As of Month-End: 05/31/2020

As of Quarter-End: 03/31/2020

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 ICE 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.

Gross Expense ratios for The Merger Fund® Investor Class and Institutional Class as of the April 29, 2020 prospectus are 2.01% and 1.72% respectively. The Advisor has agreed to waive a portion of its management fee until April 30, 2021 if the fund’s assets exceed certain thresholds. Net Annual Operating Expenses of the Fund’s Investor and Institutional class shares of 1.99% and 1.70% respectively were applicable to investors. Net annual operating expenses of the Fund’s Investor and Institutional Class shares not including Investment Related Expenses (acquired fund fees and expenses of 0.08% and short interest and dividend expenses of 0.43%), were 1.48% and 1.19% respectively.

Gross Expense ratios for the WCM Alternatives: Event-Driven Fund Investor Class and Institutional Class as of the April 29, 2020 Prospectus are 2.42% and 2.17% respectively. Total Net Annual Operating Expenses of the Fund’s Investor Class and Institutional Class shares were 2.38% and 2.13% 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 1.82% and 1.57% and for Investor Class shares and Institutional Class shares respectively. This expense limitation will apply until April 30, 2021, unless it is terminated by the Board of Trustees at an earlier time. Acquired Fund Fees and Expenses and Interest and Dividend Expense on securities Sold Short were 0.10% and 0.46% respectively.

Gross Expense ratios for the WCM Alternatives: Credit Event Fund Investor Class and Institutional Class as of the April 29, 2020 Prospectus are 5.65% and 5.40% respectively. Total Net Annual Operating Expenses of the Fund’s Investor Class and Institutional Class shares are 2.15% and 1.90% 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 1.89% and 1.64% and for Investor Class shares and Institutional Class shares respectively. These expense limitations will apply until April 30, 2021, unless they are terminated by the Board of Trustees at an earlier time. Acquired Fund Fees and Expenses and Interest and Expense on Short Positions and Interest on Reverse Repurchase Agreements are 0.02% and 0.24% 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 Institutional Shares of The Merger Fund 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.

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.

Short term performance, in particular, is not a good indication of WCM Alternatives: Credit Event Fund future performance, and an investment should not be made based solely on returns.