THE ARBITRAGE FUNDS AMENDMENT TO PFO SERVICES AGREEMENT

Exhibit (h)(xiv)

THE ARBITRAGE FUNDS

AMENDMENT TO

PFO SERVICES AGREEMENT

THIS AMENDMENT is made as of October 1, 2012 by and between ALPS Fund Services, Inc. (“ALPS”) and The Arbitrage Funds (the “Fund”).

WHEREAS, ALPS and the Fund have entered into a PFO Services Agreement dated August 1, 2011 (the “Agreement”);

WHEREAS, on August 23, 2012, the Board of Trustees of the Fund approved one new series under the Trust; and

WHEREAS, in light of the foregoing, ALPS and the Fund wish to modify the provisions of the Agreement to reflect the addition of the new series.

NOW, THEREFORE, the parties hereto, intending to be legally bound, agree as follows:

1. APPENDIX A – LIST OF PORTFOLIOS. APPENDIX A – LIST OF PORTFOLIOS of the Agreement is replaced in its entirety with the attached APPENDIX A – LIST OF PORTFOLIOS.

2. Remainder of the Agreement. Except as specifically set forth herein, all other provisions of the Agreement shall remain in full force and effect. Any items not herein defined shall have the meaning ascribed to them in the Agreement.

[signature page follows]

IN WITNESS WHEREOF, this Amendment has been executed by a duly authorized representative of each of the parties hereto as of the date of this Amendment first set forth above.

ALPS FUND SERVICES, INC.						THE ARBITRAGE FUNDS
By:		/s/ Xxxxxx X. May				By:		/s/ Xxxx X. Xxxxxx
Name: Xxxxxx X. May						Name: Xxxx X. Xxxxxx
Title: President						Title: President

APPENDIX A

LIST OF PORTFOLIOS

THE ARBITRAGE FUND

THE ARBITRAGE EVENT-DRIVEN FUND

THE ARBITRAGE CREDIT OPPORTUNITIES FUND