Inception dates: AEDFX, 10/01/10; AEDNX, 10/01/10; AEFCX. 6/1/12; AGEAX, 6/1/13. Performance greater than one year is annualized. Please visit the glossary for definitions of terms.
The performance 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 cost. Current performance may be lower or higher than the performance quoted. Returns shown above include the reinvestment of all dividends and capital gains. The Total Annual Fund Operating Expense for AEDNX, AEDFX, AEFCX, and AGEAX, respectively, is 2.38%, 2.63%, 3.38% and 2.63%. Net Expense Ratio, including dividend and interest expense on short positions, borrowing costs incurred for investment purposes, and acquired fund fees, which are not included in the expense ratio, for AEDNX, AEDFX, AEFCX, and AGEAX, respectively, is 1.95%, 2.20%, 2.95% and 2.20%. The Adviser has contractually agreed to waive its management fee and/or reimburse expenses to the extent necessary to maintain Total Annual Fund Operating Expenses, excluding the effect of dividend and interest expense on short positions and/or borrowings and acquired fund fees and expenses, for AEDNX, AEDFX, AEFCX, and AGEAX, respectively, at 1.44%, 1.69%, 2.44%, and 1.69%. Contractual fee waivers are in place until September 30, 2019. Without such fee waivers, performance numbers may have been reduced. Class A shares have a maximum front-end sales charge of 3.25%. Please read the prospectus for additional details.
RISKS: The fund uses investment techniques and strategies with risks that are different from the risks ordinarily associated with equity and credit investments. Such risks include active management risk; concentration risk; convertible security risk; counterparty risk; credit risk; currency risk; derivatives risk; ETF risk; event-driven risk; foreign securities risk (in that the securities of foreign issuers may be less liquid and more volatile than securities of comparable US issuers); hedging transaction risk; high portfolio turnover (which may increase the fund’s brokerage costs, which would reduce performance); interest rate risk; large shareholder transaction risk; leverage/borrowing risk; market risk; merger arbitrage risk (in that the proposed reorganizations in which the fund invests may be renegotiated or terminated, in which case the fund may realize losses); options risk; short sale risk (in that the fund will suffer a loss if it sells a security short and the value of the security rises rather than falls); small and medium capitalization securities risk; temporary investment/cash management risk; and total return swap risk. Risks may increase volatility and may increase costs and lower performance. Foreign investing involves special risks such as currency fluctuations and political uncertainty.
Please note that the fund is offered and sold only to United States residents. The fund is not offered for sale in countries other than the U.S. and its territories. This website should not be considered a solicitation to buy or an offer to sell shares of the funds in any jurisdiction where it would be unlawful under the securities laws of that jurisdiction. The Arbitrage Funds are offered only by prospectus.