News
11.21.2016
Arbitrage Funds 2016 Year-End Distribution Estimates

The Arbitrage Funds will be making year-end distribution payments for 2016 with a record date of 12/14/16, an ex-dividend date of 12/15/16, and a payable date of 12/16/16. As of 10/31/16, the estimated distribution amounts are as follows:

THE ARBITRAGE FUNDS – 2016 DISTRIBUTION ESTIMATES
Ordinary
Income
Short-Term
Capital Gain
Long-Term
Capital Gain
Total
Arbitrage $0.069664 $0.245375 $0.024261 $0.339300
Arbitrage Credit Opportunities $0.039116 $0.000000 $0.000000 $0.039116
Arbitrage Event-Driven $0.000000 $0.000000 $0.000000 $0.000000
Arbitrage Tactical Equity $0.000000 $0.000000 $0.000000 $0.000000

The information provided is an ESTIMATE and is subject to change.

10.17.2016
Letter from Water Island Capital: Investment Team Announcements

We are pleased to announce that we have promoted two seasoned team members to Portfolio Manager, and that we are re-aligning our Credit team.

Matthew Osowiecki, who has 10 years of investment experience, has been promoted to co-Portfolio Manager of The Arbitrage Fund. Matthew joined Water Island Capital in 2007. Prior to becoming a portfolio manager of The Arbitrage Fund, Matthew served as a senior equity analyst for the Funds and leads the firm’s European research team.

Robert Ryon, who has 22 years of investment experience, has been promoted to co-Portfolio Manager on The Arbitrage Credit Opportunities Fund and The Arbitrage Event-Driven Fund. Robert joined Water Island Capital in 2014 as a portfolio risk strategist and head trader for the firm's credit team. Before joining Water Island Capital, Robert held various senior positions analyzing, trading, and managing fixed income and convertible investment portfolios at Southpaw Asset Management and at Ramius Capital.

James Powers will be transitioning his credit responsibilities as he leaves the firm to pursue other interests. Robert Ryon and Gregory Loprete, both of whom have worked closely with James, will continue to manage the Arbitrage Credit Opportunities Fund to facilitate a smooth transition. We thank James for his years of service and his contributions to Water Island Capital and wish him all the best in his career endeavors. We look forward to working with him to ensure a seamless transition for our clients and to prepare for the next chapter in the expansion of our credit business.

In closing, we wish to congratulate Matthew Osowiecki and Robert Ryon on their promotions. Matthew and Robert have proven themselves to be strong leaders and have greatly expanded their impact on the investment portfolios. This promotion is further recognition of the value that Matthew and Robert have created for our clients.


An investor should consider the investment objectives, risks, charges and expenses of the Funds carefully before investing. The current prospectus contains this and other information about the Funds. To obtain a prospectus, please call (800) 295-4485 or visit our website at http://arbitragefunds.com. Please read the prospectus carefully before investing.

There is no guarantee the Funds will meet their stated objectives. An investment in the funds involves risk, including loss of principal.

The Arbitrage Funds are distributed by ALPS Distributors Inc., which is not affiliated with the Advisor or any other affiliate. [ARB00931 2017-01-01]

12.16.2015
Arbitrage Funds 2015 Year-End Distributions

The Arbitrage Funds will be making the following year-end distribution payments for 2015 with a record date of 12/15/15, an ex-dividend/reinvest date of 12/16/15, and a payable date of 12/17/15:

THE ARBITRAGE FUND
Institutional (ARBNX) Retail (ARBFX) C Share (ARBCX) A Share (ARGAX)
Ordinary Income $0.00000 $0.00000 $0.00000 $0.00000
Short-Term Capital Gain $0.24111 $0.24111 $0.24111 $0.24111
Long-Term Capital Gain $0.05514 $0.05514 $0.05514 $0.05514
Total $0.29625 $0.29625 $0.29625 $0.29625
THE ARBITRAGE EVENT-DRIVEN FUND
Institutional (AEDNX) Retail (AEDFX) C Share (AEFCX) A Share (AGEAX)
Ordinary Income $0.24350 $0.20238 $0.11554 $0.20370
Short-Term Capital Gain $0.00000 $0.00000 $0.00000 $0.00000
Long-Term Capital Gain $0.00033 $0.00033 $0.00033 $0.00033
Total $0.24383 $0.20271 $0.11587 $0.20403
THE ARBITRAGE CREDIT OPPORTUNITIES FUND
Institutional (ACFIX) Retail ARCFX) C Share (ARCCX) A Share (AGCAX)
Ordinary Income $0.09393 $0.08685 $0.06659 $0.08701
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 $0.09393 $0.08685 $0.06659 $0.08701
12.09.2014
Arbitrage Funds 2014 Year-End Distributions

The Arbitrage Funds will be making the following year-end distribution payments for 2014 with a record date of 12/8/14, an ex-dividend/reinvest date of 12/9/14, and a payable date of 12/10/14:

THE ARBITRAGE FUND
Institutional (ARBNX) Retail (ARBFX) C Share (ARBCX) A Share (ARGAX)
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 $0.03054 $0.03054 $0.03054 $0.03054
Total $0.03054 $0.03054 $0.03054 $0.03054
THE ARBITRAGE EVENT-DRIVEN FUND
Institutional (AEDNX) Retail (AEDFX) C Share (AEFCX) A Share (AGEAX)
Ordinary Income $0.09148 $0.07759 $0.03566 $0.07668
Short-Term Capital Gain $0.16151 $0.16151 $0.16151 $0.16151
Long-Term Capital Gain $0.00000 $0.00000 $0.00000 $0.00000
Total $0.25299 $0.23910 $0.19717 $0.23819
THE ARBITRAGE CREDIT OPPORTUNITIES FUND
Institutional (ACFIX) Retail ARCFX) C Share (ARCCX) A Share (AGCAX)
Ordinary Income $0.10044 $0.09343 $0.07333 $0.09348
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 $0.10044 $0.09343 $0.07333 $0.09348
07.01.2014
New Arbitrage Funds Website Launch

The Arbitrage Funds is pleased to announce the availability of its new website. In addition to an updated look and feel, we look forward to expanding the usefulness and functionality of our site in the weeks and months ahead. For those advisors and institutional investors who would like to be on our email list and have access to certain institutional-use-only materials, please contact us to request a username and password.

06.12.2014
Arbitrage Credit Opportunities Fund – Q2 2014 Quarterly Distribution

The Arbitrage Credit Opportunities Fund will be making the following distribution for the second quarter of 2014 with a record date of 6/18/14, an ex-dividend/reinvest date of 6/19/14, and a payable date of 6/20/14:

ARBITRAGE CREDIT OPPORTUNITIES FUND
Institutional (ACFIX) Retail (ARCFX) C Share (ARCCX) A Share (AGCAX)
Ordinary Income $0.12703 $0.12569 $0.12230 $0.12589
12.18.2013
Arbitrage Funds 2013 Year-End Distributions

The Arbitrage Funds will be making the following year-end distribution payments for 2013 with a record date of 12/17/13, an ex-dividend/reinvest date of 12/18/13, and a payable date of 12/19/13:

THE ARBITRAGE FUND
Institutional (ARBNX) Retail (ARBFX) C Share (ARBCX) A Share (ARGAX)
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 $0.05718 $0.05718 $0.05718 $0.05718
Total $0.05718 $0.05718 $0.05718 $0.05718
THE ARBITRAGE EVENT-DRIVEN FUND
Institutional (AEDNX) Retail (AEDFX) C Share (AEFCX) A Share (AGEAX)
Ordinary Income $0.07332 $0.06391 $0.04410 $0.06291
Short-Term Capital Gain $0.00866 $0.00866 $0.00866 $0.00866
Long-Term Capital Gain $0.00000 $0.00000 $0.00000 $0.00000
Total $0.08198 $0.07257 $0.05276 $0.07157
THE ARBITRAGE CREDIT OPPORTUNITIES FUND
Institutional (ACFIX) Retail ARCFX) C Share (ARCCX) A Share (AGCAX)
Ordinary Income $0.07651 $0.07405 $0.05814 $0.07372
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 $0.07651 $0.07405 $0.05814 $0.07372