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Water Island L/S Fund(formerly, The Arbitrage Tactical Equity Fund) (A&C classes) to liquidate

TheShadowTheShadow
in The Bullpen
https://www.sec.gov/Archives/edgar/data/1105076/000110465919039836/a19-12686_2497.htm

497 1 a19-12686_2497.htm 497

THE ARBITRAGE FUNDS

The Water Island Long/Short Fund

(the “Fund”)

Supplement dated July 10, 2019 to the Statement of Additional Information (“SAI”)

dated September 30, 2018, as supplemented to date


THIS SUPPLEMENT CONTAINS NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN THE SAI AND SHOULD BE READ IN CONJUNCTION WITH THE SAI.


Effective immediately, Class A and Class C shares of the Fund are closed to purchases and exchanges. Effective July 31, 2019, Class A and Class C shares of the Fund will be liquidated.



Please retain this supplement for future reference.




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