0001145549-20-014563.txt : 20200311 0001145549-20-014563.hdr.sgml : 20200311 20200311162210 ACCESSION NUMBER: 0001145549-20-014563 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20191231 FILED AS OF DATE: 20200311 DATE AS OF CHANGE: 20200311 EFFECTIVENESS DATE: 20200311 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MERGER FUND CENTRAL INDEX KEY: 0000701804 IRS NUMBER: 146117490 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-03445 FILM NUMBER: 20705552 BUSINESS ADDRESS: STREET 1: 615 E MICHIGAN ST CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-287-38 MAIL ADDRESS: STREET 1: FIRSTAR TRUST COMPANY STREET 2: 615 E. MICHIGAN ST. CITY: MILWAUKEE STATE: WI ZIP: 53202 FORMER COMPANY: FORMER CONFORMED NAME: AYCO FUND DATE OF NAME CHANGE: 19890223 0000701804 S000005158 The Merger Fund C000014124 The Merger Fund - Investor Class Shares MERFX C000129310 The Merger Fund - Institutional Class Shares MERIX N-CEN 1 primary_doc.xml X0201 N-CEN LIVE 0000701804 XXXXXXXX false false false N-1A true Merger Fund 811-03445 0000701804 549300TXJCENVSEMYP88 100 Summit Lake Drive Valhalla 10595 US-NY US 8003438959 U.S. Bank NA 1555 North River Center Drive Suite 302 Milwaukee 53212 18336121912 Custody data U.S. Bancorp Fund Services, LLC 615 E. Michigan Street Milwaukee 53202 18336121912 Transfer agency, fund accounting and fund administration data Foreside Fund Services, LLC Three Canal Plaza Suite 100 Portland 04101 12075537110 Distribution data from the period 2/9/2019 to 12/31/2019 Quasar Distributors, LLC 777 East Wisconsin Avenue Milwaukee 53202 18336121912 Distribution data from the period 1/1/2019 to 2/8/2019 Westchester Capital Management, LLC 100 Summit Lake Drive Valhalla 10595 9147415600 Advisor Data N N N N-1A 1 Y Roy Behren N/A Y Michael T. Shannon N/A Y Barry Hamerling N/A N Richard V. Silver N/A N Christianna Wood N/A N Bruce Rubin N/A 100 Summit Lake Drive Valhalla 10595 XXXXXX N N N N N N N Foreside Fund Services, LLC 8-51293 000046106 N/A N Quasar Distributors, LLC 8-52323 000103848 N/A N Y Pricewaterhousecoopers LLP 00238 5493002GVO7EO8RNNS37 N N N N N N N The Merger Fund S000005158 549300TXJCENVSEMYP88 N 2 0 0 N/A N N Y N N U.S. Bank, N.A. 6BYL5QZYBDK8S7L73M02 N N Revenue sharing split Cash collateral reinvestment fee 45949814.000000000000 94586.000000000000 Rule 12d1-1 (17 CFR 270.12d1-1) Rule 32a-4 (17 CFR 270.32a-4) N N N N Westchester Capital Management, LLC 801-72002 000155686 549300JVYLER1U5NDK13 N U.S. Bancorp Fund Services, LLC 85-11357 N1GZ7BBF3NP8GI976H15 N N N Intercontinental Exchange Inc. 5493000F4ZO33MV32P92 N Bloomberg L.P. 549300B56MD0ZC402L06 N Westchester Capital Management, LLC 549300JVYLER1U5NDK13 Y N U.S. Bank National Association 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) The Bank of New York Mellon HPFHU0OQ28EFB0BFVK49 N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) N N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 N N N HILLTOP SECURITIES INC. 8-45123 000006220 549300IXU82PMU6XZT45 906106.000000000000 J.P. MORGAN SECURITIES LLC 8-35008 000000079 ZBUT11V806EZRVTWT807 136568.000000000000 COWEN AND COMPANY, LLC 8-22522 000007616 549300WR155U7DVMIW58 501228.000000000000 SUSQUEHANNA FINANCIAL GROUP, LLLP 8-44325 000035865 549300E8QX0ZMRDC2M81 306965.000000000000 RAYMOND JAMES & ASSOCIATES, INC. 8-10999 000000705 U4ONQX15J3RO8XCKE979 297161.000000000000 GOLDMAN SACHS & CO. LLC 8-12900 000000361 FOR8UP27PHTHYVLBNG30 209134.000000000000 BARCLAY INVESTMENTS LLC 8-16935 000006159 254900YRC13GGERHVR90 191960.000000000000 OLIVETREE FINANCIAL, LLC 8-68603 000154026 254900BE8XSWW3AZJE28 181980.000000000000 UNITED FIRST PARTNERS LLC 8-68718 000155456 254900WD45SOCZ7IKM52 168075.000000000000 UBS FINANCIAL SERVICES INC. 8-16267 000008174 ETYRV6ORNFJB5NONI676 142193.000000000000 4582562.000000000000 U.S. Bancorp Investments, Inc. 8-35359 000017868 H85Z6XZP8B10ES0M2G89 9037909147.000000000000 CITIGROUP GLOBAL MARKETS INC. 8-8177 000007059 MBNUM2BPBDO7JBLYG310 106073140.000000000000 GOLDMAN SACHS & CO. LLC 8-12900 000000361 FOR8UP27PHTHYVLBNG30 1826064980.230000000000 MERRILL LYNCH PROFESSIONAL CLEARING CORP. 8-33359 000016139 549300PMHS66E71I2D34 1209082514.320000000000 J.P. Morgan Securities LLC 8-35008 000000079 ZBUT11V806EZRVTWT807 556104774.000000000000 UBS FINANCIAL SERVICES INC. 8-16267 000008174 ETYRV6ORNFJB5NONI676 215507249.000000000000 OPPENHEIMER & CO. INC. 8-4077 000000249 254900VH02JQR2L8XD64 142972485.000000000000 UNITED FIRST PARTNERS LLC 8-68718 000155456 254900WD45SOCZ7IKM52 140914275.000000000000 BERENBERG CAPITAL MARKETS LLC 8-68821 000156757 5493007EG0CYRKKG9L11 110427454.000000000000 BARCLAY INVESTMENTS LLC 8-16935 000006159 254900YRC13GGERHVR90 108724980.000000000000 14228132929.000000000000 N 3039206568.803780000000 N N true INTERNAL CONTROL RPT 2 combointernalconfidential.htm MERGER FUNDS CONTROL LETTER

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of The Merger Fund and Westchester Capital Funds and Shareholders of The Merger Fund, WCM Alternatives: Event-Driven Fund, and WCM Alternatives: Credit Event Fund

In planning and performing our audits of the financial statements of The Merger Fund, WCM Alternatives: Event-Driven Fund, and WCM Alternatives: Credit Event Fund (“the Funds”) as of and for the year ended December 31, 2019, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Funds’ internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Funds’ internal control over financial reporting.

The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the funds; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the funds are being made only in accordance with authorizations of management and trustees of the funds; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a funds’ assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Funds’ annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Funds’ internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Funds’ internal control over financial reporting and their operation, including controls over safeguarding securities, that we consider to be material weaknesses as defined above as of December 31, 2019.

 

This report is intended solely for the information and use of management and the Board of Trustees of The Merger Fund, WCM Alternatives: Event-Driven Fund, and WCM Alternatives: Credit Event Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 24, 2020