Green & Smith Investment Management was founded in 1996 and is an affiliate of Westchester Capital Management, Inc. which has been providing investment advisory services since 1980. The key principals each have over 15 years' experience with the firm and extensive expertise in deal analysis, risk assessment and portfolio construction. The Merger Fund Ltd. is a global, merger arbitrage hedge fund which principally invests in publicly announced mergers, acquisitions, takeovers and other corporate reorganizations, with the goal of profiting from the timely completion of these transactions. Clearly defined catalysts, independent research, disciplined deal-termination risk assessment and options-trading expertise are core to the team's philosophy. The team has flexibility to trade across all aspects of the involved entities' capital structure in order to maximize the risk/reward profile. We invest in cross-border and international transactions where appropriate. The number of positions depends on merger activity. Historically, it has ranged from a minimum of 40 to a maximum of 65 positions. The Fund is managed parallel to The Merger Fund(R), which has $3.3 billion in AUM. The goal of this Fund is dual: to provide attractive risk-adjusted returns in virtually all market environments while preserving investor capital through the minimization of volatility based risk.