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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. Click here for the Fund's most recent performance data.

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. To obtain a prospectus, click here. Please read the prospectus carefully before investing.

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.

Overall rated 4 stars for the period ending 6/30/10 out of 123 Long-Short funds. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year Morningstar Ratings metric. ARBFX was rated against 123 Long-Short funds over a three-year period and 67 over a five-year period. With respect to these funds, ARBFX received a rating of 5 stars and 4 stars respectively.

Information on the PIMCO CommodityRealReturn Strategy is provided strictly for informational purposes and should not be deemed an offer to sell or a solicitation to buy shares of any funds other than The Arbitrage Fund described in these articles.

Click here for our most recent top ten holdings data. Holdings are subject to change. Current and future holdings are subject to risk.

The Arbitrage Fund is distributed by SEI Investments Distribution Co., which is not affiliated with the Advisor or any other affiliate.

At certain places on The Arbitrage Fund website, links to other internet addresses can be accessed. Such external websites contain information created, published, maintained, or otherwise posted by institutions or organizations independent of The Arbitrage Fund. The Arbitrage Fund does not endorse, approve, certify, or control these external internet addresses and does not guarantee or assume responsibility for the accuracy, completeness, efficacy, timeliness, or correct sequencing of information located at such websites. Use of any information obtained from such addresses is voluntary, and reliance on it should only be undertaken after an independent review of its accuracy, completeness, efficacy, and timeliness. Reference therein to any specific commercial product, process, or service by trade name, trademark, service mark, manufacturer, or otherwise does not constitute or imply endorsement, recommendation, or favoring by The Arbitrage Fund.