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The matched-filter bound (MFB) for continuously dispersive Rayleigh fading channels with receive diversity is derived. The treatment is quite general, as the case of discrete multipath channels with correlated fading is included in our model as a special case, and we impose no constraints with regard to the selectivity of the channel. It is assumed that a statistical characterization of the channel is available through its direction-delay-Doppler power spectral density. The Karhunen-Loe`ve expansion for vector processes is used to describe the received signal. The MFB is analyzed with respect to several parameters characterizing the mobile radio channel, the waveform, and the antenna configuration.