The Arbitrage Funds
PRESS/AWARDS

PDF FINalternatives – Fund Focus: Water Island Capital
FINalternatives interviews Portfolio Managers Todd Munn and Gregg Loprete from Water Island Capital.

PDF Morningstar: These Alternative Funds Have Delivered
Morningstar highlights The Arbitrage Fund in a review of alternative funds’ relative performance.

PDF Barron’s: Deal or No Deal
Barron’s feature on The Arbitrage Fund.

PDF Kiplinger’s: 25 Favorite Mutual Funds
Kiplinger’s selects The Arbitrage Fund as one of its 25 favorite mutual funds.

PDF Wall Street Journal: Equity Market Neutral Category Kings
The Wall Street Journal ranks The Arbitrage Fund as one of its Category Kings amongst Equity Market Neutral Funds.

PDF Barron’s: A Market List for Seekers of Calm
Michael Santoli on opportunities for investors seeking low-correlation and low-volatility investments.

PDF 2013 Lipper Fund Awards: Best Equity Market Neutral Fund, 5 Years

For the second consecutive year and the third time in five years, The Arbitrage Fund (ARBNX) has received the Lipper Fund Award for Best Equity Market Neutral Fund over five years, for the five-year period ending December 31, 2012.

Past performance does not guarantee future results.

Annually, Lipper, a Thompson Reuters company and an independent monitor of mutual funds, determines the fund classification winner over 3, 5 and 10 years based on the highest Lipper Leader for Consistent Return value within each eligible classification. Consistent Return reflects the funds historic returns, adjusted for volatility, relative to peers and relies on monthly data. As of 12/31/08, The Arbitrage Fund's Lipper numeric rankings for the 1-, 3-, 5-, and 10-year periods were N/A, 7 of 35, 1 of 23, and N/A, respectively; as of 12/31/11, the 1-, 3-, 5-, and 10-year periods were N/A, 11 of 50, 1 of 34, and N/A, respectively; as of 12/31/12, the 1-, 3-, 5-, and 10-year periods were N/A, 22 of 50, 1 of 32, and N/A, respectively. Lipper does not guarantee the accuracy of this information. Lipper rankings are not intended to predict future results.

The Fund uses investment techniques with risks 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, non-diversification risks, and foreign investment risks, which may increase volatility and may increase costs and lower performance.