PERFORMANCE


Daily Snapshot - Merger Arbitrage Funds

Daily NAV as of 10/20/2017
Fund Name Inception Date Ticker CUSIP NAV Change YTD Return
Merger Fund (Inv) 1/31/1989 MERFX 589509108 $16.12 $0.03 2.94%
Merger Fund (Inst) 8/1/2013 MERIX 589509207 $16.06 $0.03 3.21%
Daily NAV as of 10/20/2017
Fund Name Inception Date Ticker CUSIP NAV Change YTD Return
WCM Alternatives - Event Driven Fund (Inv) 3/22/2017 WCERX 95737C202 $10.30 $0.02 4.94%
WCM Alternatives: Event-Driven Fund (Inst) 1/2/2014 WCEIX 95737C103 $10.32 $0.03 5.20%

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. Click the link below for the Fund's most recent quarter- and month-end performance data.

The performance shown above for the WCM Alternatives - Event Driven Fund Investor Class Shares for periods prior to March 22, 2017 is based on the performance for the original share class of the Fund, the Institutional Shares, and is adjusted to reflect the Investor Class 12b-1 fee. The Institutional Shares were first offered on January 2, 2014, while the Investor Class Shares were first offered on March 22, 2017. Annual returns would differ only to the extent that Investor Class Shares do not have the same expenses as Institutional Class Shares.

View Fund Documents

TOTAL RETURNS

Click on any of the funds below to toggle historical performance.

The Merger Fund® – Investor Share Class

The Merger Fund® – Investor Share Class

As of Month-End: September 30, 2017

YTD 3-month 1-year 3-year 5-year 10-year Since Inception
The Merger Fund® Investor Class 2.43% 0.31% 3.55% 1.20% 2.11% 2.09% 6.10%
BofAML US Treasury Bill 3 Mon TR USD 0.57% 0.26% 0.66% 0.32% 0.22% 0.47% 3.19%
Wilshire Liq Alt Event Driven TR USD 2.48% 0.45% 3.18% 0.04% 0.99% 2.05% -------

*Inception date: 1/31/1989

As of Quarter-End: September 30, 2017

YTD 3-month 1-year 3-year 5-year 10-year Since Inception
The Merger Fund® Investor Class 2.43% 0.31% 3.55% 1.20% 2.11% 2.09% 6.10%
BofAML US Treasury Bill 3 Mon TR USD 0.57% 0.26% 0.66% 0.32% 0.22% 0.47% 3.19%
Wilshire Liq Alt Event Driven TR USD 2.48% 0.45% 3.18% 0.04% 0.99% 2.05% -------

*Inception date: 1/31/1989

Expense ratios are as of the April 27, 2017 prospectus. The total annual operating expense ratio of the Funds Investor class shares was 2.12%. The Advisor has contractually agreed to waive a portion of its management fee until April 30th, 2018 if its assets exceed certain thresholds, beginning at $1.5 billion. Total annual operating expenses of the Fund's Investor class shares of 2.01% were applicable to investors. After applicable fee waivers and before certain investment-related expenses (including acquired fund fees and expenses of 0.09% and short interest and dividend expenses of 0.52%), total annual operating expenses of the Fund's Investor Class shares were 1.40%.

The Wilshire Liquid Alternative Event Driven Index measures the performance of the event driven strategy component of the Wilshire Liquid Alternative Index. Event driven strategies predominantly invest in companies involved in corporate transactions such as mergers, restructuring, distressed, buy backs, or other capital structure changes.The BofA Merrill Lynch US 3-Month Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Indices are unavailable for direct investment.

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 Merger Fund® – Institutional Share Class

The Merger Fund® – Institutional Share Class

As of Month-End: September 30, 2017

YTD 3-month 1-year 3-year 5-year 10-year Since Inception
The Merger Fund® Institutional Class 2.70% 0.38% 3.88% 1.55% 2.35% 2.21% 6.15%
BofAML US Treasury Bill 3 Mon TR USD 0.57% 0.26% 0.66% 0.32% 0.22% 0.47% 3.19%
Wilshire Liq Alt Event Driven TR USD 2.48% 0.45% 3.18% 0.04% 0.99% 2.05% -------

*Inception date: 1/31/1989

As of Quarter-End: September 30, 2017

YTD 3-month 1-year 3-year 5-year 10-year Since Inception
The Merger Fund® Institutional Class 2.70% 0.38% 3.88% 1.55% 2.35% 2.21% 6.15%
BofAML US Treasury Bill 3 Mon TR USD 0.57% 0.26% 0.66% 0.32% 0.22% 0.47% 3.19%
Wilshire Liq Alt Event Driven TR USD 2.48% 0.45% 3.18% 0.04% 0.99% 2.05% -------

*Inception date: 1/31/1989

Expense ratios are as of the April 27, 2017 prospectus. The total annual operating expense ratio of the Funds Investor class shares was 2.12%. The Advisor has contractually agreed to waive a portion of its management fee until April 30th, 2018 if its assets exceed certain thresholds, beginning at $1.5 billion. Total annual operating expenses of the Fund's Investor class shares of 2.01% were applicable to investors. After applicable fee waivers and before certain investment-related expenses (including acquired fund fees and expenses of 0.09% and short interest and dividend expenses of 0.52%), total annual operating expenses of the Fund's Investor Class shares were 1.40%.

The Wilshire Liquid Alternative Event Driven Index measures the performance of the event driven strategy component of the Wilshire Liquid Alternative Index. Event driven strategies predominantly invest in companies involved in corporate transactions such as mergers, restructuring, distressed, buy backs, or other capital structure changes.The BofA Merrill Lynch US 3-Month Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Indices are unavailable for direct investment.

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 Institutional 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 Institutional 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 - Institutional Share

WCM Alternatives: Event-Driven Fund - Institutional Share

As of Month-End: September 30, 2017

YTD 3-month 1-year 3-year 5-year 10-year Since Inception
WCM Alternatives - Event Driven Fund Inst. Class 4.18% 0.00% 5.51% 1.67% ------- ------- 2.32%
Wilshire Liq Alt Event Driven TR USD 2.48% 0.45% 3.18% 0.04% ------- ------- 0.19%
BofAML US Treasury Bill 3 Mon TR USD 0.57% 0.26% 0.66% 0.32% ------- ------- 0.26%

*Inception date: 1/2/2014

As of Quarter-End: September 30, 2017

YTD 3-month 1-year 3-year 5-year 10-year Since Inception
WCM Alternatives - Event Driven Fund Inst. Class 4.18% 0.00% 5.51% 1.67% ------- ------- 2.32%
Wilshire Liq Alt Event Driven TR USD 2.48% 0.45% 3.18% 0.04% ------- ------- 0.19%
BofAML US Treasury Bill 3 Mon TR USD 0.57% 0.26% 0.66% 0.32% ------- ------- 0.26%

*Inception date: 1/2/2014

Expense ratios are as of the April 27, 2017 Prospectus. The total annual operating expense ratios of the Fund’s Institutional Class shares and Investor Class shares were 2.54% and 2.79% respectively. Total annual operating expenses of the Fund's Institutional Class shares and Investor Class shares were 2.53% and 2.78% respectively and were applicable to investors. 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 (not including brokerage commissions, short dividends, interest expense, taxes, acquired fund fees and expenses or extraordinary expenses) to an amount not to exceed 1.74% and 1.99% for Institutional Class shares and Investor Class shares respectively. The expense limitation is expected to apply until April 30, 2018, except that it may be terminated by the Board of Trustees at any time. Aquired Fund Fees and Expenses and Interest and Dividend Expense on securities Sold Short were 0.17% and 0.62% respectively.

The Wilshire Liquid Alternative Event Driven Index measures the performance of the event driven strategy component of the Wilshire Liquid Alternative Index. Event driven strategies predominantly invest in companies involved in corporate transactions such as mergers, restructuring, distressed, buy backs, or other capital structure changes.The BofA Merrill Lynch US 3-Month Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Indices are unavailable for direct investment.

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.

WCM Alternatives: Event-Driven Fund - Investor Share Class

WCM Alternatives: Event-Driven Fund - Investor Share Class

As of Month-End: September 30, 2017

YTD 3-month 1-year 3-year 5-year 10-year Since Inception
WCM Alternatives - Event Driven Fund Investor Class 4.02% 0.00% 5.28% 1.43% ------- ------- 2.08%
Wilshire Liq Alt Event Driven TR USD 2.48% 0.45% 3.18% 0.04% ------- ------- 0.19%
BofAML US Treasury Bill 3 Mon TR USD 0.57% 0.26% 0.66% 0.32% ------- ------- 0.26%

*Inception date: 1/2/2014

As of Quarter-End: September 30, 2017

YTD 3-month 1-year 3-year 5-year 10-year Since Inception
WCM Alternatives - Event Driven Fund Investor Class 4.02% 0.00% 5.28% 1.43% ------- ------- 2.08%
Wilshire Liq Alt Event Driven TR USD 2.48% 0.45% 3.18% 0.04% ------- ------- 0.19%
BofAML US Treasury Bill 3 Mon TR USD 0.57% 0.26% 0.66% 0.32% ------- ------- 0.26%

*Inception date: 1/2/2014

Expense ratios are as of the April 27, 2017 Prospectus. The total annual operating expense ratios of the Fund’s Institutional Class shares and Investor Class shares were 2.54% and 2.79% respectively. Total annual operating expenses of the Fund's Institutional Class shares and Investor Class shares were 2.53% and 2.78% respectively and were applicable to investors. 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 (not including brokerage commissions, short dividends, interest expense, taxes, acquired fund fees and expenses or extraordinary expenses) to an amount not to exceed 1.74% and 1.99% for Institutional Class shares and Investor Class shares respectively. The expense limitation is expected to apply until April 30, 2018, except that it may be terminated by the Board of Trustees at any time. Aquired Fund Fees and Expenses and Interest and Dividend Expense on securities Sold Short were 0.17% and 0.62% respectively.

The Wilshire Liquid Alternative Event Driven Index measures the performance of the event driven strategy component of the Wilshire Liquid Alternative Index. Event driven strategies predominantly invest in companies involved in corporate transactions such as mergers, restructuring, distressed, buy backs, or other capital structure changes.The BofA Merrill Lynch US 3-Month Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Indices are unavailable for direct investment.

The performance shown above for the WCM Alternatives - Event Driven Fund Investor Class Shares for periods prior to March 22, 2017 is based on the performance for the original share class of the Fund, the Institutional Shares, and is adjusted to reflect the Investor Class 12b-1 fee. The Institutional Shares were first offered on January 2, 2014, while the Investor Class Shares were first offered on March 22, 2017. Annual returns would differ only to the extent that Investor Class Shares do not have the same expenses as Institutional Class Shares.