TOTAL MINIMUM EXPENSE FUND (SYMBOL) RETURN* INVESTMENT RATIO PHONE (1-800)

ARBITRAGE FUND** 6.3% $2,000 1.95% 295-4485 ENTERPRISE M&A FUND (EMAAX) 1.2*** 1,000 1.95 432-4320 GABELLI ABC FUND (GABCX) 4.1 25,000 1.50 422-3554 LIPPER MERGER FUND (LMFRX) -0.8**** 10,000 2.00 547-7379 MERGER FUND (MERFX) 2.3 2,000 1.34 343-8959

* Includes appreciation plus reinvestment of dividends and capital gains, before taxes. Year-to-date returns as of Dec. 3, 2001. ** No symbol, call or go to www.thearbfund.com *** Since inception, Feb. 28, 2001. **** Since inception, Aug. 31, 2001

Data: Morningstar, fund companies

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