Any security listed should not be regarded as a recommendation. References to securities are only as of September 30, 2007. 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 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.