THE MERGER FUND INSTL

Ticker: MERIX CUSIP: 589509207 Class: Mutual Fund

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

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

Q1 2015

Shares 55,967 Value ($000) $884 Avg Close — Range —

Q4 2014

Shares 39,900 Value ($000) $621,646 Avg Close — Range —

Q3 2014

Shares 35,515 Value ($000) $579,256 Avg Close — Range —

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2015	55,967	$884	—	—
Q4 2014	39,900	$621,646	—	—
Q3 2014	35,515	$579,256	—	—