Morningstar Report
Overall Morningstar
Rating™
What is this?
As of 2009-10-31
Out of
Long-Short Funds
Rating derived from a weighted average of the fund's 3, 5, 10-year rating which are based on risk-adjusted performance.
Morningstar®
Style Box™
What is this?
As of 2009-09-30
Day Change
$ -0.02
  
NAV (2009-11-10)
$ 15.38
  
YTD Return % (2009-11-10)
7.40%
  
Total Assets ($ mil)
1,934
View Data Definitions
  Performance    
Growth of $10,000 Fund: Merger
(from 1999-01-01 to 2009-10-31) Category: Long-Short
Index: ML USD LIBOR 3 Mon CM
Total Annualized Returns % 1yr, 3yr and 5yr Returns as of 2009-11-10
Inception date: 1989-01-31 10yr and Inception Returns as of 2009-10-31
YTD Returns as of 2009-11-10
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Fund 7.82 5.95 3.29 4.43 4.82 7.55
+/- Category 0.20 0.13 5.25 2.33 1.00 ---
+/- ML USD LIBOR 3 Mon CM 6.86 4.59 -0.37 0.66 --- ---
Standardized Annual Returns %   more on standardized returns
Quarter-End (as of 2009-09-30) 6.56 5.78 3.06 4.42 4.86 7.55
Month-End (as of 2009-10-31) 7.40 7.85 3.09 4.51 4.82 7.55
After Tax Returns % (as of 2009-09-30 )  
On Distribution --- 6.92 1.51 3.04 2.99 ---
On Distribution & Sale of Shares --- 5.06 1.71 2.99 2.99 ---
Morningstar Rating --- --- ---
# of compared funds covered (3 yrs : out of 116 funds), (5 yrs : out of 65 funds), (10 yrs : out of 19 funds). Ratings are based on risk-adjusted performance. The maximum initial sales fee is none, the maximum deferred sales fee is none, and the maximum redemption sales fee is 2.00%.
The performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted herein.
  Portfolio Profile    
Sector Breakdown %
US Government 0.00
US Treasuries 0.00
TIPS 0.00
US Agency 0.00
Mortgage 0.00
Mortgage Pass-Thru 0.00
Mortgage CMO 0.00
Mortgage ARM 0.00
Credit 0.18
US Corporate 0.00
Asset-Backed 0.00
Convertible 0.18
Municipal 0.00
Corporate Inflation-Protected 0.00
Foreign 0.00
Foreign Corp 0.00
Foreign Govt 0.00
Cash 99.82
Asset Allocation
% of Net Assets
Cash 46.0
Stocks 48.5
Bonds 0.0
Other 5.5
Foreign Stocks 8.9
(as a % of Assets)
Data through 2009-06-30 Data through 2009-06-30
 
Holding Status
Total Number of Stock Holdings 42 Turnover % 300
Total Number of Bond Holdings 0 30 Day SEC Yield % ---
% of Assets in Top 10 Holdings 52.35 ending as of 2009-09-30
View Data Definitions
Data through 2009-06-30
  Other Information
Fund Inception: 1989-01-31
Portfolio Manager  (Start Date)
Frederick W. Green  (1989-01-31)
Green has been president of Westchester Capital Management since 1980, specializing in merger arbitrage. Previously, he spent eight years as a portfolio strategist, including three with Goldman Sachs and five with Kidder Peabody. Green is a member of the Association for Investment Management and Research and the New York Society of Security Analysts and the CFA Institute. Green holds the Chartered Financial Analyst designation.
Roy D. Behren  (2007-01-24)
Behren worked with SEC's New York Regional Office as an enforcement attorney for seven years prior to starting his investment career at Westchester. From 2004 through 2006, He served as a member of Redback Networks’ Board of Directors and its Audit Committee. He is a portfolio manager and is currently the Chief Compliance Officer for Westchester, The Merger Fund and The Merger Fund VL.
Michael Shannon  (2007-01-24)
Mr. Shannon is a Partner of Pembroke where he is also a Portfolio Manager. He graduated from McGill University in 1980 in Electrical Engineering and from the Richard Ivey School of Business at The University of Western Ontario in 1983 with a Masters in Business Administration degree. He received his Chartered Financial Analyst designation in 1990. He worked for two major Canadian technology firms for three years before joining Burns Fry Ltd in 1986 as a research analyst. Mr. Shannon is also a Director of GBC Asset Management Inc.
Sales Charge %
(taken from prospectus dated 2009-01-22)
Front: None
Deferred: None
Expense Ratio % 1.47
based on net assets
(taken from annual report dated 2008-09-30)
Correspondence Information

100 Summit Lake Drive
Valhalla,  NY  10595
USA
Telephone:
800-343-8959
914-741-5600
Data on this page does not include the fund's short positions (if any).
Show Data Definitions

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Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.