The Arbitrage Fund (ARBNX) was ranked by The Wall Street Journal as a top 10 fund in the Equity Market Neutral Funds category of Category Kings in 22 Realms as of 9/30/11. The rankings are based on one-year performance and are updated quarterly.

Annualized performance through 12/31/2013 for ARBNX is: 1.15% (one year); 3.59% (five years); and 3.15% (ten years).

The performance data quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original costs. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (800) 295-4485. The Fund assesses a 2% redemption fee on shares redeemed within 30 days of purchase. Contractual fee waivers are currently in effect. Without such waivers, performance numbers may have been reduced. The Total Annual Operating expense for ARBNX is 1.74%; the Advisor has agreed to waive fees in excess of 1.44% until August 31, 2015.

An investor should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. The current prospectus contains this and other information about the Fund. You may obtain a copy of the Fund's prospectus at http://arbitragefunds.com or by calling (800) 295-4485. Please read the prospectus carefully before investing.

The Fund seeks to achieve capital growth by engaging in merger arbitrage.

RISKS: In addition to the normal risks associated with investing, the Fund may realize losses if the proposed reorganizations in which the Fund invests are renegotiated or terminated. The Fund uses investment techniques that are different from the risks ordinarily associated with equity investments. Such techniques and strategies include merger arbitrage risks, high portfolio turnover risks, options risks, borrowing risks, short sale risks, and foreign investment risks, which may increase volatility and may increase costs and lower performance.

Distributed by ALPS Distributors Inc., which is not affiliated with the Advisor or any other affiliate. [ARB000455 2014-05-01]