C/O Sei Global Funds Services 1 Freedom Valley Dri

John Orrico, CFA, serves as Chief Investment Officer of t Water Island Capital, LLC. Prior to organizing Water Island in January 2000, Mr. Orrico assisted in the management of private trusts and entities employing merger arbitrage strategies. Mr. Orrico received a Bachelors degree from Georgetown University in 1982 with a double major in Finance and International Management. He received the Chartered Financial Analyst designation in 1988.

Yahoo partners with Morningstar a leading market research and investment data group to help investors rate and compare funds on Yahoo Finance. The Morningstar Category is shown next to the Morningstar Style Box which identifies a funds investment focus, based on the underlying securities in the fund.

While the investment objective stated in a funds prospectus may or may not reflect how the fund actually invests, the Morningstar category is assigned based on the underlying securities in each portfolio. Morningstar categories help investors and investment professionals make meaningful comparisons between funds. The categories make it easier to build well-diversified portfolios, assess potential risk, and identify top-performing funds. We place funds in a given category based on their portfolio statistics and compositions over the past three years. If the fund is new and has no portfolio history, we estimate where it will fall before giving it a more permanent category assignment. When necessary, we may change a category assignment based on recent changes to the portfolio.