MERGER FUND

Ticker: MERFX CUSIP: 589509108 Class: Mutual Fund

Janney Montgomery Scott LLC's Holding History (CIK: 0001329948)

Note: Option positions (PUT/CALL) are excluded.

Q2 2015
Shares 38,198 Value ($000) $614,605 Avg Close — Range —
Q2 2014
Shares 36,375 Value ($000) $599,094 Avg Close — Range —
Q1 2014
Shares 38,198 Value ($000) $614,605 Avg Close — Range —
Q4 2013
Shares 37,578 Value ($000) $601,625 Avg Close — Range —
Q3 2013
Shares 32,841 Value ($000) $531,364 Avg Close — Range —
Q2 2013
Shares 12,944 Value ($000) $205,546 Avg Close — Range —