opportunities Fund (formerly The Arbitrage Credit Opportunities Fund) (each a “Fund” and, collectively, the “Funds”). For more information, please visit www.arbitragefunds.com.