News

December 9, 2015 - Seeking Alpha

The Merger Fund is featured in a Seeking Alpha article highlighting merger arbitrage as an underutilized asset class poised to potentially excel, especially given the ongoing boom in merger activity, cooling equities, and the projected hike in interest rates.

Full Article: http://seekingalpha.com/article/3744366-merger-arbitrage-an-underutilized-asset-class-poised-to-excel?page=2

November 30, 2015 - Westchester Capital Management

Westchester Capital Management Crosses $100m in WCM Alternatives: Event-Driven Fund, $580m in Event-Driven Strategy Assets

Full Article: Press Release

October 23, 2015 - International Business Times

Stemming from a Reuters article earlier this year on the Halliburton-Baker Hughes deal, commentary from Westchester Capital Management's portfolio manager Roy Behren is featured in International Business Times discussing the merger and regulatory risk.

Full Article: http://www.ibtimes.com/halliburton-baker-hughes-merger-faces-another-hurdle-australia-postpones-antitrust-2153573

September 30, 2015 - Forbes

Westchester Capital Management's portfolio manager Roy Behren is featured in Forbes discussing the Hudson City Bancorp sale to M&T Bank.

Full Article: http://www.forbes.com/sites/antoinegara/2015/09/30/federal-reserves-approval-of-mt-banks-hudson-city-takeover-a-relief-for-merger-arb-funds/

September 18, 2015 - Seeking Alpha

Westchester Capital Management's portfolio manager Roy Behren discusses the merger arbitrage strategy in his Q&A with Seeking Alpha.

Full Article: http://seekingalpha.com/article/3519536-merger-arbitrage-interview-series-roy-behren-of-the-merger-fund

August 22, 2015 - Barron's

Westchester Capital Management's co-portfolio managers, Roy Behren and Michael Shannon, are featured in the Barron's article, "The Merger Fund: Steady Returns From Arbitrage," which profiles the Merger Fund and highlights the merger arbitrage strategy.

June 17, 2015 - Morningstar

The Merger Fund (MERFX) is featured in a Morningstar article that highlights merger-arbitrage products.

June 15, 2015 - Mergers & Acquisitions

Westchester Capital Management's team expansion is featured in Mergers & Acquisitions, highlighting the addition of Michael Corigliano and Amy Nazimiec.

Full Article: http://www.themiddlemarket.com/news/people_moves/people-moves-of-the-week-alpinvest-keybanc-star-mountain-256820-1.html

June 11, 2015 - FinAlternatives & WealtherAdviser

Westchester Capital Management's two newest members, Michael Corigliano and Amy Nazimiec, are featured in FinAlternatives and WealthAdviser articles highlighting WCM's team expansion.

Full Article in FinAlternatives: http://www.finalternatives.com/node/31048
Full Article in WealthAdviser: http://www.wealthadviser.co/2015/06/11/224924/westchester-capital-management-expands-team

May 29, 2015 - CT Financial News

CT Financial News profiled Westchester Capital Management's portfolio manager Michael Shannon. Find out what drove Michael into fund management and ways he remains successful.

Full Article: http://ctfinancialnews.com/inside-the-mind-of-one-of-mas-top-funds/

May 19, 2015 - Ignites

Westchester Capital Management's director of strategic accounts and investor relations, Jody Harris-Stern, discusses MERFX in an Ignites article on merger arbitrage funds. Embedded within the article is a video featuring MERFX's portfolio manager, Michael Shannon, who talks about the uptick in M&A.

May 19, 2015 - Fund Reference

Westchester Capital Management's co-portfolio managers Roy Behren and Michael Shannon are featured in a Fund Reference article that explains merger arbitrage funds, highlighting MERFX in particular. In the article, Roy and Michael discuss why the current environment is receptive to increased deal activity and ways companies are finding growth through acquisitions.

Full Article: http://fundreference.com/articles/2015/1000133/merger-arbitrage-funds-in-focus/

May 1, 2015 - Barron's

Commentary from Westchester Capital Management's portfolio manager Roy Behren is featured in a Barron's article discussing the continuation of M&A activity despite regulatory intervention.

Full Article: http://online.barrons.com/articles/the-merger-boom-is-far-from-over-1430531708?cb=logged0.72552311536856

April 27, 2015 - CNBC

Westchester Capital Management's co-portfolio managers, Roy Behren and Michael Shannon, are featured in CNBC discussing how investors can utilize merger arbitrage strategies to take advantage of the strong M&A activity.

Full Article: http://www.cnbc.com/id/102602420

April 27, 2015 - WSJ

Westchester Capital Management's Merger Fund (MERFX) is highlighted in a Wall Street Journal article as the largest merger arbitrage mutual fund at $5.3 billion (according to Morningstar).

Full Article: http://blogs.wsj.com/totalreturn/2015/04/27/merger-arbitrage-funds-for-small-investors/

April 27, 2015 - Institutional Investor's Sovereign Wealth Center

Commentary from Westchester Capital Management's co-portfolio manager Roy Behren is featured in Institutional Investor's Sovereign Wealth Center where he discusses expecting M&A deal activity to pick up at current oil and gas prices, surrounding the Shell-BG announcement.

Full Article: http://www.sovereignwealthcenter.com/article/3448077/Whats-Behind-Qatars-23-Billion-Bet-on-Shells-BG-Takeover.html#.VT4_DyFViko

April 24, 2015 - Fortune

Westchester Capital Management's co-portfolio manager Roy Behren is featured in Fortune discussing how to play deal collapses such as Comcast-Time Warner Cable.

Full Article: https://fortune.com/2015/04/24/investors-comcast-time-warner/

April 13, 2015 - Financial Advisor

Westchester Capital Management's co-portfolio manager Michael Shannon explains event-driven investments and discusses the potential benefits of utilizing these strategies within a portfolio in his article featured in Financial Advisor.

Full Article: http://www.fa-mag.com/news/understanding-event-driven-strategies-21365.html

March 30, 2015 - Fund Action

Westchester Capital Management's portfolio manager Roy Behren is featured in Fund Action discussing fund survival during a competitive time when some providers are consolidating their liquid alternatives mutual funds.

Full article: http://fundaction.com/features/liquid-alts-space-sees-consolidation-on-market-saturation/

March 25, 2015 - Bloomberg Business

Westchester Capital Management's co-portfolio manager Roy Behren is featured in Bloomberg Business discussing the Kraft Heinz merger announcement and the continued opportunity in M&A deal activity.

Full article: http://www.bloomberg.com/news/articles/2015-03-25/giant-food-deal-validates-outlook-for-2015-merger-boom-real-m-a

March 25, 2015 - Forbes

Commentary from Westchester Capital Management's co-portfolio manager Roy Behren is featured in Forbes where he discusses how Kraft shareholders could benefit from the Kraft Heinz merge and the opportunity such a deal poses for Kraft Heinz going forward.

Full Article: http://www.forbes.com/sites/antoinegara/2015/03/25/heinzs-takeover-of-kraft-foods-warren-buffetts-best-deal-investors-3g/

January 20, 2015 - Westchester Capital Management

Westchester Capital Management Celebrates the One-Year Anniversary of WCM Alternatives: Event-Driven Fund

Full Article: Press Release

September 10, 2014 - Kiplinger's

Kiplinger's 25 Favorite No-Load Mutual Funds

Full Article: http://www.kiplinger.com/tool/investing/T041-S000-kiplingers-25-favorite-fund/

February 2014 - Kiplinger's Personal Finance

Build Your Own Hedge Fund

Full Article: http://www.kiplinger.com/article/investing/T052-C016-S002-build-your-own-hedge-fund.html

February 2014 - Barron's

M&A Funds: Sexy and Steady

Full Article: http://www.barronswc.com/profiles/2761.html

January 8, 2014 - Westchester Capital Management

Westchester Capital Management Launches WCM Alternatives:
Event-Driven Fund

Full Article: Press Release

December 10, 2013 - Westchester Capital Management

Westchester Capital Management Announces New Brand Identity

Full Article: Press Release

 


 

While the Merger Fund is no load, there are management fees and operating expenses that do apply. Such fees and expenses are described in the Fund's Prospectus.

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The MSCI World Index is a free float-adjusted market capitalization index designed to measure the equity market performance of developed economies. The Bloomberg Barclays Aggregate Bond Index is an intermediate term index comprised of investment grade bonds. The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The MSCI EAFE Index is recognized as the pre-eminent benchmark in the United States to measure international equity performance. It comprises the MSCI country indices that represent developed markets outside of North America: Europe, Australasia and the Far East. The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets The indices are unmanaged and not available for direct investment. An investor cannot invest directly in an index.

The S&P 500 Index is a broad based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. It is not possible to invest directly in an index. Standard Deviation is the degree by which returns deviate relative to the average return. The higher the standard deviation, the greater the variability of the investment; Beta measures the volatility of the fund, as compared to that of the overall market. The market's beta is set at 1.00; a beta higher than 1.00 is considered to be more volatile than the market, while a beta lower than 1.00 is considered to be less volatile; Correlation is measured using R-Squared. R-Squared is a statistical measure that represents the percentage of a fund or security's movements that can be explained by movements in a benchmark index. A high R-squared (between 85 and 100) indicates the fund's performance patterns have been in line with the index. A fund with a low R-squared (70 or less) doesn't act much like the index; Earning Growth is a measure of growth in a company's net income over a specific period, often one year. Earnings growth is not a measure of the Fund's future performance.; EBITA is Earnings Before Interest, Taxes, Depreciation and Amortization. It is an approximate measure of a company's operating cash flow based on data from the company's income statement.

Diversification does not guarantee a profit or protect from loss in a declining market.

A bond is a debt investment in which an investor loans money to an entity (typically corporate or governmental) which borrows the funds for a defined period of time at a variable or fixed interest rate. This is different from an event-driven strategy which focuses on exploiting the tendency of the equities of companies in a time of change to drop in price, or an absolute return strategy that looks at the appreciation or depreciation (expressed as a percentage) that an asset - usually a stock or a mutual fund - achieves over a given period of time.

Basis Point - A basis point (often denoted as bp) is a unit equal to 1/100 of a percentage point and can be summarized as follows: 1% change = 100 basis points and 0.01% = 1 basis point.

Maximum Drawdown is measured from the time a retrenchment begins to when a new high is reached. Drawdowns help determine an investment's financial risk.

Alpha- measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the fund relative to the return of the benchmark index is a fund's alpha.

Return of Capital - A return from an investment that is not considered income. The return of capital is when some or all of the money an investor has in an investment is paid back to him or her, thus decreasing the value of the investment.

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Fund holdings and/or sector allocations are subject to change at any time and are not recommendations to buy or sell any security.