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.

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.