WCM Offerings

Standardized Summary

The Merger Fund® – Investor Share Class

as of Month-End: February 28, 2017

  YTD 3-month 1-year 3-year 5-year 10-year Since Inception
The Merger Fund® 0.64% 1.28% 3.95% 1.11% 2.02% 2.31% 6.17%
S&P 500 TR 5.94% 8.04% 24.98% 10.63% 14.01% 7.62% 10.04%
Bloomberg Barclays Agg. Bond 0.87% 1.01% 1.42% 2.64% 2.24% 4.28% 6.37%

as of Quarter-End: December 31, 2016

  YTD 3-month 1-year 3-year 5-year 10-year Since Inception
The Merger Fund® 2.61% 1.09% 2.61% 1.06% 2.07% 2.44% 6.18%
S&P 500 TR 11.96% 3.82% 11.96% 8.87% 14.66% 6.95% 9.87%
Bloomberg Barclays Agg. Bond 2.65% -2.98% 2.65% 3.03% 2.23% 4.34% 6.38%

*Inception date: 1/31/1989


As of the May 2, 2016 Prospectus, the total annual operating expense ratio of the Fund's Investor Class shares and Institutional Class shares were 1.90% and 1.57%, respectively. After applicable fee waivers (which may be terminated before April 30, 2017 only with approval of the Board of Trustees), total annual operating expenses of the Fund's Investor Class shares and Institutional Class shares were 1.77% and 1.44%, respectively. After applicable fee waivers and before certain investment-related expenses (including acquired fund fees and expenses), total annual operating expenses of the Fund's Investor Class shares and Institutional Class shares were 1.34% and 1.01%, respectively.


The performance data quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original costs. Current performance may be lower or higher than the performance quoted. Returns shown above are averaged annually for periods over one year.

The performance shown above for the class I Shares for periods prior to August 2, 2013 represents the performance for the original share class of the Fund, the Investor Shares. The Investor Shares were first offered on January 31, 1989, while the I Shares were first offered on August 2, 2013. Annual returns would differ only to the extent that Institutional Class shares do not have the same expenses as Investor Class Shares.

The Merger Fund® – Institutional Share Class

as of Month-End: February 28, 2017

  YTD 3-month 1-year 3-year 5-year 10-year Since Inception
The Merger Fund® 0.71% 1.34% 4.29% 1.41% NA NA 1.94%
S&P 500 TR 5.94% 8.04% 24.98% 10.63% NA NA 11.88%
Bloomberg Barclays Agg. Bond 0.87% 1.01% 1.42% 2.64% NA NA 3.02%

as of Quarter-End: December 31, 2016

  YTD 3-month 1-year 3-year 5-year 10-year Since Inception
The Merger Fund® 2.94% 1.15% 2.94% 1.34% NA NA 1.82%
S&P 500 TR 11.96% 3.82% 11.96% 8.87% NA NA 10.59%
Bloomberg Barclays Agg. Bond 2.65% -2.98% 2.65% 3.03% NA NA 2.91%

*Inception date: 8/1/2013


As of the May 2, 2016 Prospectus, the total annual operating expense ratio of the Fund's Investor Class shares and Institutional Class shares were 1.90% and 1.57%, respectively. After applicable fee waivers (which may be terminated before April 30, 2017 only with approval of the Board of Trustees), total annual operating expenses of the Fund's Investor Class shares and Institutional Class shares were 1.77% and 1.44%, respectively. After applicable fee waivers and before certain investment-related expenses (including acquired fund fees and expenses), total annual operating expenses of the Fund's Investor Class shares and Institutional Class shares were 1.34% and 1.01%, respectively.


The performance data quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original costs. Current performance may be lower or higher than the performance quoted. Returns shown above are averaged annually for periods over one year.

The performance shown above for the class I Shares for periods prior to August 2, 2013 represents the performance for the original share class of the Fund, the Investor Shares. The Investor Shares were first offered on January 31, 1989, while the I Shares were first offered on August 2, 2013. Annual returns would differ only to the extent that Institutional Class shares do not have the same expenses as Investor Class Shares.

WCM Alternatives: Event-Driven Fund

as of Month-End: February 28, 2017

  YTD 3-month 1-year Since Inception*
Event-Driven Fund 1.63% 2.51% 6.18% 1.99%
S&P 500 Index 5.94% 8.04% 24.98% 10.72%
Bloomberg Barclays Agg. Bond 0.87% 1.01% 1.42% 3.14%

as of Quarter-End: December 31, 2016

  YTD 3-month 1-year Since Inception*
Event-Driven Fund 2.96% 1.38% 2.96% 1.55%
S&P 500 Index 11.96% 3.82% 11.96% 9.21%
Bloomberg Barclays Agg. Bond 2.65% -2.98% 2.65% 3.01%

*Inception date: 1/2/2014


As of the May 2, 2016 Prospectus, the total annual operating expense ratio was 2.27%. The Adviser has contractually agreed to waive its investment advisory fee and to reimburse the Fund for other ordinary operating expenses to the extent necessary to limit ordinary operating expenses to an amount not to exceed 1.74%. The expense limitation is expected to apply until April 30, 2017, except that it may be terminated by the Board of Trustees at any time.


The performance data quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original costs. Current performance may be lower or higher than the performance quoted. Returns shown above are averaged annually for periods over one year.