The Arbitrage Fund, a four-star Morningstar-rated mutual fund that invests in merger arbitrage situations , has reopened to the public amid a flurry of merger deals hitting the market.

Recent merger deals such as Procter & Gamble's acquisition of Gillette and SBC Communication's purchase of AT&T, among others, are providing "the kind of deal flow we have waited three years to see. It bodes very well for our investment style," said John S. Orrico, Arbitrage Fund founder and portfolio manager.

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