0001104659-18-044473.txt : 20180710 0001104659-18-044473.hdr.sgml : 20180710 20180710115228 ACCESSION NUMBER: 0001104659-18-044473 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 16 FILED AS OF DATE: 20180710 DATE AS OF CHANGE: 20180710 EFFECTIVENESS DATE: 20180710 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ARBITRAGE FUNDS CENTRAL INDEX KEY: 0001105076 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-30470 FILM NUMBER: 18946417 BUSINESS ADDRESS: STREET 1: C/O ALPS FUND SERVICES, INC. STREET 2: 1290 BROADWAY, SUITE 1100 CITY: DENVER STATE: CO ZIP: 80203 BUSINESS PHONE: 303-623-2577 MAIL ADDRESS: STREET 1: C/O ALPS FUND SERVICES, INC. STREET 2: 1290 BROADWAY, SUITE 1100 CITY: DENVER STATE: CO ZIP: 80203 0001105076 S000039281 THE ARBITRAGE CREDIT OPPORTUNITIES FUND C000120977 Class R ARCFX C000120978 Class I ACFIX C000120979 Class C ARCCX C000127230 Class A AGCAX 497 1 a18-15802_4497.htm 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

 

 


EX-101.INS 2 ck0001105076-20180622.xml XBRL INSTANCE DOCUMENT 0001105076 2018-06-22 2018-06-22 0001105076 ck0001105076:S000039281Member 2018-06-22 2018-06-22 0001105076 ck0001105076:S000039281Member ck0001105076:C000120977Member 2018-06-22 2018-06-22 0001105076 ck0001105076:S000039281Member ck0001105076:C000120978Member 2018-06-22 2018-06-22 0001105076 ck0001105076:S000039281Member ck0001105076:C000120979Member 2018-06-22 2018-06-22 0001105076 ck0001105076:S000039281Member ck0001105076:C000127230Member 2018-06-22 2018-06-22 xbrli:pure iso4217:USD This contingent deferred sales charge applies to Class C shares redeemed within 12 months of purchase. 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). Information has been restated to reflect current fees. Acquired Fund Fees and Expenses are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies. 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. 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. ARBITRAGE FUNDS 497 false 0001105076 2018-06-22 2018-06-22 2018-06-22 2017-09-30 THE ARBITRAGE CREDIT OPPORTUNITIES FUND ARCFX ACFIX ARCCX AGCAX <p style="margin:0in 0in .0001pt;text-align:center;"><b><font style="font-size:10.0pt;font-weight:bold; font-family: Times New Roman;">THE ARBITRAGE FUNDS</font></b></p> <br/><p style="margin:0in 0in .0001pt;text-align:center;"><b><font style="font-size:10.0pt;font-weight:bold; font-family: Times New Roman;">The Arbitrage Credit Opportunities Fund</font></b></p> <br/><p style="margin:0in 0in .0001pt;text-align:center;"><b><font style="font-size:10.0pt;font-weight:bold; font-family: Times New Roman;">(the &#8220;Fund&#8221;)</font></b></p> <br/><p style="margin:0in 0in .0001pt;text-align:center;"><b><font style="font-size:10.0pt;font-weight:bold; font-family: Times New Roman;">Supplement dated June&#160;22, 2018 to the Prospectus</font></b></p> <br/><p style="margin:0in 0in .0001pt;text-align:center;"><b><font style="font-size:10.0pt;font-weight:bold; font-family: Times New Roman;">dated September&#160;30, 2017, as supplemented to date</font></b></p> <br/><p style="margin:0in 0in .0001pt;"><i><font style="font-size:10.0pt;font-style:italic; font-family: Times New Roman;">THIS SUPPLEMENT CONTAINS NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN THE PROSPECTUS AND SHOULD BE READ IN CONJUNCTION WITH THE PROSPECTUS</font></i></p> <br/><p style="margin:0in 0in .0001pt;"><font style="font-size:10.0pt; font-family: Times New Roman;">1.&#160; Effective August&#160;6, 2018, The Arbitrage Credit Opportunities Fund will change its name to the Water Island Credit Opportunities Fund. The Fund&#8217;s portfolio managers, investment objective and investment strategies will not change.</font></p> <br/><p style="margin:0in 0in .0001pt;"><i><font style="font-size:10.0pt;font-style:italic; font-family: Times New Roman;">All references in the Prospectus to The Arbitrage Credit Opportunities Fund are hereby replaced by reference to the Water Island Credit Opportunities Fund.</font></i></p> <br/><p style="margin:0in 0in .0001pt;"><font style="font-size: 13px; font-family: Times New Roman;"><font style="font-size:10.0pt;">2.&#160; Effective August&#160;6, 2018, the contractual advisory fee rate that the Water Island Credit Opportunities Fund pays to Water Island Capital, LLC under the Fund&#8217;s investment advisory agreement decreased.&#160; In addition, effective August&#160;6, 2018, Water Island Capital, LLC has contractually agreed, until September&#160;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 </font>1.23% of the Fund&#8217;s average daily net assets allocable to the Class&#160;R shares, 0.98% of the Fund&#8217;s average daily net assets allocable to the Class&#160;I shares, 1.98% of the Fund&#8217;s average daily net assets allocable to the Class&#160;C shares, and 1.23% of the Fund&#8217;s average daily net assets allocable to the Class&#160;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.</font></p> <br/><p style="margin:0in 0in .0001pt;"><i><font style="font-size:10.0pt;font-style:italic; font-family: Times New Roman;">The information under &#8220;Fund Fees and Expenses&#8221; and &#8220;Example&#8221; in the &#8220;SUMMARY SECTION&#8221; on pages&#160;12-13 of the Prospectus for the Fund is hereby replaced with the following:</font></i></p> Fund Fees and Expenses <p style="margin:0in 0in .0001pt;"><font style="font-size:10.0pt; font-family: Times New Roman;">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&#160;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 &#8220;How to Purchase Shares&#8221; beginning on page&#160;69 of the statutory prospectus and in Appendix A to the prospectus, titled &#8220;Intermediary-Specific Sales Charge Reductions and Waivers.&#8221;</font></p> 0.0000 0.0000 0.0000 0.0325 0.0000 0.0000 0.0100 0.0100 0.0095 0.0095 0.0095 0.0095 0.0025 0.0000 0.0100 0.0025 0.0072 0.0072 0.0072 0.0072 0.0016 0.0016 0.0016 0.0016 0.0056 0.0056 0.0056 0.0056 0.0002 0.0002 0.0002 0.0002 0.0194 0.0169 0.0269 0.0194 -0.0053 -0.0053 -0.0053 -0.0053 0.0141 0.0116 0.0216 0.0141 ~ http://arbitrage.com/20180622/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact ck0001105076_S000039281Member row primary compact * ~ ~ http://arbitrage.com/20180622/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact ck0001105076_S000039281Member row primary compact * ~ This contingent deferred sales charge applies to Class C shares redeemed within 12 months of purchase. 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). 100000 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. Information has been restated to reflect current fees. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 2020-09-30 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&#8217;s current (i) expense levels and (ii) expense limitation agreement. 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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 10 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
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]
[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).
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%
[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.
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.

XML 11 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
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).
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