John S. Orrico, CFA - President, Portfolio Manager.  John is the president of the Trust and the Advisor and serves as portfolio manager to the Fund. He has worked in the securities industry since 1982. Prior to organizing Water Island Capital in 2000, he managed private accounts utilizing merger arbitrage investment strategies. John received a bachelor's degree from Georgetown University with a double major in Finance and International Management. He became a Chartered Financial Analyst in 1988.

Matthew Hemberger - Chief Compliance Officer.  Matt is the Chief Compliance Officer for Water Island Capital. Along with John, Matt is responsible for the Fund's day-to-day management. He has worked in the securities industry since 1984. Prior to joining Water Island Capital, Matt held positions as Chief Financial Officer, portfolio manager and analyst at a hedge fund and a major insurance company. He received an MBA from Rutgers Graduate School of Management in Financial Management and a bachelor's degree from William Paterson College in Economics.

Todd W. Munn - Co-Portfolio Manager.  Todd is a Portfolio Manager at Water Island Capital. Todd is responsible for analyzing arbitrage situations for the Fund. He has worked in the securities industry since 1993. Prior to joining Water Island Capital, he had experience in merger arbitrage as a senior trader and senior operations analyst at both a hedge fund and an investment-banking firm. Todd received an MBA from Fordham Graduate School of Business in May, 2003. He received a bachelor's degree from Gettysburg College in Finance and Accounting.

Roger P. Foltynowicz - Co-Portfolio Manager.   Roger is a Portfolio Manager at Water Island Capital. Roger is responsible for analyzing arbitrage situations and special situations for the Fund. Prior to joining Water Island Capital, Roger worked for Jacobs Engineering as a project accountant and played professional baseball for the Cincinnati Reds baseball organization. Roger received a bachelor's degree from Presbyterian College in Finance in 1999 and a Master of Science degree in Investment Management from Pace University in 2006.

Matthew Osowiecki - Analyst.  Mr. Osowiecki joined Water Island Capital in 2007. Prior to joining the firm, Mr. Osowiecki worked in the Investment Product Division of The Hartford and as a project manager in commercial development. Mr. Osowiecki holds a BS in Finance from the University of Connecticut.

Eric Casadei - IT/Operations.  Eric handles technology and operations duties for Water Island Capital. He keeps the firm technologically up-to-date and interfaces daily with the firm's back office vendors. In addition, he works with the administrative and marketing teams, and offers insight into tech deals. Eric graduated from Yale University in 2001 with a bachelor's degree in Economics.

Water Island Capital, LLC (41 Madison Ave Ste 2802, New York, NY, 10010), a registered investment advisor, is the Fund's Advisor. Subject to the authority of the Fund's Board of Trustees, the Advisor is responsible for the overall management of the Fund's business affairs.