<PAGE> PAGE 1
000 B000000 11/30/94
000 C000000 0000701804
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 THE MERGER FUND
001 B000000 811-3445
001 C000000 4142873867
002 A000000 615 E. MICHIGAN ST.
002 B000000 MILWAUKEE
002 C000000 WI
002 D010000 53202
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 WESTCHESTER CAPITAL MANAGEMENT, INC.
008 B000001 A
008 C000001 801-15556
008 D010001 VALHALLA
008 D020001 NY
008 D030001 10595
010 A000001 FIRSTAR TRUST COMPANY
010 B000001 8500410
010 C010001 MILWAUKEE
010 C020001 WI
010 C030001 53202
011 A000001 MERCER ALLIED
011 B000001 8-20745
011 C010001 ALBANY
011 C020001 NY
011 C030001 12205
012 A000001 FIRSTAR TRUST COMPANY
012 B000001 85-00410
012 C010001 MILWAUKEE
<PAGE> PAGE 2
012 C020001 WI
012 C030001 53202
013 A000001 GRANT THORNTON LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10004
015 A000001 FIRSTAR TRUST COMPANY
015 B000001 C
015 C010001 MILWAUKEE
015 C020001 WI
015 C030001 53202
015 E010001 X
018 000000 Y
019 A000000 N
019 B000000 0
020 A000001 JEFFERIES & COMPANY
020 B000001 95-2622906
020 C000001 121
020 A000002 INTERSTATE/JOHNSON LANE
020 C000002 79
020 A000003 CATHAY GROUP
020 C000003 56
020 A000004 BEAR STEARNS & CO
020 B000004 13-4946705
020 C000004 52
020 A000005 REPUBLIC NEW YORK SECURITIES
020 C000005 40
020 A000006 BUNTING WARBURG
020 C000006 36
020 A000007 ALEX BROWN & SONS
020 B000007 52-0256630
020 C000007 21
020 A000008 MABON SECURITIES
020 C000008 20
020 A000009 MARLEAU, LEMIRE
020 C000009 20
020 A000010 JONES & COMPANY
020 C000010 21
021 000000 546
022 A000001 FIRSTAR
022 C000001 1477036
022 D000001 23576
022 A000002 CANTOR FITZGERALD
022 B000002 95-1786286
022 C000002 25500
022 D000002 10589
022 A000003 BEAR STEARNS
022 B000003 13-4946705
022 C000003 14707
022 D000003 17214
022 A000004 JEFFRIES AND COMPANY
<PAGE> PAGE 3
022 B000004 95-2622906
022 C000004 27660
022 D000004 2251
022 A000005 JONES & COMPANY
022 C000005 25117
022 D000005 1038
022 A000006 HERZOG HEINE GEDULD
022 C000006 21863
022 D000006 1392
022 A000007 KEEFE BRUYETTE & WOODS
022 B000007 13-1964616
022 C000007 19879
022 D000007 740
022 A000008 LEHMAN BROTHERS
022 C000008 13714
022 D000008 593
022 A000009 GOLDMAN SACHS
022 C000009 9110
022 D000009 3672
022 A000010 MERRILL LYNCH
022 C000010 4115
022 D000010 2175
023 C000000 1828563
023 D000000 70150
024 000000 N
025 D000001 0
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026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 Y
027 000000 Y
028 A010000 11966
028 A020000 0
028 A030000 0
028 A040000 1600
028 B010000 27380
028 B020000 0
028 B030000 0
028 B040000 1852
<PAGE> PAGE 4
028 C010000 22645
028 C020000 0
028 C030000 0
028 C040000 2874
028 D010000 24014
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028 D030000 0
028 D040000 3301
028 E010000 11207
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028 E040000 3239
028 F010000 7233
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028 F030000 0
028 F040000 3342
028 G010000 104445
028 G020000 0
028 G030000 0
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<PAGE> PAGE 5
048 A010000 0
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<PAGE> PAGE 6
062 A000000 N
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070 I020000 N
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<PAGE> PAGE 7
070 L010000 Y
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<PAGE> PAGE 8
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<PAGE> PAGE 9
077 O000000 N
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080 A000000 CHUBB CUSTOM INSURANCE COMPANY
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SIGNATURE FREDRICK GREEN
TITLE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000701804
<NAME> THE MERGER FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1994
<PERIOD-START> DEC-1-1993
<PERIOD-END> NOV-30-1994
<INVESTMENTS-AT-COST> 178,788
<INVESTMENTS-AT-VALUE> 173,138
<RECEIVABLES> 50,414
<ASSETS-OTHER> 58,368
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 281,920
<PAYABLE-FOR-SECURITIES> 9,093
<SENIOR-LONG-TERM-DEBT> 56,090
<OTHER-ITEMS-LIABILITIES> 46,393
<TOTAL-LIABILITIES> 111,576
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 164,837
<SHARES-COMMON-STOCK> 12,416
<SHARES-COMMON-PRIOR> 1,837
<ACCUMULATED-NII-CURRENT> (28)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 8,139
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,604)
<NET-ASSETS> 170,344
<DIVIDEND-INCOME> 1,114
<INTEREST-INCOME> 1,902
<OTHER-INCOME> 0
<EXPENSES-NET> 3,044
<NET-INVESTMENT-INCOME> (28)
<REALIZED-GAINS-CURRENT> 8,313
<APPREC-INCREASE-CURRENT> (3,239)
<NET-CHANGE-FROM-OPS> 5,046
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 2,035
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12,019
<NUMBER-OF-SHARES-REDEEMED> 1,591
<SHARES-REINVESTED> 150
<NET-CHANGE-IN-ASSETS> 10,578
<ACCUMULATED-NII-PRIOR> (510,993)
<ACCUMULATED-GAINS-PRIOR> 634,873
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 924
<INTEREST-EXPENSE> 1,038
<GROSS-EXPENSE> 3,043
<AVERAGE-NET-ASSETS> 92,360
<PER-SHARE-NAV-BEGIN> 13.70
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 1.08
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.06
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.72
<EXPENSE-RATIO> .016<F1>
<AVG-DEBT-OUTSTANDING> 17,116
<AVG-DEBT-PER-SHARE> 0.19
<FN>
<F1>This is the actual ratio. It is not stated in thousands or a percentage.
</FN>
</TABLE>
