497

100 Summer Street Floor 7 Mail Stop SUM 0703 Boston, MA 02111

July 10, 2018

VIA EDGAR

U.S. Securities and Exchange Commission

100 F Street, N.E.

Washington, DC 20549

VIA EDGAR

RE:The Arbitrage Funds (the “Registrant”)

(File Nos. 333-30470; 811-09815)

Ladies and Gentlemen:

As administrator for the Registrant, pursuant to Rule 497(e) under the Securities Act of 1933, as amended, transmitted herewith for filing is an interactive data file in the manner provided by Rule 405(b)(2) of Regulation S-T and General Instruction C.3.(g) of Form N-1A, containing the risk/return summary information provided in the Supplement dated June 22, 2018 to the currently effective prospectus for The Arbitrage Credit Opportunities Fund filed pursuant to Rule 497(e) under the 1933 Act.

Should you have any questions or comments regarding this filing, please contact the undersigned at (617) 662-1504.

Very truly yours,

/s/ Brian Link

Brian Link

Vice President and Managing Counsel

State Street Bank and Trust Company

XML

Document and Entity Information	Total
Prospectus:
Document Type	497
Document Period End Date	Jun. 22, 2018
Registrant Name	ARBITRAGE FUNDS
Central Index Key	0001105076
Amendment Flag	false
Document Creation Date	Jun. 22, 2018
Document Effective Date	Jun. 22, 2018
Prospectus Date	Sep. 30, 2017
THE ARBITRAGE CREDIT OPPORTUNITIES FUND | Class R
Prospectus:
Trading Symbol	ARCFX
THE ARBITRAGE CREDIT OPPORTUNITIES FUND | Class I
Prospectus:
Trading Symbol	ACFIX
THE ARBITRAGE CREDIT OPPORTUNITIES FUND | Class C
Prospectus:
Trading Symbol	ARCCX
THE ARBITRAGE CREDIT OPPORTUNITIES FUND | Class A
Prospectus:
Trading Symbol	AGCAX

XML

THE ARBITRAGE CREDIT OPPORTUNITIES FUND

THE ARBITRAGE CREDIT OPPORTUNITIES FUND

THE ARBITRAGE FUNDS

The Arbitrage Credit Opportunities Fund

(the “Fund”)

Supplement dated June 22, 2018 to the Prospectus

dated September 30, 2017, as supplemented to date

THIS SUPPLEMENT CONTAINS NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN THE PROSPECTUS AND SHOULD BE READ IN CONJUNCTION WITH THE PROSPECTUS

1.  Effective August 6, 2018, The Arbitrage Credit Opportunities Fund will change its name to the Water Island Credit Opportunities Fund. The Fund’s portfolio managers, investment objective and investment strategies will not change.

All references in the Prospectus to The Arbitrage Credit Opportunities Fund are hereby replaced by reference to the Water Island Credit Opportunities Fund.

2.  Effective August 6, 2018, the contractual advisory fee rate that the Water Island Credit Opportunities Fund pays to Water Island Capital, LLC under the Fund’s investment advisory agreement decreased.  In addition, effective August 6, 2018, Water Island Capital, LLC has contractually agreed, until September 30, 2020, to limit the total annual operating expenses of the Fund, not including taxes, interest, dividends on short positions, brokerage commissions, acquired fund fees and expenses and other costs incurred in connection with the purchase or sale of portfolio securities, so that they do not exceed 1.23% of the Fund’s average daily net assets allocable to the Class R shares, 0.98% of the Fund’s average daily net assets allocable to the Class I shares, 1.98% of the Fund’s average daily net assets allocable to the Class C shares, and 1.23% of the Fund’s average daily net assets allocable to the Class A shares. The adviser may recoup any waived amount from the Fund pursuant to the agreement, if such recoupment does not cause the Fund to exceed expense limitations in effect at the time the amounts were waived and the recoupment is done within three years after the date of the expense waiver.

The information under “Fund Fees and Expenses” and “Example” in the “SUMMARY SECTION” on pages 12-13 of the Prospectus for the Fund is hereby replaced with the following:

Fund Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund. More information about these and other discounts is available from your financial professional and in “How to Purchase Shares” beginning on page 69 of the statutory prospectus and in Appendix A to the prospectus, titled “Intermediary-Specific Sales Charge Reductions and Waivers.”

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees - THE ARBITRAGE CREDIT OPPORTUNITIES FUND	Class R	Class I	Class C		Class A
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	none	none	none		3.25%
Maximum Deferred Charge (Load) (as a percentage of original purchase price)	none	none	1.00%	[1]	1.00%	[2]

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses - THE ARBITRAGE CREDIT OPPORTUNITIES FUND		Class R	Class I	Class C	Class A
Management Fees	[1]	0.95%	0.95%	0.95%	0.95%
Distribution and/or Service (12b-1) Fees		0.25%	none	1.00%	0.25%
Other Expenses		0.72%	0.72%	0.72%	0.72%
Dividends on Short Positions and Interest Expense on Short Positions and/or Borrowings		0.16%	0.16%	0.16%	0.16%
All Remaining Other Expenses		0.56%	0.56%	0.56%	0.56%
Acquired Fund Fees and Expenses	[2]	0.02%	0.02%	0.02%	0.02%
Total Annual Fund Operating Expenses	[3]	1.94%	1.69%	2.69%	1.94%
Fee Waiver	[4]	(0.53%)	(0.53%)	(0.53%)	(0.53%)
Total Annual Fund Operating Expenses After Fee Waiver		1.41%	1.16%	2.16%	1.41%

Example

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s expenses are equal to the Total Annual Fund Operating Expenses After Fee Waiver for the first year and equal to the Total Annual Fund Operating Expenses for the remaining years. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - THE ARBITRAGE CREDIT OPPORTUNITIES FUND - USD ($)	1 Year	3 Years	5 Years	10 Years
Class R	144	504	946	2,176
Class I	118	426	815	1,906
Class C	319	732	1,328	2,942
Class A	464	812	1,240	2,430

You would pay the following expenses if you did not redeem your shares:

Expense Example No Redemption - THE ARBITRAGE CREDIT OPPORTUNITIES FUND - USD ($)	1 Year	3 Years	5 Years	10 Years
Class R	144	504	946	2,176
Class I	118	426	815	1,906
Class C	219	732	1,328	2,942
Class A	464	812	1,240	2,430

Please retain this supplement for future reference.

[1] This contingent deferred sales charge applies to Class C shares redeemed within 12 months of purchase.

[2] A deferred sales charge of up to 1.00% may be imposed on Class A shares purchased without a front-end sales charge that are redeemed within 18 months of purchase. The deferred sales charge is applicable to purchases of $500,000 or more made prior to June 30, 2018 and to purchases of $250,000 or more made after June 30, 2018 (determined on a first-in, first-out basis).

[1] Information has been restated to reflect current fees.

[2] Acquired Fund Fees and Expenses are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies.

[3] The operating expenses in this fee table do not correlate to the expense ratio in the financial highlights, but rather are restated to reflect the Fund's current (i) expense levels and (ii) expense limitation agreement.

[4] The Fund has entered into an Expense Waiver and Reimbursement Agreement with the Fund's investment adviser pursuant to which the adviser has contractually agreed to limit the total annual operating expenses of the Fund, not including taxes, interest, dividends on short positions, brokerage commissions, acquired fund fees and expenses and other costs incurred in connection with the purchase or sale of portfolio securities, so that they do not exceed 1.23% of the Fund's average daily net assets allocable to the Class R shares, 0.98% of the Fund's average daily net assets allocable to the Class I shares, 1.98% of the Fund's average daily net assets allocable to the Class C shares, and 1.23% of the Fund's average daily net assets allocable to the Class A shares. The agreement remains in effect until September 30, 2020, and thereafter renews for periods of one year until either party terminates it upon 60 days' notice prior to the end of the current initial term or then current renewal year. The Board of Trustees may terminate the agreement at any time if it determines that such termination is in the best interest of the Fund and its shareholders. The adviser may recoup any waived amount from the Fund pursuant to the agreement, if such recoupment does not cause the Fund to exceed expense limitations in effect at the time the amounts were waived and the recoupment is done within three years after the date of the expense waiver.

XML

Label

Element

Value

THE ARBITRAGE CREDIT OPPORTUNITIES FUND

Risk/Return:

rr_RiskReturnAbstract

Supplement [Text Block]

ck0001105076_SupplementTextBlock

THE ARBITRAGE FUNDS

The Arbitrage Credit Opportunities Fund

(the “Fund”)

Supplement dated June 22, 2018 to the Prospectus

dated September 30, 2017, as supplemented to date

THIS SUPPLEMENT CONTAINS NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN THE PROSPECTUS AND SHOULD BE READ IN CONJUNCTION WITH THE PROSPECTUS

1.  Effective August 6, 2018, The Arbitrage Credit Opportunities Fund will change its name to the Water Island Credit Opportunities Fund. The Fund’s portfolio managers, investment objective and investment strategies will not change.

All references in the Prospectus to The Arbitrage Credit Opportunities Fund are hereby replaced by reference to the Water Island Credit Opportunities Fund.

2.  Effective August 6, 2018, the contractual advisory fee rate that the Water Island Credit Opportunities Fund pays to Water Island Capital, LLC under the Fund’s investment advisory agreement decreased.  In addition, effective August 6, 2018, Water Island Capital, LLC has contractually agreed, until September 30, 2020, to limit the total annual operating expenses of the Fund, not including taxes, interest, dividends on short positions, brokerage commissions, acquired fund fees and expenses and other costs incurred in connection with the purchase or sale of portfolio securities, so that they do not exceed 1.23% of the Fund’s average daily net assets allocable to the Class R shares, 0.98% of the Fund’s average daily net assets allocable to the Class I shares, 1.98% of the Fund’s average daily net assets allocable to the Class C shares, and 1.23% of the Fund’s average daily net assets allocable to the Class A shares. The adviser may recoup any waived amount from the Fund pursuant to the agreement, if such recoupment does not cause the Fund to exceed expense limitations in effect at the time the amounts were waived and the recoupment is done within three years after the date of the expense waiver.

The information under “Fund Fees and Expenses” and “Example” in the “SUMMARY SECTION” on pages 12-13 of the Prospectus for the Fund is hereby replaced with the following:

Risk/Return [Heading]

rr_RiskReturnHeading

THE ARBITRAGE CREDIT OPPORTUNITIES FUND

Expense [Heading]

rr_ExpenseHeading

Fund Fees and Expenses

Expense Narrative [Text Block]

rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund. More information about these and other discounts is available from your financial professional and in “How to Purchase Shares” beginning on page 69 of the statutory prospectus and in Appendix A to the prospectus, titled “Intermediary-Specific Sales Charge Reductions and Waivers.”

Shareholder Fees Caption [Text]

rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)

Operating Expenses Caption [Text]

rr_OperatingExpensesCaption

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Fee Waiver or Reimbursement over Assets, Date of Termination

rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination

Sep. 30, 2020

Expenses Restated to Reflect Current [Text]

rr_ExpensesRestatedToReflectCurrent

Information has been restated to reflect current fees.

Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text]

rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees

The operating expenses in this fee table do not correlate to the expense ratio in the financial highlights, but rather are restated to reflect the Fund’s current (i) expense levels and (ii) expense limitation agreement.

Expense Example [Heading]

rr_ExpenseExampleHeading

Example

Expense Example Narrative [Text Block]

rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s expenses are equal to the Total Annual Fund Operating Expenses After Fee Waiver for the first year and equal to the Total Annual Fund Operating Expenses for the remaining years. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example, No Redemption, By Year, Caption [Text]

rr_ExpenseExampleNoRedemptionByYearCaption

You would pay the following expenses if you did not redeem your shares:

Expense Example Closing [Text Block]

rr_ExpenseExampleClosingTextBlock

Please retain this supplement for future reference.

THE ARBITRAGE CREDIT OPPORTUNITIES FUND | Class R

Risk/Return:

rr_RiskReturnAbstract

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

none

Maximum Deferred Charge (Load) (as a percentage of original purchase price)

rr_MaximumDeferredSalesChargeOverOfferingPrice

none

Management Fees

rr_ManagementFeesOverAssets

0.95%

^[1]

Distribution and/or Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

0.25%

Dividends on Short Positions and Interest Expense on Short Positions and/or Borrowings

rr_Component2OtherExpensesOverAssets

0.16%

All Remaining Other Expenses

rr_Component3OtherExpensesOverAssets

0.56%

Other Expenses

rr_OtherExpensesOverAssets

0.72%

Acquired Fund Fees and Expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.02%

^[2]

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.94%

^[3]

Fee Waiver

rr_FeeWaiverOrReimbursementOverAssets

(0.53%)

^[4]

Total Annual Fund Operating Expenses After Fee Waiver

rr_NetExpensesOverAssets

1.41%

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

$ 144

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

504

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

946

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

2,176

Expense Example, No Redemption, 1 Year

rr_ExpenseExampleNoRedemptionYear01

144

Expense Example, No Redemption, 3 Years

rr_ExpenseExampleNoRedemptionYear03

504

Expense Example, No Redemption, 5 Years

rr_ExpenseExampleNoRedemptionYear05

946

Expense Example, No Redemption, 10 Years

rr_ExpenseExampleNoRedemptionYear10

$ 2,176

THE ARBITRAGE CREDIT OPPORTUNITIES FUND | Class I

Risk/Return:

rr_RiskReturnAbstract

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

none

Maximum Deferred Charge (Load) (as a percentage of original purchase price)

rr_MaximumDeferredSalesChargeOverOfferingPrice

none

Management Fees

rr_ManagementFeesOverAssets

0.95%

^[1]

Distribution and/or Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

none

Dividends on Short Positions and Interest Expense on Short Positions and/or Borrowings

rr_Component2OtherExpensesOverAssets

0.16%

All Remaining Other Expenses

rr_Component3OtherExpensesOverAssets

0.56%

Other Expenses

rr_OtherExpensesOverAssets

0.72%

Acquired Fund Fees and Expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.02%

^[2]

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.69%

^[3]

Fee Waiver

rr_FeeWaiverOrReimbursementOverAssets

(0.53%)

^[4]

Total Annual Fund Operating Expenses After Fee Waiver

rr_NetExpensesOverAssets

1.16%

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

$ 118

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

426

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

815

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

1,906

Expense Example, No Redemption, 1 Year

rr_ExpenseExampleNoRedemptionYear01

118

Expense Example, No Redemption, 3 Years

rr_ExpenseExampleNoRedemptionYear03

426

Expense Example, No Redemption, 5 Years

rr_ExpenseExampleNoRedemptionYear05

815

Expense Example, No Redemption, 10 Years

rr_ExpenseExampleNoRedemptionYear10

$ 1,906

THE ARBITRAGE CREDIT OPPORTUNITIES FUND | Class C

Risk/Return:

rr_RiskReturnAbstract

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

none

Maximum Deferred Charge (Load) (as a percentage of original purchase price)

rr_MaximumDeferredSalesChargeOverOfferingPrice

1.00%

^[5]

Management Fees

rr_ManagementFeesOverAssets

0.95%

^[1]

Distribution and/or Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

1.00%

Dividends on Short Positions and Interest Expense on Short Positions and/or Borrowings

rr_Component2OtherExpensesOverAssets

0.16%

All Remaining Other Expenses

rr_Component3OtherExpensesOverAssets

0.56%

Other Expenses

rr_OtherExpensesOverAssets

0.72%

Acquired Fund Fees and Expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.02%

^[2]

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

2.69%

^[3]

Fee Waiver

rr_FeeWaiverOrReimbursementOverAssets

(0.53%)

^[4]

Total Annual Fund Operating Expenses After Fee Waiver

rr_NetExpensesOverAssets

2.16%

Expenses Deferred Charges [Text Block]

rr_ExpensesDeferredChargesTextBlock

This contingent deferred sales charge applies to Class C shares redeemed within 12 months of purchase.

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

$ 319

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

732

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

1,328

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

2,942

Expense Example, No Redemption, 1 Year

rr_ExpenseExampleNoRedemptionYear01

219

Expense Example, No Redemption, 3 Years

rr_ExpenseExampleNoRedemptionYear03

732

Expense Example, No Redemption, 5 Years

rr_ExpenseExampleNoRedemptionYear05

1,328

Expense Example, No Redemption, 10 Years

rr_ExpenseExampleNoRedemptionYear10

$ 2,942

THE ARBITRAGE CREDIT OPPORTUNITIES FUND | Class A

Risk/Return:

rr_RiskReturnAbstract

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

3.25%

Maximum Deferred Charge (Load) (as a percentage of original purchase price)

rr_MaximumDeferredSalesChargeOverOfferingPrice

1.00%

^[6]

Management Fees

rr_ManagementFeesOverAssets

0.95%

^[1]

Distribution and/or Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

0.25%

Dividends on Short Positions and Interest Expense on Short Positions and/or Borrowings

rr_Component2OtherExpensesOverAssets

0.16%

All Remaining Other Expenses

rr_Component3OtherExpensesOverAssets

0.56%

Other Expenses

rr_OtherExpensesOverAssets

0.72%

Acquired Fund Fees and Expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.02%

^[2]

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.94%

^[3]

Fee Waiver

rr_FeeWaiverOrReimbursementOverAssets

(0.53%)

^[4]

Total Annual Fund Operating Expenses After Fee Waiver

rr_NetExpensesOverAssets

1.41%

Expenses Deferred Charges [Text Block]

rr_ExpensesDeferredChargesTextBlock

A deferred sales charge of up to 1.00% may be imposed on Class A shares purchased without a front-end sales charge that are redeemed within 18 months of purchase. The deferred sales charge is applicable to purchases of $500,000 or more made prior to June 30, 2018 and to purchases of $250,000 or more made after June 30, 2018 (determined on a first-in, first-out basis).

Expense Breakpoint Discounts [Text]

rr_ExpenseBreakpointDiscounts

You may qualify for sales charge discounts on Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund.

Expense Breakpoint, Minimum Investment Required [Amount]

rr_ExpenseBreakpointMinimumInvestmentRequiredAmount

$ 100,000

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

464

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

812

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

1,240

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

2,430

Expense Example, No Redemption, 1 Year

rr_ExpenseExampleNoRedemptionYear01

464

Expense Example, No Redemption, 3 Years

rr_ExpenseExampleNoRedemptionYear03

812

Expense Example, No Redemption, 5 Years

rr_ExpenseExampleNoRedemptionYear05

1,240

Expense Example, No Redemption, 10 Years

rr_ExpenseExampleNoRedemptionYear10

$ 2,430

[1] Information has been restated to reflect current fees.

[2] Acquired Fund Fees and Expenses are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies.

[3] The operating expenses in this fee table do not correlate to the expense ratio in the financial highlights, but rather are restated to reflect the Fund's current (i) expense levels and (ii) expense limitation agreement.

[4] The Fund has entered into an Expense Waiver and Reimbursement Agreement with the Fund's investment adviser pursuant to which the adviser has contractually agreed to limit the total annual operating expenses of the Fund, not including taxes, interest, dividends on short positions, brokerage commissions, acquired fund fees and expenses and other costs incurred in connection with the purchase or sale of portfolio securities, so that they do not exceed 1.23% of the Fund's average daily net assets allocable to the Class R shares, 0.98% of the Fund's average daily net assets allocable to the Class I shares, 1.98% of the Fund's average daily net assets allocable to the Class C shares, and 1.23% of the Fund's average daily net assets allocable to the Class A shares. The agreement remains in effect until September 30, 2020, and thereafter renews for periods of one year until either party terminates it upon 60 days' notice prior to the end of the current initial term or then current renewal year. The Board of Trustees may terminate the agreement at any time if it determines that such termination is in the best interest of the Fund and its shareholders. The adviser may recoup any waived amount from the Fund pursuant to the agreement, if such recoupment does not cause the Fund to exceed expense limitations in effect at the time the amounts were waived and the recoupment is done within three years after the date of the expense waiver.

[5] This contingent deferred sales charge applies to Class C shares redeemed within 12 months of purchase.

[6] A deferred sales charge of up to 1.00% may be imposed on Class A shares purchased without a front-end sales charge that are redeemed within 18 months of purchase. The deferred sales charge is applicable to purchases of $500,000 or more made prior to June 30, 2018 and to purchases of $250,000 or more made after June 30, 2018 (determined on a first-in, first-out basis).

XML

Label	Element	Value
Risk/Return:	rr_RiskReturnAbstract
Prospectus Date	rr_ProspectusDate	Sep. 30, 2017