Water Island Capital, LLC (“Water Island” or the “Adviser”) is owned by Water Island Capital Partners LP. The general partner of Water Island Capital Partners LP is Water Island Capital Partners GP LLC. John Orrico is the majority owner of Water Island Capital Partners GP LLC and Water Island Capital Partners LP. The Adviser’s principal place of business is in New York City. The Adviser was founded in 2000 and has been registered with the SEC since that time. The Adviser has been serving the institutional and retail investor communities for over 20 years with a commitment to adding alpha through rigorous fundamental research. Water Island specializes in event-driven investing, with a focus on providing clients uncorrelated absolute return investment solutions. Water Island takes a proactive approach to risk management that attempts to mitigate unwanted risks through diversification and hedging strategies with an emphasis on downside protection. The Adviser executes its capabilities across the full spectrum of the event-driven opportunity set, including both hard catalysts and soft catalysts. Hard catalysts are investment opportunities that are characterized by more definitive outcomes and tend to have shorter timelines and lower levels of volatility. The most common form of hard catalyst is a definitive, publicly announced merger or acquisition, in which the firm will typically invest using a merger arbitrage strategy. Soft catalysts have less certain outcomes and are often characterized by longer timelines and greater levels of volatility – though also commensurate greater potential returns. Soft catalysts include a broad range of opportunities that fall under what is commonly called a special situations strategy, including spin-offs, reorganizations, recapitalizations, transformational re-ratings, and speculative mergers and acquisitions (“M&A”). Water Island invests in both hard and soft catalysts with a capital structure agnostic approach, allowing the Adviser to position its investments in both equity and credit instruments, selecting whichever security offers the best risk/return for a given event. Water Island’s strategies are available to prospective institutional and

retail clients (each a “Client” and together “Clients”) through mutual funds, exchange-traded funds (“ETFs”), and institutional separately managed accounts. Clients may engage Water Island to manage their assets according to investment objectives and policies set forth in each Client’s respective offering documents and/or advisory agreements. Clients may impose reasonable restrictions on investments. Water Island is the investment adviser to The Arbitrage Funds, an open-end management investment company registered under the Investment Company Act of 1940 (the “1940 Act”). The Arbitrage Funds currently offers three series of mutual funds: Arbitrage Fund, Water Island Event-Driven Fund, and Water Island Credit Opportunities Fund. Water Island also is the investment adviser to AltShares Trust, an open-end management investment company registered under the 1940 Act. AltShares Trust currently offers two series of ETFs: AltShares Merger Arbitrage ETF and AltShares Event-Driven ETF. In addition, Water Island serves as a sub-adviser to other mutual funds managed by other investment advisers that are not affiliated with Water Island. Moreover, Water Island serves as sub-adviser and special limited partner to a private fund. Water Island Capital Partners GP LLC is a special purpose vehicle that serves as the general partner of Water Island Capital Partners LP, which owns the Adviser. Water Island Indices LLC is a related person under common control with the Adviser that owns and maintains certain indexes and associated intellectual property. Water Island Indices LLC has granted a license to the indexes and associated intellectual property to the Adviser, and the Adviser has sublicensed its rights thereunder to AltShares Trust, for the right to use the indexes and intellectual property in connection with the establishment and operation of AltShares Merger Arbitrage ETF, a passively managed ETF offered by AltShares Trust. Water Island does not participate in wrap fee programs. As of December 31, 2023, Water Island managed $1.590 billion in regulatory assets on a discretionary basis. The Adviser does not manage any Client accounts on a non-discretionary basis.