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®

The Merger Fund® (MERFX)

Performance (1-yr.): 6.25% Expenses: 1.30%
Performance (1-mo.): 0.80% Total Assets: $5.57B
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Touchstone Arbitrage Fund (TMARX)

Performance (1-yr.): Expenses: 1.64%
Performance (1-mo.): 0.10% Total Assets: $241.82M
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Touchstone Merger Arbitrage Fund (TMGAX)

Performance (1-yr.): 0.19% Expenses: 1.65%
Performance (1-mo.): 0.09% Total Assets: $551.8M
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Transamerica Arbitrage Strategy Fund (None)

Performance (1-yr.): 2.79% Expenses: 1.60%
Performance (1-mo.): 0.89% Total Assets: $167.66M
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Turner Medical Sciences Long/Short Fund (TMSCX)

Performance (1-yr.): 19.58% Expenses: 2.95%
Performance (1-mo.): 3.43% Total Assets: $52.55M
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Turner Spectrum Fund (TSPEX)

Performance (1-yr.): 9.30% Expenses: 1.95%
Performance (1-mo.): 0.33% Total Assets: $173.1M
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UBS Equity Long-Short Multi-Strategy Fund (BMNAX)

Performance (1-yr.): 3.08% Expenses: 1.77%
Performance (1-mo.): 1.77% Total Assets: $16.04M
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Vanguard Market Neutral Fund (VMNIX)

Performance (1-yr.): 6.81% Expenses: 0.18%
Performance (1-mo.): 1.57% Total Assets: $230.46M
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Visium Event Driven Fund (VIDVX)

Performance (1-yr.): 12.53% Expenses: 2.04%
Performance (1-mo.): 4.07% Total Assets: $16.44M
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WCM Alternatives: Event-Driven Fund (WCEIX)

Performance (1-yr.): Expenses: 1.74%
Performance (1-mo.): 1.06% Total Assets: $7.53M
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Top Performing Market Neutral Funds As of 07.03.2014

Visium Event Driven Fund (VIDVX)

Total Return: 4.07%

Driehaus Event Driven Fund (DEVDX)

Total Return: 1.84%

Federated Absolute Return Fund (FMAAX)

Total Return: 1.83%

Turner Medical Sciences Long/Short Fund (TMSCX)

Total Return: 19.58%

Visium Event Driven Fund (VIDVX)

Total Return: 12.53%

Federated Absolute Return Fund (FMAAX)

Total Return: 10.90%

Whitebox Market Neutral Equity Fund (WBLFX)

Total Return: 6.11%

Turner Medical Sciences Long/Short Fund (TMSCX)

Total Return: 5.15%

Calamos Market Neutral Income (CVSIX)

Total Return: 4.59%

* Annualized