Retail Class Symbol: ARBFX
Institutional Class Symbol: ARBNX

The Arbitrage Fund seeks to achieve capital growth by engaging primarily in merger and acquisition risk arbitrage.

Merger arbitrage is a highly specialized investment approach designed to profit from the successful completion of corporate reorganizations. The most common arbitrage activity, and the approach the Fund will generally use, involves purchasing the shares of an announced acquisition target company. The shares are purchased at a discount to their expected value upon completion of the acquisition.

The Fund may also invest in corporate reorganizations involving publicly announced tender offers, leveraged buyouts, spin-offs, and liquidations.

Merger arbitrage will utilize hedging strategies that are designed to minimize market exposure and volatility. These strategies include short selling, as well as the purchase and sale of options. Our goal is to provide investors with consistent, positive returns that are not necessarily correlated to the general equity markets. As with all mutual funds, investing in the Fund entails risk that could cause the Fund and you to lose money. Please refer to the prospectus, which you can download from this site, for more complete information.

Merger arbitrage, as an investment discipline, can play an important role in portfolio diversification. For years, large institutional investors and wealthy individuals have had access to risk arbitrage investing through private hedge funds. The Arbitrage Fund brings this same opportunity to the individual investor.

Lipper has declared The Arbitrage Fund (ARBNX) the Best Equity Market Neutral Fund over the five year period ending 12/31/08 in the 2009 Lipper Fund Awards. ARBNX was ranked 1 out of 23 funds within the Lipper Equity Market Neutral Funds category.

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Please note that the Arbitrage Fund referred to in this website is offered and sold only to United States residents, and the information on this website is intended only for such people. The Arbitrage 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 Arbitrage Fund in any jurisdiction where it would be unlawful under the securities laws of that jurisdiction.

The Arbitrage Fund is offered only by prospectus. The prospectus contains more complete information about the Arbitrage Fund, including objectives, strategies, fees, expenses and risk factors and should be read carefully before investing or sending money. To obtain a prospectus, click on the "Resources" tab of this website or call 1-800-295-4485.

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.

The Arbitrage Fund is distributed by SEI Investments Distribution Co., which is not affiliated with the advisor or any of its affiliates.