Label

Element

Value

The Merger Fund®

Risk/Return:

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Supplement to Prospectus [Text Block]

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The Merger Fund^®

(the “Fund”)

Supplement dated November 3, 2021 to the Summary Prospectus and the Statutory Prospectus,

each dated October 1, 2021

Important Notice to Investors

Risk/Return [Heading]

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The Merger Fund®

Performance Table Narrative

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The Class A shares Return Before Taxes in the Average Annual Total Return table of the Fund’s summary prospectus and the summary section of the Fund’s statutory prospectus are replaced as follows:

Performance Table Closing [Text Block]

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Investors should retain this supplement with the Prospectuses for future reference.

The Merger Fund® | Class A

Risk/Return:

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1 Year

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(0.90%)

5 Years

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3.51%

10 Years

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2.69%