OUR TEAM

Frederick W. Green, age 63, has over 35 years' experience in the investment business. After five years with Kidder, Peabody & Co. as a portfolio strategist, Fred joined Goldman, Sachs & Co., where he was Senior Portfolio Strategist and a member of the Investment Policy Committee. In 1980 he left Goldman and formed Westchester Capital Management, Inc. ("WCM"), a registered investment adviser. In 1989 WCM launched The Merger Fund, the first mutual fund devoted exclusively to investing in companies involved in publicly announced mergers, takeovers and other corporate reorganizations. Fred is President and co-manager of The Merger Fund and The Merger Fund VL. He is also President and Chief Investment Officer of Green & Smith Investment Management L.L.C. A graduate of Princeton University, Fred is a member of the New York Society of Security Analysts and the CFA Institute.

Roy D. Behren, age 49, came to WCM in 1994 from the U.S. Securities and Exchange Commission. After earning a B.S. in Economics at The Wharton School, he received a J.D. degree from the University of Miami Law School and an LL.M. degree in corporate law from the New York University School of Law. He then joined the SEC's New York Regional Office, where he worked as an enforcement attorney for seven years prior to starting his investment career at WCM. From 2004 through 2006, Roy served as a member of Redback Networks' Board of Directors and its Audit Committee. He is a co-portfolio manager and is currently the Chief Compliance Officer for WCM, The Merger Fund and The Merger Fund VL.

Michael T. Shannon, age 43, joined WCM in 1996. He received a B.S. in Finance from Boston College and was subsequently hired by J.P. Morgan, where he worked in the firm's corporate finance, mergers & acquisitions and equity research departments. After a brief stint as Senior Vice President in charge of Mergers and Special Situations at D.E. Shaw & Co. from March 2005 to May 2006, he rejoined WCM. Mike, who holds a Chartered Financial Analyst certification, is a co-portfolio manager. Mike is a member of the New York Society of Security Analysts and the CFA Institute.

Robert K. Lynch, age 41, was hired as WCM's Director of Research in May 2005. He was formerly a Director at Credit Suisse First Boston, where he was the senior analyst on the risk arbitrage proprietary desk. Prior to CSFB, he was a senior risk arbitrage analyst in the equity derivatives group at Société Générale. Rob graduated from Brown University and received his MBA from Columbia University.

Abraham R. Cary, age 34, is WCM's head trader, having joined the firm in January 2002. After graduating from Middlebury College with a B.A. in Geography and French, Abe was hired by the equity derivatives group at Société Générale as a risk arbitrage trader. In February 2000 he accepted a position on the risk arbitrage desk of Crédit Lyonnais as a Vice President and senior trader.

Bonnie L. Smith, age 61, has been with WCM for 24 years. She received a B.A. with honors from the University of Rochester, where she was also elected to Phi Beta Kappa. After 18 years as co-manager of The Merger Fund, Bonnie is now WCM’s Chief Operating Officer. She is also Senior Vice President of Green & Smith and Vice President and Treasurer of The Merger Fund and The Merger Fund VL.

Jane Perl, Stacey Fornabaio, Robin Grosso and Laura Morgan, comprise our back office. Jane has been with Westchester Capital Management for 21 years, Stacey for 13 years, Robin for nine years and Laura for four years. Experienced, knowledgeable and highly motivated, they keep things running smoothly and allow our investment team to focus on portfolio management.