Market Neutral

Market neutral portfolios seek income while maintaining low correlation to fluctuations in market conditions. Market neutral portfolios typically hold 50% of net assets in long positions and 50% of net assets in short positions in order to deliver positive returns regardless of the direction of the market. This category is only used in Morningstar's custom fund and separate account databases. Morningstar®

PIMCO Worldwide Fundamental Advantage AR Strategy Fund (PWWAX)

Performance (1-yr.): 0.27% Expenses: 1.39%
Performance (1-mo.): 0.20% Total Assets: $3.61B
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Prudential Jennison Market Neutral Fund (PJNAX)

Performance (1-yr.): 1.93% Expenses: 1.85%
Performance (1-mo.): 1.60% Total Assets: $48.32M
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PSI Market Neutral Fund (FXMAX)

Performance (1-yr.): 1.03% Expenses: 2.75%
Performance (1-mo.): 0.58% Total Assets: $29.34M
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SilverPepper Merger Arbitrage Fund (SPAIX)

Performance (1-yr.): Expenses: 2.44%
Performance (1-mo.): 0.10% Total Assets: $3.59M
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TFS Market Neutral Fund (TFSMX)

Performance (1-yr.): 3.59% Expenses: 8.10%
Performance (1-mo.): 0.20% Total Assets: $1.16B
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The Arbitrage Event-Driven Fund (AGEAX)

Performance (1-yr.): 5.72% Expenses: 1.69%
Performance (1-mo.): 0.69% Total Assets: $364.15M
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The Arbitrage Fund (ARGAX)

Performance (1-yr.): 1.02% Expenses: 1.30%
Performance (1-mo.): 0.08% Total Assets: $2.61B
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The Merger Fund® (MERFX)

Performance (1-yr.): 4.59% Expenses: 1.32%
Performance (1-mo.): 1.07% Total Assets: $5.15B
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Touchstone Arbitrage Fund (TMARX)

Performance (1-yr.): Expenses: 1.64%
Performance (1-mo.): 0.40% Total Assets: $191.04M
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Touchstone Merger Arbitrage Fund (TMGAX)

Performance (1-yr.): 3.21% Expenses: 1.65%
Performance (1-mo.): 0.28% Total Assets: $651.78M
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Top Performing Market Neutral Funds As of 03.05.2014

Visium Event Driven Fund (VIDVX)

Total Return: 3.20%

Turner Market Neutral Fund (TMNCX)

Total Return: 2.81%

Whitebox Market Neutral Equity Fund (WBLFX)

Total Return: 2.11%

BlackRock Global Long/Short Equity Fund (BDMAX)

Total Return: 15.00%

Whitebox Market Neutral Equity Fund (WBLFX)

Total Return: 14.86%

Causeway Global Absolute Return Fund (CGAIX)

Total Return: 14.79%

Whitebox Market Neutral Equity Fund (WBLFX)

Total Return: 6.86%

Causeway Global Absolute Return Fund (CGAIX)

Total Return: 6.06%

Vanguard Market Neutral Fund (VMNIX)

Total Return: 4.70%

* Annualized