The Merger Fund VL (Prospectus Summary) | The Merger Fund VL

FUND SUMMARY

Investment Objective:

The Merger Fund VL (the "Fund") seeks to achieve capital growth by engaging
in merger arbitrage.

Fees and Expenses of the Fund:

The table below describes the fees and expenses that you may pay if you buy and
hold shares of the Fund. These figures do not reflect any fees or charges imposed
by participating life insurance companies under their variable annuity and variable
life insurance contracts ("Contracts").

SHAREHOLDER FEES (fees paid directly from your investment)

Shareholder Fees (USD $)	The Merger Fund VL
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)
Maximum Deferred Sales Charge (Load) (as a percentage of offering price)
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions (as a percentage of offering price)
Redemption Fee (as a percentage of amount redeemed) on shares held less than 30 days	none
Exchange Fee	none

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses		The Merger Fund VL
Management Fees		1.25%
Distribution and Service (12b-1) Fees		none
Interest Expense, Borrowing Expense on Securities Sold Short and Dividends on Securities Sold Short		0.79%
Other Expenses		1.40%
Acquired Fund Fees and Expenses		0.02%
Total Annual Operating Expenses		3.46%
Fee Waiver and/or Expense Reimbursement	[1]	(1.25%)
Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement		2.21%

Example:

This example is intended to help compare the cost of investing in the Fund with
the cost of investing in other mutual funds. This example does not include fees
and charges that you may be assessed under your separate Contracts. If these
fees and charges were included, your costs would be higher. This example assumes
that:

(1) you invest $10,000 in the Fund for the time periods indicated and then   
    redeem all of your shares at the end of those periods,                   
(2) your investment has a 5% return each year, and                           
(3) all dividends and distributions have been reinvested, and the Fund       
    operating expenses remain the same.

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example (USD $)	Expense Example, With Redemption, 1 Year	Expense Example, With Redemption, 3 Years	Expense Example, With Redemption, 5 Years	Expense Example, With Redemption, 10 Years
The Merger Fund VL	224	685	1,430	3,395

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). Shareholders should consult the
separate prospectuses issued by the participating life insurance company or
their tax advisor for more information regarding their tax consequences. These
costs, which are not reflected in annual fund operating expenses or in the
example, affect the Fund's performance. During the most recent fiscal year,
the Fund's portfolio turnover rate was 272.58% of the average value of its
portfolio.

Principal Investment Strategies:

Under normal market conditions, the Fund invests at least 80% of its total assets
principally in the equity securities of companies which are involved in publicly
announced mergers, takeovers, tender offers, leveraged buyouts, spin-offs,
liquidations and other corporate reorganizations. Merger arbitrage is a highly
specialized investment approach generally designed to profit from the successful
completion of such transactions. The Fund is permitted to hold both long and short
positions in foreign securities. The Fund engages in active trading and may invest
a portion of its assets to seek short-term capital appreciation. Westchester Capital
Management, LLC (the "Adviser") believes that the Fund's investment results should be
less volatile than the returns typically associated with conventional equity investing.

Principal Risks:

You could lose money by investing in the Fund. The principal risk associated with
the Fund's merger-arbitrage investment strategy is that certain of the proposed
reorganizations in which the Fund invests may be renegotiated or terminated, in
which case losses may be realized. The Fund is permitted to hold both long and
short positions in foreign securities. Investments in foreign companies involved
in pending mergers, takeovers and other corporate reorganizations may entail
political, cultural, regulatory, legal and tax risks different from those
associated with comparable transactions in the United States. In addition,
the dividends and interest payable on certain foreign securities may be subject
to foreign withholding taxes. Also, in conjunction with its investments in foreign
securities, the Fund normally attempts to hedge its exposure to foreign currencies.
Such hedging activities involve additional expenses and, in the case of
reorganizations that are terminated, the risk of loss when the currency hedge
is unwound.

Due to the nature of the Fund's merger-arbitrage strategy, a substantial
percentage of the Fund's investments may be held for relatively short periods of
time. Shorter holding periods, in turn, result in higher portfolio turnover and
increased brokerage commission costs.

Annual Total Return:

The information in the bar chart and table shown below provides some indication
of the risks of investing in the Fund but does not reflect the deduction of taxes
that a shareholder would pay on distributions or redemptions. The bar chart shows
changes in the Fund's performance from year to year over a seven-year period. The
table following the bar chart shows how the Fund's average annual returns for 1
year, 5 years and the life of the Fund compared with those of the S&P 500 Index,
a broad measure of market performance. The Fund's past performance (before and
after taxes) is not necessarily an indication of how the Fund will perform in
the future.

Total Return as of 12/31 for each year

During the seven-year period shown in the above chart, the highest quarterly
return was 5.75% (for the quarter ended March 31, 2006) and the lowest quarterly
return was (5.60)% (for the quarter ended September 30, 2011). The above chart
does not reflect fees and expenses incurred under Contracts; if they were
reflected, the returns in this chart would be lower.

Average Annual Total Returns for the Periods Ended December 31, 2011

Average Annual Total Returns	Average Annual Returns, Label	Average Annual Returns, 1 Year	Average Annual Returns, 5 Years	Average Annual Returns, Since Inception
The Merger Fund VL	Return Before Taxes	0.87%	4.71%	6.60%
The Merger Fund VL S&P 500 Index	S&P 500 Index (reflects no deduction for fees, expenses or taxes)	2.11%	(0.25%)	3.70%

[1] The Adviser has contractually agreed to absorb expenses of the Fund and/or waive fees due to the Adviser in order to ensure that total Fund operating expenses, excluding interest expense and dividends on securities sold short, on an annual basis do not exceed 1.40%. This contract expires June 30, 2013, but may be annually renewed by mutual agreement thereafter. The Adviser may recapture some or all of the amounts it waives or absorbs on behalf of the Fund over a period of three years if it is able to do so without causing Fund operating expenses, excluding interest expense and dividends on securities sold short, to exceed the 1.40% cap. The Adviser does not subsidize acquired fund fees and expenses.