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Filed Pursuant to Rule 497(e)
Registration Nos. 2-76969 and 811-3445
THE MERGER FUND
100 SUMMIT LAKE DRIVE
VALHALLA, NEW YORK 10595
SUPPLEMENT DATED MAY 22, 1996
TO PROSPECTUS DATED FEBRUARY 7, 1996
Effective June 1, 1996, The Merger Fund (the "Fund") will be closed to new
investors. Shareholders in the Fund as of May 31 may purchase additional
shares, subject only to the terms set forth in the Fund's prospectus.
Investment advisors and financial planners who hold Fund shares in omnibus
accounts as of May 31 may continue to make purchases in such accounts.
The Fund reserves the right to resume sales to new investors at any time but
has no present plans to do so.
