# EDGAR Filing Document

**Accession Number:** 0001105076
**File Stem:** 0001104659-26-012438
**Filing Date:** 2026-2
**Character Count:** 7261
**Document Hash:** 04a390db4b61f9be57cbc26a882a31f6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-012438.hdr.sgml**: 20260210

**ACCESSION NUMBER**: 0001104659-26-012438

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260210

**DATE AS OF CHANGE**: 20260210

**EFFECTIVENESS DATE**: 20260210

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ARBITRAGE FUNDS
- **CENTRAL INDEX KEY:** 0001105076

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-30470
- **FILM NUMBER:** 26614043

**BUSINESS ADDRESS:**
- **STREET 1:** C/O WATER ISLAND CAPITAL, LLC
- **STREET 2:** 104 FIFTH AVENUE, 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10011
- **BUSINESS PHONE:** 800-560-8210

**MAIL ADDRESS:**
- **STREET 1:** C/O WATER ISLAND CAPITAL, LLC
- **STREET 2:** 104 FIFTH AVENUE, 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10011

## Series and Classes Contracts Data

### ARBITRAGE FUND (Series ID: S000006440)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class R    | ARBFX         | C000017637 |
| Class I    | ARBNX         | C000017638 |
| Class C    | ARBCX         | C000115401 |
| Class A    | ARGAX         | C000127228 |

---

### WATER ISLAND EVENT-DRIVEN FUND (Series ID: S000030113)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class R    | AEDFX         | C000092484 |
| Class I    | AEDNX         | C000092485 |
| Class A    | AGEAX         | C000127229 |

---

### WATER ISLAND CREDIT OPPORTUNITIES FUND (Series ID: S000039281)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class R    | ARCFX         | C000120977 |
| Class I    | ACFIX         | C000120978 |
| Class A    | AGCAX         | C000127230 |

---

## Series and Classes Contracts Data

### ARBITRAGE FUND (Series ID: S000006440)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017637 | Class R      | ARBFX           |
| C000017638 | Class I      | ARBNX           |
| C000115401 | Class C      | ARBCX           |
| C000127228 | Class A      | ARGAX           |

### WATER ISLAND EVENT-DRIVEN FUND (Series ID: S000030113)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000092484 | Class R      | AEDFX           |
| C000092485 | Class I      | AEDNX           |
| C000127229 | Class A      | AGEAX           |

### WATER ISLAND CREDIT OPPORTUNITIES FUND (Series ID: S000039281)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000120977 | Class R      | ARCFX           |
| C000120978 | Class I      | ACFIX           |
| C000127230 | Class A      | AGCAX           |

**THE ARBITRAGE FUNDS**

**Arbitrage Fund, Water Island Event-Driven Fund, and Water Island Credit Opportunities Fund**

**(together, the "Funds")**

**Supplement dated February 10, 2026 to the Statement of Additional <br> Information of the Funds dated September 26, 2025 (the "SAI")**

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

Effective February 10, 2026, Jonathon Hickey serves as Chief Financial Officer of the Funds and Chanah Bickel serves as Treasurer of the Funds. As of the same date, Foreside Financial Group, LLC no longer provides Chief Financial Officer services to the Funds.

*The table under "Executive Officers" under the "MANAGEMENT" section on pages 39-40 of the SAI for the Funds is hereby deleted in its entirety and replaced with the following:*

**<u>Executive Officers</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address and<br> Year of Birth** | &nbsp;&nbsp;**Term of<br> Office and<br> Length of<br> Time Served** | &nbsp;&nbsp; **Position <br> with Trust** | &nbsp;&nbsp;**Principal Occupation<br> During the Past Five <br> Years** | &nbsp;&nbsp;**Other <br> Directorships<br> During the Past<br> Five Years** |
| &nbsp;&nbsp;*Executive Officers:* |  |  |  |  |
| &nbsp;&nbsp;Karlis Griffiths <br> 104 Fifth Avenue <br> 9th Floor <br> New York, NY 10011<br> (1982) | &nbsp;&nbsp;One Year <br>Since 2023 | &nbsp;&nbsp;Anti-Money Laundering Officer and Secretary | &nbsp;&nbsp;Anti-Money Laundering Officer (2023–present), Compliance Officer (2023–present), and Senior Operations Analyst (2010–present), Water Island Capital, LLC. | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Jonathon Hickey <br> 104 Fifth Avenue<br> 9th Floor <br> New York, NY 10011<br> (1980) | &nbsp;&nbsp;One Year<br>Since<br> February 2026 | &nbsp;&nbsp;Chief Financial Officer | &nbsp;&nbsp;Senior Managing Partner (2025-present), Chief Operating Officer (2016–present), Director of Operations (2011–2016), Water Island Capital, LLC; Treasurer of the Trust (2013-2026) | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Chanah Bickel <br> 104 Fifth Avenue <br> 9th Floor <br> New York, NY 10011<br> (1981) | &nbsp;&nbsp;One Year<br>Since<br> February 2026 | &nbsp;&nbsp;Treasurer | &nbsp;&nbsp; Controller, Water Island Capital, LLC (2015–present). | &nbsp;&nbsp;N/A |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address and<br> Year of Birth** | &nbsp;&nbsp;**Term of<br> Office and<br> Length of<br> Time Served** | &nbsp;&nbsp; **Position <br> with Trust** | &nbsp;&nbsp;**Principal Occupation<br> During the Past Five <br> Years** | &nbsp;&nbsp;**Other <br> Directorships<br> During the Past<br> Five Years** |
| &nbsp;&nbsp;Philip Channen\* <br> 104 Fifth Avenue<br> 9th Floor<br> New York, NY 10011<br> (1964) | &nbsp;&nbsp;One Year<br>Since 2019 | &nbsp;&nbsp;Chief Compliance Officer | &nbsp;&nbsp;Chief Compliance Officer, Water Island Capital, LLC (2019–present); Deputy Chief Compliance Officer, HarbourVest Partners, LLC (2017–2019). | &nbsp;&nbsp;N/A |

---

\* During the fiscal year ended May 31, 2025, the Chief Compliance Officer of the Trust received compensation from the Trust in the amount of $213,439.00.

*The paragraph under "Fund Service Providers" under the "PORTFOLIO HOLDINGS DISCLOSURE POLICY" section on page 64 of the SAI for the Funds is hereby deleted in its entirety and replaced with the following:*

*Fund Service Providers*

The Funds have entered into arrangements with certain third-party service providers for services that require these groups to have access to the Funds' portfolios on a daily basis. For example, the Funds' administrator and custodian, State Street Bank and Trust Company, is responsible for maintaining the accounting records of each Fund, which includes maintaining a current portfolio on behalf of the Funds. The Funds also undergo an annual audit which requires the Funds' independent registered public accounting firm, Cohen & Company, Ltd. ("Cohen & Co), to review the Funds' portfolios. Other Fund service providers that receive the Funds' portfolio holdings information include the Funds' legal counsel, K&L Gates LLP, and the Adviser. Each of these parties is contractually and/or ethically prohibited from sharing each Fund's portfolio holdings information unless specifically authorized by officers of the Trust.

**Please retain this supplement for future reference.**