0001104659-18-061821.txt : 20181012 0001104659-18-061821.hdr.sgml : 20181012 20181012163133 ACCESSION NUMBER: 0001104659-18-061821 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 26 FILED AS OF DATE: 20181012 DATE AS OF CHANGE: 20181012 EFFECTIVENESS DATE: 20181012 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: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-30470 FILM NUMBER: 181120560 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 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: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-09815 FILM NUMBER: 181120559 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 S000006440 THE ARBITRAGE FUND C000017637 Class R ARBFX C000017638 Class I ARBNX C000115401 Class C ARBCX C000127228 Class A ARGAX 0001105076 S000030113 THE ARBITRAGE EVENT-DRIVEN FUND C000092484 Class R AEDFX C000092485 Class I AEDNX C000115402 Class C AEFCX C000127229 Class A AGEAX 0001105076 S000039281 THE WATER ISLAND CREDIT OPPORTUNITIES FUND C000120977 Class R ARCFX C000120978 Class I ACFIX C000120979 Class C ARCCX C000127230 Class A AGCAX 0001105076 S000047725 Arbitrage Tactical Equity Fund C000149945 Class R ATQFX C000149946 Class I ATQIX C000149947 Class C ATQCX C000149948 Class A ATQAX 485BPOS 1 a18-21120_9485bpos.htm POST-EFFECTIVE AMENDMENT FILED PURSUANT TO SECURITIES ACT RULE 485(B)

 

As filed with the Securities and Exchange Commission on October 12, 2018

File No. 333-30470

ICA No. 811-09815

 

 

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form N-1A

 

 

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

x

 

 

 

 

Pre-Effective Amendment No.      

o

 

 

 

 

Post-Effective Amendment No. 43

x

 

 

 

 

And

 

 

 

 

 

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

x

 

 

 

 

Amendment No. 46

 

 

THE ARBITRAGE FUNDS

(Exact name of Registrant as Specified in Trust Instrument)

 

41 Madison Avenue

42nd Floor

New York, New York 10010

(Address of Principal Executive Office)

 

(212) 584-2371

(Area Code and Telephone Number)

 

John S. Orrico

Water Island Capital, LLC

41 Madison Avenue, 42nd Floor

New York, NY 10010

(Name and Address of Agent for Service)

 

Copy to:

 

Joshua B. Deringer, Esq.

Drinker Biddle & Reath LLP

One Logan Square, Ste. 2000

Philadelphia, PA 19103

 

Approximate Date of Proposed Public Offering:  As soon as practicable after this registration statement becomes effective.

 

It is proposed that this filing will become effective:

 

x          Immediately upon filing pursuant to paragraph (b)

o            on (date) pursuant to paragraph (b)

o            60 days after filing pursuant to paragraph (a)(1)

o            on (date) pursuant to paragraph (a)(1)

o            75 days after filing pursuant to paragraph (a)(2)

o            on (date) pursuant to paragraph (a)(2) of rule 485.

 

If appropriate, check the following box:

 

o                                    this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 

 

 



 

SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this amended Registration Statement under Rule 485(b) under the Securities Act and has duly caused this amended Registration Statement to be signed below on its behalf by the undersigned, thereunto duly authorized, in the City of New York and State of New York, on the 12th day of October, 2018.

 

 

THE ARBITRAGE FUNDS

 

 

 

 

By:

/s/ John S. Orrico

 

 

John S. Orrico

 

 

President

 

Pursuant to the requirements of the Securities Act of 1933, this amended Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

 

Signature

 

Title

 

Date

 

 

 

 

 

/s/ John S. Orrico

 

President and Chairman of the Board of Trustees

 

October 12, 2018

John S. Orrico

 

 

 

 

 

 

 

 

 

/s/ Monique Labbe

 

Chief Financial Officer

 

October 12, 2018

Monique Labbe

 

 

 

 

 

 

 

 

 

John C. Alvarado*

 

Trustee

 

October 12, 2018

John C. Alvarado

 

 

 

 

 

 

 

 

 

Robert P. Herrmann*

 

Trustee

 

October 12, 2018

Robert P. Herrmann

 

 

 

 

 

 

 

 

 

Stephen R. Byers*

 

Trustee

 

October 12, 2018

Stephen R. Byers

 

 

 

 

 

 

 

 

 

Francis X. Tracy*

 

Trustee

 

October 12, 2018

Francis X. Tracy

 

 

 

 

 

*

/s/ John S. Orrico

 

 

John S. Orrico

 

 

Attorney-in-fact

 

 

October 12, 2018

 

 

* Pursuant to Powers of Attorney incorporated herein by reference to the Registrant’s Post-Effective Amendment No. 43 to its Registration Statement on Form N-1A filed on September 27, 2018.

 



 

Exhibit Index

 

Exhibit No.

 

Description

EX-101. INS

 

XBRL Instance Document

EX-101.SCH

 

XBRL Taxonomy Extension Schema Document

EX-101.CAL

 

XBRL Taxonomy Extension Calculation Linkbase

EX-101.DEF

 

XBRL Taxonomy Extension Definition Linkbase

EX-101.LAB

 

XBRL Taxonomy Extension Labels Linkbase

EX-101.PRE

 

XBRL Taxonomy Extension Presentation Linkbase

 


EX-101.INS 2 ck0001105076-20180927.xml XBRL INSTANCE DOCUMENT 0001105076 2018-05-31 2018-05-31 0001105076 ck0001105076:S000006440Member 2018-05-31 2018-05-31 0001105076 ck0001105076:S000006440Member ck0001105076:C000017637Member 2018-05-31 2018-05-31 0001105076 ck0001105076:S000006440Member ck0001105076:C000017638Member 2018-05-31 2018-05-31 0001105076 ck0001105076:S000006440Member ck0001105076:C000115401Member 2018-05-31 2018-05-31 0001105076 ck0001105076:S000006440Member ck0001105076:C000127228Member 2018-05-31 2018-05-31 0001105076 ck0001105076:S000006440Member rr:AfterTaxesOnDistributionsMember ck0001105076:C000017637Member 2018-05-31 2018-05-31 0001105076 ck0001105076:S000006440Member rr:AfterTaxesOnDistributionsAndSalesMember ck0001105076:C000017637Member 2018-05-31 2018-05-31 0001105076 ck0001105076:S000006440Member ck0001105076:index_ICE_BOFA_MERRILL_LYNCH_US_3MONTH_TREASURY_BILL_INDEX_reflects_no_deduction_for_fees_expenses_or_taxesMember 2018-05-31 2018-05-31 0001105076 ck0001105076:S000006440Member ck0001105076:index_STANDARD_POORS_500_INDEX_reflects_no_deduction_for_fees_expenses_or_taxesMember 2018-05-31 2018-05-31 0001105076 ck0001105076:S000030113Member 2018-05-31 2018-05-31 0001105076 ck0001105076:S000030113Member ck0001105076:C000092484Member 2018-05-31 2018-05-31 0001105076 ck0001105076:S000030113Member ck0001105076:C000092485Member 2018-05-31 2018-05-31 0001105076 ck0001105076:S000030113Member ck0001105076:C000115402Member 2018-05-31 2018-05-31 0001105076 ck0001105076:S000030113Member ck0001105076:C000127229Member 2018-05-31 2018-05-31 0001105076 ck0001105076:S000030113Member rr:AfterTaxesOnDistributionsMember ck0001105076:C000092484Member 2018-05-31 2018-05-31 0001105076 ck0001105076:S000030113Member rr:AfterTaxesOnDistributionsAndSalesMember ck0001105076:C000092484Member 2018-05-31 2018-05-31 0001105076 ck0001105076:S000030113Member ck0001105076:index_ICE_BOFA_MERRILL_LYNCH_US_3MONTH_TREASURY_BILL_INDEX_reflects_no_deduction_for_fees_expenses_or_taxesMember 2018-05-31 2018-05-31 0001105076 ck0001105076:S000030113Member ck0001105076:index_BLOOMBERG_BARCLAYS_US_AGGREGATE_BOND_INDEX_reflects_no_deduction_for_fees_expenses_or_taxesMember 2018-05-31 2018-05-31 0001105076 ck0001105076:S000047725Member 2018-05-31 2018-05-31 0001105076 ck0001105076:S000047725Member ck0001105076:C000149945Member 2018-05-31 2018-05-31 0001105076 ck0001105076:S000047725Member ck0001105076:C000149946Member 2018-05-31 2018-05-31 0001105076 ck0001105076:S000047725Member ck0001105076:C000149947Member 2018-05-31 2018-05-31 0001105076 ck0001105076:S000047725Member ck0001105076:C000149948Member 2018-05-31 2018-05-31 0001105076 ck0001105076:S000047725Member rr:AfterTaxesOnDistributionsMember ck0001105076:C000149945Member 2018-05-31 2018-05-31 0001105076 ck0001105076:S000047725Member rr:AfterTaxesOnDistributionsAndSalesMember ck0001105076:C000149945Member 2018-05-31 2018-05-31 0001105076 ck0001105076:S000047725Member ck0001105076:index_ICE_BOFA_MERRILL_LYNCH_US_3MONTH_TREASURY_BILL_INDEX_reflects_no_deduction_for_fees_expenses_or_taxesMember 2018-05-31 2018-05-31 0001105076 ck0001105076:S000047725Member ck0001105076:index_STANDARD_POORS_500_INDEX_reflects_no_deduction_for_fees_expenses_or_taxesMember 2018-05-31 2018-05-31 0001105076 ck0001105076:S000039281Member 2018-05-31 2018-05-31 0001105076 ck0001105076:S000039281Member ck0001105076:C000120977Member 2018-05-31 2018-05-31 0001105076 ck0001105076:S000039281Member ck0001105076:C000120978Member 2018-05-31 2018-05-31 0001105076 ck0001105076:S000039281Member ck0001105076:C000120979Member 2018-05-31 2018-05-31 0001105076 ck0001105076:S000039281Member ck0001105076:C000127230Member 2018-05-31 2018-05-31 0001105076 ck0001105076:S000039281Member rr:AfterTaxesOnDistributionsMember ck0001105076:C000120977Member 2018-05-31 2018-05-31 0001105076 ck0001105076:S000039281Member rr:AfterTaxesOnDistributionsAndSalesMember ck0001105076:C000120977Member 2018-05-31 2018-05-31 0001105076 ck0001105076:S000039281Member ck0001105076:index_ICE_BOFA_MERRILL_LYNCH_US_3MONTH_TREASURY_BILL_INDEX_reflects_no_deduction_for_fees_expenses_or_taxesMember 2018-05-31 2018-05-31 0001105076 ck0001105076:S000039281Member ck0001105076:index_BLOOMBERG_BARCLAYS_CAPITAL_US_AGGREGATE_BOND_INDEX_reflects_no_deduction_for_fees_expenses_or_taxesMember 2018-05-31 2018-05-31 xbrli:pure iso4217:USD The inception date for Class R shares is September 18, 2000, the inception date for Class I shares is October 17, 2003, the inception date for Class C shares is June 1, 2012, and the inception date for the Class A shares is June 1, 2013. The "Since Inception" returns reflected for the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index and the Standard & Poor's 500 Index are based on the inception date for Class R shares. Effective August 30, 2018, the Fund's primary benchmark changed from the Standard & Poor's 500® Index to the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index. The Adviser believes that, given the Fund's investment objective and strategy, the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index provides a more appropriate basis for performance comparison. The Standard & Poor's 500® Index is the Fund's secondary benchmark. 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 purchases of $250,000 or more of Class A shares purchased without a front-end sales charge that are redeemed within 18 months of purchase. Acquired Fund Fees and Expenses are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies. The Total Annual Fund Operating Expenses in this fee table do not correlate to the expense ratio in the Financial Highlights because the expense ratios in the Financial Highlights do not reflect Acquired Fund Fees and Expenses. The inception date for Class R shares and Class I shares is October 1, 2010, the inception date for the Class C shares is June 1, 2012, and the inception date for the Class A shares is June 1, 2013. The "Since Inception" returns reflected for the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index and the Bloomberg Barclays U.S. Aggregate Bond Index are based on the inception date for Class R and Class I shares. Effective August 30, 2018, the Fund's primary benchmark changed from the Bloomberg Barclays U.S. Aggregate Bond Index to the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index. The Adviser believes that, given the Fund's investment objective and strategy, the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index provides a more appropriate basis for performance comparison. The Bloomberg Barclays U.S. Aggregate Bond Index is the Fund's secondary benchmark. 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). 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 1.69% of the Fund's average daily net assets allocable to the Class R shares, 1.44% of the Fund's average daily net assets allocable to the Class I shares, 2.44% of the Fund's average daily net assets allocable to the Class C shares, and 1.69% of the Fund's average daily net assets allocable to the Class A shares. The agreement remains in effect until September 30, 2019, and thereafter continues until either party terminates it upon not less than five days' notice by sending a written notice to the other party. The adviser may recoup any waived amount from the Fund pursuant to the agreement, if such recoupment does not cause the Fund to exceed existing expense limitations in effect at the time the amounts were waived and the recoupment is done within three years after the year in which the expense was waived. The inception date for Class R shares, Class I shares, Class C shares, and Class A shares is December 31, 2014, The "Since Inception" returns reflected for the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index and the Standard & Poor's 500 Index are based on the inception date for Class R, Class I, Class C, and Class A shares. Effective August 30, 2018, the Fund's primary benchmark changed from the Standard & Poor's 500® Index to the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index. The Adviser believes that, given the Fund's investment objective and strategy, the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index provides a more appropriate basis for comparison. The Standard & Poor's 500® Index is the Fund's secondary benchmark. A deferred sales charge of up to 1.00% may be imposed on purchases of $500,000 or more of Class A shares purchased without a front-end sales charge that are redeemed within 18 months of purchase. The inception date for Class R shares, Class I shares and Class C shares is October 1, 2012. The inception date for the Class A shares is June 1, 2013. The "Since Inception" returns reflected for the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index and the Bloomberg Barclays Capital U.S. Aggregate Bond Index are based on the inception date for Class R, Class I and Class C shares. Effective August 30, 2018, the Fund's primary benchmark changed from the Bloomberg Barclays U.S. Aggregate Bond Index to the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index. The Adviser believes that given the Fund's investment objective and strategy, the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index provides a more appropriate basis for comparison. The Bloomberg Barclays U.S. Aggregate Bond Index is the Fund's secondary benchmark. Information has been restated to reflect current fees. 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 485BPOS false 0001105076 2018-05-31 2018-09-27 2018-09-30 2018-09-30 THE ARBITRAGE FUND ARBFX ARBNX ARBCX ARGAX Performance Information <p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The following information provides some indication of the risks and variability of investing in the Fund by showing how the Fund's performance has varied over time. The performance shown reflects the performance of the Fund's Class R shares before and after taxes and the Fund's Class I, Class C and Class A shares before taxes.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The bar chart and performance table shown below depict the performance of the Fund's Class R shares for the periods indicated and show how the Fund's average annual total returns compare with those of a broad measure of market performance. The performance table includes the performance of the Fund's Class I, Class C shares and Class A shares before taxes. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated information on the Fund's performance can be obtained by visiting www.arbitragefunds.com.</font></p> Year-by-Year Annual Total Returns through December 31, 2017 &#8211; Class R Shares -0.0063 0.1005 0.0144 0.045 0.0027 0.0085 0.0143 0.0061 0.0338 0.0260 ~ http://arbitrage.com/20180927/role/ScheduleAnnualTotalReturnsBarChart20005 column dei_LegalEntityAxis compact ck0001105076_S000006440Member column rr_ProspectusShareClassAxis compact ck0001105076_C000017637Member row primary compact * ~ highest return 0.0471 2009-06-30 lowest return -0.024 2010-06-30 year-to-date return -0.0008 2018-06-30 <p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">During the period shown in the bar chart, the highest return for a quarter was 4.71% during the quarter ended June 30, 2009 and the lowest return for a quarter was -2.40% during the quarter ended June 30, 2010.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The year-to-date return of the Fund's Class R shares through June 30, 2018 is -0.08%.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">While the Class I, Class C, and Class A shares would have substantially similar annual returns to the Class R shares because the shares are invested in the same portfolio of securities, the performance of Class I, Class C and Class A shares will differ from that shown above since the Classes do not have the same expenses or inception dates.</font></p> <br/> Average Annual Total Returns for Periods Ended December 31, 2017 <p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The table below shows the Fund's average annual total returns for Class R shares, Class I shares, Class C shares and Class A shares compared with those of the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index, which is comprised of a single issue purchased at the beginning of the month, held for a full month and rolled into a newly selected issue at month-end. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date. The table also shows performance for the Standard &amp; Poor's 500&#174; Index, a broad-based measure of equity market performance. The table also presents the impact of taxes on the returns of the Fund's Class R shares. After-tax returns are shown for Class R shares only, and after-tax returns for Class I, Class C, and Class A shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return after taxes on distributions measures the effect of taxable distributions, but assumes the underlying shares are held for the entire period. Return after taxes on distributions and sale of Fund shares shows the effect of both taxable distributions and any taxable gain or loss that would be realized if the underlying shares were purchased at the beginning and sold at the end of the period (for purposes of the calculation, it is assumed that income dividends and capital gain distributions are reinvested at net asset value and that the entire account is redeemed at the end of the period, including reinvested amounts). The Fund's return after taxes on distributions and sale of Fund shares may be higher than its </font><font style="font-size:10pt; font-family: Arial, Helvetica;">returns before taxes or its returns after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have been incurred.</font></p> 0.0260 0.0177 0.0241 0.0409 0.0131 0.0123 0.0164 0.0315 0.0171 0.0117 0.0159 0.0290 0.0287 0.0203 0.0263 0.0304 0.0084 0.0101 0.0097 0.0000 0.0145 0.0085 0.0027 0.0039 0.0157 0.2183 0.1579 0.0850 0.0560 2000-09-18 2012-06-01 2003-10-17 2013-06-01 2000-09-18 2000-09-18 ~ http://arbitrage.com/20180927/role/ScheduleAverageAnnualReturnsTransposed20006 column dei_LegalEntityAxis compact ck0001105076_S000006440Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:3pt 0pt 0pt 0pt;"><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Return After Taxes on Distributions and Sale of Fund Shares to be greater than the Return After Taxes on Distributions or even the Return Before Taxes.</i></font></p> www.arbitragefunds.com Effective August 30, 2018, the Fund's primary benchmark changed from the Standard & Poor's 500&#174; Index to the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index. The Adviser believes that, given the Fund's investment objective and strategy, the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index provides a more appropriate basis for performance comparison. The Standard & Poor's 500&#174; Index is the Fund's secondary benchmark. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The Fund's return after taxes on distributions and sale of Fund shares may be higher than its returns before taxes or its returns after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have been incurred. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Average Annual Total Returns The following information provides some indication of the risks and variability of investing in the Fund by showing how the Fund's performance has varied over time. (reflects no deduction for fees, expenses, or taxes) After-tax returns are shown for Class R shares only, and after-tax returns for Class I, Class C, and Class A shares will vary. Investment Objective <p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund seeks to achieve capital growth by engaging in merger arbitrage.</font></p> Principal Risks <p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">As with all mutual funds, investing in the Fund entails risks that could cause the Fund and you to lose money. The principal risks of investing in the Fund are as follows:</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Active Management Risk:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The Fund is an actively managed investment portfolio and is therefore subject to management risk. The Adviser will apply its investment and risk analysis in making investment decisions for the Fund, but there is no guarantee that these decisions will produce the intended results.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Concentration Risk:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The Adviser expects the Fund's assets to be invested in various industries; however, if, for example, a large percentage of corporate events taking place within the U.S. are within one industry over a given period of time, a large portion of the Fund's assets could be concentrated in that industry for that period of time. During such a period of concentration, the Fund may be subject to greater volatility and with respect to portfolio securities than a fund that is more broadly diversified.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Counterparty Risk:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The Fund may enter into various types of derivative contracts. These derivative contracts may be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. If a privately negotiated over-the-counter contract calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if the creditworthiness of the counterparty declines, the Fund may not receive payments owed under the contract, or such payments may be delayed and the value of agreements with the counterparty can be expected to decline, potentially resulting in losses to the Fund.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Currency Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> Fluctuations in exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment. Adverse changes in exchange rates may erode or reverse any gains produced by foreign currency denominated investments and may widen any losses. Currency forward/futures contracts also may deny the Fund from realizing gains from an increase in the value of the currency. In addition to currency risk, currency forward/futures contracts, like other derivatives, may be susceptible to credit risk and other risks.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Derivatives Risk:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> In general, a derivative instrument typically involves leverage and provides exposure to potential gain or loss from a change in the market price of the underlying asset (or a basket of assets or an index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative instrument. Adverse changes in the value or price of the underlying asset (or basket of assets or index), which the Fund may not directly own, can result in a loss to the Fund substantially greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional risks and transaction costs. Derivative instruments come in many varieties and may include forward contracts, options (both written and purchased) and swap contracts.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Foreign Securities Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The securities of foreign issuers may be less liquid and more volatile than securities of comparable U.S. issuers. The costs associated with securities transactions may be higher in foreign countries than in the United States. The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by mutual funds in which the Fund invests may be affected favorably or unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies may adversely affect the Fund. Additionally, investments in foreign securities, even those publicly traded in the United States, may involve risks which are in addition to those inherent in U.S. investments. Foreign companies may not be subject to the same regulatory requirements of U.S. companies, and as a consequence, there may be less publicly available information about such companies. Also, foreign companies may not be subject to uniform accounting, auditing, and financial reporting standards and requirements comparable to those applicable to U.S. companies. Foreign governments and foreign economies often are less stable than the U.S. Government and the U.S. economy.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Hedging Transaction Risk:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The success of the Fund's hedging strategies will be subject to the Adviser's ability to assess correctly the degree of correlation between the performance of the instruments used in the hedging strategies and the performance of the investments in the Fund's portfolio being hedged. Hedging transactions involve the risk of imperfect correlation. Imperfect correlation may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. Hedging transactions also limit the opportunity for gain if the value of a hedged portfolio position should increase.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>High Portfolio Turnover Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The Fund's investment strategies may result in high portfolio turnover rates. This may increase the Fund's brokerage commission costs, which would reduce performance. Rapid portfolio turnover also exposes shareholders to a higher current realization of short-term gains which could cause you to pay higher taxes.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Investment Company and ETF Risk:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> Investing in securities issued by other investment companies, including ETFs, involves risks similar to those of investing directly in the securities and other assets held by the investment company or ETF. Unlike shares of typical mutual funds, shares of ETFs are traded on an exchange through a trading day and bought and sold based on market values and not at net asset value. For this reason, shares could trade either at a premium or a discount to net asset value. The trading price of an ETF is expected to closely track the actual net asset value of an ETF, and the Fund will generally gain or lose value consistent with the performance of the ETF's portfolio securities. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs. In addition, the Fund will indirectly bear its pro rata share of the fees and expenses incurred by a fund it invests in, including advisory fees. These expenses are in addition to the advisory and other expenses that the Fund bears directly in connection with its own operations. An ETF may not replicate exactly the performance of the benchmark index it seeks to track for a number of reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Leverage Risk:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> If the Fund uses leverage through activities such as borrowing, entering into short sales, purchasing securities on margin or on a "when-issued" basis or purchasing derivative instruments in an effort to increase its returns, the Fund has the risk of magnified capital losses that occur when losses affect an asset base, enlarged by borrowings or the creation of liabilities, that exceeds the net assets of the Fund. Should the Fund employ leverage, the Fund's net asset value may be more volatile and sensitive to market movements. Leverage may involve the creation of a liability that requires the Fund to pay interest.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Market Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> Market risk is the possibility that securities prices will fluctuate over time. This fluctuation includes both increases and decreases in security prices. The Fund is subject to market risk. The value of the Fund's investments, and the net asset value of the Fund, will fluctuate. Investors could lose money due to this price fluctuation.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Merger Arbitrage Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The principal risk associated with the Fund's merger arbitrage investment strategy is that the proposed reorganizations in which the Fund invests may be renegotiated or terminated, in which case the Fund may realize losses.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Options Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> Options transactions involve special risks that may make it difficult or impossible to close a position when the Fund desires. These risks include possible imperfect correlation between the price movements of the option and the underlying security; the potential lack of a liquid secondary market at any particular time; and possible price fluctuation limits. In addition, the option activities of the Fund may affect its portfolio turnover rate and the amount of brokerage commissions paid by the Fund.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Short Sale Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. It is possible that the Fund's long positions will decline in value at the same time that the value of its short positions increase, thereby increasing potential losses to the Fund. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also </font><font style="font-size:10pt; font-family: Arial, Helvetica;">known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund's investment performance may also suffer if it is required to close out a short position earlier than it had intended. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing. These expenses may negatively impact the performance of the Fund. Short positions introduce more risk to the Fund than long positions (purchases) because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the shorted security. Therefore, in theory, securities sold short have unlimited risk.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Small and Medium Capitalization Securities Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> Securities issued by small and medium capitalization companies tend to be less liquid and more volatile than stocks of companies with relatively large market capitalizations. Securities of small and medium capitalization companies may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these small and medium sized companies may have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small and medium capitalization stock prices may be more volatile than those of larger companies.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Total Return Swap Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. Certain categories of swap agreements often have terms of greater than seven days and may be considered illiquid. Moreover, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. The swaps market is subject to extensive regulation under the Dodd-Frank Act and certain Securities and Exchange Commission and Commodity Futures Trading Commission rules promulgated thereunder. It is possible that developments in the swaps market, including new and additional government regulation, could result in higher Fund costs and expenses and could adversely affect the Fund's ability, among other things, to terminate existing swap agreements or to realize amounts to be received under such agreements.</font></p> As with all mutual funds, investing in the Fund entails risks that could cause the Fund and you to lose money. Fund Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">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 48 of the statutory prospectus and in Appendix A to the prospectus, titled "Intermediary-Specific Sales Charge Reductions and Waivers."</font></p> 0.0000 0.0000 0.0000 0.0250 0.0000 0.0000 0.0100 0.0100 0.0105 0.0105 0.0105 0.0105 0.0025 0.0000 0.0100 0.0025 0.0061 0.0061 0.0061 0.0061 0.0043 0.0043 0.0043 0.0043 0.0018 0.0018 0.0018 0.0018 0.0003 0.0003 0.0003 0.0003 0.0194 0.0169 0.0269 0.0194 ~ http://arbitrage.com/20180927/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact ck0001105076_S000006440Member row primary compact * ~ ~ http://arbitrage.com/20180927/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact ck0001105076_S000006440Member 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 purchases of $250,000 or more of Class A shares purchased without a front-end sales charge that are redeemed within 18 months of purchase. The Total Annual Fund Operating Expenses in this fee table do not correlate to the expense ratio in the Financial Highlights because the expense ratios in the Financial Highlights do not reflect Acquired Fund Fees and Expenses. Shareholder Fees (fees paid directly from your investment) 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. 100000 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover <p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 362% of the average value of its portfolio.</font></p> 3.62 Example <p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">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 operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></p> 197 172 372 442 610 534 836 845 1049 920 1427 1273 2268 2002 3026 2461 197 172 272 442 610 534 836 845 1049 920 1427 1273 2268 2002 3026 2461 ~ http://arbitrage.com/20180927/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact ck0001105076_S000006440Member row primary compact * ~ ~ http://arbitrage.com/20180927/role/ScheduleExpenseExampleNoRedemptionTransposed20004 column dei_LegalEntityAxis compact ck0001105076_S000006440Member row primary compact * ~ You would pay the following expenses if you did not redeem your shares: Principal Investment Strategies <p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">In attempting to achieve its investment objective, under normal market conditions the Fund will seek to invest at least 80% of its net assets (including borrowings for investment purposes) in equity securities of companies (both U.S. and foreign) that are involved in publicly announced mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations and other corporate reorganizations. Equity securities include common and preferred stock. The Fund may invest in equity securities of companies of any market capitalization. Merger arbitrage is a highly specialized investment approach designed to profit from the successful completion of mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations and other corporate reorganizations. The Fund's investment adviser uses investment strategies designed to minimize market exposure, including short selling and the purchasing and selling of options. The Adviser expects the Fund's assets to be invested across various industries; however, if for example, a large percentage (namely, at least 50%) of mergers taking place within the U.S. are within one industry over a given period of time, a large portion of the Fund's assets could be concentrated in that industry for that period of time.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The most common merger arbitrage activity, and the approach the Fund primarily uses, involves purchasing the shares of an announced acquisition target company at a discount to their expected value upon completion of the acquisition. The Fund may engage in selling securities short when the terms of a proposed acquisition call for the exchange of common stock and/or other securities. In such a case, the common stock of the company to be acquired may be purchased and, at approximately the same time, an amount of the acquiring company's common stock and/or other securities, as per the terms of the transaction, may be sold short. The purpose of the short sale is to protect against a decline in the market value of the acquiring company's securities prior to the acquisition's completion. The Fund may enter into equity swap agreements for the purpose of attempting to obtain a desired return on, or exposure to, certain equity securities or equity indices in an expedited manner or at a lower cost to the Fund than if the Fund had invested directly in such securities. The Fund may, but is not required to, seek to reduce currency risk by hedging part or all of its exposure to various foreign currencies. Furthermore, the Fund may invest in exchange traded funds ("ETFs").</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund generally engages in active and frequent trading of portfolio securities to achieve its investment objective. The Fund will generally sell or close out a security when the securities of the companies involved in the transaction no longer meet the Fund's expected return criteria when gauged by prevailing market prices and the relative risks of the situation.</font></p> THE ARBITRAGE EVENT-DRIVEN FUND AEDFX AEDNX AEFCX AGEAX Performance Information <p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The following information provides some indication of the risks and variability of investing in the Fund by showing how the Fund's performance has varied over time. The performance shown reflects the performance of the Fund's Class R shares before and after taxes and the Fund's Class I, Class C and Class A shares before taxes.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The bar chart and performance table shown below depict the performance of the Fund's Class R shares for the periods indicated and show how the Fund's average annual total returns compare with those of a broad measure of market performance. The performance table includes the performance of the Fund's Class I, Class C and Class A shares before taxes. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Performance reflects fee waivers in effect. If fee waivers were not in place, the Fund's performance would be reduced. Updated information on the Fund's performance can be obtained by visiting www.arbitragefunds.com.</font></p> Year-by-Year Annual Total Returns through December 31, 2017 &#8211; Class R Shares 0.0328 0.0177 0.054 -0.0169 -0.0831 0.0506 0.0368 ~ http://arbitrage.com/20180927/role/ScheduleAnnualTotalReturnsBarChart20013 column dei_LegalEntityAxis compact ck0001105076_S000030113Member column rr_ProspectusShareClassAxis compact ck0001105076_C000092484Member row primary compact * ~ highest return 0.0581 2011-12-31 lowest return -0.0589 2015-09-30 year-to-date return 0.0063 2018-06-30 <p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">During the period shown in the bar chart, the highest return for a quarter was 5.81% during the quarter ended December 31, 2011 and the lowest return for a quarter was -5.89% during the quarter ended September 30, 2015.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The year-to-date return of the Fund's Class R shares through June 30, 2018 is 0.63%.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">While the Class I shares, Class C shares and Class A shares would have substantially similar annual returns to the Class R shares because the shares are invested in the same portfolio of securities, the performance of Class I, Class C, and Class A shares will differ from that shown above since the Classes do not have the same expenses or inception dates.</font></p> <br/> Average Annual Total Returns for Periods Ended December 31, 2017 <p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The table below shows the Fund's average annual total returns for Class R shares, Class I shares, Class C shares and Class A shares compared with those of the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index, which is comprised of a single issue purchased at the beginning of the month, held for a full month and rolled into a newly selected issue at month-end. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date. The table also shows performance for the Bloomberg Barclays U.S. Aggregate Bond Index, a broad-based measure of the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market performance. The table also presents the impact of taxes on the returns of the Fund's Class R shares. After-tax returns are shown for Class R shares only, and after-tax returns for Class I, Class C, and Class A shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return after taxes on distributions measures the effect of taxable distributions, but assumes the underlying shares are held for the entire period. Return after taxes on distributions and sale of Fund shares shows the effect of both taxable distributions and any taxable gain or loss that would be realized if the underlying shares were purchased at the beginning and sold at the end of the period (for purposes of the calculation, it is assumed that income dividends and capital gain distributions are reinvested at net asset value and that the entire account is redeemed at the end of the period, including reinvested amounts). The Fund's return after taxes on distributions and sale of Fund shares may be higher than its returns before taxes or its returns </font><font style="font-size:10pt; font-family: Arial, Helvetica;">after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have been incurred.</font></p> 0.0368 0.0069 0.0139 0.0361 0.0022 0.0059 0.0214 0.0033 0.0077 0.0390 0.0094 0.0164 0.0188 -0.0007 0.0017 0.0020 -0.0026 0.0085 0.0027 0.0022 0.0354 0.0210 0.0290 2010-10-01 2010-10-01 2010-10-01 2012-06-01 2010-10-01 2013-06-01 ~ http://arbitrage.com/20180927/role/ScheduleAverageAnnualReturnsTransposed20014 column dei_LegalEntityAxis compact ck0001105076_S000030113Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:3pt 0pt 0pt 0pt;"><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Return After Taxes on Distributions and Sale of Fund Shares to be greater than the Return After Taxes on Distributions or even the Return Before Taxes.</i></font></p> www.arbitragefunds.com Effective August 30, 2018, the Fund's primary benchmark changed from the Bloomberg Barclays U.S. Aggregate Bond Index to the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index. The Adviser believes that, given the Fund's investment objective and strategy, the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index provides a more appropriate basis for performance comparison. The Bloomberg Barclays U.S. Aggregate Bond Index is the Fund's secondary benchmark. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The Fund's return after taxes on distributions and sale of Fund shares may be higher than its returns before taxes or its returns after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have been incurred. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Average Annual Total Returns The following information provides some indication of the risks and variability of investing in the Fund by showing how the Fund's performance has varied over time. (reflects no deduction for fees, expenses, or taxes) After-tax returns are shown for Class R shares only, and after-tax returns for Class I, Class C, and Class A shares will vary. Investment Objective <p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund seeks to achieve capital growth.</font></p> Principal Risks <p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">As with all mutual funds, investing in the Fund entails risks that could cause the Fund and you to lose money. The principal risks of investing in the Fund are as follows:</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Active Management Risk:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The Fund is an actively managed investment portfolio and is therefore subject to management risk. The Adviser will apply its investment and risk analysis in making investment decisions for the Fund, but there is no guarantee that these decisions will produce the intended results.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Concentration Risk:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The Adviser expects the Fund's assets to be invested in various industries; however, if, for example, a large percentage of corporate events taking place within the U.S. are within one industry over a given period of time, a large portion of the Fund's assets could be concentrated in that industry for that period of time. During such a period of concentration, the Fund may be subject to greater volatility and with respect to portfolio securities than a fund that is more broadly diversified.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Convertible Security Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Because convertible securities are higher in the firm's capital structure than equity, convertible securities are generally not as risky as the equity </font><font style="font-size:10pt; font-family: Arial, Helvetica;">securities of the same issuer. However, convertible securities may gain or lose value due to changes in interest rates and other general economic conditions, industry fundamentals, market sentiment and changes in the issuer's operating results and credit ratings.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Counterparty Risk:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The Fund may enter into various types of derivative contracts. These derivative contracts may be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. If a privately negotiated over-the-counter contract calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if the creditworthiness of the counterparty declines, the Fund may not receive payments owed under the contract, or such payments may be delayed and the value of agreements with the counterparty can be expected to decline, potentially resulting in losses to the Fund.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Credit Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> Credit risk refers to the possibility that the issuer of the security will not be able to make interest or principal payments when due. The Fund may invest in convertible and non-convertible debt securities, including high yield debt securities, also known as "junk bonds." Investments in junk bonds are subject to greater credit risks than securities with credit ratings above investment grade and have a greater risk of default than investment grade debt securities. Junk bonds are less sensitive to interest rate changes than higher credit quality instruments and generally are more sensitive to adverse economic changes or individual corporate developments.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Currency Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> Fluctuations in exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment. Adverse changes in exchange rates may erode or reverse any gains produced by foreign currency denominated investments and may widen any losses. Currency forward/futures contracts also may deny the Fund from realizing gains from an increase in the value of the currency. In addition to currency risk, currency forward/futures contracts, like other derivatives, may be susceptible to credit risk and other risks.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Derivatives Risk:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> In general, a derivative instrument typically involves leverage and provides exposure to potential gain or loss from a change in the market price of the underlying asset (or a basket of assets or an index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative instrument. Adverse changes in the value or price of the underlying asset (or basket of assets or index), which the Fund may not directly own, can result in a loss to the Fund substantially greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional risks and transaction costs. Derivative instruments come in many varieties and may include forward contracts, options (both written and purchased) and swap contracts.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Event-Driven Risk:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> Event-driven investments involve the risk that certain of the events driving the investment may not happen or the market may react differently than expected to the anticipated transaction. In addition, although an event may occur or is announced, it may be renegotiated, terminated or involve a longer time frame than originally contemplated. Event-driven investment transactions are also subject to the risk of overall market movements. Any one of these risks could cause the Fund to experience investment losses, impacting its shares negatively.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Foreign Securities Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The securities of foreign issuers may be less liquid and more volatile than securities of comparable U.S. issuers. The costs associated with securities transactions may be higher in foreign countries than in the United States. The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by mutual funds in which the Fund invests may be affected favorably or unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies may adversely affect the Fund. Additionally, investments in foreign securities, even those publicly traded in the United States, may involve risks which are in addition to those inherent in U.S. investments. Foreign companies may not be subject to the same regulatory requirements of U.S. companies, and as a consequence, there may be less publicly available information about such companies. Also, foreign companies may not be subject to uniform accounting, auditing, and financial reporting standards and requirements comparable to those applicable to U.S. companies. Foreign governments and foreign economies often are less stable than the U.S. Government and the U.S. economy.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Hedging Transaction Risk:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The success of the Fund's hedging strategies will be subject to the Adviser's ability to assess correctly the degree of correlation between the performance of the instruments used in the hedging strategies and the performance of the investments in the Fund's portfolio being hedged. Hedging transactions involve the risk of imperfect correlation. Imperfect correlation may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. Hedging transactions also limit the opportunity for gain if the value of a hedged portfolio position should increase.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>High Portfolio Turnover Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The Fund's investment strategies may result in high portfolio turnover rates. This may increase the Fund's brokerage commission costs, which would reduce performance. Rapid portfolio turnover also exposes shareholders to a higher current realization of short-term gains which could cause you to pay higher taxes.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Interest Rate Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> Prices of debt securities and preferred stocks tend to move inversely with changes in interest rates. When interest rates fall, the market value of the respective debt securities and preferred securities usually increases. Conversely, when interest rates rise, the market value of the respective debt securities and preferred securities usually declines. As such, a change in interest rates may affect prices of the Fund's debt securities and preferred securities and, accordingly, the Fund's share price.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Investment Company and ETF Risk:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> Investing in securities issued by other investment companies, including ETFs, involves risks similar to those of investing directly in the securities and other assets held by the investment company or ETF. Unlike shares of typical mutual funds, shares of ETFs are traded on an exchange through a trading day and bought and sold based on market values and not at net asset value. For this reason, shares could trade either at a premium or a discount to net asset value. The trading price of an ETF is expected to closely track the actual net asset value of an ETF, and the Fund will generally gain or lose value consistent with the performance of the ETF's portfolio securities. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs. In addition, the Fund will indirectly bear its pro rata share of the fees </font><font style="font-size:10pt; font-family: Arial, Helvetica;">and expenses incurred by a fund it invests in, including advisory fees. These expenses are in addition to the advisory and other expenses that the Fund bears directly in connection with its own operations. An ETF may not replicate exactly the performance of the benchmark index it seeks to track for a number of reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Leverage Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> If the Fund uses leverage through activities such as borrowing, entering into short sales, purchasing securities on margin or on a "when-issued" basis or purchasing derivative instruments in an effort to increase its returns, the Fund has the risk of magnified capital losses that occur when losses affect an asset base, enlarged by borrowings or the creation of liabilities, that exceeds the net assets of the Fund. Should the Fund employ leverage, the Fund's net asset value may be more volatile and sensitive to market movements. Leverage may involve the creation of a liability that requires the Fund to pay interest.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Large Shareholder Transaction Risk:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions may cause the Fund to sell its securities at times when it would not otherwise do so, which may negatively impact the Fund's NAV and liquidity. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. Similarly, large share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Market Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> Market risk is the possibility that securities prices will fluctuate over time. This fluctuation includes both increases and decreases in security prices. The Fund is subject to market risk. The value of the Fund's investments, and the net asset value of the Fund, will fluctuate. Investors could lose money due to this price fluctuation.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Merger Arbitrage Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The principal risk associated with the Fund's merger arbitrage investment strategy is that the proposed reorganizations in which the Fund invests may be renegotiated or terminated, in which case the Fund may realize losses.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Options Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> Options transactions involve special risks that may make it difficult or impossible to close a position when the Fund desires. These risks include possible imperfect correlation between the price movements of the option and the underlying security; the potential lack of a liquid secondary market at any particular time; and possible price fluctuation limits. In addition, the option activities of the Fund may affect its portfolio turnover rate and the amount of brokerage commissions paid by the Fund.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Short Sale Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. It is possible that the Fund's long positions will decline in value at the same time that the value of its short positions increase, thereby increasing potential losses to the Fund. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus </font><font style="font-size:10pt; font-family: Arial, Helvetica;">resulting in a loss to the Fund. The Fund's investment performance may also suffer if it is required to close out a short position earlier than it had intended. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing. These expenses may negatively impact the performance of the Fund. Short positions introduce more risk to the Fund than long positions (purchases) because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the shorted security. Therefore, in theory, securities sold short have unlimited risk.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Small and Medium Capitalization Securities Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> Securities issued by small and medium capitalization companies tend to be less liquid and more volatile than stocks of companies with relatively large market capitalizations. Securities of small and medium capitalization companies may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these small and medium sized companies may have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small and medium capitalization stock prices may be more volatile than those of larger companies.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Total Return Swap Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. Certain categories of swap agreements often have terms of greater than seven days and may be considered illiquid. Moreover, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. The swaps market is subject to extensive regulation under the Dodd-Frank Act and certain Securities and Exchange Commission and Commodity Futures Trading Commission rules promulgated thereunder. It is possible that developments in the swaps market, including new and additional government regulation, could result in higher Fund costs and expenses and could adversely affect the Fund's ability, among other things, to terminate existing swap agreements or to realize amounts to be received under such agreements.</font></p> As with all mutual funds, investing in the Fund entails risks that could cause the Fund and you to lose money. Fund Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">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 48 of the statutory prospectus and in Appendix A to the prospectus, titled "Intermediary-Specific Sales Charge Reductions and Waivers."</font></p> 0.0000 0.0000 0.0000 0.0325 0.0000 0.0000 0.0100 0.0100 0.0125 0.0125 0.0125 0.0125 0.0025 0.0000 0.0100 0.0025 0.0109 0.0109 0.0109 0.0109 0.0047 0.0047 0.0047 0.0047 0.0062 0.0062 0.0062 0.0062 0.0004 0.0004 0.0004 0.0004 0.0263 0.0238 0.0338 0.0263 -0.0043 -0.0043 -0.0043 -0.0043 0.0220 0.0195 0.0295 0.0220 ~ http://arbitrage.com/20180927/role/ScheduleShareholderFees20009 column dei_LegalEntityAxis compact ck0001105076_S000030113Member row primary compact * ~ ~ http://arbitrage.com/20180927/role/ScheduleAnnualFundOperatingExpenses20010 column dei_LegalEntityAxis compact ck0001105076_S000030113Member row primary compact * ~ 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). This contingent deferred sales charge applies to Class C shares redeemed within 12 months of purchase. The Total Annual Fund Operating Expenses in this fee table do not correlate to the expense ratio in the Financial Highlights because the expense ratios in the Financial Highlights do not reflect Acquired Fund Fees and Expenses. Shareholder Fees (fees paid directly from your investment) 2019-09-30 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. 100000 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover <p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During its most recent fiscal year, the Fund's portfolio turnover rate was 421% of the average value of its portfolio.</font></p> 4.21 Example <p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">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 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:</font></p> 223 198 398 541 777 701 999 1076 1357 1232 1723 1638 2932 2683 3638 3162 223 198 298 541 777 701 999 1076 1357 1232 1723 1638 2932 2683 3638 3162 ~ http://arbitrage.com/20180927/role/ScheduleExpenseExampleTransposed20011 column dei_LegalEntityAxis compact ck0001105076_S000030113Member row primary compact * ~ ~ http://arbitrage.com/20180927/role/ScheduleExpenseExampleNoRedemptionTransposed20012 column dei_LegalEntityAxis compact ck0001105076_S000030113Member row primary compact * ~ You would pay the following expenses if you did not redeem your shares: Principal Investment Strategies <p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund invests in equity and debt and debt-like instruments (including high yield bonds commonly known as "junk bonds") of companies whose prices the Fund's investment adviser believes are or will be impacted by a corporate event. Specifically, the Fund employs investment strategies designed to capture price movements generated by corporate events such as mergers, acquisitions, asset sales, restructurings, refinancings, recapitalizations, reorganizations or other special situations (referred to as "event-driven opportunities"). The Fund may invest in both U.S. and foreign securities, and may invest in securities of companies of any market capitalization and in debt securities of any maturity. The Fund may also invest in derivatives, such as options and total return swaps. Furthermore, the Fund may invest in exchange traded funds ("ETFs"). The Adviser expects the Fund's assets to be invested in various industries; however, if, for example, a large percentage (namely, at least 50%) of corporate events taking place within the U.S. are within one industry over a given period of time, a large portion of the Fund's assets could be concentrated in that industry for that period of time.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may utilize investment strategies such as merger arbitrage, convertible arbitrage and capital structure arbitrage in order to profit from event-driven opportunities. These investment strategies are described more fully below.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Merger Arbitrage:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> Merger arbitrage is a highly specialized investment approach designed to profit from the successful completion of mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations and other corporate reorganizations. The most common merger arbitrage activity, and the approach the Fund generally uses, involves purchasing the shares of an announced acquisition target company at a discount to their expected value upon completion of the acquisition. The Fund may engage in selling securities short when the terms of a proposed acquisition call for the exchange of common stock and/or other securities. In such a case, the securities of the company to be acquired may be purchased and, at approximately the same time, an amount of the acquiring company's common stock and/or other securities as per the terms of the transaction may be sold short.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Convertible Arbitrage:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> Convertible arbitrage is a specialized strategy that seeks to profit from pricing inefficiencies between a firm's convertible securities and its underlying equity. The most common convertible arbitrage approach, and the strategy the Fund generally uses, matches a long position in the convertible security with a short position in the underlying common stock. The Fund seeks to purchase convertible securities at discounts to their expected future values and </font><font style="font-size:10pt; font-family: Arial, Helvetica;">sell short shares of the underlying common stock in order to mitigate equity market movements. As stock prices rise and the convertible security becomes more equity sensitive, the Fund may sell short additional common shares in order to maintain the relationship between the convertible and the underlying common stock. As stock prices fall, the Fund will typically buy back a portion of shares which it had sold short. Positions are typically designed to earn income from coupon or dividend payments and net gains from the purchase and sale of the convertible securities' positions and the underlying common stocks.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Capital Structure Arbitrage:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> Capital structure arbitrage seeks to profit from relative pricing discrepancies between related debt and/or equity securities. For example, when the Fund believes that unsecured securities are overvalued in relation to senior secured securities, the Fund may purchase a senior secured security of an issuer and sell short an unsecured security of the same issuer. In this example the trade would be profitable if credit quality spreads widened or if the issuer went bankrupt and the recovery rate for the senior debt was higher than anticipated. Another example might involve the Fund purchasing one class of common stock while selling short a different class of common stock of the same issuer. It is expected that, over time, the relative mispricing of the securities may decline, at which point the position will be liquidated.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund generally engages in active and frequent trading of portfolio securities to achieve its principal investment objective. The Fund may sell or close out a security when the securities of the companies involved in the transaction no longer meet the Fund's expected return criteria when gauged by prevailing market prices and the relative risks of the situation. The Fund may, but is not required to, seek to reduce currency risk by hedging part or all of its exposure to various foreign currencies.</font></p> Arbitrage Tactical Equity Fund ATQFX ATQIX ATQCX ATQAX Performance Information <p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The following information provides some indication of the risks and variability of investing in the Fund by showing how the Fund's performance has varied over time. The performance shown reflects the performance of the Fund's Class R shares before and after taxes and the Fund's Class I, Class C and Class A shares before taxes.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The bar chart and performance table shown below depict the performance of the Fund's Class R shares for the period indicated and show how the Fund's average annual total returns compare with those of a broad measure of market performance. The performance table includes the performance of the Fund's Class I, Class C and Class A shares before taxes. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Performance reflects fee waivers in effect. If fee waivers were not in place, the Fund's performance would be reduced. Updated information on the Fund's performance can be obtained by visiting www.arbitragefunds.com.</font></p> Year-by-Year Annual Total Returns through December 31, 2017 &#8211; Class R Shares -0.0742 0.0458 0.0584 ~ http://arbitrage.com/20180927/role/ScheduleAnnualTotalReturnsBarChart20021 column dei_LegalEntityAxis compact ck0001105076_S000047725Member column rr_ProspectusShareClassAxis compact ck0001105076_C000149945Member row primary compact * ~ highest return 0.0291 2016-09-30 lowest return -0.0605 2015-09-30 year-to-date return 0.0049 2018-06-30 <p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">During the period shown in the bar chart, the highest return for a quarter was 2.91% during the quarter ended September 30, 2016 and the lowest return for a quarter was -6.05% during the quarter ended September 30, 2015.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The year-to-date return of the Fund's Class R shares through June 30, 2018 is 0.49%.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">While the Class I shares, Class C shares and Class A shares would have substantially similar annual returns to the Class R shares because the shares are invested in the same portfolio of securities, the performance of Class I, Class C, and Class A shares will differ from that shown above since the Classes do not have the same expenses.</font></p> <br/> Average Annual Total Returns for Periods Ended December 31, 2017 <p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The table below shows the Fund's average annual total returns for Class R shares, Class I shares, Class C shares and Class A shares compared with those of the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index, which is comprised of a single issue purchased at the beginning of the month, held for a full month and rolled into a newly selected issue at month-end. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date. The table also shows performance for Standard &amp; Poor's 500&#174; Index, a broad-based measure of equity market performance. The table also presents the impact of taxes on the returns of the Fund's Class R shares. After-tax returns are shown for Class R shares only, and after-tax returns for Class I, Class C, and Class A shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return after taxes on distributions measures the effect of taxable distributions, but assumes the underlying shares are held for the entire period. Return after taxes on distributions and sale of Fund shares shows the effect of both taxable distributions and any taxable gain or loss that would be realized if the underlying shares were purchased at the beginning and sold at the end of the period (for purposes of the calculation, it is assumed that income dividends and capital gain distributions are reinvested at net asset value and that the entire account is redeemed at the end of the period, including reinvested amounts). The Fund's return after taxes on distributions and sale of Fund shares may be higher than its returns before taxes or its returns after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have been incurred.</font></p> 0.0584 0.0082 0.0584 0.0068 0.0331 0.0056 0.0584 0.0082 0.0484 0.0082 0.0242 -0.0030 0.0085 0.0041 0.2183 0.1102 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 ~ http://arbitrage.com/20180927/role/ScheduleAverageAnnualReturnsTransposed20022 column dei_LegalEntityAxis compact ck0001105076_S000047725Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ www.arbitragefunds.com Effective August 30, 2018, the Fund's primary benchmark changed from the Standard & Poor's 500&#174; Index to the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index. The Adviser believes that, given the Fund's investment objective and strategy, the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index provides a more appropriate basis for comparison. The Standard & Poor's 500&#174; Index is the Fund's secondary benchmark. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The Fund's return after taxes on distributions and sale of Fund shares may be higher than its returns before taxes or its returns after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have been incurred. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Average Annual Total Returns The following information provides some indication of the risks and variability of investing in the Fund by showing how the Fund's performance has varied over time. (reflects no deduction for fees, expenses, or taxes) After-tax returns are shown for Class R shares only, and after-tax returns for Class I, Class C, and Class A shares will vary. Investment Objective <p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund seeks to achieve capital appreciation.</font></p> Principal Risks <p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">As with all mutual funds, investing in the Fund entails risks that could cause the Fund and you to lose money. The principal risks of investing in the Fund are as follows:</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Active Management Risk:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The Fund is an actively managed investment portfolio and is therefore subject to management risk. The Adviser will apply its investment and risk analysis in making investment decisions for the Fund, but there is no guarantee that these decisions will produce the intended results.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Concentration Risk:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The Adviser expects the Fund's assets to be invested in various industries; however, if, for example, a large percentage of corporate events taking place within the U.S. are within one industry over a given period of time, a large portion of the Fund's assets could be concentrated in that industry for that period of time. During such a period of concentration, the Fund may be subject to greater volatility and with respect to portfolio securities than a fund that is more broadly diversified.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Counterparty Risk:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The Fund may enter into various types of derivative contracts. These derivative contracts may be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. If a privately negotiated over-the-counter contract calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if the creditworthiness of the counterparty declines, the Fund may not receive payments owed under the contract, or such payments may be delayed and the value of agreements with the counterparty can be expected to decline, potentially resulting in losses to the Fund.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Credit Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> Credit risk refers to the possibility that the issuer of the security will not be able to make interest or principal payments when due. The Fund may invest in convertible and non-convertible debt securities, including high yield debt securities, also known as "junk bonds." Investments in junk bonds are subject to greater credit risks than securities with credit ratings above investment grade and have a greater risk of default than investment grade debt securities. Junk bonds are less sensitive to interest rate changes than higher credit quality instruments and generally are more sensitive to adverse economic changes or individual corporate developments.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Currency Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> Fluctuations in exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment. Adverse changes in exchange rates may erode or reverse any gains produced by foreign currency denominated investments and may widen any losses. Currency forward/futures contracts also may deny the Fund from realizing gains from an increase in the value of the currency. In addition to currency risk, currency forward/futures contracts, like other derivatives, may be susceptible to credit risk and other risks.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Derivatives Risk:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> In general, a derivative instrument typically involves leverage and provides exposure to potential gain or loss from a change in the market price of the underlying asset (or a basket of assets or an index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative instrument. Adverse changes in the value or price of the underlying asset (or basket of assets or index), which the Fund may not directly own, can result in a loss to the Fund substantially greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional risks and transaction costs. Derivative instruments come in many varieties and may include forward contracts, options (both written and purchased) and swap contracts.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>ETF Risk:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> Unlike shares of traditional mutual funds, shares of ETFs are listed and traded on securities exchanges and in over-the-counter markets, and the purchase and sale of these shares involve transaction fees and commissions. In addition, shares of an ETF are issued in "creation units" and are not redeemable individually except upon termination of the ETF. To redeem, a Fund must accumulate enough shares of an ETF to reconstitute a creation unit. The liquidity of a small holding of an ETF, therefore, will depend upon the existence of a secondary market. Also, even though the market price of an ETF is derived from the securities it owns, such price at any given time may be at, below or above the ETF's NAV.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>ETN Risk:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> ETNs are unsecured debt obligations of financial institutions that trade on a securities exchange. ETN payment terms are linked to the performance of a reference index or benchmark, representing the ETN's investment objective. They are different from traditional corporate bonds in that an ETN does not pay a stated rate of interest but rather provides a return based on the performance of a reference index or benchmark (less any investor fees). ETNs may be linked to a broad-based securities index or to an index tied to emerging markets, commodities, a specific industry sector or other assets. ETNs are subject to issuer credit risks, market risks from the performance of their index or benchmark, price volatility risk and liquidity risk, and may be subject to leverage risk.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Event-Driven Risk:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> Event-driven investments involve the risk that certain of the events driving the investment may not happen or the market may react differently than expected to the anticipated transaction. In addition, although an event may occur or is announced, it may be renegotiated, terminated or involve a longer time frame than originally contemplated. Event-driven investment transactions are also subject to the risk of overall market movements. Any one of these risks could cause the Fund to experience investment losses, impacting its shares negatively.</font></p> <br/><p style="margin: 0pt 0pt 6pt 0pt;"><font style="font-size: 10pt; font-family: Arial, Helvetica;"><em>Foreign Securities Risks:</em></font><font style="font-size: 10pt; font-family: Arial, Helvetica;"> The securities of foreign issuers may be less liquid and more volatile than securities of comparable U.S. issuers. The costs associated with securities transactions may be higher in foreign countries than in the United States. The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by mutual funds in which the Fund invests may be affected favorably or unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies may adversely affect the Fund. Additionally, investments in foreign securities, even those publicly traded in the United States, may involve risks which are in addition to those inherent in U.S. investments. Foreign companies may not be subject to the same regulatory requirements of U.S. companies, and as a consequence, there may be less publicly available information about such companies. Also, foreign companies may not be subject to uniform accounting, auditing, and financial reporting standards and requirements comparable to those applicable to U.S. companies. Foreign governments and foreign economies often are less stable than the U.S. Government and the U.S. economy.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Hedging Transaction Risk:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The success of the Fund's hedging strategies will be subject to the Adviser's ability to assess correctly the degree of correlation between the performance of the instruments used in the hedging strategies and the performance of the investments in the Fund's portfolio being hedged. Hedging transactions involve the risk of imperfect correlation. Imperfect correlation may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. Hedging transactions also limit the opportunity for gain if the value of a hedged portfolio position should increase.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>High Portfolio Turnover Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The Fund's investment strategies may result in higher portfolio turnover rates. This may increase the Fund's brokerage commission costs, which would reduce performance. Rapid portfolio turnover also exposes shareholders to a higher current realization of short-term gains which could cause you to pay higher taxes.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Interest Rate Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> Prices of debt securities and preferred stocks tend to move inversely with changes in interest rates. When interest rates fall, the market value of the respective debt securities and preferred securities usually increases. Conversely, when interest rates rise, the market value of the respective debt securities and preferred securities usually declines. As such, a change in interest rates may affect prices of the Fund's debt securities and preferred securities and, accordingly, the Fund's share price.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Large Shareholder Transaction Risk:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions may cause the Fund to sell its securities at times when it would not otherwise do so, which may negatively impact the Fund's NAV and liquidity. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. Similarly, large share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Leverage Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> If the Fund uses leverage through activities such as borrowing, entering into short sales, purchasing securities on margin or on a "when-issued" basis or purchasing derivative instruments in an effort to increase its returns, the Fund has the risk of magnified capital losses that occur when losses affect an asset base, enlarged by borrowings or the creation of liabilities, that exceeds the net assets of the Fund. Should the Fund employ leverage, the Fund's net asset value may be more volatile and sensitive to market movements. Leverage may involve the creation of a liability that requires the Fund to pay interest.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Market Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> Market risk is the possibility that securities prices will fluctuate over time. This fluctuation includes both increases and decreases in security prices. The Fund is subject to market risk. The value of the Fund's investments, and the net asset value of the Fund, will fluctuate. Investors could lose money due to this price fluctuation.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Non-Diversification Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The Fund is a non-diversified investment company, which means that more of the Fund's assets may be invested in the securities of a single issuer than could be invested in the securities of a single issuer by a diversified investment company. This may make the value of the Fund's shares more susceptible to certain risks than shares of a diversified investment company. As a non-diversified fund, the Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Options Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> Options transactions involve special risks that may make it difficult or impossible to close a position when the Fund desires. These risks include possible imperfect correlation between the price movements of the option and the underlying security; the potential lack of a liquid secondary market at any particular time; and possible price fluctuation limits. In addition, the option activities of the Fund may affect its portfolio turnover rate and the amount of brokerage commissions paid by the Fund.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Short Sale Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. It is possible that the Fund's long positions will decline in value at the same time that the value of its short positions increase, thereby increasing potential losses to the Fund. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund's investment performance will also suffer if it is required to close out a short position earlier than it had intended. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing. These expenses may negatively impact the performance of the Fund. Short positions may introduce additional risk to the Fund because a short position loses value as a security's price increases and there is no theoretical ceiling to the price of the shorted security. Therefore, securities sold short have unlimited risk.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Small and Medium Capitalization Securities Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> Securities issued by small and medium capitalization companies tend to be less liquid and more volatile than stocks of companies with relatively large market capitalizations. Securities of small and medium capitalization companies may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these small and medium sized companies may have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small and medium capitalization stock prices may be more volatile than those of larger companies.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Total Return Swap Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. Certain categories of swap agreements often have terms of greater </font><font style="font-size:10pt; font-family: Arial, Helvetica;">than seven days and may be considered illiquid. Moreover, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. The swaps market is subject to extensive regulation under the Dodd-Frank Act and certain Securities and Exchange Commission and Commodity Futures Trading Commission rules promulgated thereunder. It is possible that developments in the swaps market, including new and additional government regulation, could result in higher Fund costs and expenses and could adversely affect the Fund's ability, among other things, to terminate existing swap agreements or to realize amounts to be received under such agreements.</font></p> As with all mutual funds, investing in the Fund entails risks that could cause the Fund and you to lose money. The Fund is a non-diversified investment company, which means that more of the Fund's assets may be invested in the securities of a single issuer than could be invested in the securities of a single issuer by a diversified investment company. This may make the value of the Fund's shares more susceptible to certain risks than shares of a diversified investment company. As a non-diversified fund, the Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer. Fund Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">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 48 of the statutory prospectus and in Appendix A to the prospectus, titled "Intermediary-Specific Sales Charge Reductions and Waivers."</font></p> 0.0000 0.0000 0.0000 0.0325 0.0000 0.0000 0.0100 0.0100 0.0125 0.0125 0.0125 0.0125 0.0025 0.0000 0.0100 0.0025 0.1102 0.1102 0.1102 0.1102 0.0066 0.0066 0.0066 0.0066 0.1036 0.1036 0.1036 0.1036 0.0007 0.0007 0.0007 0.0007 0.1259 0.1234 0.1334 0.1259 -0.1017 -0.1017 -0.1017 -0.1017 0.0242 0.0217 0.0317 0.0242 ~ http://arbitrage.com/20180927/role/ScheduleShareholderFees20017 column dei_LegalEntityAxis compact ck0001105076_S000047725Member row primary compact * ~ ~ http://arbitrage.com/20180927/role/ScheduleAnnualFundOperatingExpenses20018 column dei_LegalEntityAxis compact ck0001105076_S000047725Member row primary compact * ~ A deferred sales charge of up to 1.00% may be imposed on purchases of $500,000 or more of Class A shares purchased without a front-end sales charge that are redeemed within 18 months of purchase. This contingent deferred sales charge applies to Class C shares redeemed within 12 months of purchase. The Total Annual Fund Operating Expenses in this fee table do not correlate to the expense ratio in the Financial Highlights because the expense ratios in the Financial Highlights do not reflect Acquired Fund Fees and Expenses. Shareholder Fees (fees paid directly from your investment) 2019-09-30 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. 100000 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover <p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During its most recent fiscal year, the Fund's portfolio turnover rate was 520% of the average value of its portfolio.</font></p> 5.20 Example <p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">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 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:</font></p> 245 220 420 562 2636 2575 2815 2875 4677 4597 4911 4850 8570 8488 8800 8617 245 220 320 562 2636 2575 2815 2875 4677 4597 4911 4850 8570 8488 8800 8617 ~ http://arbitrage.com/20180927/role/ScheduleExpenseExampleTransposed20019 column dei_LegalEntityAxis compact ck0001105076_S000047725Member row primary compact * ~ ~ http://arbitrage.com/20180927/role/ScheduleExpenseExampleNoRedemptionTransposed20020 column dei_LegalEntityAxis compact ck0001105076_S000047725Member row primary compact * ~ You would pay the following expenses if you did not redeem your shares: Principal Investment Strategies <p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund seeks to profit from investing in securities of companies whose stock price trades significantly higher or lower from where the investment adviser (the "Adviser") believes it should trade. The Adviser believes such differences may occur when news and events create misperception of a company's correct stock price. Examples of such news and events, which the Fund refers to as "investment opportunities," include, but are not limited to: changes in industry or sector fundamentals, announcements or potential announcements of restructurings (bankruptcies, spinoffs, and asset sales), mergers and acquisitions, earnings results and outlook, regulatory changes and litigation. The Adviser's investment approach is to identify these differences and to tactically purchase or sell short such securities in order to achieve the Fund's objective. The Fund may engage in active and frequent trading of portfolio securities to achieve its investment objective. In certain circumstances, the Adviser may seek to proactively engage with company management to address opportunities that may further unlock value or discuss concerns.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">In order to meet its investment objective, the Fund will invest in a portfolio of securities including: equities, debt (such as corporate bonds, debentures, notes and other similar instruments), warrants, distressed, high-yield (these are referred to as junk bonds), convertible, preferred, when-issued, and other securities the Adviser believes will further its investment objective. The Fund may also invest in derivatives. The principal types of derivatives in which the Fund may invest are options, total return swaps, credit default swaps, credit default indexes, currency forwards, and futures. Furthermore, the Fund may invest in instruments, such as exchange traded funds ("ETFs"), exchange traded notes ("ETNs") and commodities. Under normal circumstances, the Fund invests at least 80% of the value of its net assets (including borrowings for investment purposes) in equity securities, such as common stock, preferred stock and securities convertible into such stock, and other instruments that have economic characteristics similar to equity securities. The Adviser expects the Fund's assets to be invested in various industries; however, if, for example, a large percentage (namely, at least 50%) of investment opportunities are occurring within the U.S. are within one industry over a given period of time, a large portion of the Fund's assets could be concentrated in that industry for that period of time.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund is not limited with respect to issuer, geography, market capitalization, credit quality, sector or industry and the Fund is non-diversified as defined by the Investment Company Act of 1940, as amended (the "1940 Act"). In addition, the Fund may invest in cash or cash equivalents, money market funds, or money market instruments such as Treasury bills and other short-term obligations </font><font style="font-size:10pt; font-family: Arial, Helvetica;">of the United States Government, its agencies or instrumentalities and prime commercial paper. The Fund may, but is not required to, seek to reduce currency risk by hedging part or all of its exposure to various foreign currencies.</font></p> THE WATER ISLAND CREDIT OPPORTUNITIES FUND (formerly The Arbitrage Credit Opportunities Fund) ARCFX ACFIX ARCCX AGCAX Performance Information <p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The following information provides some indication of the risks and variability of investing in the Fund by showing how the Fund's performance has varied over time. The performance shown reflects the performance of the Fund's Class R shares before and after taxes and the Fund's Class I, Class C and Class A shares before taxes.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The bar chart and performance table shown below depict the performance of the Fund's Class R shares for the periods indicated and show how the Fund's average annual total returns compare with those of a broad measure of market performance. The performance table includes the performance of the Fund's Class I, Class C and Class A shares before taxes. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Performance reflects fee waivers in effect. If fee waivers were not in place, the Fund's performance would be reduced. Updated information on the Fund's performance can be obtained by visiting www.arbitragefunds.com.</font></p> Year-by-Year Annual Total Returns through December 31, 2017 &#8211; Class R Shares 0.0565 0.0068 -0.0126 0.0472 0.0116 ~ http://arbitrage.com/20180927/role/ScheduleAnnualTotalReturnsBarChart20029 column dei_LegalEntityAxis compact ck0001105076_S000039281Member column rr_ProspectusShareClassAxis compact ck0001105076_C000120977Member row primary compact * ~ highest return 0.0263 2013-09-30 lowest return -0.0161 2015-09-30 year-to-date return 0.0215 2018-06-30 <p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">During the period shown in the bar chart, the highest return for a quarter was 2.63% during the quarter ended September 30, 2013 and the lowest return for a quarter was -1.61% during the quarter ended September 30, 2015.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The year-to-date return of the Fund's Class R shares through June 30, 2018 is 2.15%.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">While the Class I shares, Class C shares, and Class A shares would have substantially similar annual returns to the Class R shares because the shares are invested in the same portfolio of securities, the performance of Class I, Class C and Class A shares will differ from that shown above since the Classes do not have the same expenses or inception dates.</font></p> <br/> Average Annual Total Returns for Periods Ended December 31, 2017 <p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The table below shows the Fund's average annual total returns for Class R shares, Class I shares, Class C shares and Class A shares compared with those of the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index, which is comprised of a single issue purchased at the beginning of the month, held for a full month and rolled into a newly selected issue at month-end. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date. The table also shows performance for the Bloomberg Barclays Capital U.S. Aggregate Bond Index, a broad-based measure of the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market performance. The table also presents the impact of taxes on the returns of the Fund's Class R shares. After-tax returns are shown for Class R shares only, and after-tax returns for Class I, Class C and Class A shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return after taxes on distributions measures the effect of taxable distributions, but assumes the underlying shares are held for the entire period. Return after taxes on distributions and sale of Fund shares shows the effect of both taxable distributions and any taxable gain or loss that would be realized if the underlying shares were purchased at the beginning and sold at the end of the period (for purposes of the calculation, it is assumed that income dividends and capital gain distributions are reinvested at net asset value and that the entire account is redeemed at the end of the period, including reinvested amounts). The Fund's return after taxes on distributions and sale of Fund shares may be higher than its </font><font style="font-size:10pt; font-family: Arial, Helvetica;">returns before taxes or its returns after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have been incurred.</font></p> 0.0116 0.0216 0.0208 0.0007 0.0091 0.0087 0.0065 0.0108 0.0104 0.0144 0.0240 0.0231 -0.0060 0.0141 0.0136 -0.0205 0.0115 0.0085 0.0027 0.0026 0.0354 0.0210 0.0204 2012-10-01 2012-10-01 2012-10-01 2012-10-01 2012-10-01 2013-06-01 ~ http://arbitrage.com/20180927/role/ScheduleAverageAnnualReturnsTransposed20030 column dei_LegalEntityAxis compact ck0001105076_S000039281Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:3pt 0pt 0pt 0pt;"><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>&#160;&#160;In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Return After Taxes on Distributions and Sale of Fund Shares to be greater than the Return After Taxes on Distributions or even the Return Before Taxes.</i></font></p> www.arbitragefunds.com Effective August 30, 2018, the Fund's primary benchmark changed from the Bloomberg Barclays U.S. Aggregate Bond Index to the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index. The Adviser believes that given the Fund's investment objective and strategy, the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index provides a more appropriate basis for comparison. The Bloomberg Barclays U.S. Aggregate Bond Index is the Fund's secondary benchmark. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The Fund's return after taxes on distributions and sale of Fund shares may be higher than its returns before taxes or its returns after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have been incurred. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Average Annual Total Returns The following information provides some indication of the risks and variability of investing in the Fund by showing how the Fund's performance has varied over time. (reflects no deduction for fees, expenses, or taxes) After-tax returns are shown for Class R shares only, and after-tax returns for Class I, Class C, and Class A shares will vary. Investment Objective <p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund seeks to provide current income and capital growth.</font></p> Principal Risks <p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">As with all mutual funds, investing in the Fund entails risks that could cause the Fund and you to lose money. The principal risks of investing in the Fund are as follows:</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Active Management Risk:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The Fund is an actively managed investment portfolio and is therefore subject to management risk. The Adviser will apply its investment and risk analysis in making investment decisions for the Fund, but there is no guarantee that these decisions will produce the intended results.</font></p> <br/><p style="margin: 0pt 0pt 6pt 0pt;"><font style="font-size: 10pt; font-family: Arial, Helvetica;"><em>Concentration Risk:</em></font><font style="font-size: 10pt; font-family: Arial, Helvetica;"> The Adviser expects the Fund's assets to be invested in various industries; however, if, for example, a large percentage of corporate events taking place within the U.S. are within one industry over a given period of time, a large portion of the Fund's assets could be concentrated in that industry for that period of time. During such a period of concentration, the Fund may be subject to greater volatility and with respect to portfolio securities than a fund that is more broadly diversified.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Convertible Security Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Because convertible securities are higher in the firm's capital structure than equity, convertible securities are generally not as risky as the equity securities of the same issuer. However, convertible securities may gain or lose value due to changes in interest rates and other general economic conditions, industry fundamentals, market sentiment and changes in the issuer's operating results and credit ratings.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Counterparty Risk:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The Fund may enter into various types of derivative contracts. These derivative contracts may be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. If a privately negotiated over-the-counter contract calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if the creditworthiness of the counterparty declines, the Fund may not receive payments owed under the contract, or such payments may be delayed and the value of agreements with the counterparty can be expected to decline, potentially resulting in losses to the Fund.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Credit Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> Credit risk refers to the possibility that the issuer of the security will not be able to make interest or principal payments when due. The Fund may invest in convertible and non-convertible debt securities, including high yield debt securities, also known as "junk bonds." Investments in junk bonds are subject to greater credit risks than securities with credit ratings above investment grade and have a greater risk of default than investment grade debt securities. Junk bonds are less sensitive to interest rate changes than higher credit quality instruments and generally are more sensitive to adverse economic changes or individual corporate developments.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Currency Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> Fluctuations in exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment. Adverse changes in exchange rates may erode or reverse any gains produced by foreign currency denominated investments and may widen any losses. Currency forward/futures contracts also may deny the Fund from realizing gains from an increase in the value of the currency. In addition to currency risk, currency forward/futures contracts, like other derivatives, may be susceptible to credit risk and other risks.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Derivatives Risk:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> In general, a derivative instrument typically involves leverage and provides exposure to potential gain or loss from a change in the market price of the underlying asset (or a basket of assets or an index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative instrument. Adverse changes in the value or price of the underlying asset (or basket of assets or index), which the Fund may not directly own, can result in a loss to the Fund substantially greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional risks and transaction costs. Derivative instruments come in many varieties and may include forward contracts, options (both written and purchased) and swap contracts.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Foreign Securities Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The securities of foreign issuers may be less liquid and more volatile than securities of comparable U.S. issuers. The costs associated with securities transactions may be higher in foreign countries than in the United States. The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by mutual funds in which the Fund invests may be affected favorably or unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies may adversely affect the Fund. Additionally, investments in foreign securities, even those publicly traded in the United States, may involve risks which are in addition to those inherent in U.S. investments. Foreign companies may not be subject to the same regulatory requirements of U.S. companies, and as a consequence, there may be less publicly available information about such companies. Also, foreign companies may not be subject to uniform accounting, auditing, and financial reporting standards and requirements comparable to those applicable to U.S. companies. Foreign governments and foreign economies often are less stable than the U.S. Government and the U.S. economy.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Hedging Transaction Risk:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The success of the Fund's hedging strategies will be subject to the Adviser's ability to assess correctly the degree of correlation between the performance of the instruments used in the hedging strategies and the performance of the investments in the Fund's portfolio being hedged. Hedging transactions involve the risk of imperfect correlation. Imperfect correlation may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. Hedging transactions also limit the opportunity for gain if the value of a hedged portfolio position should increase.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>High Portfolio Turnover Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The Fund's investment strategies may result in high portfolio turnover rates. This may increase the Fund's brokerage commission costs, which would reduce performance. Rapid portfolio turnover also exposes shareholders to a higher current realization of short-term gains which could cause you to pay higher taxes.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Interest Rate Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> Prices of debt securities and preferred stocks tend to move inversely with changes in interest rates. When interest rates fall, the market value of the respective debt securities and preferred securities usually increases. Conversely, when interest rates rise, the market value of the respective debt securities and preferred securities usually declines. As such, a change in interest rates may affect prices of the Fund's debt securities and preferred securities and, accordingly, the Fund's share price.</font></p> <br/><p style="margin: 0pt 0pt 6pt 0pt;"><font style="font-size: 10pt; font-family: Arial, Helvetica;"><em>Investment Company and ETF Risk:</em></font><font style="font-size: 10pt; font-family: Arial, Helvetica;"> Investing in securities issued by other investment companies, including ETFs, involves risks similar to those of investing directly in the securities and other assets held by the investment company or ETF. Unlike shares of typical mutual funds, shares of ETFs are traded on an exchange through a trading day and bought and sold based on market values and not at net asset value. For this reason, shares could trade either at a premium or a discount to net asset value. The trading price of an ETF is expected to closely track the actual net asset value of an ETF, and the Fund will generally gain or lose value consistent with the performance of the ETF's portfolio securities. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs. In addition, the Fund will indirectly bear its pro rata share of the fees and expenses incurred by a fund it invests in, including advisory fees. These expenses are in addition to the advisory and other expenses that the Fund bears directly in connection with its own operations. An ETF may not replicate exactly the performance of the benchmark index it seeks to track for a number of reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Large Shareholder Transaction Risk:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions may cause the Fund to sell its securities at times when it would not otherwise do so, which may negatively impact the Fund's NAV and liquidity. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. Similarly, large share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Leverage Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> If the Fund uses leverage through activities such as borrowing, entering into short sales, purchasing securities on margin or on a "when-issued" basis or purchasing derivative instruments in an effort to increase its returns, the Fund has the risk of magnified capital losses that occur when losses affect an asset base, enlarged by borrowings or the creation of liabilities, that exceeds the net assets of the Fund. Should the Fund employ leverage, the Fund's net asset value may be more volatile and sensitive to market movements. Leverage may involve the creation of a liability that requires the Fund to pay interest.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Liquidity Risk:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> Liquidity risk exists when particular investments are difficult to purchase or sell. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed-income securities, or the lack of an active market. Liquid investments may become less liquid after being purchased by the Fund, particularly during periods of market stress. Illiquid and relatively less liquid investments may be harder to value, especially in turbulent markets, and if the Fund is forced to sell these investments to meet redemption requests or for other cash needs, the Fund may suffer a loss.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Market Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> Market risk is the possibility that securities prices will fluctuate over time. This fluctuation includes both increases and decreases in security prices. The Fund is subject to market risk. The value of the Fund's investments, and the net asset value of the Fund, will fluctuate. Investors could lose money due to this price fluctuation.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Merger Arbitrage Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The principal risk associated with the Fund's merger arbitrage investment strategy is that the proposed reorganizations in which the Fund invests may be renegotiated or terminated, in which case the Fund may realize losses.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Options Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> Options transactions involve special risks that may make it difficult or impossible to close a position when the Fund desires. These risks include possible imperfect correlation between the price movements of the option and the underlying security; the potential lack of a liquid secondary market at any particular time; and possible price fluctuation limits. In addition, the option activities of the Fund may affect its portfolio turnover rate and the amount of brokerage commissions paid by the Fund.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Preferred Securities Risk:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> Investments in preferred stocks may be subject to the risks of deferred distribution payments, subordination to debt instruments, a lack of liquidity compared to equities, limited voting rights and sensitivity to interest-rate changes.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Short Sale Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. It is possible that the Fund's long positions will decline in value at the same time that the value of its short positions increase, thereby increasing potential losses to the Fund. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund's investment performance may also suffer if it is required to close out a short position earlier than it had intended. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing. These expenses may negatively impact the performance of the Fund. Short positions introduce more risk to the Fund than long positions (purchases) because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the shorted security. Therefore, in theory, securities sold short have unlimited risk.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Total Return Swap Risks:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. Certain categories of swap agreements often have terms of greater than seven days and may be considered illiquid. Moreover, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. The swaps market is subject to extensive regulation under the Dodd-Frank Act and certain Securities and Exchange Commission and Commodity Futures Trading Commission rules promulgated thereunder. It is possible that developments in the swaps market, including new and additional government regulation, could result in higher Fund costs and expenses and could adversely affect the Fund's ability, among other things, to terminate existing swap agreements or to realize amounts to be received under such agreements.</font></p> As with all mutual funds, investing in the Fund entails risks that could cause the Fund and you to lose money. Fund Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">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 48 of the statutory prospectus and in Appendix A to the prospectus, titled "Intermediary-Specific Sales Charge Reductions and Waivers."</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 0.0102 0.0102 0.0102 0.0102 0.0045 0.0045 0.0045 0.0045 0.0057 0.0057 0.0057 0.0057 0.0002 0.0002 0.0002 0.0002 0.0224 0.0199 0.0299 0.0224 -0.0054 -0.0054 -0.0054 -0.0054 0.0170 0.0145 0.0245 0.0170 ~ http://arbitrage.com/20180927/role/ScheduleShareholderFees20025 column dei_LegalEntityAxis compact ck0001105076_S000039281Member row primary compact * ~ ~ http://arbitrage.com/20180927/role/ScheduleAnnualFundOperatingExpenses20026 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). 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. Shareholder Fees (fees paid directly from your investment) 2020-09-30 Information has been restated to reflect current fees. 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. 100000 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover <p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 314% of the average value of its portfolio.</font></p> 3.14 Example <p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">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:</font></p> 173 148 348 492 593 517 820 899 1098 970 1475 1388 2488 2227 3229 2732 173 148 248 492 593 517 820 899 1098 970 1475 1388 2488 2227 3229 2732 ~ http://arbitrage.com/20180927/role/ScheduleExpenseExampleTransposed20027 column dei_LegalEntityAxis compact ck0001105076_S000039281Member row primary compact * ~ ~ http://arbitrage.com/20180927/role/ScheduleExpenseExampleNoRedemptionTransposed20028 column dei_LegalEntityAxis compact ck0001105076_S000039281Member row primary compact * ~ You would pay the following expenses if you did not redeem your shares: Principal Investment Strategies <p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund invests primarily in a portfolio of debt securities including corporate bonds and debentures (including high yield bonds commonly known as "junk bonds"), bank loans, convertible and preferred securities, credit default swaps and other debt instruments and derivatives that the Fund's investment adviser believes have debt-like characteristics. The Fund invests in both domestic and foreign debt securities. The principal types of derivatives in which the Fund may invest are credit default swaps, interest rate swaps, total return swaps, futures and options.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund invests primarily in debt securities whose returns the adviser believes will be more correlated with the outcome of specific catalysts or events rather than overall market direction. These catalysts and events include mergers, acquisitions, debt maturities, refinancings, regulatory changes, recapitalizations, reorganizations, restructurings and other special situations. The Fund also uses a relative value approach and may express positive views on specific issuers by taking long positions in cash bonds and/or derivatives and negative views on specific issuers by taking short positions in cash bonds and/or derivatives. The Fund uses fundamental research to identify mispricings or inefficiencies in these situations and assesses their potential impact on security prices.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may engage in short-term trading strategies, and may engage in short sales and invest in derivatives. The principal short-term trading strategies may at times include convertible arbitrage, merger arbitrage, and capital structure arbitrage, which are discussed below. The Fund may seek to mitigate the risk of volatility (the appreciation or depreciation of the value of a security over a period of time) and duration (the impact of interest rate changes on fixed-income securities) by engaging in short sales and/or investing in derivatives, including credit default swaps, interest rate swaps, futures and options. The Fund may purchase or sell short equity securities or derivatives as part of a hedging strategy or hold equity positions or other assets that the Fund receives as part of a reorganization process. The Fund may, but is not required to, seek to reduce currency risk by hedging part or all of its exposure to various foreign currencies. Furthermore, the Fund may invest in exchange traded funds ("ETFs").</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund is not limited with respect to its portfolio maturity or duration. The Fund may invest in debt securities without regard to their credit ratings, including securities that are unrated, and in debt securities with a wide variety of terms that may vary from security to security, including but not limited to optional and mandatory prepayment provisions, fixed, variable, semi-variable, and resettable interest rates and conversion options, as well as various combinations of these terms.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Merger Arbitrage:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> Merger arbitrage is a highly specialized investment approach designed to profit from the successful completion of mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations and other corporate reorganizations. The most common merger arbitrage activity, and the approach the Fund generally uses, involves purchasing debt securities of an announced acquisition target company at a discount to their expected value upon completion of the acquisition. The Fund may engage in selling securities short when the terms of a proposed acquisition call for the exchange of common stock and/or other securities. In such a case, the securities of the company to be acquired may be purchased and, at approximately the same time, an amount of the acquiring company's common stock and/or other securities as per the terms of the transaction may be sold short.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Convertible Arbitrage:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> Convertible arbitrage is a specialized strategy that seeks to profit from pricing inefficiencies between a firm's convertible securities and its underlying equity. The most common convertible arbitrage approach, and the strategy the Fund generally uses, matches a long position in the convertible security with a short position in the underlying common stock. The Fund seeks to purchase convertible securities at discounts to their expected future values and sell short shares of the underlying common stock in order to mitigate equity market movements. As stock prices rise and the convertible security becomes more equity sensitive, the Fund may sell short additional common shares in order to maintain the relationship between the convertible and the underlying common stock. As stock prices fall, the Fund will typically buy back a portion of shares which it had sold short. Positions are typically designed to earn income from coupon or dividend payments and net gains from the purchase and sale of the convertible securities' positions and the underlying common stocks.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><i>Capital Structure Arbitrage:</i></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> Capital structure arbitrage seeks to profit from relative pricing discrepancies between related debt and/or equity securities. For example, when the Fund believes that unsecured securities are overvalued in relation to senior secured securities, the Fund may purchase a senior secured security of an issuer and sell short an unsecured security of the same issuer. In this example the trade would be profitable if credit quality spreads widened or if the issuer went bankrupt and the recovery rate for the senior debt was higher than anticipated. It is expected that, over time, the relative mispricing of the securities may decline, at which point the position will be liquidated.</font></p> EX-101.SCH 3 ck0001105076-20180927.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 000001 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 020000 - Document - Risk/Return Summary {Unlabeled} - THE ARBITRAGE FUND link:presentationLink link:definitionLink link:calculationLink 020001 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020002 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020003 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020004 - Schedule - Expense Example No Redemption {Transposed} link:presentationLink link:definitionLink link:calculationLink 020005 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020006 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020008 - Document - Risk/Return Summary {Unlabeled} - THE ARBITRAGE EVENT-DRIVEN FUND link:presentationLink link:definitionLink link:calculationLink 020009 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020010 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020011 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020012 - Schedule - Expense Example No Redemption {Transposed} link:presentationLink link:definitionLink link:calculationLink 020013 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020014 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020016 - Document - Risk/Return Summary {Unlabeled} - Arbitrage Tactical Equity Fund link:presentationLink link:definitionLink link:calculationLink 020017 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020018 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020019 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020020 - Schedule - Expense Example No Redemption {Transposed} link:presentationLink link:definitionLink link:calculationLink 020021 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020022 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020024 - Document - Risk/Return Summary {Unlabeled} - THE WATER ISLAND CREDIT OPPORTUNITIES FUND link:presentationLink link:definitionLink link:calculationLink 020025 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020026 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020027 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020028 - Schedule - Expense Example No Redemption {Transposed} link:presentationLink link:definitionLink link:calculationLink 020029 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020030 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020007 - Disclosure - Risk/Return Detail Data {Elements} - THE ARBITRAGE FUND link:presentationLink link:definitionLink link:calculationLink 020015 - Disclosure - Risk/Return Detail Data {Elements} - THE ARBITRAGE EVENT-DRIVEN FUND link:presentationLink link:definitionLink link:calculationLink 020023 - Disclosure - Risk/Return Detail Data {Elements} - Arbitrage Tactical Equity Fund link:presentationLink link:definitionLink link:calculationLink 020031 - Disclosure - Risk/Return Detail Data {Elements} - THE WATER ISLAND CREDIT OPPORTUNITIES FUND link:presentationLink link:definitionLink link:calculationLink EX-101.LAB 4 ck0001105076-20180927_lab.xml XBRL TAXONOMY EXTENSION LABELS LINKBASE DOCUMENT EX-101.DEF 5 ck0001105076-20180927_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.PRE 6 ck0001105076-20180927_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT EX-101.CAL 7 ck0001105076-20180927_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT GRAPHIC 9 g211209cai001.jpg GRAPHIC begin 644 g211209cai001.jpg M_]C_X 02D9)1@ ! 0$ 8 !@ #_VP!# H'!PD'!@H)" D+"PH,#QD0#PX. 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Document and Entity Information
Total
Prospectus:  
Document Type 485BPOS
Document Period End Date May 31, 2018
Registrant Name ARBITRAGE FUNDS
Central Index Key 0001105076
Amendment Flag false
Document Creation Date Sep. 27, 2018
Document Effective Date Sep. 30, 2018
Prospectus Date Sep. 30, 2018
THE ARBITRAGE FUND | Class R  
Prospectus:  
Trading Symbol ARBFX
THE ARBITRAGE FUND | Class I  
Prospectus:  
Trading Symbol ARBNX
THE ARBITRAGE FUND | Class C  
Prospectus:  
Trading Symbol ARBCX
THE ARBITRAGE FUND | Class A  
Prospectus:  
Trading Symbol ARGAX
THE ARBITRAGE EVENT-DRIVEN FUND | Class R  
Prospectus:  
Trading Symbol AEDFX
THE ARBITRAGE EVENT-DRIVEN FUND | Class I  
Prospectus:  
Trading Symbol AEDNX
THE ARBITRAGE EVENT-DRIVEN FUND | Class C  
Prospectus:  
Trading Symbol AEFCX
THE ARBITRAGE EVENT-DRIVEN FUND | Class A  
Prospectus:  
Trading Symbol AGEAX
Arbitrage Tactical Equity Fund | Class R  
Prospectus:  
Trading Symbol ATQFX
Arbitrage Tactical Equity Fund | Class I  
Prospectus:  
Trading Symbol ATQIX
Arbitrage Tactical Equity Fund | Class C  
Prospectus:  
Trading Symbol ATQCX
Arbitrage Tactical Equity Fund | Class A  
Prospectus:  
Trading Symbol ATQAX
THE WATER ISLAND CREDIT OPPORTUNITIES FUND | Class R  
Prospectus:  
Trading Symbol ARCFX
THE WATER ISLAND CREDIT OPPORTUNITIES FUND | Class I  
Prospectus:  
Trading Symbol ACFIX
THE WATER ISLAND CREDIT OPPORTUNITIES FUND | Class C  
Prospectus:  
Trading Symbol ARCCX
THE WATER ISLAND CREDIT OPPORTUNITIES FUND | Class A  
Prospectus:  
Trading Symbol AGCAX
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THE ARBITRAGE FUND
THE ARBITRAGE FUND
Investment Objective

The Fund seeks to achieve capital growth by engaging in merger arbitrage.

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 48 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 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 2.50%
Maximum Deferred Sales 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 purchases of $250,000 or more of Class A shares purchased without a front-end sales charge that are redeemed within 18 months of purchase.
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 FUND
Class R
Class I
Class C
Class A
Management Fees 1.05% 1.05% 1.05% 1.05%
Distribution and/or Service (12b-1) Fees 0.25% none 1.00% 0.25%
Other Expenses 0.61% 0.61% 0.61% 0.61%
Dividend on Short Positions and Interest Expense on Short Positions and/or Borrowings 0.43% 0.43% 0.43% 0.43%
All Remaining Other Expenses 0.18% 0.18% 0.18% 0.18%
Acquired Fund Fees and Expenses [1] 0.03% 0.03% 0.03% 0.03%
Total Annual Fund Operating Expenses [2] 1.94% 1.69% 2.69% 1.94%
[1] Acquired Fund Fees and Expenses are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies.
[2] The Total Annual Fund Operating Expenses in this fee table do not correlate to the expense ratio in the Financial Highlights because the expense ratios in the Financial Highlights do not reflect Acquired Fund Fees and Expenses.
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 operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - THE ARBITRAGE FUND - USD ($)
1 Year
3 Years
5 Years
10 Years
Class R 197 610 1,049 2,268
Class I 172 534 920 2,002
Class C 372 836 1,427 3,026
Class A 442 845 1,273 2,461
You would pay the following expenses if you did not redeem your shares:
Expense Example No Redemption - THE ARBITRAGE FUND - USD ($)
1 Year
3 Years
5 Years
10 Years
Class R 197 610 1,049 2,268
Class I 172 534 920 2,002
Class C 272 836 1,427 3,026
Class A 442 845 1,273 2,461
Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 362% of the average value of its portfolio.

Principal Investment Strategies

In attempting to achieve its investment objective, under normal market conditions the Fund will seek to invest at least 80% of its net assets (including borrowings for investment purposes) in equity securities of companies (both U.S. and foreign) that are involved in publicly announced mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations and other corporate reorganizations. Equity securities include common and preferred stock. The Fund may invest in equity securities of companies of any market capitalization. Merger arbitrage is a highly specialized investment approach designed to profit from the successful completion of mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations and other corporate reorganizations. The Fund's investment adviser uses investment strategies designed to minimize market exposure, including short selling and the purchasing and selling of options. The Adviser expects the Fund's assets to be invested across various industries; however, if for example, a large percentage (namely, at least 50%) of mergers taking place within the U.S. are within one industry over a given period of time, a large portion of the Fund's assets could be concentrated in that industry for that period of time.


The most common merger arbitrage activity, and the approach the Fund primarily uses, involves purchasing the shares of an announced acquisition target company at a discount to their expected value upon completion of the acquisition. The Fund may engage in selling securities short when the terms of a proposed acquisition call for the exchange of common stock and/or other securities. In such a case, the common stock of the company to be acquired may be purchased and, at approximately the same time, an amount of the acquiring company's common stock and/or other securities, as per the terms of the transaction, may be sold short. The purpose of the short sale is to protect against a decline in the market value of the acquiring company's securities prior to the acquisition's completion. The Fund may enter into equity swap agreements for the purpose of attempting to obtain a desired return on, or exposure to, certain equity securities or equity indices in an expedited manner or at a lower cost to the Fund than if the Fund had invested directly in such securities. The Fund may, but is not required to, seek to reduce currency risk by hedging part or all of its exposure to various foreign currencies. Furthermore, the Fund may invest in exchange traded funds ("ETFs").


The Fund generally engages in active and frequent trading of portfolio securities to achieve its investment objective. The Fund will generally sell or close out a security when the securities of the companies involved in the transaction no longer meet the Fund's expected return criteria when gauged by prevailing market prices and the relative risks of the situation.

Principal Risks

As with all mutual funds, investing in the Fund entails risks that could cause the Fund and you to lose money. The principal risks of investing in the Fund are as follows:


Active Management Risk: The Fund is an actively managed investment portfolio and is therefore subject to management risk. The Adviser will apply its investment and risk analysis in making investment decisions for the Fund, but there is no guarantee that these decisions will produce the intended results.


Concentration Risk: The Adviser expects the Fund's assets to be invested in various industries; however, if, for example, a large percentage of corporate events taking place within the U.S. are within one industry over a given period of time, a large portion of the Fund's assets could be concentrated in that industry for that period of time. During such a period of concentration, the Fund may be subject to greater volatility and with respect to portfolio securities than a fund that is more broadly diversified.


Counterparty Risk: The Fund may enter into various types of derivative contracts. These derivative contracts may be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. If a privately negotiated over-the-counter contract calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if the creditworthiness of the counterparty declines, the Fund may not receive payments owed under the contract, or such payments may be delayed and the value of agreements with the counterparty can be expected to decline, potentially resulting in losses to the Fund.


Currency Risks: Fluctuations in exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment. Adverse changes in exchange rates may erode or reverse any gains produced by foreign currency denominated investments and may widen any losses. Currency forward/futures contracts also may deny the Fund from realizing gains from an increase in the value of the currency. In addition to currency risk, currency forward/futures contracts, like other derivatives, may be susceptible to credit risk and other risks.


Derivatives Risk: In general, a derivative instrument typically involves leverage and provides exposure to potential gain or loss from a change in the market price of the underlying asset (or a basket of assets or an index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative instrument. Adverse changes in the value or price of the underlying asset (or basket of assets or index), which the Fund may not directly own, can result in a loss to the Fund substantially greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional risks and transaction costs. Derivative instruments come in many varieties and may include forward contracts, options (both written and purchased) and swap contracts.


Foreign Securities Risks: The securities of foreign issuers may be less liquid and more volatile than securities of comparable U.S. issuers. The costs associated with securities transactions may be higher in foreign countries than in the United States. The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by mutual funds in which the Fund invests may be affected favorably or unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies may adversely affect the Fund. Additionally, investments in foreign securities, even those publicly traded in the United States, may involve risks which are in addition to those inherent in U.S. investments. Foreign companies may not be subject to the same regulatory requirements of U.S. companies, and as a consequence, there may be less publicly available information about such companies. Also, foreign companies may not be subject to uniform accounting, auditing, and financial reporting standards and requirements comparable to those applicable to U.S. companies. Foreign governments and foreign economies often are less stable than the U.S. Government and the U.S. economy.


Hedging Transaction Risk: The success of the Fund's hedging strategies will be subject to the Adviser's ability to assess correctly the degree of correlation between the performance of the instruments used in the hedging strategies and the performance of the investments in the Fund's portfolio being hedged. Hedging transactions involve the risk of imperfect correlation. Imperfect correlation may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. Hedging transactions also limit the opportunity for gain if the value of a hedged portfolio position should increase.


High Portfolio Turnover Risks: The Fund's investment strategies may result in high portfolio turnover rates. This may increase the Fund's brokerage commission costs, which would reduce performance. Rapid portfolio turnover also exposes shareholders to a higher current realization of short-term gains which could cause you to pay higher taxes.


Investment Company and ETF Risk: Investing in securities issued by other investment companies, including ETFs, involves risks similar to those of investing directly in the securities and other assets held by the investment company or ETF. Unlike shares of typical mutual funds, shares of ETFs are traded on an exchange through a trading day and bought and sold based on market values and not at net asset value. For this reason, shares could trade either at a premium or a discount to net asset value. The trading price of an ETF is expected to closely track the actual net asset value of an ETF, and the Fund will generally gain or lose value consistent with the performance of the ETF's portfolio securities. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs. In addition, the Fund will indirectly bear its pro rata share of the fees and expenses incurred by a fund it invests in, including advisory fees. These expenses are in addition to the advisory and other expenses that the Fund bears directly in connection with its own operations. An ETF may not replicate exactly the performance of the benchmark index it seeks to track for a number of reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held.


Leverage Risk: If the Fund uses leverage through activities such as borrowing, entering into short sales, purchasing securities on margin or on a "when-issued" basis or purchasing derivative instruments in an effort to increase its returns, the Fund has the risk of magnified capital losses that occur when losses affect an asset base, enlarged by borrowings or the creation of liabilities, that exceeds the net assets of the Fund. Should the Fund employ leverage, the Fund's net asset value may be more volatile and sensitive to market movements. Leverage may involve the creation of a liability that requires the Fund to pay interest.


Market Risks: Market risk is the possibility that securities prices will fluctuate over time. This fluctuation includes both increases and decreases in security prices. The Fund is subject to market risk. The value of the Fund's investments, and the net asset value of the Fund, will fluctuate. Investors could lose money due to this price fluctuation.


Merger Arbitrage Risks: The principal risk associated with the Fund's merger arbitrage investment strategy is that the proposed reorganizations in which the Fund invests may be renegotiated or terminated, in which case the Fund may realize losses.


Options Risks: Options transactions involve special risks that may make it difficult or impossible to close a position when the Fund desires. These risks include possible imperfect correlation between the price movements of the option and the underlying security; the potential lack of a liquid secondary market at any particular time; and possible price fluctuation limits. In addition, the option activities of the Fund may affect its portfolio turnover rate and the amount of brokerage commissions paid by the Fund.


Short Sale Risks: The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. It is possible that the Fund's long positions will decline in value at the same time that the value of its short positions increase, thereby increasing potential losses to the Fund. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund's investment performance may also suffer if it is required to close out a short position earlier than it had intended. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing. These expenses may negatively impact the performance of the Fund. Short positions introduce more risk to the Fund than long positions (purchases) because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the shorted security. Therefore, in theory, securities sold short have unlimited risk.


Small and Medium Capitalization Securities Risks: Securities issued by small and medium capitalization companies tend to be less liquid and more volatile than stocks of companies with relatively large market capitalizations. Securities of small and medium capitalization companies may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these small and medium sized companies may have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small and medium capitalization stock prices may be more volatile than those of larger companies.


Total Return Swap Risks: In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. Certain categories of swap agreements often have terms of greater than seven days and may be considered illiquid. Moreover, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. The swaps market is subject to extensive regulation under the Dodd-Frank Act and certain Securities and Exchange Commission and Commodity Futures Trading Commission rules promulgated thereunder. It is possible that developments in the swaps market, including new and additional government regulation, could result in higher Fund costs and expenses and could adversely affect the Fund's ability, among other things, to terminate existing swap agreements or to realize amounts to be received under such agreements.

Performance Information

The following information provides some indication of the risks and variability of investing in the Fund by showing how the Fund's performance has varied over time. The performance shown reflects the performance of the Fund's Class R shares before and after taxes and the Fund's Class I, Class C and Class A shares before taxes.


The bar chart and performance table shown below depict the performance of the Fund's Class R shares for the periods indicated and show how the Fund's average annual total returns compare with those of a broad measure of market performance. The performance table includes the performance of the Fund's Class I, Class C shares and Class A shares before taxes. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated information on the Fund's performance can be obtained by visiting www.arbitragefunds.com.

Year-by-Year Annual Total Returns through December 31, 2017 – Class R Shares
Bar Chart

During the period shown in the bar chart, the highest return for a quarter was 4.71% during the quarter ended June 30, 2009 and the lowest return for a quarter was -2.40% during the quarter ended June 30, 2010.


The year-to-date return of the Fund's Class R shares through June 30, 2018 is -0.08%.


While the Class I, Class C, and Class A shares would have substantially similar annual returns to the Class R shares because the shares are invested in the same portfolio of securities, the performance of Class I, Class C and Class A shares will differ from that shown above since the Classes do not have the same expenses or inception dates.


Average Annual Total Returns for Periods Ended December 31, 2017
Average Annual Total Returns

The table below shows the Fund's average annual total returns for Class R shares, Class I shares, Class C shares and Class A shares compared with those of the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index, which is comprised of a single issue purchased at the beginning of the month, held for a full month and rolled into a newly selected issue at month-end. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date. The table also shows performance for the Standard & Poor's 500® Index, a broad-based measure of equity market performance. The table also presents the impact of taxes on the returns of the Fund's Class R shares. After-tax returns are shown for Class R shares only, and after-tax returns for Class I, Class C, and Class A shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return after taxes on distributions measures the effect of taxable distributions, but assumes the underlying shares are held for the entire period. Return after taxes on distributions and sale of Fund shares shows the effect of both taxable distributions and any taxable gain or loss that would be realized if the underlying shares were purchased at the beginning and sold at the end of the period (for purposes of the calculation, it is assumed that income dividends and capital gain distributions are reinvested at net asset value and that the entire account is redeemed at the end of the period, including reinvested amounts). The Fund's return after taxes on distributions and sale of Fund shares may be higher than its returns before taxes or its returns after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have been incurred.

Average Annual Returns - THE ARBITRAGE FUND
Average Annual Returns, 1 Year
Average Annual Returns, 5 Years
Average Annual Returns, 10 Years
Average Annual Returns, Since Inception
Average Annual Returns, Inception Date
Class R 2.60% 1.77% 2.41% 4.09% [1] Sep. 18, 2000
Class I 2.87% 2.03% 2.63% 3.04% [1] Oct. 17, 2003
Class C 0.84% 1.01%   0.97% [1] Jun. 01, 2012
Class A none     1.45% [1] Jun. 01, 2013
After Taxes on Distributions | Class R 1.31% 1.23% 1.64% 3.15% [1]  
After Taxes on Distributions and Sale of Fund Shares | Class R 1.71% 1.17% 1.59% 2.90% [1]  
ICE BOFA MERRILL LYNCH U.S. 3-MONTH TREASURY BILL INDEX (reflects no deduction for fees, expenses, or taxes) 0.85% [2] 0.27% [2] 0.39% [2] 1.57% [2] Sep. 18, 2000
STANDARD & POOR'S 500® INDEX (reflects no deduction for fees, expenses, or taxes) 21.83% 15.79% 8.50% 5.60% [1] Sep. 18, 2000
[1] The inception date for Class R shares is September 18, 2000, the inception date for Class I shares is October 17, 2003, the inception date for Class C shares is June 1, 2012, and the inception date for the Class A shares is June 1, 2013. The "Since Inception" returns reflected for the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index and the Standard & Poor's 500 Index are based on the inception date for Class R shares.
[2] Effective August 30, 2018, the Fund's primary benchmark changed from the Standard & Poor's 500® Index to the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index. The Adviser believes that, given the Fund's investment objective and strategy, the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index provides a more appropriate basis for performance comparison. The Standard & Poor's 500® Index is the Fund's secondary benchmark.

In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Return After Taxes on Distributions and Sale of Fund Shares to be greater than the Return After Taxes on Distributions or even the Return Before Taxes.

XML 13 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
THE ARBITRAGE FUND  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading THE ARBITRAGE FUND
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund seeks to achieve capital growth by engaging in merger arbitrage.

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 48 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)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 362% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 362.00%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The Total Annual Fund Operating Expenses in this fee table do not correlate to the expense ratio in the Financial Highlights because the expense ratios in the Financial Highlights do not reflect Acquired Fund Fees and Expenses.
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 operating expenses remain the same. 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:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

In attempting to achieve its investment objective, under normal market conditions the Fund will seek to invest at least 80% of its net assets (including borrowings for investment purposes) in equity securities of companies (both U.S. and foreign) that are involved in publicly announced mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations and other corporate reorganizations. Equity securities include common and preferred stock. The Fund may invest in equity securities of companies of any market capitalization. Merger arbitrage is a highly specialized investment approach designed to profit from the successful completion of mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations and other corporate reorganizations. The Fund's investment adviser uses investment strategies designed to minimize market exposure, including short selling and the purchasing and selling of options. The Adviser expects the Fund's assets to be invested across various industries; however, if for example, a large percentage (namely, at least 50%) of mergers taking place within the U.S. are within one industry over a given period of time, a large portion of the Fund's assets could be concentrated in that industry for that period of time.


The most common merger arbitrage activity, and the approach the Fund primarily uses, involves purchasing the shares of an announced acquisition target company at a discount to their expected value upon completion of the acquisition. The Fund may engage in selling securities short when the terms of a proposed acquisition call for the exchange of common stock and/or other securities. In such a case, the common stock of the company to be acquired may be purchased and, at approximately the same time, an amount of the acquiring company's common stock and/or other securities, as per the terms of the transaction, may be sold short. The purpose of the short sale is to protect against a decline in the market value of the acquiring company's securities prior to the acquisition's completion. The Fund may enter into equity swap agreements for the purpose of attempting to obtain a desired return on, or exposure to, certain equity securities or equity indices in an expedited manner or at a lower cost to the Fund than if the Fund had invested directly in such securities. The Fund may, but is not required to, seek to reduce currency risk by hedging part or all of its exposure to various foreign currencies. Furthermore, the Fund may invest in exchange traded funds ("ETFs").


The Fund generally engages in active and frequent trading of portfolio securities to achieve its investment objective. The Fund will generally sell or close out a security when the securities of the companies involved in the transaction no longer meet the Fund's expected return criteria when gauged by prevailing market prices and the relative risks of the situation.

Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

As with all mutual funds, investing in the Fund entails risks that could cause the Fund and you to lose money. The principal risks of investing in the Fund are as follows:


Active Management Risk: The Fund is an actively managed investment portfolio and is therefore subject to management risk. The Adviser will apply its investment and risk analysis in making investment decisions for the Fund, but there is no guarantee that these decisions will produce the intended results.


Concentration Risk: The Adviser expects the Fund's assets to be invested in various industries; however, if, for example, a large percentage of corporate events taking place within the U.S. are within one industry over a given period of time, a large portion of the Fund's assets could be concentrated in that industry for that period of time. During such a period of concentration, the Fund may be subject to greater volatility and with respect to portfolio securities than a fund that is more broadly diversified.


Counterparty Risk: The Fund may enter into various types of derivative contracts. These derivative contracts may be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. If a privately negotiated over-the-counter contract calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if the creditworthiness of the counterparty declines, the Fund may not receive payments owed under the contract, or such payments may be delayed and the value of agreements with the counterparty can be expected to decline, potentially resulting in losses to the Fund.


Currency Risks: Fluctuations in exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment. Adverse changes in exchange rates may erode or reverse any gains produced by foreign currency denominated investments and may widen any losses. Currency forward/futures contracts also may deny the Fund from realizing gains from an increase in the value of the currency. In addition to currency risk, currency forward/futures contracts, like other derivatives, may be susceptible to credit risk and other risks.


Derivatives Risk: In general, a derivative instrument typically involves leverage and provides exposure to potential gain or loss from a change in the market price of the underlying asset (or a basket of assets or an index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative instrument. Adverse changes in the value or price of the underlying asset (or basket of assets or index), which the Fund may not directly own, can result in a loss to the Fund substantially greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional risks and transaction costs. Derivative instruments come in many varieties and may include forward contracts, options (both written and purchased) and swap contracts.


Foreign Securities Risks: The securities of foreign issuers may be less liquid and more volatile than securities of comparable U.S. issuers. The costs associated with securities transactions may be higher in foreign countries than in the United States. The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by mutual funds in which the Fund invests may be affected favorably or unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies may adversely affect the Fund. Additionally, investments in foreign securities, even those publicly traded in the United States, may involve risks which are in addition to those inherent in U.S. investments. Foreign companies may not be subject to the same regulatory requirements of U.S. companies, and as a consequence, there may be less publicly available information about such companies. Also, foreign companies may not be subject to uniform accounting, auditing, and financial reporting standards and requirements comparable to those applicable to U.S. companies. Foreign governments and foreign economies often are less stable than the U.S. Government and the U.S. economy.


Hedging Transaction Risk: The success of the Fund's hedging strategies will be subject to the Adviser's ability to assess correctly the degree of correlation between the performance of the instruments used in the hedging strategies and the performance of the investments in the Fund's portfolio being hedged. Hedging transactions involve the risk of imperfect correlation. Imperfect correlation may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. Hedging transactions also limit the opportunity for gain if the value of a hedged portfolio position should increase.


High Portfolio Turnover Risks: The Fund's investment strategies may result in high portfolio turnover rates. This may increase the Fund's brokerage commission costs, which would reduce performance. Rapid portfolio turnover also exposes shareholders to a higher current realization of short-term gains which could cause you to pay higher taxes.


Investment Company and ETF Risk: Investing in securities issued by other investment companies, including ETFs, involves risks similar to those of investing directly in the securities and other assets held by the investment company or ETF. Unlike shares of typical mutual funds, shares of ETFs are traded on an exchange through a trading day and bought and sold based on market values and not at net asset value. For this reason, shares could trade either at a premium or a discount to net asset value. The trading price of an ETF is expected to closely track the actual net asset value of an ETF, and the Fund will generally gain or lose value consistent with the performance of the ETF's portfolio securities. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs. In addition, the Fund will indirectly bear its pro rata share of the fees and expenses incurred by a fund it invests in, including advisory fees. These expenses are in addition to the advisory and other expenses that the Fund bears directly in connection with its own operations. An ETF may not replicate exactly the performance of the benchmark index it seeks to track for a number of reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held.


Leverage Risk: If the Fund uses leverage through activities such as borrowing, entering into short sales, purchasing securities on margin or on a "when-issued" basis or purchasing derivative instruments in an effort to increase its returns, the Fund has the risk of magnified capital losses that occur when losses affect an asset base, enlarged by borrowings or the creation of liabilities, that exceeds the net assets of the Fund. Should the Fund employ leverage, the Fund's net asset value may be more volatile and sensitive to market movements. Leverage may involve the creation of a liability that requires the Fund to pay interest.


Market Risks: Market risk is the possibility that securities prices will fluctuate over time. This fluctuation includes both increases and decreases in security prices. The Fund is subject to market risk. The value of the Fund's investments, and the net asset value of the Fund, will fluctuate. Investors could lose money due to this price fluctuation.


Merger Arbitrage Risks: The principal risk associated with the Fund's merger arbitrage investment strategy is that the proposed reorganizations in which the Fund invests may be renegotiated or terminated, in which case the Fund may realize losses.


Options Risks: Options transactions involve special risks that may make it difficult or impossible to close a position when the Fund desires. These risks include possible imperfect correlation between the price movements of the option and the underlying security; the potential lack of a liquid secondary market at any particular time; and possible price fluctuation limits. In addition, the option activities of the Fund may affect its portfolio turnover rate and the amount of brokerage commissions paid by the Fund.


Short Sale Risks: The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. It is possible that the Fund's long positions will decline in value at the same time that the value of its short positions increase, thereby increasing potential losses to the Fund. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund's investment performance may also suffer if it is required to close out a short position earlier than it had intended. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing. These expenses may negatively impact the performance of the Fund. Short positions introduce more risk to the Fund than long positions (purchases) because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the shorted security. Therefore, in theory, securities sold short have unlimited risk.


Small and Medium Capitalization Securities Risks: Securities issued by small and medium capitalization companies tend to be less liquid and more volatile than stocks of companies with relatively large market capitalizations. Securities of small and medium capitalization companies may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these small and medium sized companies may have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small and medium capitalization stock prices may be more volatile than those of larger companies.


Total Return Swap Risks: In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. Certain categories of swap agreements often have terms of greater than seven days and may be considered illiquid. Moreover, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. The swaps market is subject to extensive regulation under the Dodd-Frank Act and certain Securities and Exchange Commission and Commodity Futures Trading Commission rules promulgated thereunder. It is possible that developments in the swaps market, including new and additional government regulation, could result in higher Fund costs and expenses and could adversely affect the Fund's ability, among other things, to terminate existing swap agreements or to realize amounts to be received under such agreements.

Risk Lose Money [Text] rr_RiskLoseMoney As with all mutual funds, investing in the Fund entails risks that could cause the Fund and you to lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The following information provides some indication of the risks and variability of investing in the Fund by showing how the Fund's performance has varied over time. The performance shown reflects the performance of the Fund's Class R shares before and after taxes and the Fund's Class I, Class C and Class A shares before taxes.


The bar chart and performance table shown below depict the performance of the Fund's Class R shares for the periods indicated and show how the Fund's average annual total returns compare with those of a broad measure of market performance. The performance table includes the performance of the Fund's Class I, Class C shares and Class A shares before taxes. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated information on the Fund's performance can be obtained by visiting www.arbitragefunds.com.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following information provides some indication of the risks and variability of investing in the Fund by showing how the Fund's performance has varied over time.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.arbitragefunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Year-by-Year Annual Total Returns through December 31, 2017 – Class R Shares
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

During the period shown in the bar chart, the highest return for a quarter was 4.71% during the quarter ended June 30, 2009 and the lowest return for a quarter was -2.40% during the quarter ended June 30, 2010.


The year-to-date return of the Fund's Class R shares through June 30, 2018 is -0.08%.


While the Class I, Class C, and Class A shares would have substantially similar annual returns to the Class R shares because the shares are invested in the same portfolio of securities, the performance of Class I, Class C and Class A shares will differ from that shown above since the Classes do not have the same expenses or inception dates.


Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Jun. 30, 2018
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn (0.08%)
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 4.71%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2010
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (2.40%)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for Periods Ended December 31, 2017
Performance Table Market Index Changed rr_PerformanceTableMarketIndexChanged Effective August 30, 2018, the Fund's primary benchmark changed from the Standard & Poor's 500® Index to the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index. The Adviser believes that, given the Fund's investment objective and strategy, the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index provides a more appropriate basis for performance comparison. The Standard & Poor's 500® Index is the Fund's secondary benchmark.
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expenses, or taxes)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown for Class R shares only, and after-tax returns for Class I, Class C, and Class A shares will vary.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher The Fund's return after taxes on distributions and sale of Fund shares may be higher than its returns before taxes or its returns after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have been incurred.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

The table below shows the Fund's average annual total returns for Class R shares, Class I shares, Class C shares and Class A shares compared with those of the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index, which is comprised of a single issue purchased at the beginning of the month, held for a full month and rolled into a newly selected issue at month-end. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date. The table also shows performance for the Standard & Poor's 500® Index, a broad-based measure of equity market performance. The table also presents the impact of taxes on the returns of the Fund's Class R shares. After-tax returns are shown for Class R shares only, and after-tax returns for Class I, Class C, and Class A shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return after taxes on distributions measures the effect of taxable distributions, but assumes the underlying shares are held for the entire period. Return after taxes on distributions and sale of Fund shares shows the effect of both taxable distributions and any taxable gain or loss that would be realized if the underlying shares were purchased at the beginning and sold at the end of the period (for purposes of the calculation, it is assumed that income dividends and capital gain distributions are reinvested at net asset value and that the entire account is redeemed at the end of the period, including reinvested amounts). The Fund's return after taxes on distributions and sale of Fund shares may be higher than its returns before taxes or its returns after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have been incurred.

Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Return After Taxes on Distributions and Sale of Fund Shares to be greater than the Return After Taxes on Distributions or even the Return Before Taxes.

Caption rr_AverageAnnualReturnCaption Average Annual Total Returns
THE ARBITRAGE FUND | ICE BOFA MERRILL LYNCH U.S. 3-MONTH TREASURY BILL INDEX (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 0.85% [1]
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 0.27% [1]
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 0.39% [1]
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 1.57% [1]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Sep. 18, 2000
THE ARBITRAGE FUND | STANDARD & POOR'S 500® INDEX (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 21.83%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 15.79%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 8.50%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 5.60% [2]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Sep. 18, 2000
THE ARBITRAGE 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 Sales Charge (Load) (as a percentage of original purchase price) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 1.05%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Dividend on Short Positions and Interest Expense on Short Positions and/or Borrowings rr_Component2OtherExpensesOverAssets 0.43%
All Remaining Other Expenses rr_Component3OtherExpensesOverAssets 0.18%
Other Expenses rr_OtherExpensesOverAssets 0.61%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.03% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.94% [4]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 197
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 610
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,049
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,268
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 197
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 610
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 1,049
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 2,268
Annual Return 2008 rr_AnnualReturn2008 (0.63%)
Annual Return 2009 rr_AnnualReturn2009 10.05%
Annual Return 2010 rr_AnnualReturn2010 1.44%
Annual Return 2011 rr_AnnualReturn2011 4.50%
Annual Return 2012 rr_AnnualReturn2012 0.27%
Annual Return 2013 rr_AnnualReturn2013 0.85%
Annual Return 2014 rr_AnnualReturn2014 1.43%
Annual Return 2015 rr_AnnualReturn2015 0.61%
Annual Return 2016 rr_AnnualReturn2016 3.38%
Annual Return 2017 rr_AnnualReturn2017 2.60%
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 2.60%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 1.77%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 2.41%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 4.09% [2]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Sep. 18, 2000
THE ARBITRAGE FUND | Class R | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 1.31%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 1.23%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 1.64%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 3.15% [2]
THE ARBITRAGE FUND | Class R | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 1.71%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 1.17%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 1.59%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 2.90% [2]
THE ARBITRAGE 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 Sales Charge (Load) (as a percentage of original purchase price) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 1.05%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Dividend on Short Positions and Interest Expense on Short Positions and/or Borrowings rr_Component2OtherExpensesOverAssets 0.43%
All Remaining Other Expenses rr_Component3OtherExpensesOverAssets 0.18%
Other Expenses rr_OtherExpensesOverAssets 0.61%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.03% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.69% [4]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 172
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 534
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 920
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,002
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 172
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 534
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 920
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 2,002
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 2.87%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 2.03%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 2.63%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 3.04% [2]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 17, 2003
THE ARBITRAGE 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 Sales Charge (Load) (as a percentage of original purchase price) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00% [5]
Management Fees rr_ManagementFeesOverAssets 1.05%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Dividend on Short Positions and Interest Expense on Short Positions and/or Borrowings rr_Component2OtherExpensesOverAssets 0.43%
All Remaining Other Expenses rr_Component3OtherExpensesOverAssets 0.18%
Other Expenses rr_OtherExpensesOverAssets 0.61%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.03% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.69% [4]
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 $ 372
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 836
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,427
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 3,026
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 272
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 836
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 1,427
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 3,026
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 0.84%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 1.01%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 0.97% [2]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jun. 01, 2012
THE ARBITRAGE FUND | Class A  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 2.50%
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00% [6]
Management Fees rr_ManagementFeesOverAssets 1.05%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Dividend on Short Positions and Interest Expense on Short Positions and/or Borrowings rr_Component2OtherExpensesOverAssets 0.43%
All Remaining Other Expenses rr_Component3OtherExpensesOverAssets 0.18%
Other Expenses rr_OtherExpensesOverAssets 0.61%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.03% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.94% [4]
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock A deferred sales charge of up to 1.00% may be imposed on purchases of $250,000 or more of Class A shares purchased without a front-end sales charge that are redeemed within 18 months of purchase.
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 442
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 845
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,273
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,461
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 442
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 845
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 1,273
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 2,461
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 none
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 1.45% [2]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jun. 01, 2013
[1] Effective August 30, 2018, the Fund's primary benchmark changed from the Standard & Poor's 500® Index to the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index. The Adviser believes that, given the Fund's investment objective and strategy, the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index provides a more appropriate basis for performance comparison. The Standard & Poor's 500® Index is the Fund's secondary benchmark.
[2] The inception date for Class R shares is September 18, 2000, the inception date for Class I shares is October 17, 2003, the inception date for Class C shares is June 1, 2012, and the inception date for the Class A shares is June 1, 2013. The "Since Inception" returns reflected for the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index and the Standard & Poor's 500 Index are based on the inception date for Class R shares.
[3] Acquired Fund Fees and Expenses are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies.
[4] The Total Annual Fund Operating Expenses in this fee table do not correlate to the expense ratio in the Financial Highlights because the expense ratios in the Financial Highlights do not reflect Acquired Fund Fees and Expenses.
[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 purchases of $250,000 or more of Class A shares purchased without a front-end sales charge that are redeemed within 18 months of purchase.
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THE ARBITRAGE EVENT-DRIVEN FUND
THE ARBITRAGE EVENT-DRIVEN FUND
Investment Objective

The Fund seeks to achieve capital growth.

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 48 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 EVENT-DRIVEN 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 Sales 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 EVENT-DRIVEN FUND
Class R
Class I
Class C
Class A
Management Fees 1.25% 1.25% 1.25% 1.25%
Distribution and/or Service (12b-1) Fees 0.25% none 1.00% 0.25%
Other Expenses 1.09% 1.09% 1.09% 1.09%
Dividend on Short Positions and Interest Expense on Short Positions and/or Borrowings 0.47% 0.47% 0.47% 0.47%
All Remaining Other Expenses 0.62% 0.62% 0.62% 0.62%
Acquired Fund Fees and Expenses [1] 0.04% 0.04% 0.04% 0.04%
Total Annual Fund Operating Expenses 2.63% 2.38% 3.38% 2.63%
Fee Waiver [2] (0.43%) (0.43%) (0.43%) (0.43%)
Total Annual Fund Operating Expenses After Fee Waiver [3] 2.20% 1.95% 2.95% 2.20%
[1] Acquired Fund Fees and Expenses are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies.
[2] 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 1.69% of the Fund's average daily net assets allocable to the Class R shares, 1.44% of the Fund's average daily net assets allocable to the Class I shares, 2.44% of the Fund's average daily net assets allocable to the Class C shares, and 1.69% of the Fund's average daily net assets allocable to the Class A shares. The agreement remains in effect until September 30, 2019, and thereafter continues until either party terminates it upon not less than five days' notice by sending a written notice to the other party. The adviser may recoup any waived amount from the Fund pursuant to the agreement, if such recoupment does not cause the Fund to exceed existing expense limitations in effect at the time the amounts were waived and the recoupment is done within three years after the year in which the expense was waived.
[3] The Total Annual Fund Operating Expenses in this fee table do not correlate to the expense ratio in the Financial Highlights because the expense ratios in the Financial Highlights do not reflect Acquired Fund Fees and Expenses.
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 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 EVENT-DRIVEN FUND - USD ($)
1 Year
3 Years
5 Years
10 Years
Class R 223 777 1,357 2,932
Class I 198 701 1,232 2,683
Class C 398 999 1,723 3,638
Class A 541 1,076 1,638 3,162
You would pay the following expenses if you did not redeem your shares:
Expense Example No Redemption - THE ARBITRAGE EVENT-DRIVEN FUND - USD ($)
1 Year
3 Years
5 Years
10 Years
Class R 223 777 1,357 2,932
Class I 198 701 1,232 2,683
Class C 298 999 1,723 3,638
Class A 541 1,076 1,638 3,162
Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During its most recent fiscal year, the Fund's portfolio turnover rate was 421% of the average value of its portfolio.

Principal Investment Strategies

The Fund invests in equity and debt and debt-like instruments (including high yield bonds commonly known as "junk bonds") of companies whose prices the Fund's investment adviser believes are or will be impacted by a corporate event. Specifically, the Fund employs investment strategies designed to capture price movements generated by corporate events such as mergers, acquisitions, asset sales, restructurings, refinancings, recapitalizations, reorganizations or other special situations (referred to as "event-driven opportunities"). The Fund may invest in both U.S. and foreign securities, and may invest in securities of companies of any market capitalization and in debt securities of any maturity. The Fund may also invest in derivatives, such as options and total return swaps. Furthermore, the Fund may invest in exchange traded funds ("ETFs"). The Adviser expects the Fund's assets to be invested in various industries; however, if, for example, a large percentage (namely, at least 50%) of corporate events taking place within the U.S. are within one industry over a given period of time, a large portion of the Fund's assets could be concentrated in that industry for that period of time.


The Fund may utilize investment strategies such as merger arbitrage, convertible arbitrage and capital structure arbitrage in order to profit from event-driven opportunities. These investment strategies are described more fully below.


Merger Arbitrage: Merger arbitrage is a highly specialized investment approach designed to profit from the successful completion of mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations and other corporate reorganizations. The most common merger arbitrage activity, and the approach the Fund generally uses, involves purchasing the shares of an announced acquisition target company at a discount to their expected value upon completion of the acquisition. The Fund may engage in selling securities short when the terms of a proposed acquisition call for the exchange of common stock and/or other securities. In such a case, the securities of the company to be acquired may be purchased and, at approximately the same time, an amount of the acquiring company's common stock and/or other securities as per the terms of the transaction may be sold short.


Convertible Arbitrage: Convertible arbitrage is a specialized strategy that seeks to profit from pricing inefficiencies between a firm's convertible securities and its underlying equity. The most common convertible arbitrage approach, and the strategy the Fund generally uses, matches a long position in the convertible security with a short position in the underlying common stock. The Fund seeks to purchase convertible securities at discounts to their expected future values and sell short shares of the underlying common stock in order to mitigate equity market movements. As stock prices rise and the convertible security becomes more equity sensitive, the Fund may sell short additional common shares in order to maintain the relationship between the convertible and the underlying common stock. As stock prices fall, the Fund will typically buy back a portion of shares which it had sold short. Positions are typically designed to earn income from coupon or dividend payments and net gains from the purchase and sale of the convertible securities' positions and the underlying common stocks.


Capital Structure Arbitrage: Capital structure arbitrage seeks to profit from relative pricing discrepancies between related debt and/or equity securities. For example, when the Fund believes that unsecured securities are overvalued in relation to senior secured securities, the Fund may purchase a senior secured security of an issuer and sell short an unsecured security of the same issuer. In this example the trade would be profitable if credit quality spreads widened or if the issuer went bankrupt and the recovery rate for the senior debt was higher than anticipated. Another example might involve the Fund purchasing one class of common stock while selling short a different class of common stock of the same issuer. It is expected that, over time, the relative mispricing of the securities may decline, at which point the position will be liquidated.


The Fund generally engages in active and frequent trading of portfolio securities to achieve its principal investment objective. The Fund may sell or close out a security when the securities of the companies involved in the transaction no longer meet the Fund's expected return criteria when gauged by prevailing market prices and the relative risks of the situation. The Fund may, but is not required to, seek to reduce currency risk by hedging part or all of its exposure to various foreign currencies.

Principal Risks

As with all mutual funds, investing in the Fund entails risks that could cause the Fund and you to lose money. The principal risks of investing in the Fund are as follows:


Active Management Risk: The Fund is an actively managed investment portfolio and is therefore subject to management risk. The Adviser will apply its investment and risk analysis in making investment decisions for the Fund, but there is no guarantee that these decisions will produce the intended results.


Concentration Risk: The Adviser expects the Fund's assets to be invested in various industries; however, if, for example, a large percentage of corporate events taking place within the U.S. are within one industry over a given period of time, a large portion of the Fund's assets could be concentrated in that industry for that period of time. During such a period of concentration, the Fund may be subject to greater volatility and with respect to portfolio securities than a fund that is more broadly diversified.


Convertible Security Risks: Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Because convertible securities are higher in the firm's capital structure than equity, convertible securities are generally not as risky as the equity securities of the same issuer. However, convertible securities may gain or lose value due to changes in interest rates and other general economic conditions, industry fundamentals, market sentiment and changes in the issuer's operating results and credit ratings.


Counterparty Risk: The Fund may enter into various types of derivative contracts. These derivative contracts may be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. If a privately negotiated over-the-counter contract calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if the creditworthiness of the counterparty declines, the Fund may not receive payments owed under the contract, or such payments may be delayed and the value of agreements with the counterparty can be expected to decline, potentially resulting in losses to the Fund.


Credit Risks: Credit risk refers to the possibility that the issuer of the security will not be able to make interest or principal payments when due. The Fund may invest in convertible and non-convertible debt securities, including high yield debt securities, also known as "junk bonds." Investments in junk bonds are subject to greater credit risks than securities with credit ratings above investment grade and have a greater risk of default than investment grade debt securities. Junk bonds are less sensitive to interest rate changes than higher credit quality instruments and generally are more sensitive to adverse economic changes or individual corporate developments.


Currency Risks: Fluctuations in exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment. Adverse changes in exchange rates may erode or reverse any gains produced by foreign currency denominated investments and may widen any losses. Currency forward/futures contracts also may deny the Fund from realizing gains from an increase in the value of the currency. In addition to currency risk, currency forward/futures contracts, like other derivatives, may be susceptible to credit risk and other risks.


Derivatives Risk: In general, a derivative instrument typically involves leverage and provides exposure to potential gain or loss from a change in the market price of the underlying asset (or a basket of assets or an index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative instrument. Adverse changes in the value or price of the underlying asset (or basket of assets or index), which the Fund may not directly own, can result in a loss to the Fund substantially greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional risks and transaction costs. Derivative instruments come in many varieties and may include forward contracts, options (both written and purchased) and swap contracts.


Event-Driven Risk: Event-driven investments involve the risk that certain of the events driving the investment may not happen or the market may react differently than expected to the anticipated transaction. In addition, although an event may occur or is announced, it may be renegotiated, terminated or involve a longer time frame than originally contemplated. Event-driven investment transactions are also subject to the risk of overall market movements. Any one of these risks could cause the Fund to experience investment losses, impacting its shares negatively.


Foreign Securities Risks: The securities of foreign issuers may be less liquid and more volatile than securities of comparable U.S. issuers. The costs associated with securities transactions may be higher in foreign countries than in the United States. The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by mutual funds in which the Fund invests may be affected favorably or unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies may adversely affect the Fund. Additionally, investments in foreign securities, even those publicly traded in the United States, may involve risks which are in addition to those inherent in U.S. investments. Foreign companies may not be subject to the same regulatory requirements of U.S. companies, and as a consequence, there may be less publicly available information about such companies. Also, foreign companies may not be subject to uniform accounting, auditing, and financial reporting standards and requirements comparable to those applicable to U.S. companies. Foreign governments and foreign economies often are less stable than the U.S. Government and the U.S. economy.


Hedging Transaction Risk: The success of the Fund's hedging strategies will be subject to the Adviser's ability to assess correctly the degree of correlation between the performance of the instruments used in the hedging strategies and the performance of the investments in the Fund's portfolio being hedged. Hedging transactions involve the risk of imperfect correlation. Imperfect correlation may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. Hedging transactions also limit the opportunity for gain if the value of a hedged portfolio position should increase.


High Portfolio Turnover Risks: The Fund's investment strategies may result in high portfolio turnover rates. This may increase the Fund's brokerage commission costs, which would reduce performance. Rapid portfolio turnover also exposes shareholders to a higher current realization of short-term gains which could cause you to pay higher taxes.


Interest Rate Risks: Prices of debt securities and preferred stocks tend to move inversely with changes in interest rates. When interest rates fall, the market value of the respective debt securities and preferred securities usually increases. Conversely, when interest rates rise, the market value of the respective debt securities and preferred securities usually declines. As such, a change in interest rates may affect prices of the Fund's debt securities and preferred securities and, accordingly, the Fund's share price.


Investment Company and ETF Risk: Investing in securities issued by other investment companies, including ETFs, involves risks similar to those of investing directly in the securities and other assets held by the investment company or ETF. Unlike shares of typical mutual funds, shares of ETFs are traded on an exchange through a trading day and bought and sold based on market values and not at net asset value. For this reason, shares could trade either at a premium or a discount to net asset value. The trading price of an ETF is expected to closely track the actual net asset value of an ETF, and the Fund will generally gain or lose value consistent with the performance of the ETF's portfolio securities. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs. In addition, the Fund will indirectly bear its pro rata share of the fees and expenses incurred by a fund it invests in, including advisory fees. These expenses are in addition to the advisory and other expenses that the Fund bears directly in connection with its own operations. An ETF may not replicate exactly the performance of the benchmark index it seeks to track for a number of reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held.


Leverage Risks: If the Fund uses leverage through activities such as borrowing, entering into short sales, purchasing securities on margin or on a "when-issued" basis or purchasing derivative instruments in an effort to increase its returns, the Fund has the risk of magnified capital losses that occur when losses affect an asset base, enlarged by borrowings or the creation of liabilities, that exceeds the net assets of the Fund. Should the Fund employ leverage, the Fund's net asset value may be more volatile and sensitive to market movements. Leverage may involve the creation of a liability that requires the Fund to pay interest.


Large Shareholder Transaction Risk: The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions may cause the Fund to sell its securities at times when it would not otherwise do so, which may negatively impact the Fund's NAV and liquidity. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. Similarly, large share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.


Market Risks: Market risk is the possibility that securities prices will fluctuate over time. This fluctuation includes both increases and decreases in security prices. The Fund is subject to market risk. The value of the Fund's investments, and the net asset value of the Fund, will fluctuate. Investors could lose money due to this price fluctuation.


Merger Arbitrage Risks: The principal risk associated with the Fund's merger arbitrage investment strategy is that the proposed reorganizations in which the Fund invests may be renegotiated or terminated, in which case the Fund may realize losses.


Options Risks: Options transactions involve special risks that may make it difficult or impossible to close a position when the Fund desires. These risks include possible imperfect correlation between the price movements of the option and the underlying security; the potential lack of a liquid secondary market at any particular time; and possible price fluctuation limits. In addition, the option activities of the Fund may affect its portfolio turnover rate and the amount of brokerage commissions paid by the Fund.


Short Sale Risks: The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. It is possible that the Fund's long positions will decline in value at the same time that the value of its short positions increase, thereby increasing potential losses to the Fund. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund's investment performance may also suffer if it is required to close out a short position earlier than it had intended. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing. These expenses may negatively impact the performance of the Fund. Short positions introduce more risk to the Fund than long positions (purchases) because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the shorted security. Therefore, in theory, securities sold short have unlimited risk.


Small and Medium Capitalization Securities Risks: Securities issued by small and medium capitalization companies tend to be less liquid and more volatile than stocks of companies with relatively large market capitalizations. Securities of small and medium capitalization companies may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these small and medium sized companies may have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small and medium capitalization stock prices may be more volatile than those of larger companies.


Total Return Swap Risks: In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. Certain categories of swap agreements often have terms of greater than seven days and may be considered illiquid. Moreover, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. The swaps market is subject to extensive regulation under the Dodd-Frank Act and certain Securities and Exchange Commission and Commodity Futures Trading Commission rules promulgated thereunder. It is possible that developments in the swaps market, including new and additional government regulation, could result in higher Fund costs and expenses and could adversely affect the Fund's ability, among other things, to terminate existing swap agreements or to realize amounts to be received under such agreements.

Performance Information

The following information provides some indication of the risks and variability of investing in the Fund by showing how the Fund's performance has varied over time. The performance shown reflects the performance of the Fund's Class R shares before and after taxes and the Fund's Class I, Class C and Class A shares before taxes.


The bar chart and performance table shown below depict the performance of the Fund's Class R shares for the periods indicated and show how the Fund's average annual total returns compare with those of a broad measure of market performance. The performance table includes the performance of the Fund's Class I, Class C and Class A shares before taxes. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Performance reflects fee waivers in effect. If fee waivers were not in place, the Fund's performance would be reduced. Updated information on the Fund's performance can be obtained by visiting www.arbitragefunds.com.

Year-by-Year Annual Total Returns through December 31, 2017 – Class R Shares
Bar Chart

During the period shown in the bar chart, the highest return for a quarter was 5.81% during the quarter ended December 31, 2011 and the lowest return for a quarter was -5.89% during the quarter ended September 30, 2015.


The year-to-date return of the Fund's Class R shares through June 30, 2018 is 0.63%.


While the Class I shares, Class C shares and Class A shares would have substantially similar annual returns to the Class R shares because the shares are invested in the same portfolio of securities, the performance of Class I, Class C, and Class A shares will differ from that shown above since the Classes do not have the same expenses or inception dates.


Average Annual Total Returns for Periods Ended December 31, 2017
Average Annual Total Returns

The table below shows the Fund's average annual total returns for Class R shares, Class I shares, Class C shares and Class A shares compared with those of the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index, which is comprised of a single issue purchased at the beginning of the month, held for a full month and rolled into a newly selected issue at month-end. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date. The table also shows performance for the Bloomberg Barclays U.S. Aggregate Bond Index, a broad-based measure of the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market performance. The table also presents the impact of taxes on the returns of the Fund's Class R shares. After-tax returns are shown for Class R shares only, and after-tax returns for Class I, Class C, and Class A shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return after taxes on distributions measures the effect of taxable distributions, but assumes the underlying shares are held for the entire period. Return after taxes on distributions and sale of Fund shares shows the effect of both taxable distributions and any taxable gain or loss that would be realized if the underlying shares were purchased at the beginning and sold at the end of the period (for purposes of the calculation, it is assumed that income dividends and capital gain distributions are reinvested at net asset value and that the entire account is redeemed at the end of the period, including reinvested amounts). The Fund's return after taxes on distributions and sale of Fund shares may be higher than its returns before taxes or its returns after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have been incurred.

Average Annual Returns - THE ARBITRAGE EVENT-DRIVEN FUND
Average Annual Returns, 1 Year
Average Annual Returns, 5 Years
Average Annual Returns, Since Inception
[1]
Average Annual Returns, Inception Date
Class R 3.68% 0.69% 1.39% Oct. 01, 2010
Class I 3.90% 0.94% 1.64% Oct. 01, 2010
Class C 1.88% (0.07%) 0.17% Jun. 01, 2012
Class A 0.20%   (0.26%) Jun. 01, 2013
After Taxes on Distributions | Class R 3.61% 0.22% 0.59%  
After Taxes on Distributions and Sale of Fund Shares | Class R 2.14% 0.33% 0.77%  
ICE BOFA MERRILL LYNCH U.S. 3-MONTH TREASURY BILL INDEX (reflects no deduction for fees, expenses, or taxes) 0.85% [2] 0.27% [2] 0.22% [2] Oct. 01, 2010
BLOOMBERG BARCLAYS U.S. AGGREGATE BOND INDEX (reflects no deduction for fees, expenses, or taxes) 3.54% 2.10% 2.90% Oct. 01, 2010
[1] The inception date for Class R shares and Class I shares is October 1, 2010, the inception date for the Class C shares is June 1, 2012, and the inception date for the Class A shares is June 1, 2013. The "Since Inception" returns reflected for the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index and the Bloomberg Barclays U.S. Aggregate Bond Index are based on the inception date for Class R and Class I shares.
[2] Effective August 30, 2018, the Fund's primary benchmark changed from the Bloomberg Barclays U.S. Aggregate Bond Index to the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index. The Adviser believes that, given the Fund's investment objective and strategy, the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index provides a more appropriate basis for performance comparison. The Bloomberg Barclays U.S. Aggregate Bond Index is the Fund's secondary benchmark.

In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Return After Taxes on Distributions and Sale of Fund Shares to be greater than the Return After Taxes on Distributions or even the Return Before Taxes.

XML 16 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
THE ARBITRAGE EVENT-DRIVEN FUND  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading THE ARBITRAGE EVENT-DRIVEN FUND
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund seeks to achieve capital growth.

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 48 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, 2019
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During its most recent fiscal year, the Fund's portfolio turnover rate was 421% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 421.00%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The Total Annual Fund Operating Expenses in this fee table do not correlate to the expense ratio in the Financial Highlights because the expense ratios in the Financial Highlights do not reflect Acquired Fund Fees and Expenses.
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 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:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund invests in equity and debt and debt-like instruments (including high yield bonds commonly known as "junk bonds") of companies whose prices the Fund's investment adviser believes are or will be impacted by a corporate event. Specifically, the Fund employs investment strategies designed to capture price movements generated by corporate events such as mergers, acquisitions, asset sales, restructurings, refinancings, recapitalizations, reorganizations or other special situations (referred to as "event-driven opportunities"). The Fund may invest in both U.S. and foreign securities, and may invest in securities of companies of any market capitalization and in debt securities of any maturity. The Fund may also invest in derivatives, such as options and total return swaps. Furthermore, the Fund may invest in exchange traded funds ("ETFs"). The Adviser expects the Fund's assets to be invested in various industries; however, if, for example, a large percentage (namely, at least 50%) of corporate events taking place within the U.S. are within one industry over a given period of time, a large portion of the Fund's assets could be concentrated in that industry for that period of time.


The Fund may utilize investment strategies such as merger arbitrage, convertible arbitrage and capital structure arbitrage in order to profit from event-driven opportunities. These investment strategies are described more fully below.


Merger Arbitrage: Merger arbitrage is a highly specialized investment approach designed to profit from the successful completion of mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations and other corporate reorganizations. The most common merger arbitrage activity, and the approach the Fund generally uses, involves purchasing the shares of an announced acquisition target company at a discount to their expected value upon completion of the acquisition. The Fund may engage in selling securities short when the terms of a proposed acquisition call for the exchange of common stock and/or other securities. In such a case, the securities of the company to be acquired may be purchased and, at approximately the same time, an amount of the acquiring company's common stock and/or other securities as per the terms of the transaction may be sold short.


Convertible Arbitrage: Convertible arbitrage is a specialized strategy that seeks to profit from pricing inefficiencies between a firm's convertible securities and its underlying equity. The most common convertible arbitrage approach, and the strategy the Fund generally uses, matches a long position in the convertible security with a short position in the underlying common stock. The Fund seeks to purchase convertible securities at discounts to their expected future values and sell short shares of the underlying common stock in order to mitigate equity market movements. As stock prices rise and the convertible security becomes more equity sensitive, the Fund may sell short additional common shares in order to maintain the relationship between the convertible and the underlying common stock. As stock prices fall, the Fund will typically buy back a portion of shares which it had sold short. Positions are typically designed to earn income from coupon or dividend payments and net gains from the purchase and sale of the convertible securities' positions and the underlying common stocks.


Capital Structure Arbitrage: Capital structure arbitrage seeks to profit from relative pricing discrepancies between related debt and/or equity securities. For example, when the Fund believes that unsecured securities are overvalued in relation to senior secured securities, the Fund may purchase a senior secured security of an issuer and sell short an unsecured security of the same issuer. In this example the trade would be profitable if credit quality spreads widened or if the issuer went bankrupt and the recovery rate for the senior debt was higher than anticipated. Another example might involve the Fund purchasing one class of common stock while selling short a different class of common stock of the same issuer. It is expected that, over time, the relative mispricing of the securities may decline, at which point the position will be liquidated.


The Fund generally engages in active and frequent trading of portfolio securities to achieve its principal investment objective. The Fund may sell or close out a security when the securities of the companies involved in the transaction no longer meet the Fund's expected return criteria when gauged by prevailing market prices and the relative risks of the situation. The Fund may, but is not required to, seek to reduce currency risk by hedging part or all of its exposure to various foreign currencies.

Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

As with all mutual funds, investing in the Fund entails risks that could cause the Fund and you to lose money. The principal risks of investing in the Fund are as follows:


Active Management Risk: The Fund is an actively managed investment portfolio and is therefore subject to management risk. The Adviser will apply its investment and risk analysis in making investment decisions for the Fund, but there is no guarantee that these decisions will produce the intended results.


Concentration Risk: The Adviser expects the Fund's assets to be invested in various industries; however, if, for example, a large percentage of corporate events taking place within the U.S. are within one industry over a given period of time, a large portion of the Fund's assets could be concentrated in that industry for that period of time. During such a period of concentration, the Fund may be subject to greater volatility and with respect to portfolio securities than a fund that is more broadly diversified.


Convertible Security Risks: Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Because convertible securities are higher in the firm's capital structure than equity, convertible securities are generally not as risky as the equity securities of the same issuer. However, convertible securities may gain or lose value due to changes in interest rates and other general economic conditions, industry fundamentals, market sentiment and changes in the issuer's operating results and credit ratings.


Counterparty Risk: The Fund may enter into various types of derivative contracts. These derivative contracts may be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. If a privately negotiated over-the-counter contract calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if the creditworthiness of the counterparty declines, the Fund may not receive payments owed under the contract, or such payments may be delayed and the value of agreements with the counterparty can be expected to decline, potentially resulting in losses to the Fund.


Credit Risks: Credit risk refers to the possibility that the issuer of the security will not be able to make interest or principal payments when due. The Fund may invest in convertible and non-convertible debt securities, including high yield debt securities, also known as "junk bonds." Investments in junk bonds are subject to greater credit risks than securities with credit ratings above investment grade and have a greater risk of default than investment grade debt securities. Junk bonds are less sensitive to interest rate changes than higher credit quality instruments and generally are more sensitive to adverse economic changes or individual corporate developments.


Currency Risks: Fluctuations in exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment. Adverse changes in exchange rates may erode or reverse any gains produced by foreign currency denominated investments and may widen any losses. Currency forward/futures contracts also may deny the Fund from realizing gains from an increase in the value of the currency. In addition to currency risk, currency forward/futures contracts, like other derivatives, may be susceptible to credit risk and other risks.


Derivatives Risk: In general, a derivative instrument typically involves leverage and provides exposure to potential gain or loss from a change in the market price of the underlying asset (or a basket of assets or an index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative instrument. Adverse changes in the value or price of the underlying asset (or basket of assets or index), which the Fund may not directly own, can result in a loss to the Fund substantially greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional risks and transaction costs. Derivative instruments come in many varieties and may include forward contracts, options (both written and purchased) and swap contracts.


Event-Driven Risk: Event-driven investments involve the risk that certain of the events driving the investment may not happen or the market may react differently than expected to the anticipated transaction. In addition, although an event may occur or is announced, it may be renegotiated, terminated or involve a longer time frame than originally contemplated. Event-driven investment transactions are also subject to the risk of overall market movements. Any one of these risks could cause the Fund to experience investment losses, impacting its shares negatively.


Foreign Securities Risks: The securities of foreign issuers may be less liquid and more volatile than securities of comparable U.S. issuers. The costs associated with securities transactions may be higher in foreign countries than in the United States. The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by mutual funds in which the Fund invests may be affected favorably or unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies may adversely affect the Fund. Additionally, investments in foreign securities, even those publicly traded in the United States, may involve risks which are in addition to those inherent in U.S. investments. Foreign companies may not be subject to the same regulatory requirements of U.S. companies, and as a consequence, there may be less publicly available information about such companies. Also, foreign companies may not be subject to uniform accounting, auditing, and financial reporting standards and requirements comparable to those applicable to U.S. companies. Foreign governments and foreign economies often are less stable than the U.S. Government and the U.S. economy.


Hedging Transaction Risk: The success of the Fund's hedging strategies will be subject to the Adviser's ability to assess correctly the degree of correlation between the performance of the instruments used in the hedging strategies and the performance of the investments in the Fund's portfolio being hedged. Hedging transactions involve the risk of imperfect correlation. Imperfect correlation may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. Hedging transactions also limit the opportunity for gain if the value of a hedged portfolio position should increase.


High Portfolio Turnover Risks: The Fund's investment strategies may result in high portfolio turnover rates. This may increase the Fund's brokerage commission costs, which would reduce performance. Rapid portfolio turnover also exposes shareholders to a higher current realization of short-term gains which could cause you to pay higher taxes.


Interest Rate Risks: Prices of debt securities and preferred stocks tend to move inversely with changes in interest rates. When interest rates fall, the market value of the respective debt securities and preferred securities usually increases. Conversely, when interest rates rise, the market value of the respective debt securities and preferred securities usually declines. As such, a change in interest rates may affect prices of the Fund's debt securities and preferred securities and, accordingly, the Fund's share price.


Investment Company and ETF Risk: Investing in securities issued by other investment companies, including ETFs, involves risks similar to those of investing directly in the securities and other assets held by the investment company or ETF. Unlike shares of typical mutual funds, shares of ETFs are traded on an exchange through a trading day and bought and sold based on market values and not at net asset value. For this reason, shares could trade either at a premium or a discount to net asset value. The trading price of an ETF is expected to closely track the actual net asset value of an ETF, and the Fund will generally gain or lose value consistent with the performance of the ETF's portfolio securities. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs. In addition, the Fund will indirectly bear its pro rata share of the fees and expenses incurred by a fund it invests in, including advisory fees. These expenses are in addition to the advisory and other expenses that the Fund bears directly in connection with its own operations. An ETF may not replicate exactly the performance of the benchmark index it seeks to track for a number of reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held.


Leverage Risks: If the Fund uses leverage through activities such as borrowing, entering into short sales, purchasing securities on margin or on a "when-issued" basis or purchasing derivative instruments in an effort to increase its returns, the Fund has the risk of magnified capital losses that occur when losses affect an asset base, enlarged by borrowings or the creation of liabilities, that exceeds the net assets of the Fund. Should the Fund employ leverage, the Fund's net asset value may be more volatile and sensitive to market movements. Leverage may involve the creation of a liability that requires the Fund to pay interest.


Large Shareholder Transaction Risk: The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions may cause the Fund to sell its securities at times when it would not otherwise do so, which may negatively impact the Fund's NAV and liquidity. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. Similarly, large share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.


Market Risks: Market risk is the possibility that securities prices will fluctuate over time. This fluctuation includes both increases and decreases in security prices. The Fund is subject to market risk. The value of the Fund's investments, and the net asset value of the Fund, will fluctuate. Investors could lose money due to this price fluctuation.


Merger Arbitrage Risks: The principal risk associated with the Fund's merger arbitrage investment strategy is that the proposed reorganizations in which the Fund invests may be renegotiated or terminated, in which case the Fund may realize losses.


Options Risks: Options transactions involve special risks that may make it difficult or impossible to close a position when the Fund desires. These risks include possible imperfect correlation between the price movements of the option and the underlying security; the potential lack of a liquid secondary market at any particular time; and possible price fluctuation limits. In addition, the option activities of the Fund may affect its portfolio turnover rate and the amount of brokerage commissions paid by the Fund.


Short Sale Risks: The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. It is possible that the Fund's long positions will decline in value at the same time that the value of its short positions increase, thereby increasing potential losses to the Fund. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund's investment performance may also suffer if it is required to close out a short position earlier than it had intended. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing. These expenses may negatively impact the performance of the Fund. Short positions introduce more risk to the Fund than long positions (purchases) because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the shorted security. Therefore, in theory, securities sold short have unlimited risk.


Small and Medium Capitalization Securities Risks: Securities issued by small and medium capitalization companies tend to be less liquid and more volatile than stocks of companies with relatively large market capitalizations. Securities of small and medium capitalization companies may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these small and medium sized companies may have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small and medium capitalization stock prices may be more volatile than those of larger companies.


Total Return Swap Risks: In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. Certain categories of swap agreements often have terms of greater than seven days and may be considered illiquid. Moreover, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. The swaps market is subject to extensive regulation under the Dodd-Frank Act and certain Securities and Exchange Commission and Commodity Futures Trading Commission rules promulgated thereunder. It is possible that developments in the swaps market, including new and additional government regulation, could result in higher Fund costs and expenses and could adversely affect the Fund's ability, among other things, to terminate existing swap agreements or to realize amounts to be received under such agreements.

Risk Lose Money [Text] rr_RiskLoseMoney As with all mutual funds, investing in the Fund entails risks that could cause the Fund and you to lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The following information provides some indication of the risks and variability of investing in the Fund by showing how the Fund's performance has varied over time. The performance shown reflects the performance of the Fund's Class R shares before and after taxes and the Fund's Class I, Class C and Class A shares before taxes.


The bar chart and performance table shown below depict the performance of the Fund's Class R shares for the periods indicated and show how the Fund's average annual total returns compare with those of a broad measure of market performance. The performance table includes the performance of the Fund's Class I, Class C and Class A shares before taxes. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Performance reflects fee waivers in effect. If fee waivers were not in place, the Fund's performance would be reduced. Updated information on the Fund's performance can be obtained by visiting www.arbitragefunds.com.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following information provides some indication of the risks and variability of investing in the Fund by showing how the Fund's performance has varied over time.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.arbitragefunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Year-by-Year Annual Total Returns through December 31, 2017 – Class R Shares
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

During the period shown in the bar chart, the highest return for a quarter was 5.81% during the quarter ended December 31, 2011 and the lowest return for a quarter was -5.89% during the quarter ended September 30, 2015.


The year-to-date return of the Fund's Class R shares through June 30, 2018 is 0.63%.


While the Class I shares, Class C shares and Class A shares would have substantially similar annual returns to the Class R shares because the shares are invested in the same portfolio of securities, the performance of Class I, Class C, and Class A shares will differ from that shown above since the Classes do not have the same expenses or inception dates.


Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Jun. 30, 2018
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 0.63%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2011
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 5.81%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2015
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (5.89%)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for Periods Ended December 31, 2017
Performance Table Market Index Changed rr_PerformanceTableMarketIndexChanged Effective August 30, 2018, the Fund's primary benchmark changed from the Bloomberg Barclays U.S. Aggregate Bond Index to the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index. The Adviser believes that, given the Fund's investment objective and strategy, the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index provides a more appropriate basis for performance comparison. The Bloomberg Barclays U.S. Aggregate Bond Index is the Fund's secondary benchmark.
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expenses, or taxes)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown for Class R shares only, and after-tax returns for Class I, Class C, and Class A shares will vary.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher The Fund's return after taxes on distributions and sale of Fund shares may be higher than its returns before taxes or its returns after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have been incurred.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

The table below shows the Fund's average annual total returns for Class R shares, Class I shares, Class C shares and Class A shares compared with those of the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index, which is comprised of a single issue purchased at the beginning of the month, held for a full month and rolled into a newly selected issue at month-end. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date. The table also shows performance for the Bloomberg Barclays U.S. Aggregate Bond Index, a broad-based measure of the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market performance. The table also presents the impact of taxes on the returns of the Fund's Class R shares. After-tax returns are shown for Class R shares only, and after-tax returns for Class I, Class C, and Class A shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return after taxes on distributions measures the effect of taxable distributions, but assumes the underlying shares are held for the entire period. Return after taxes on distributions and sale of Fund shares shows the effect of both taxable distributions and any taxable gain or loss that would be realized if the underlying shares were purchased at the beginning and sold at the end of the period (for purposes of the calculation, it is assumed that income dividends and capital gain distributions are reinvested at net asset value and that the entire account is redeemed at the end of the period, including reinvested amounts). The Fund's return after taxes on distributions and sale of Fund shares may be higher than its returns before taxes or its returns after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have been incurred.

Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Return After Taxes on Distributions and Sale of Fund Shares to be greater than the Return After Taxes on Distributions or even the Return Before Taxes.

Caption rr_AverageAnnualReturnCaption Average Annual Total Returns
THE ARBITRAGE EVENT-DRIVEN FUND | ICE BOFA MERRILL LYNCH U.S. 3-MONTH TREASURY BILL INDEX (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 0.85% [1]
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 0.27% [1]
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 0.22% [1],[2]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 01, 2010
THE ARBITRAGE EVENT-DRIVEN FUND | BLOOMBERG BARCLAYS U.S. AGGREGATE BOND INDEX (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 3.54%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 2.10%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 2.90% [2]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 01, 2010
THE ARBITRAGE EVENT-DRIVEN 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 Sales Charge (Load) (as a percentage of original purchase price) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 1.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Dividend on Short Positions and Interest Expense on Short Positions and/or Borrowings rr_Component2OtherExpensesOverAssets 0.47%
All Remaining Other Expenses rr_Component3OtherExpensesOverAssets 0.62%
Other Expenses rr_OtherExpensesOverAssets 1.09%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.04% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.63%
Fee Waiver rr_FeeWaiverOrReimbursementOverAssets (0.43%) [4]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 2.20% [5]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 223
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 777
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,357
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,932
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 223
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 777
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 1,357
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 2,932
Annual Return 2011 rr_AnnualReturn2011 3.28%
Annual Return 2012 rr_AnnualReturn2012 1.77%
Annual Return 2013 rr_AnnualReturn2013 5.40%
Annual Return 2014 rr_AnnualReturn2014 (1.69%)
Annual Return 2015 rr_AnnualReturn2015 (8.31%)
Annual Return 2016 rr_AnnualReturn2016 5.06%
Annual Return 2017 rr_AnnualReturn2017 3.68%
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 3.68%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 0.69%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 1.39% [2]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 01, 2010
THE ARBITRAGE EVENT-DRIVEN FUND | Class R | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 3.61%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 0.22%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 0.59% [2]
THE ARBITRAGE EVENT-DRIVEN FUND | Class R | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 2.14%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 0.33%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 0.77% [2]
THE ARBITRAGE EVENT-DRIVEN 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 Sales Charge (Load) (as a percentage of original purchase price) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 1.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Dividend on Short Positions and Interest Expense on Short Positions and/or Borrowings rr_Component2OtherExpensesOverAssets 0.47%
All Remaining Other Expenses rr_Component3OtherExpensesOverAssets 0.62%
Other Expenses rr_OtherExpensesOverAssets 1.09%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.04% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.38%
Fee Waiver rr_FeeWaiverOrReimbursementOverAssets (0.43%) [4]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 1.95% [5]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 198
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 701
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,232
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,683
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 198
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 701
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 1,232
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 2,683
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 3.90%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 0.94%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 1.64% [2]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 01, 2010
THE ARBITRAGE EVENT-DRIVEN 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 Sales Charge (Load) (as a percentage of original purchase price) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00% [6]
Management Fees rr_ManagementFeesOverAssets 1.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Dividend on Short Positions and Interest Expense on Short Positions and/or Borrowings rr_Component2OtherExpensesOverAssets 0.47%
All Remaining Other Expenses rr_Component3OtherExpensesOverAssets 0.62%
Other Expenses rr_OtherExpensesOverAssets 1.09%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.04% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.38%
Fee Waiver rr_FeeWaiverOrReimbursementOverAssets (0.43%) [4]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 2.95% [5]
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 $ 398
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 999
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,723
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 3,638
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 298
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 999
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 1,723
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 3,638
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 1.88%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 (0.07%)
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 0.17% [2]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jun. 01, 2012
THE ARBITRAGE EVENT-DRIVEN 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 Sales Charge (Load) (as a percentage of original purchase price) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00% [7]
Management Fees rr_ManagementFeesOverAssets 1.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Dividend on Short Positions and Interest Expense on Short Positions and/or Borrowings rr_Component2OtherExpensesOverAssets 0.47%
All Remaining Other Expenses rr_Component3OtherExpensesOverAssets 0.62%
Other Expenses rr_OtherExpensesOverAssets 1.09%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.04% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.63%
Fee Waiver rr_FeeWaiverOrReimbursementOverAssets (0.43%) [4]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 2.20% [5]
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 541
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,076
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,638
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 3,162
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 541
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 1,076
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 1,638
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 3,162
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 0.20%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception (0.26%) [2]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jun. 01, 2013
[1] Effective August 30, 2018, the Fund's primary benchmark changed from the Bloomberg Barclays U.S. Aggregate Bond Index to the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index. The Adviser believes that, given the Fund's investment objective and strategy, the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index provides a more appropriate basis for performance comparison. The Bloomberg Barclays U.S. Aggregate Bond Index is the Fund's secondary benchmark.
[2] The inception date for Class R shares and Class I shares is October 1, 2010, the inception date for the Class C shares is June 1, 2012, and the inception date for the Class A shares is June 1, 2013. The "Since Inception" returns reflected for the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index and the Bloomberg Barclays U.S. Aggregate Bond Index are based on the inception date for Class R and Class I shares.
[3] Acquired Fund Fees and Expenses are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies.
[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 1.69% of the Fund's average daily net assets allocable to the Class R shares, 1.44% of the Fund's average daily net assets allocable to the Class I shares, 2.44% of the Fund's average daily net assets allocable to the Class C shares, and 1.69% of the Fund's average daily net assets allocable to the Class A shares. The agreement remains in effect until September 30, 2019, and thereafter continues until either party terminates it upon not less than five days' notice by sending a written notice to the other party. The adviser may recoup any waived amount from the Fund pursuant to the agreement, if such recoupment does not cause the Fund to exceed existing expense limitations in effect at the time the amounts were waived and the recoupment is done within three years after the year in which the expense was waived.
[5] The Total Annual Fund Operating Expenses in this fee table do not correlate to the expense ratio in the Financial Highlights because the expense ratios in the Financial Highlights do not reflect Acquired Fund Fees and Expenses.
[6] This contingent deferred sales charge applies to Class C shares redeemed within 12 months of purchase.
[7] 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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Arbitrage Tactical Equity Fund
Arbitrage Tactical Equity Fund
Investment Objective

The Fund seeks to achieve capital appreciation.

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 48 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 - Arbitrage Tactical Equity 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 Sales 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 purchases of $500,000 or more of Class A shares purchased without a front-end sales charge that are redeemed within 18 months of purchase.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - Arbitrage Tactical Equity Fund
Class R
Class I
Class C
Class A
Management Fees 1.25% 1.25% 1.25% 1.25%
Distribution and/or Service (12b-1) Fees 0.25% none 1.00% 0.25%
Other Expenses 11.02% 11.02% 11.02% 11.02%
Dividend on Short Positions and Interest Expense on Short Positions and/or Borrowings 0.66% 0.66% 0.66% 0.66%
All Remaining Other Expenses 10.36% 10.36% 10.36% 10.36%
Acquired Fund Fees and Expenses [1] 0.07% 0.07% 0.07% 0.07%
Total Annual Fund Operating Expenses 12.59% 12.34% 13.34% 12.59%
Fee Waiver [2] (10.17%) (10.17%) (10.17%) (10.17%)
Total Annual Fund Operating Expenses After Fee Waiver [3] 2.42% 2.17% 3.17% 2.42%
[1] Acquired Fund Fees and Expenses are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies.
[2] 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 1.69% of the Fund's average daily net assets allocable to the Class R shares, 1.44% of the Fund's average daily net assets allocable to the Class I shares, 2.44% of the Fund's average daily net assets allocable to the Class C shares, and 1.69% of the Fund's average daily net assets allocable to the Class A shares. The agreement remains in effect until September 30, 2019, and thereafter continues until either party terminates it upon not less than five days' notice by sending a written notice to the other party. The adviser may recoup any waived amount from the Fund pursuant to the agreement, if such recoupment does not cause the Fund to exceed existing expense limitations in effect at the time the amounts were waived and the recoupment is done within three years after the year in which the expense was waived.
[3] The Total Annual Fund Operating Expenses in this fee table do not correlate to the expense ratio in the Financial Highlights because the expense ratios in the Financial Highlights do not reflect Acquired Fund Fees and Expenses.
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 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 - Arbitrage Tactical Equity Fund - USD ($)
1 Year
3 Years
5 Years
10 Years
Class R 245 2,636 4,677 8,570
Class I 220 2,575 4,597 8,488
Class C 420 2,815 4,911 8,800
Class A 562 2,875 4,850 8,617
You would pay the following expenses if you did not redeem your shares:
Expense Example No Redemption - Arbitrage Tactical Equity Fund - USD ($)
1 Year
3 Years
5 Years
10 Years
Class R 245 2,636 4,677 8,570
Class I 220 2,575 4,597 8,488
Class C 320 2,815 4,911 8,800
Class A 562 2,875 4,850 8,617
Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During its most recent fiscal year, the Fund's portfolio turnover rate was 520% of the average value of its portfolio.

Principal Investment Strategies

The Fund seeks to profit from investing in securities of companies whose stock price trades significantly higher or lower from where the investment adviser (the "Adviser") believes it should trade. The Adviser believes such differences may occur when news and events create misperception of a company's correct stock price. Examples of such news and events, which the Fund refers to as "investment opportunities," include, but are not limited to: changes in industry or sector fundamentals, announcements or potential announcements of restructurings (bankruptcies, spinoffs, and asset sales), mergers and acquisitions, earnings results and outlook, regulatory changes and litigation. The Adviser's investment approach is to identify these differences and to tactically purchase or sell short such securities in order to achieve the Fund's objective. The Fund may engage in active and frequent trading of portfolio securities to achieve its investment objective. In certain circumstances, the Adviser may seek to proactively engage with company management to address opportunities that may further unlock value or discuss concerns.


In order to meet its investment objective, the Fund will invest in a portfolio of securities including: equities, debt (such as corporate bonds, debentures, notes and other similar instruments), warrants, distressed, high-yield (these are referred to as junk bonds), convertible, preferred, when-issued, and other securities the Adviser believes will further its investment objective. The Fund may also invest in derivatives. The principal types of derivatives in which the Fund may invest are options, total return swaps, credit default swaps, credit default indexes, currency forwards, and futures. Furthermore, the Fund may invest in instruments, such as exchange traded funds ("ETFs"), exchange traded notes ("ETNs") and commodities. Under normal circumstances, the Fund invests at least 80% of the value of its net assets (including borrowings for investment purposes) in equity securities, such as common stock, preferred stock and securities convertible into such stock, and other instruments that have economic characteristics similar to equity securities. The Adviser expects the Fund's assets to be invested in various industries; however, if, for example, a large percentage (namely, at least 50%) of investment opportunities are occurring within the U.S. are within one industry over a given period of time, a large portion of the Fund's assets could be concentrated in that industry for that period of time.


The Fund is not limited with respect to issuer, geography, market capitalization, credit quality, sector or industry and the Fund is non-diversified as defined by the Investment Company Act of 1940, as amended (the "1940 Act"). In addition, the Fund may invest in cash or cash equivalents, money market funds, or money market instruments such as Treasury bills and other short-term obligations of the United States Government, its agencies or instrumentalities and prime commercial paper. The Fund may, but is not required to, seek to reduce currency risk by hedging part or all of its exposure to various foreign currencies.

Principal Risks

As with all mutual funds, investing in the Fund entails risks that could cause the Fund and you to lose money. The principal risks of investing in the Fund are as follows:


Active Management Risk: The Fund is an actively managed investment portfolio and is therefore subject to management risk. The Adviser will apply its investment and risk analysis in making investment decisions for the Fund, but there is no guarantee that these decisions will produce the intended results.


Concentration Risk: The Adviser expects the Fund's assets to be invested in various industries; however, if, for example, a large percentage of corporate events taking place within the U.S. are within one industry over a given period of time, a large portion of the Fund's assets could be concentrated in that industry for that period of time. During such a period of concentration, the Fund may be subject to greater volatility and with respect to portfolio securities than a fund that is more broadly diversified.


Counterparty Risk: The Fund may enter into various types of derivative contracts. These derivative contracts may be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. If a privately negotiated over-the-counter contract calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if the creditworthiness of the counterparty declines, the Fund may not receive payments owed under the contract, or such payments may be delayed and the value of agreements with the counterparty can be expected to decline, potentially resulting in losses to the Fund.


Credit Risks: Credit risk refers to the possibility that the issuer of the security will not be able to make interest or principal payments when due. The Fund may invest in convertible and non-convertible debt securities, including high yield debt securities, also known as "junk bonds." Investments in junk bonds are subject to greater credit risks than securities with credit ratings above investment grade and have a greater risk of default than investment grade debt securities. Junk bonds are less sensitive to interest rate changes than higher credit quality instruments and generally are more sensitive to adverse economic changes or individual corporate developments.


Currency Risks: Fluctuations in exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment. Adverse changes in exchange rates may erode or reverse any gains produced by foreign currency denominated investments and may widen any losses. Currency forward/futures contracts also may deny the Fund from realizing gains from an increase in the value of the currency. In addition to currency risk, currency forward/futures contracts, like other derivatives, may be susceptible to credit risk and other risks.


Derivatives Risk: In general, a derivative instrument typically involves leverage and provides exposure to potential gain or loss from a change in the market price of the underlying asset (or a basket of assets or an index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative instrument. Adverse changes in the value or price of the underlying asset (or basket of assets or index), which the Fund may not directly own, can result in a loss to the Fund substantially greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional risks and transaction costs. Derivative instruments come in many varieties and may include forward contracts, options (both written and purchased) and swap contracts.


ETF Risk: Unlike shares of traditional mutual funds, shares of ETFs are listed and traded on securities exchanges and in over-the-counter markets, and the purchase and sale of these shares involve transaction fees and commissions. In addition, shares of an ETF are issued in "creation units" and are not redeemable individually except upon termination of the ETF. To redeem, a Fund must accumulate enough shares of an ETF to reconstitute a creation unit. The liquidity of a small holding of an ETF, therefore, will depend upon the existence of a secondary market. Also, even though the market price of an ETF is derived from the securities it owns, such price at any given time may be at, below or above the ETF's NAV.


ETN Risk: ETNs are unsecured debt obligations of financial institutions that trade on a securities exchange. ETN payment terms are linked to the performance of a reference index or benchmark, representing the ETN's investment objective. They are different from traditional corporate bonds in that an ETN does not pay a stated rate of interest but rather provides a return based on the performance of a reference index or benchmark (less any investor fees). ETNs may be linked to a broad-based securities index or to an index tied to emerging markets, commodities, a specific industry sector or other assets. ETNs are subject to issuer credit risks, market risks from the performance of their index or benchmark, price volatility risk and liquidity risk, and may be subject to leverage risk.


Event-Driven Risk: Event-driven investments involve the risk that certain of the events driving the investment may not happen or the market may react differently than expected to the anticipated transaction. In addition, although an event may occur or is announced, it may be renegotiated, terminated or involve a longer time frame than originally contemplated. Event-driven investment transactions are also subject to the risk of overall market movements. Any one of these risks could cause the Fund to experience investment losses, impacting its shares negatively.


Foreign Securities Risks: The securities of foreign issuers may be less liquid and more volatile than securities of comparable U.S. issuers. The costs associated with securities transactions may be higher in foreign countries than in the United States. The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by mutual funds in which the Fund invests may be affected favorably or unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies may adversely affect the Fund. Additionally, investments in foreign securities, even those publicly traded in the United States, may involve risks which are in addition to those inherent in U.S. investments. Foreign companies may not be subject to the same regulatory requirements of U.S. companies, and as a consequence, there may be less publicly available information about such companies. Also, foreign companies may not be subject to uniform accounting, auditing, and financial reporting standards and requirements comparable to those applicable to U.S. companies. Foreign governments and foreign economies often are less stable than the U.S. Government and the U.S. economy.


Hedging Transaction Risk: The success of the Fund's hedging strategies will be subject to the Adviser's ability to assess correctly the degree of correlation between the performance of the instruments used in the hedging strategies and the performance of the investments in the Fund's portfolio being hedged. Hedging transactions involve the risk of imperfect correlation. Imperfect correlation may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. Hedging transactions also limit the opportunity for gain if the value of a hedged portfolio position should increase.


High Portfolio Turnover Risks: The Fund's investment strategies may result in higher portfolio turnover rates. This may increase the Fund's brokerage commission costs, which would reduce performance. Rapid portfolio turnover also exposes shareholders to a higher current realization of short-term gains which could cause you to pay higher taxes.


Interest Rate Risks: Prices of debt securities and preferred stocks tend to move inversely with changes in interest rates. When interest rates fall, the market value of the respective debt securities and preferred securities usually increases. Conversely, when interest rates rise, the market value of the respective debt securities and preferred securities usually declines. As such, a change in interest rates may affect prices of the Fund's debt securities and preferred securities and, accordingly, the Fund's share price.


Large Shareholder Transaction Risk: The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions may cause the Fund to sell its securities at times when it would not otherwise do so, which may negatively impact the Fund's NAV and liquidity. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. Similarly, large share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.


Leverage Risks: If the Fund uses leverage through activities such as borrowing, entering into short sales, purchasing securities on margin or on a "when-issued" basis or purchasing derivative instruments in an effort to increase its returns, the Fund has the risk of magnified capital losses that occur when losses affect an asset base, enlarged by borrowings or the creation of liabilities, that exceeds the net assets of the Fund. Should the Fund employ leverage, the Fund's net asset value may be more volatile and sensitive to market movements. Leverage may involve the creation of a liability that requires the Fund to pay interest.


Market Risks: Market risk is the possibility that securities prices will fluctuate over time. This fluctuation includes both increases and decreases in security prices. The Fund is subject to market risk. The value of the Fund's investments, and the net asset value of the Fund, will fluctuate. Investors could lose money due to this price fluctuation.


Non-Diversification Risks: The Fund is a non-diversified investment company, which means that more of the Fund's assets may be invested in the securities of a single issuer than could be invested in the securities of a single issuer by a diversified investment company. This may make the value of the Fund's shares more susceptible to certain risks than shares of a diversified investment company. As a non-diversified fund, the Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.


Options Risks: Options transactions involve special risks that may make it difficult or impossible to close a position when the Fund desires. These risks include possible imperfect correlation between the price movements of the option and the underlying security; the potential lack of a liquid secondary market at any particular time; and possible price fluctuation limits. In addition, the option activities of the Fund may affect its portfolio turnover rate and the amount of brokerage commissions paid by the Fund.


Short Sale Risks: The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. It is possible that the Fund's long positions will decline in value at the same time that the value of its short positions increase, thereby increasing potential losses to the Fund. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund's investment performance will also suffer if it is required to close out a short position earlier than it had intended. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing. These expenses may negatively impact the performance of the Fund. Short positions may introduce additional risk to the Fund because a short position loses value as a security's price increases and there is no theoretical ceiling to the price of the shorted security. Therefore, securities sold short have unlimited risk.


Small and Medium Capitalization Securities Risks: Securities issued by small and medium capitalization companies tend to be less liquid and more volatile than stocks of companies with relatively large market capitalizations. Securities of small and medium capitalization companies may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these small and medium sized companies may have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small and medium capitalization stock prices may be more volatile than those of larger companies.


Total Return Swap Risks: In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. Certain categories of swap agreements often have terms of greater than seven days and may be considered illiquid. Moreover, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. The swaps market is subject to extensive regulation under the Dodd-Frank Act and certain Securities and Exchange Commission and Commodity Futures Trading Commission rules promulgated thereunder. It is possible that developments in the swaps market, including new and additional government regulation, could result in higher Fund costs and expenses and could adversely affect the Fund's ability, among other things, to terminate existing swap agreements or to realize amounts to be received under such agreements.

Performance Information

The following information provides some indication of the risks and variability of investing in the Fund by showing how the Fund's performance has varied over time. The performance shown reflects the performance of the Fund's Class R shares before and after taxes and the Fund's Class I, Class C and Class A shares before taxes.


The bar chart and performance table shown below depict the performance of the Fund's Class R shares for the period indicated and show how the Fund's average annual total returns compare with those of a broad measure of market performance. The performance table includes the performance of the Fund's Class I, Class C and Class A shares before taxes. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Performance reflects fee waivers in effect. If fee waivers were not in place, the Fund's performance would be reduced. Updated information on the Fund's performance can be obtained by visiting www.arbitragefunds.com.

Year-by-Year Annual Total Returns through December 31, 2017 – Class R Shares
Bar Chart

During the period shown in the bar chart, the highest return for a quarter was 2.91% during the quarter ended September 30, 2016 and the lowest return for a quarter was -6.05% during the quarter ended September 30, 2015.


The year-to-date return of the Fund's Class R shares through June 30, 2018 is 0.49%.


While the Class I shares, Class C shares and Class A shares would have substantially similar annual returns to the Class R shares because the shares are invested in the same portfolio of securities, the performance of Class I, Class C, and Class A shares will differ from that shown above since the Classes do not have the same expenses.


Average Annual Total Returns for Periods Ended December 31, 2017
Average Annual Total Returns

The table below shows the Fund's average annual total returns for Class R shares, Class I shares, Class C shares and Class A shares compared with those of the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index, which is comprised of a single issue purchased at the beginning of the month, held for a full month and rolled into a newly selected issue at month-end. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date. The table also shows performance for Standard & Poor's 500® Index, a broad-based measure of equity market performance. The table also presents the impact of taxes on the returns of the Fund's Class R shares. After-tax returns are shown for Class R shares only, and after-tax returns for Class I, Class C, and Class A shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return after taxes on distributions measures the effect of taxable distributions, but assumes the underlying shares are held for the entire period. Return after taxes on distributions and sale of Fund shares shows the effect of both taxable distributions and any taxable gain or loss that would be realized if the underlying shares were purchased at the beginning and sold at the end of the period (for purposes of the calculation, it is assumed that income dividends and capital gain distributions are reinvested at net asset value and that the entire account is redeemed at the end of the period, including reinvested amounts). The Fund's return after taxes on distributions and sale of Fund shares may be higher than its returns before taxes or its returns after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have been incurred.

Average Annual Returns - Arbitrage Tactical Equity Fund
Average Annual Returns, 1 Year
Average Annual Returns, Since Inception
Average Annual Returns, Inception Date
Class R 5.84% 0.82% [1] Dec. 31, 2014
Class I 5.84% 0.82% [1] Dec. 31, 2014
Class C 4.84% 0.82% [1] Dec. 31, 2014
Class A 2.42% (0.30%) [1] Dec. 31, 2014
After Taxes on Distributions | Class R 5.84% 0.68% [1]  
After Taxes on Distributions and Sale of Fund Shares | Class R 3.31% 0.56% [1]  
ICE BOFA MERRILL LYNCH U.S. 3-MONTH TREASURY BILL INDEX (reflects no deduction for fees, expenses, or taxes) 0.85% [2] 0.41% [2] Dec. 31, 2014
STANDARD & POOR'S 500® INDEX (reflects no deduction for fees, expenses, or taxes) 21.83% 11.02% [1] Dec. 31, 2014
[1] The inception date for Class R shares, Class I shares, Class C shares, and Class A shares is December 31, 2014, The "Since Inception" returns reflected for the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index and the Standard & Poor's 500 Index are based on the inception date for Class R, Class I, Class C, and Class A shares.
[2] Effective August 30, 2018, the Fund's primary benchmark changed from the Standard & Poor's 500® Index to the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index. The Adviser believes that, given the Fund's investment objective and strategy, the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index provides a more appropriate basis for comparison. The Standard & Poor's 500® Index is the Fund's secondary benchmark.
XML 19 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
Arbitrage Tactical Equity Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Arbitrage Tactical Equity Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund seeks to achieve capital appreciation.

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 48 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, 2019
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During its most recent fiscal year, the Fund's portfolio turnover rate was 520% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 520.00%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The Total Annual Fund Operating Expenses in this fee table do not correlate to the expense ratio in the Financial Highlights because the expense ratios in the Financial Highlights do not reflect Acquired Fund Fees and Expenses.
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 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:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund seeks to profit from investing in securities of companies whose stock price trades significantly higher or lower from where the investment adviser (the "Adviser") believes it should trade. The Adviser believes such differences may occur when news and events create misperception of a company's correct stock price. Examples of such news and events, which the Fund refers to as "investment opportunities," include, but are not limited to: changes in industry or sector fundamentals, announcements or potential announcements of restructurings (bankruptcies, spinoffs, and asset sales), mergers and acquisitions, earnings results and outlook, regulatory changes and litigation. The Adviser's investment approach is to identify these differences and to tactically purchase or sell short such securities in order to achieve the Fund's objective. The Fund may engage in active and frequent trading of portfolio securities to achieve its investment objective. In certain circumstances, the Adviser may seek to proactively engage with company management to address opportunities that may further unlock value or discuss concerns.


In order to meet its investment objective, the Fund will invest in a portfolio of securities including: equities, debt (such as corporate bonds, debentures, notes and other similar instruments), warrants, distressed, high-yield (these are referred to as junk bonds), convertible, preferred, when-issued, and other securities the Adviser believes will further its investment objective. The Fund may also invest in derivatives. The principal types of derivatives in which the Fund may invest are options, total return swaps, credit default swaps, credit default indexes, currency forwards, and futures. Furthermore, the Fund may invest in instruments, such as exchange traded funds ("ETFs"), exchange traded notes ("ETNs") and commodities. Under normal circumstances, the Fund invests at least 80% of the value of its net assets (including borrowings for investment purposes) in equity securities, such as common stock, preferred stock and securities convertible into such stock, and other instruments that have economic characteristics similar to equity securities. The Adviser expects the Fund's assets to be invested in various industries; however, if, for example, a large percentage (namely, at least 50%) of investment opportunities are occurring within the U.S. are within one industry over a given period of time, a large portion of the Fund's assets could be concentrated in that industry for that period of time.


The Fund is not limited with respect to issuer, geography, market capitalization, credit quality, sector or industry and the Fund is non-diversified as defined by the Investment Company Act of 1940, as amended (the "1940 Act"). In addition, the Fund may invest in cash or cash equivalents, money market funds, or money market instruments such as Treasury bills and other short-term obligations of the United States Government, its agencies or instrumentalities and prime commercial paper. The Fund may, but is not required to, seek to reduce currency risk by hedging part or all of its exposure to various foreign currencies.

Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

As with all mutual funds, investing in the Fund entails risks that could cause the Fund and you to lose money. The principal risks of investing in the Fund are as follows:


Active Management Risk: The Fund is an actively managed investment portfolio and is therefore subject to management risk. The Adviser will apply its investment and risk analysis in making investment decisions for the Fund, but there is no guarantee that these decisions will produce the intended results.


Concentration Risk: The Adviser expects the Fund's assets to be invested in various industries; however, if, for example, a large percentage of corporate events taking place within the U.S. are within one industry over a given period of time, a large portion of the Fund's assets could be concentrated in that industry for that period of time. During such a period of concentration, the Fund may be subject to greater volatility and with respect to portfolio securities than a fund that is more broadly diversified.


Counterparty Risk: The Fund may enter into various types of derivative contracts. These derivative contracts may be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. If a privately negotiated over-the-counter contract calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if the creditworthiness of the counterparty declines, the Fund may not receive payments owed under the contract, or such payments may be delayed and the value of agreements with the counterparty can be expected to decline, potentially resulting in losses to the Fund.


Credit Risks: Credit risk refers to the possibility that the issuer of the security will not be able to make interest or principal payments when due. The Fund may invest in convertible and non-convertible debt securities, including high yield debt securities, also known as "junk bonds." Investments in junk bonds are subject to greater credit risks than securities with credit ratings above investment grade and have a greater risk of default than investment grade debt securities. Junk bonds are less sensitive to interest rate changes than higher credit quality instruments and generally are more sensitive to adverse economic changes or individual corporate developments.


Currency Risks: Fluctuations in exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment. Adverse changes in exchange rates may erode or reverse any gains produced by foreign currency denominated investments and may widen any losses. Currency forward/futures contracts also may deny the Fund from realizing gains from an increase in the value of the currency. In addition to currency risk, currency forward/futures contracts, like other derivatives, may be susceptible to credit risk and other risks.


Derivatives Risk: In general, a derivative instrument typically involves leverage and provides exposure to potential gain or loss from a change in the market price of the underlying asset (or a basket of assets or an index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative instrument. Adverse changes in the value or price of the underlying asset (or basket of assets or index), which the Fund may not directly own, can result in a loss to the Fund substantially greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional risks and transaction costs. Derivative instruments come in many varieties and may include forward contracts, options (both written and purchased) and swap contracts.


ETF Risk: Unlike shares of traditional mutual funds, shares of ETFs are listed and traded on securities exchanges and in over-the-counter markets, and the purchase and sale of these shares involve transaction fees and commissions. In addition, shares of an ETF are issued in "creation units" and are not redeemable individually except upon termination of the ETF. To redeem, a Fund must accumulate enough shares of an ETF to reconstitute a creation unit. The liquidity of a small holding of an ETF, therefore, will depend upon the existence of a secondary market. Also, even though the market price of an ETF is derived from the securities it owns, such price at any given time may be at, below or above the ETF's NAV.


ETN Risk: ETNs are unsecured debt obligations of financial institutions that trade on a securities exchange. ETN payment terms are linked to the performance of a reference index or benchmark, representing the ETN's investment objective. They are different from traditional corporate bonds in that an ETN does not pay a stated rate of interest but rather provides a return based on the performance of a reference index or benchmark (less any investor fees). ETNs may be linked to a broad-based securities index or to an index tied to emerging markets, commodities, a specific industry sector or other assets. ETNs are subject to issuer credit risks, market risks from the performance of their index or benchmark, price volatility risk and liquidity risk, and may be subject to leverage risk.


Event-Driven Risk: Event-driven investments involve the risk that certain of the events driving the investment may not happen or the market may react differently than expected to the anticipated transaction. In addition, although an event may occur or is announced, it may be renegotiated, terminated or involve a longer time frame than originally contemplated. Event-driven investment transactions are also subject to the risk of overall market movements. Any one of these risks could cause the Fund to experience investment losses, impacting its shares negatively.


Foreign Securities Risks: The securities of foreign issuers may be less liquid and more volatile than securities of comparable U.S. issuers. The costs associated with securities transactions may be higher in foreign countries than in the United States. The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by mutual funds in which the Fund invests may be affected favorably or unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies may adversely affect the Fund. Additionally, investments in foreign securities, even those publicly traded in the United States, may involve risks which are in addition to those inherent in U.S. investments. Foreign companies may not be subject to the same regulatory requirements of U.S. companies, and as a consequence, there may be less publicly available information about such companies. Also, foreign companies may not be subject to uniform accounting, auditing, and financial reporting standards and requirements comparable to those applicable to U.S. companies. Foreign governments and foreign economies often are less stable than the U.S. Government and the U.S. economy.


Hedging Transaction Risk: The success of the Fund's hedging strategies will be subject to the Adviser's ability to assess correctly the degree of correlation between the performance of the instruments used in the hedging strategies and the performance of the investments in the Fund's portfolio being hedged. Hedging transactions involve the risk of imperfect correlation. Imperfect correlation may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. Hedging transactions also limit the opportunity for gain if the value of a hedged portfolio position should increase.


High Portfolio Turnover Risks: The Fund's investment strategies may result in higher portfolio turnover rates. This may increase the Fund's brokerage commission costs, which would reduce performance. Rapid portfolio turnover also exposes shareholders to a higher current realization of short-term gains which could cause you to pay higher taxes.


Interest Rate Risks: Prices of debt securities and preferred stocks tend to move inversely with changes in interest rates. When interest rates fall, the market value of the respective debt securities and preferred securities usually increases. Conversely, when interest rates rise, the market value of the respective debt securities and preferred securities usually declines. As such, a change in interest rates may affect prices of the Fund's debt securities and preferred securities and, accordingly, the Fund's share price.


Large Shareholder Transaction Risk: The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions may cause the Fund to sell its securities at times when it would not otherwise do so, which may negatively impact the Fund's NAV and liquidity. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. Similarly, large share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.


Leverage Risks: If the Fund uses leverage through activities such as borrowing, entering into short sales, purchasing securities on margin or on a "when-issued" basis or purchasing derivative instruments in an effort to increase its returns, the Fund has the risk of magnified capital losses that occur when losses affect an asset base, enlarged by borrowings or the creation of liabilities, that exceeds the net assets of the Fund. Should the Fund employ leverage, the Fund's net asset value may be more volatile and sensitive to market movements. Leverage may involve the creation of a liability that requires the Fund to pay interest.


Market Risks: Market risk is the possibility that securities prices will fluctuate over time. This fluctuation includes both increases and decreases in security prices. The Fund is subject to market risk. The value of the Fund's investments, and the net asset value of the Fund, will fluctuate. Investors could lose money due to this price fluctuation.


Non-Diversification Risks: The Fund is a non-diversified investment company, which means that more of the Fund's assets may be invested in the securities of a single issuer than could be invested in the securities of a single issuer by a diversified investment company. This may make the value of the Fund's shares more susceptible to certain risks than shares of a diversified investment company. As a non-diversified fund, the Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.


Options Risks: Options transactions involve special risks that may make it difficult or impossible to close a position when the Fund desires. These risks include possible imperfect correlation between the price movements of the option and the underlying security; the potential lack of a liquid secondary market at any particular time; and possible price fluctuation limits. In addition, the option activities of the Fund may affect its portfolio turnover rate and the amount of brokerage commissions paid by the Fund.


Short Sale Risks: The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. It is possible that the Fund's long positions will decline in value at the same time that the value of its short positions increase, thereby increasing potential losses to the Fund. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund's investment performance will also suffer if it is required to close out a short position earlier than it had intended. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing. These expenses may negatively impact the performance of the Fund. Short positions may introduce additional risk to the Fund because a short position loses value as a security's price increases and there is no theoretical ceiling to the price of the shorted security. Therefore, securities sold short have unlimited risk.


Small and Medium Capitalization Securities Risks: Securities issued by small and medium capitalization companies tend to be less liquid and more volatile than stocks of companies with relatively large market capitalizations. Securities of small and medium capitalization companies may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these small and medium sized companies may have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small and medium capitalization stock prices may be more volatile than those of larger companies.


Total Return Swap Risks: In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. Certain categories of swap agreements often have terms of greater than seven days and may be considered illiquid. Moreover, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. The swaps market is subject to extensive regulation under the Dodd-Frank Act and certain Securities and Exchange Commission and Commodity Futures Trading Commission rules promulgated thereunder. It is possible that developments in the swaps market, including new and additional government regulation, could result in higher Fund costs and expenses and could adversely affect the Fund's ability, among other things, to terminate existing swap agreements or to realize amounts to be received under such agreements.

Risk Lose Money [Text] rr_RiskLoseMoney As with all mutual funds, investing in the Fund entails risks that could cause the Fund and you to lose money.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus The Fund is a non-diversified investment company, which means that more of the Fund's assets may be invested in the securities of a single issuer than could be invested in the securities of a single issuer by a diversified investment company. This may make the value of the Fund's shares more susceptible to certain risks than shares of a diversified investment company. As a non-diversified fund, the Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The following information provides some indication of the risks and variability of investing in the Fund by showing how the Fund's performance has varied over time. The performance shown reflects the performance of the Fund's Class R shares before and after taxes and the Fund's Class I, Class C and Class A shares before taxes.


The bar chart and performance table shown below depict the performance of the Fund's Class R shares for the period indicated and show how the Fund's average annual total returns compare with those of a broad measure of market performance. The performance table includes the performance of the Fund's Class I, Class C and Class A shares before taxes. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Performance reflects fee waivers in effect. If fee waivers were not in place, the Fund's performance would be reduced. Updated information on the Fund's performance can be obtained by visiting www.arbitragefunds.com.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following information provides some indication of the risks and variability of investing in the Fund by showing how the Fund's performance has varied over time.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.arbitragefunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Year-by-Year Annual Total Returns through December 31, 2017 – Class R Shares
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

During the period shown in the bar chart, the highest return for a quarter was 2.91% during the quarter ended September 30, 2016 and the lowest return for a quarter was -6.05% during the quarter ended September 30, 2015.


The year-to-date return of the Fund's Class R shares through June 30, 2018 is 0.49%.


While the Class I shares, Class C shares and Class A shares would have substantially similar annual returns to the Class R shares because the shares are invested in the same portfolio of securities, the performance of Class I, Class C, and Class A shares will differ from that shown above since the Classes do not have the same expenses.


Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Jun. 30, 2018
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 0.49%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2016
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 2.91%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2015
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (6.05%)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for Periods Ended December 31, 2017
Performance Table Market Index Changed rr_PerformanceTableMarketIndexChanged Effective August 30, 2018, the Fund's primary benchmark changed from the Standard & Poor's 500® Index to the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index. The Adviser believes that, given the Fund's investment objective and strategy, the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index provides a more appropriate basis for comparison. The Standard & Poor's 500® Index is the Fund's secondary benchmark.
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expenses, or taxes)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown for Class R shares only, and after-tax returns for Class I, Class C, and Class A shares will vary.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher The Fund's return after taxes on distributions and sale of Fund shares may be higher than its returns before taxes or its returns after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have been incurred.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

The table below shows the Fund's average annual total returns for Class R shares, Class I shares, Class C shares and Class A shares compared with those of the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index, which is comprised of a single issue purchased at the beginning of the month, held for a full month and rolled into a newly selected issue at month-end. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date. The table also shows performance for Standard & Poor's 500® Index, a broad-based measure of equity market performance. The table also presents the impact of taxes on the returns of the Fund's Class R shares. After-tax returns are shown for Class R shares only, and after-tax returns for Class I, Class C, and Class A shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return after taxes on distributions measures the effect of taxable distributions, but assumes the underlying shares are held for the entire period. Return after taxes on distributions and sale of Fund shares shows the effect of both taxable distributions and any taxable gain or loss that would be realized if the underlying shares were purchased at the beginning and sold at the end of the period (for purposes of the calculation, it is assumed that income dividends and capital gain distributions are reinvested at net asset value and that the entire account is redeemed at the end of the period, including reinvested amounts). The Fund's return after taxes on distributions and sale of Fund shares may be higher than its returns before taxes or its returns after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have been incurred.

Caption rr_AverageAnnualReturnCaption Average Annual Total Returns
Arbitrage Tactical Equity Fund | ICE BOFA MERRILL LYNCH U.S. 3-MONTH TREASURY BILL INDEX (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 0.85% [1]
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 0.41% [1]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Dec. 31, 2014
Arbitrage Tactical Equity Fund | STANDARD & POOR'S 500® INDEX (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 21.83%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 11.02% [2]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Dec. 31, 2014
Arbitrage Tactical Equity 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 Sales Charge (Load) (as a percentage of original purchase price) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 1.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Dividend on Short Positions and Interest Expense on Short Positions and/or Borrowings rr_Component2OtherExpensesOverAssets 0.66%
All Remaining Other Expenses rr_Component3OtherExpensesOverAssets 10.36%
Other Expenses rr_OtherExpensesOverAssets 11.02%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.07% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 12.59%
Fee Waiver rr_FeeWaiverOrReimbursementOverAssets (10.17%) [4]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 2.42% [5]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 245
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 2,636
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 4,677
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 8,570
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 245
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 2,636
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 4,677
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 8,570
Annual Return 2015 rr_AnnualReturn2015 (7.42%)
Annual Return 2016 rr_AnnualReturn2016 4.58%
Annual Return 2017 rr_AnnualReturn2017 5.84%
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 5.84%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 0.82% [2]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Dec. 31, 2014
Arbitrage Tactical Equity Fund | Class R | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 5.84%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 0.68% [2]
Arbitrage Tactical Equity Fund | Class R | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 3.31%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 0.56% [2]
Arbitrage Tactical Equity 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 Sales Charge (Load) (as a percentage of original purchase price) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 1.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Dividend on Short Positions and Interest Expense on Short Positions and/or Borrowings rr_Component2OtherExpensesOverAssets 0.66%
All Remaining Other Expenses rr_Component3OtherExpensesOverAssets 10.36%
Other Expenses rr_OtherExpensesOverAssets 11.02%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.07% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 12.34%
Fee Waiver rr_FeeWaiverOrReimbursementOverAssets (10.17%) [4]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 2.17% [5]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 220
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 2,575
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 4,597
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 8,488
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 220
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 2,575
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 4,597
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 8,488
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 5.84%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 0.82% [2]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Dec. 31, 2014
Arbitrage Tactical Equity 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 Sales Charge (Load) (as a percentage of original purchase price) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00% [6]
Management Fees rr_ManagementFeesOverAssets 1.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Dividend on Short Positions and Interest Expense on Short Positions and/or Borrowings rr_Component2OtherExpensesOverAssets 0.66%
All Remaining Other Expenses rr_Component3OtherExpensesOverAssets 10.36%
Other Expenses rr_OtherExpensesOverAssets 11.02%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.07% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 13.34%
Fee Waiver rr_FeeWaiverOrReimbursementOverAssets (10.17%) [4]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 3.17% [5]
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 $ 420
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 2,815
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 4,911
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 8,800
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 320
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 2,815
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 4,911
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 8,800
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 4.84%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 0.82% [2]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Dec. 31, 2014
Arbitrage Tactical Equity 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 Sales Charge (Load) (as a percentage of original purchase price) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00% [7]
Management Fees rr_ManagementFeesOverAssets 1.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Dividend on Short Positions and Interest Expense on Short Positions and/or Borrowings rr_Component2OtherExpensesOverAssets 0.66%
All Remaining Other Expenses rr_Component3OtherExpensesOverAssets 10.36%
Other Expenses rr_OtherExpensesOverAssets 11.02%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.07% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 12.59%
Fee Waiver rr_FeeWaiverOrReimbursementOverAssets (10.17%) [4]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 2.42% [5]
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock A deferred sales charge of up to 1.00% may be imposed on purchases of $500,000 or more of Class A shares purchased without a front-end sales charge that are redeemed within 18 months of purchase.
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 562
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 2,875
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 4,850
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 8,617
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 562
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 2,875
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 4,850
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 8,617
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 2.42%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception (0.30%) [2]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Dec. 31, 2014
[1] Effective August 30, 2018, the Fund's primary benchmark changed from the Standard & Poor's 500® Index to the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index. The Adviser believes that, given the Fund's investment objective and strategy, the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index provides a more appropriate basis for comparison. The Standard & Poor's 500® Index is the Fund's secondary benchmark.
[2] The inception date for Class R shares, Class I shares, Class C shares, and Class A shares is December 31, 2014, The "Since Inception" returns reflected for the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index and the Standard & Poor's 500 Index are based on the inception date for Class R, Class I, Class C, and Class A shares.
[3] Acquired Fund Fees and Expenses are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies.
[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 1.69% of the Fund's average daily net assets allocable to the Class R shares, 1.44% of the Fund's average daily net assets allocable to the Class I shares, 2.44% of the Fund's average daily net assets allocable to the Class C shares, and 1.69% of the Fund's average daily net assets allocable to the Class A shares. The agreement remains in effect until September 30, 2019, and thereafter continues until either party terminates it upon not less than five days' notice by sending a written notice to the other party. The adviser may recoup any waived amount from the Fund pursuant to the agreement, if such recoupment does not cause the Fund to exceed existing expense limitations in effect at the time the amounts were waived and the recoupment is done within three years after the year in which the expense was waived.
[5] The Total Annual Fund Operating Expenses in this fee table do not correlate to the expense ratio in the Financial Highlights because the expense ratios in the Financial Highlights do not reflect Acquired Fund Fees and Expenses.
[6] This contingent deferred sales charge applies to Class C shares redeemed within 12 months of purchase.
[7] A deferred sales charge of up to 1.00% may be imposed on purchases of $500,000 or more of Class A shares purchased without a front-end sales charge that are redeemed within 18 months of purchase.
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THE WATER ISLAND CREDIT OPPORTUNITIES FUND
THE WATER ISLAND CREDIT OPPORTUNITIES FUND (formerly The Arbitrage Credit Opportunities Fund)
Investment Objective

The Fund seeks to provide current income and capital growth.

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 48 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 WATER ISLAND 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 Sales 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 WATER ISLAND 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 1.02% 1.02% 1.02% 1.02%
Dividend on Short Positions and Interest Expense on Short Positions and/or Borrowings 0.45% 0.45% 0.45% 0.45%
All Remaining Other Expenses 0.57% 0.57% 0.57% 0.57%
Acquired Fund Fees and Expenses [2] 0.02% 0.02% 0.02% 0.02%
Total Annual Fund Operating Expenses [3] 2.24% 1.99% 2.99% 2.24%
Fee Waiver [4] (0.54%) (0.54%) (0.54%) (0.54%)
Total Annual Fund Operating Expenses After Fee Waiver [5] 1.70% 1.45% 2.45% 1.70%
[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] The Total Annual Fund Operating Expenses in this fee table do not correlate to the expense ratio in the Financial Highlights because the expense ratios in the Financial Highlights do not reflect Acquired Fund Fees and Expenses.
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 WATER ISLAND CREDIT OPPORTUNITIES FUND - USD ($)
1 Year
3 Years
5 Years
10 Years
Class R 173 593 1,098 2,488
Class I 148 517 970 2,227
Class C 348 820 1,475 3,229
Class A 492 899 1,388 2,732
You would pay the following expenses if you did not redeem your shares:
Expense Example No Redemption - THE WATER ISLAND CREDIT OPPORTUNITIES FUND - USD ($)
1 Year
3 Years
5 Years
10 Years
Class R 173 593 1,098 2,488
Class I 148 517 970 2,227
Class C 248 820 1,475 3,229
Class A 492 899 1,388 2,732
Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 314% of the average value of its portfolio.

Principal Investment Strategies

The Fund invests primarily in a portfolio of debt securities including corporate bonds and debentures (including high yield bonds commonly known as "junk bonds"), bank loans, convertible and preferred securities, credit default swaps and other debt instruments and derivatives that the Fund's investment adviser believes have debt-like characteristics. The Fund invests in both domestic and foreign debt securities. The principal types of derivatives in which the Fund may invest are credit default swaps, interest rate swaps, total return swaps, futures and options.


The Fund invests primarily in debt securities whose returns the adviser believes will be more correlated with the outcome of specific catalysts or events rather than overall market direction. These catalysts and events include mergers, acquisitions, debt maturities, refinancings, regulatory changes, recapitalizations, reorganizations, restructurings and other special situations. The Fund also uses a relative value approach and may express positive views on specific issuers by taking long positions in cash bonds and/or derivatives and negative views on specific issuers by taking short positions in cash bonds and/or derivatives. The Fund uses fundamental research to identify mispricings or inefficiencies in these situations and assesses their potential impact on security prices.


The Fund may engage in short-term trading strategies, and may engage in short sales and invest in derivatives. The principal short-term trading strategies may at times include convertible arbitrage, merger arbitrage, and capital structure arbitrage, which are discussed below. The Fund may seek to mitigate the risk of volatility (the appreciation or depreciation of the value of a security over a period of time) and duration (the impact of interest rate changes on fixed-income securities) by engaging in short sales and/or investing in derivatives, including credit default swaps, interest rate swaps, futures and options. The Fund may purchase or sell short equity securities or derivatives as part of a hedging strategy or hold equity positions or other assets that the Fund receives as part of a reorganization process. The Fund may, but is not required to, seek to reduce currency risk by hedging part or all of its exposure to various foreign currencies. Furthermore, the Fund may invest in exchange traded funds ("ETFs").


The Fund is not limited with respect to its portfolio maturity or duration. The Fund may invest in debt securities without regard to their credit ratings, including securities that are unrated, and in debt securities with a wide variety of terms that may vary from security to security, including but not limited to optional and mandatory prepayment provisions, fixed, variable, semi-variable, and resettable interest rates and conversion options, as well as various combinations of these terms.


Merger Arbitrage: Merger arbitrage is a highly specialized investment approach designed to profit from the successful completion of mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations and other corporate reorganizations. The most common merger arbitrage activity, and the approach the Fund generally uses, involves purchasing debt securities of an announced acquisition target company at a discount to their expected value upon completion of the acquisition. The Fund may engage in selling securities short when the terms of a proposed acquisition call for the exchange of common stock and/or other securities. In such a case, the securities of the company to be acquired may be purchased and, at approximately the same time, an amount of the acquiring company's common stock and/or other securities as per the terms of the transaction may be sold short.


Convertible Arbitrage: Convertible arbitrage is a specialized strategy that seeks to profit from pricing inefficiencies between a firm's convertible securities and its underlying equity. The most common convertible arbitrage approach, and the strategy the Fund generally uses, matches a long position in the convertible security with a short position in the underlying common stock. The Fund seeks to purchase convertible securities at discounts to their expected future values and sell short shares of the underlying common stock in order to mitigate equity market movements. As stock prices rise and the convertible security becomes more equity sensitive, the Fund may sell short additional common shares in order to maintain the relationship between the convertible and the underlying common stock. As stock prices fall, the Fund will typically buy back a portion of shares which it had sold short. Positions are typically designed to earn income from coupon or dividend payments and net gains from the purchase and sale of the convertible securities' positions and the underlying common stocks.


Capital Structure Arbitrage: Capital structure arbitrage seeks to profit from relative pricing discrepancies between related debt and/or equity securities. For example, when the Fund believes that unsecured securities are overvalued in relation to senior secured securities, the Fund may purchase a senior secured security of an issuer and sell short an unsecured security of the same issuer. In this example the trade would be profitable if credit quality spreads widened or if the issuer went bankrupt and the recovery rate for the senior debt was higher than anticipated. It is expected that, over time, the relative mispricing of the securities may decline, at which point the position will be liquidated.

Principal Risks

As with all mutual funds, investing in the Fund entails risks that could cause the Fund and you to lose money. The principal risks of investing in the Fund are as follows:


Active Management Risk: The Fund is an actively managed investment portfolio and is therefore subject to management risk. The Adviser will apply its investment and risk analysis in making investment decisions for the Fund, but there is no guarantee that these decisions will produce the intended results.


Concentration Risk: The Adviser expects the Fund's assets to be invested in various industries; however, if, for example, a large percentage of corporate events taking place within the U.S. are within one industry over a given period of time, a large portion of the Fund's assets could be concentrated in that industry for that period of time. During such a period of concentration, the Fund may be subject to greater volatility and with respect to portfolio securities than a fund that is more broadly diversified.


Convertible Security Risks: Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Because convertible securities are higher in the firm's capital structure than equity, convertible securities are generally not as risky as the equity securities of the same issuer. However, convertible securities may gain or lose value due to changes in interest rates and other general economic conditions, industry fundamentals, market sentiment and changes in the issuer's operating results and credit ratings.


Counterparty Risk: The Fund may enter into various types of derivative contracts. These derivative contracts may be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. If a privately negotiated over-the-counter contract calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if the creditworthiness of the counterparty declines, the Fund may not receive payments owed under the contract, or such payments may be delayed and the value of agreements with the counterparty can be expected to decline, potentially resulting in losses to the Fund.


Credit Risks: Credit risk refers to the possibility that the issuer of the security will not be able to make interest or principal payments when due. The Fund may invest in convertible and non-convertible debt securities, including high yield debt securities, also known as "junk bonds." Investments in junk bonds are subject to greater credit risks than securities with credit ratings above investment grade and have a greater risk of default than investment grade debt securities. Junk bonds are less sensitive to interest rate changes than higher credit quality instruments and generally are more sensitive to adverse economic changes or individual corporate developments.


Currency Risks: Fluctuations in exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment. Adverse changes in exchange rates may erode or reverse any gains produced by foreign currency denominated investments and may widen any losses. Currency forward/futures contracts also may deny the Fund from realizing gains from an increase in the value of the currency. In addition to currency risk, currency forward/futures contracts, like other derivatives, may be susceptible to credit risk and other risks.


Derivatives Risk: In general, a derivative instrument typically involves leverage and provides exposure to potential gain or loss from a change in the market price of the underlying asset (or a basket of assets or an index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative instrument. Adverse changes in the value or price of the underlying asset (or basket of assets or index), which the Fund may not directly own, can result in a loss to the Fund substantially greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional risks and transaction costs. Derivative instruments come in many varieties and may include forward contracts, options (both written and purchased) and swap contracts.


Foreign Securities Risks: The securities of foreign issuers may be less liquid and more volatile than securities of comparable U.S. issuers. The costs associated with securities transactions may be higher in foreign countries than in the United States. The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by mutual funds in which the Fund invests may be affected favorably or unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies may adversely affect the Fund. Additionally, investments in foreign securities, even those publicly traded in the United States, may involve risks which are in addition to those inherent in U.S. investments. Foreign companies may not be subject to the same regulatory requirements of U.S. companies, and as a consequence, there may be less publicly available information about such companies. Also, foreign companies may not be subject to uniform accounting, auditing, and financial reporting standards and requirements comparable to those applicable to U.S. companies. Foreign governments and foreign economies often are less stable than the U.S. Government and the U.S. economy.


Hedging Transaction Risk: The success of the Fund's hedging strategies will be subject to the Adviser's ability to assess correctly the degree of correlation between the performance of the instruments used in the hedging strategies and the performance of the investments in the Fund's portfolio being hedged. Hedging transactions involve the risk of imperfect correlation. Imperfect correlation may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. Hedging transactions also limit the opportunity for gain if the value of a hedged portfolio position should increase.


High Portfolio Turnover Risks: The Fund's investment strategies may result in high portfolio turnover rates. This may increase the Fund's brokerage commission costs, which would reduce performance. Rapid portfolio turnover also exposes shareholders to a higher current realization of short-term gains which could cause you to pay higher taxes.


Interest Rate Risks: Prices of debt securities and preferred stocks tend to move inversely with changes in interest rates. When interest rates fall, the market value of the respective debt securities and preferred securities usually increases. Conversely, when interest rates rise, the market value of the respective debt securities and preferred securities usually declines. As such, a change in interest rates may affect prices of the Fund's debt securities and preferred securities and, accordingly, the Fund's share price.


Investment Company and ETF Risk: Investing in securities issued by other investment companies, including ETFs, involves risks similar to those of investing directly in the securities and other assets held by the investment company or ETF. Unlike shares of typical mutual funds, shares of ETFs are traded on an exchange through a trading day and bought and sold based on market values and not at net asset value. For this reason, shares could trade either at a premium or a discount to net asset value. The trading price of an ETF is expected to closely track the actual net asset value of an ETF, and the Fund will generally gain or lose value consistent with the performance of the ETF's portfolio securities. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs. In addition, the Fund will indirectly bear its pro rata share of the fees and expenses incurred by a fund it invests in, including advisory fees. These expenses are in addition to the advisory and other expenses that the Fund bears directly in connection with its own operations. An ETF may not replicate exactly the performance of the benchmark index it seeks to track for a number of reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held.


Large Shareholder Transaction Risk: The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions may cause the Fund to sell its securities at times when it would not otherwise do so, which may negatively impact the Fund's NAV and liquidity. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. Similarly, large share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.


Leverage Risks: If the Fund uses leverage through activities such as borrowing, entering into short sales, purchasing securities on margin or on a "when-issued" basis or purchasing derivative instruments in an effort to increase its returns, the Fund has the risk of magnified capital losses that occur when losses affect an asset base, enlarged by borrowings or the creation of liabilities, that exceeds the net assets of the Fund. Should the Fund employ leverage, the Fund's net asset value may be more volatile and sensitive to market movements. Leverage may involve the creation of a liability that requires the Fund to pay interest.


Liquidity Risk: Liquidity risk exists when particular investments are difficult to purchase or sell. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed-income securities, or the lack of an active market. Liquid investments may become less liquid after being purchased by the Fund, particularly during periods of market stress. Illiquid and relatively less liquid investments may be harder to value, especially in turbulent markets, and if the Fund is forced to sell these investments to meet redemption requests or for other cash needs, the Fund may suffer a loss.


Market Risks: Market risk is the possibility that securities prices will fluctuate over time. This fluctuation includes both increases and decreases in security prices. The Fund is subject to market risk. The value of the Fund's investments, and the net asset value of the Fund, will fluctuate. Investors could lose money due to this price fluctuation.


Merger Arbitrage Risks: The principal risk associated with the Fund's merger arbitrage investment strategy is that the proposed reorganizations in which the Fund invests may be renegotiated or terminated, in which case the Fund may realize losses.


Options Risks: Options transactions involve special risks that may make it difficult or impossible to close a position when the Fund desires. These risks include possible imperfect correlation between the price movements of the option and the underlying security; the potential lack of a liquid secondary market at any particular time; and possible price fluctuation limits. In addition, the option activities of the Fund may affect its portfolio turnover rate and the amount of brokerage commissions paid by the Fund.


Preferred Securities Risk: Investments in preferred stocks may be subject to the risks of deferred distribution payments, subordination to debt instruments, a lack of liquidity compared to equities, limited voting rights and sensitivity to interest-rate changes.


Short Sale Risks: The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. It is possible that the Fund's long positions will decline in value at the same time that the value of its short positions increase, thereby increasing potential losses to the Fund. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund's investment performance may also suffer if it is required to close out a short position earlier than it had intended. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing. These expenses may negatively impact the performance of the Fund. Short positions introduce more risk to the Fund than long positions (purchases) because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the shorted security. Therefore, in theory, securities sold short have unlimited risk.


Total Return Swap Risks: In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. Certain categories of swap agreements often have terms of greater than seven days and may be considered illiquid. Moreover, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. The swaps market is subject to extensive regulation under the Dodd-Frank Act and certain Securities and Exchange Commission and Commodity Futures Trading Commission rules promulgated thereunder. It is possible that developments in the swaps market, including new and additional government regulation, could result in higher Fund costs and expenses and could adversely affect the Fund's ability, among other things, to terminate existing swap agreements or to realize amounts to be received under such agreements.

Performance Information

The following information provides some indication of the risks and variability of investing in the Fund by showing how the Fund's performance has varied over time. The performance shown reflects the performance of the Fund's Class R shares before and after taxes and the Fund's Class I, Class C and Class A shares before taxes.


The bar chart and performance table shown below depict the performance of the Fund's Class R shares for the periods indicated and show how the Fund's average annual total returns compare with those of a broad measure of market performance. The performance table includes the performance of the Fund's Class I, Class C and Class A shares before taxes. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Performance reflects fee waivers in effect. If fee waivers were not in place, the Fund's performance would be reduced. Updated information on the Fund's performance can be obtained by visiting www.arbitragefunds.com.

Year-by-Year Annual Total Returns through December 31, 2017 – Class R Shares
Bar Chart

During the period shown in the bar chart, the highest return for a quarter was 2.63% during the quarter ended September 30, 2013 and the lowest return for a quarter was -1.61% during the quarter ended September 30, 2015.


The year-to-date return of the Fund's Class R shares through June 30, 2018 is 2.15%.


While the Class I shares, Class C shares, and Class A shares would have substantially similar annual returns to the Class R shares because the shares are invested in the same portfolio of securities, the performance of Class I, Class C and Class A shares will differ from that shown above since the Classes do not have the same expenses or inception dates.


Average Annual Total Returns for Periods Ended December 31, 2017
Average Annual Total Returns

The table below shows the Fund's average annual total returns for Class R shares, Class I shares, Class C shares and Class A shares compared with those of the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index, which is comprised of a single issue purchased at the beginning of the month, held for a full month and rolled into a newly selected issue at month-end. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date. The table also shows performance for the Bloomberg Barclays Capital U.S. Aggregate Bond Index, a broad-based measure of the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market performance. The table also presents the impact of taxes on the returns of the Fund's Class R shares. After-tax returns are shown for Class R shares only, and after-tax returns for Class I, Class C and Class A shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return after taxes on distributions measures the effect of taxable distributions, but assumes the underlying shares are held for the entire period. Return after taxes on distributions and sale of Fund shares shows the effect of both taxable distributions and any taxable gain or loss that would be realized if the underlying shares were purchased at the beginning and sold at the end of the period (for purposes of the calculation, it is assumed that income dividends and capital gain distributions are reinvested at net asset value and that the entire account is redeemed at the end of the period, including reinvested amounts). The Fund's return after taxes on distributions and sale of Fund shares may be higher than its returns before taxes or its returns after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have been incurred.

Average Annual Returns - THE WATER ISLAND CREDIT OPPORTUNITIES FUND
Average Annual Returns, 1 Year
Average Annual Returns, 5 Years
Average Annual Returns, Since Inception
[1]
Average Annual Returns, Inception Date
Class R 1.16% 2.16% 2.08% Oct. 01, 2012
Class I 1.44% 2.40% 2.31% Oct. 01, 2012
Class C (0.60%) 1.41% 1.36% Oct. 01, 2012
Class A (2.05%)   1.15% Jun. 01, 2013
After Taxes on Distributions | Class R 0.07% 0.91% 0.87%  
After Taxes on Distributions and Sale of Fund Shares | Class R 0.65% 1.08% 1.04%  
ICE BOFA MERRILL LYNCH U.S. 3-MONTH TREASURY BILL INDEX (reflects no deduction for fees, expenses, or taxes) 0.85% [2] 0.27% [2] 0.26% [2] Oct. 01, 2012
BLOOMBERG BARCLAYS CAPITAL U.S. AGGREGATE BOND INDEX (reflects no deduction for fees, expenses, or taxes) 3.54% 2.10% 2.04% Oct. 01, 2012
[1] The inception date for Class R shares, Class I shares and Class C shares is October 1, 2012. The inception date for the Class A shares is June 1, 2013. The "Since Inception" returns reflected for the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index and the Bloomberg Barclays Capital U.S. Aggregate Bond Index are based on the inception date for Class R, Class I and Class C shares.
[2] Effective August 30, 2018, the Fund's primary benchmark changed from the Bloomberg Barclays U.S. Aggregate Bond Index to the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index. The Adviser believes that given the Fund's investment objective and strategy, the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index provides a more appropriate basis for comparison. The Bloomberg Barclays U.S. Aggregate Bond Index is the Fund's secondary benchmark.

  In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Return After Taxes on Distributions and Sale of Fund Shares to be greater than the Return After Taxes on Distributions or even the Return Before Taxes.

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Label Element Value
THE WATER ISLAND CREDIT OPPORTUNITIES FUND  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading THE WATER ISLAND CREDIT OPPORTUNITIES FUND (formerly The Arbitrage Credit Opportunities Fund)
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund seeks to provide current income and capital growth.

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 48 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
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 314% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 314.00%
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:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund invests primarily in a portfolio of debt securities including corporate bonds and debentures (including high yield bonds commonly known as "junk bonds"), bank loans, convertible and preferred securities, credit default swaps and other debt instruments and derivatives that the Fund's investment adviser believes have debt-like characteristics. The Fund invests in both domestic and foreign debt securities. The principal types of derivatives in which the Fund may invest are credit default swaps, interest rate swaps, total return swaps, futures and options.


The Fund invests primarily in debt securities whose returns the adviser believes will be more correlated with the outcome of specific catalysts or events rather than overall market direction. These catalysts and events include mergers, acquisitions, debt maturities, refinancings, regulatory changes, recapitalizations, reorganizations, restructurings and other special situations. The Fund also uses a relative value approach and may express positive views on specific issuers by taking long positions in cash bonds and/or derivatives and negative views on specific issuers by taking short positions in cash bonds and/or derivatives. The Fund uses fundamental research to identify mispricings or inefficiencies in these situations and assesses their potential impact on security prices.


The Fund may engage in short-term trading strategies, and may engage in short sales and invest in derivatives. The principal short-term trading strategies may at times include convertible arbitrage, merger arbitrage, and capital structure arbitrage, which are discussed below. The Fund may seek to mitigate the risk of volatility (the appreciation or depreciation of the value of a security over a period of time) and duration (the impact of interest rate changes on fixed-income securities) by engaging in short sales and/or investing in derivatives, including credit default swaps, interest rate swaps, futures and options. The Fund may purchase or sell short equity securities or derivatives as part of a hedging strategy or hold equity positions or other assets that the Fund receives as part of a reorganization process. The Fund may, but is not required to, seek to reduce currency risk by hedging part or all of its exposure to various foreign currencies. Furthermore, the Fund may invest in exchange traded funds ("ETFs").


The Fund is not limited with respect to its portfolio maturity or duration. The Fund may invest in debt securities without regard to their credit ratings, including securities that are unrated, and in debt securities with a wide variety of terms that may vary from security to security, including but not limited to optional and mandatory prepayment provisions, fixed, variable, semi-variable, and resettable interest rates and conversion options, as well as various combinations of these terms.


Merger Arbitrage: Merger arbitrage is a highly specialized investment approach designed to profit from the successful completion of mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations and other corporate reorganizations. The most common merger arbitrage activity, and the approach the Fund generally uses, involves purchasing debt securities of an announced acquisition target company at a discount to their expected value upon completion of the acquisition. The Fund may engage in selling securities short when the terms of a proposed acquisition call for the exchange of common stock and/or other securities. In such a case, the securities of the company to be acquired may be purchased and, at approximately the same time, an amount of the acquiring company's common stock and/or other securities as per the terms of the transaction may be sold short.


Convertible Arbitrage: Convertible arbitrage is a specialized strategy that seeks to profit from pricing inefficiencies between a firm's convertible securities and its underlying equity. The most common convertible arbitrage approach, and the strategy the Fund generally uses, matches a long position in the convertible security with a short position in the underlying common stock. The Fund seeks to purchase convertible securities at discounts to their expected future values and sell short shares of the underlying common stock in order to mitigate equity market movements. As stock prices rise and the convertible security becomes more equity sensitive, the Fund may sell short additional common shares in order to maintain the relationship between the convertible and the underlying common stock. As stock prices fall, the Fund will typically buy back a portion of shares which it had sold short. Positions are typically designed to earn income from coupon or dividend payments and net gains from the purchase and sale of the convertible securities' positions and the underlying common stocks.


Capital Structure Arbitrage: Capital structure arbitrage seeks to profit from relative pricing discrepancies between related debt and/or equity securities. For example, when the Fund believes that unsecured securities are overvalued in relation to senior secured securities, the Fund may purchase a senior secured security of an issuer and sell short an unsecured security of the same issuer. In this example the trade would be profitable if credit quality spreads widened or if the issuer went bankrupt and the recovery rate for the senior debt was higher than anticipated. It is expected that, over time, the relative mispricing of the securities may decline, at which point the position will be liquidated.

Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

As with all mutual funds, investing in the Fund entails risks that could cause the Fund and you to lose money. The principal risks of investing in the Fund are as follows:


Active Management Risk: The Fund is an actively managed investment portfolio and is therefore subject to management risk. The Adviser will apply its investment and risk analysis in making investment decisions for the Fund, but there is no guarantee that these decisions will produce the intended results.


Concentration Risk: The Adviser expects the Fund's assets to be invested in various industries; however, if, for example, a large percentage of corporate events taking place within the U.S. are within one industry over a given period of time, a large portion of the Fund's assets could be concentrated in that industry for that period of time. During such a period of concentration, the Fund may be subject to greater volatility and with respect to portfolio securities than a fund that is more broadly diversified.


Convertible Security Risks: Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Because convertible securities are higher in the firm's capital structure than equity, convertible securities are generally not as risky as the equity securities of the same issuer. However, convertible securities may gain or lose value due to changes in interest rates and other general economic conditions, industry fundamentals, market sentiment and changes in the issuer's operating results and credit ratings.


Counterparty Risk: The Fund may enter into various types of derivative contracts. These derivative contracts may be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. If a privately negotiated over-the-counter contract calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if the creditworthiness of the counterparty declines, the Fund may not receive payments owed under the contract, or such payments may be delayed and the value of agreements with the counterparty can be expected to decline, potentially resulting in losses to the Fund.


Credit Risks: Credit risk refers to the possibility that the issuer of the security will not be able to make interest or principal payments when due. The Fund may invest in convertible and non-convertible debt securities, including high yield debt securities, also known as "junk bonds." Investments in junk bonds are subject to greater credit risks than securities with credit ratings above investment grade and have a greater risk of default than investment grade debt securities. Junk bonds are less sensitive to interest rate changes than higher credit quality instruments and generally are more sensitive to adverse economic changes or individual corporate developments.


Currency Risks: Fluctuations in exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment. Adverse changes in exchange rates may erode or reverse any gains produced by foreign currency denominated investments and may widen any losses. Currency forward/futures contracts also may deny the Fund from realizing gains from an increase in the value of the currency. In addition to currency risk, currency forward/futures contracts, like other derivatives, may be susceptible to credit risk and other risks.


Derivatives Risk: In general, a derivative instrument typically involves leverage and provides exposure to potential gain or loss from a change in the market price of the underlying asset (or a basket of assets or an index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative instrument. Adverse changes in the value or price of the underlying asset (or basket of assets or index), which the Fund may not directly own, can result in a loss to the Fund substantially greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional risks and transaction costs. Derivative instruments come in many varieties and may include forward contracts, options (both written and purchased) and swap contracts.


Foreign Securities Risks: The securities of foreign issuers may be less liquid and more volatile than securities of comparable U.S. issuers. The costs associated with securities transactions may be higher in foreign countries than in the United States. The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by mutual funds in which the Fund invests may be affected favorably or unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies may adversely affect the Fund. Additionally, investments in foreign securities, even those publicly traded in the United States, may involve risks which are in addition to those inherent in U.S. investments. Foreign companies may not be subject to the same regulatory requirements of U.S. companies, and as a consequence, there may be less publicly available information about such companies. Also, foreign companies may not be subject to uniform accounting, auditing, and financial reporting standards and requirements comparable to those applicable to U.S. companies. Foreign governments and foreign economies often are less stable than the U.S. Government and the U.S. economy.


Hedging Transaction Risk: The success of the Fund's hedging strategies will be subject to the Adviser's ability to assess correctly the degree of correlation between the performance of the instruments used in the hedging strategies and the performance of the investments in the Fund's portfolio being hedged. Hedging transactions involve the risk of imperfect correlation. Imperfect correlation may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. Hedging transactions also limit the opportunity for gain if the value of a hedged portfolio position should increase.


High Portfolio Turnover Risks: The Fund's investment strategies may result in high portfolio turnover rates. This may increase the Fund's brokerage commission costs, which would reduce performance. Rapid portfolio turnover also exposes shareholders to a higher current realization of short-term gains which could cause you to pay higher taxes.


Interest Rate Risks: Prices of debt securities and preferred stocks tend to move inversely with changes in interest rates. When interest rates fall, the market value of the respective debt securities and preferred securities usually increases. Conversely, when interest rates rise, the market value of the respective debt securities and preferred securities usually declines. As such, a change in interest rates may affect prices of the Fund's debt securities and preferred securities and, accordingly, the Fund's share price.


Investment Company and ETF Risk: Investing in securities issued by other investment companies, including ETFs, involves risks similar to those of investing directly in the securities and other assets held by the investment company or ETF. Unlike shares of typical mutual funds, shares of ETFs are traded on an exchange through a trading day and bought and sold based on market values and not at net asset value. For this reason, shares could trade either at a premium or a discount to net asset value. The trading price of an ETF is expected to closely track the actual net asset value of an ETF, and the Fund will generally gain or lose value consistent with the performance of the ETF's portfolio securities. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs. In addition, the Fund will indirectly bear its pro rata share of the fees and expenses incurred by a fund it invests in, including advisory fees. These expenses are in addition to the advisory and other expenses that the Fund bears directly in connection with its own operations. An ETF may not replicate exactly the performance of the benchmark index it seeks to track for a number of reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held.


Large Shareholder Transaction Risk: The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions may cause the Fund to sell its securities at times when it would not otherwise do so, which may negatively impact the Fund's NAV and liquidity. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. Similarly, large share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.


Leverage Risks: If the Fund uses leverage through activities such as borrowing, entering into short sales, purchasing securities on margin or on a "when-issued" basis or purchasing derivative instruments in an effort to increase its returns, the Fund has the risk of magnified capital losses that occur when losses affect an asset base, enlarged by borrowings or the creation of liabilities, that exceeds the net assets of the Fund. Should the Fund employ leverage, the Fund's net asset value may be more volatile and sensitive to market movements. Leverage may involve the creation of a liability that requires the Fund to pay interest.


Liquidity Risk: Liquidity risk exists when particular investments are difficult to purchase or sell. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed-income securities, or the lack of an active market. Liquid investments may become less liquid after being purchased by the Fund, particularly during periods of market stress. Illiquid and relatively less liquid investments may be harder to value, especially in turbulent markets, and if the Fund is forced to sell these investments to meet redemption requests or for other cash needs, the Fund may suffer a loss.


Market Risks: Market risk is the possibility that securities prices will fluctuate over time. This fluctuation includes both increases and decreases in security prices. The Fund is subject to market risk. The value of the Fund's investments, and the net asset value of the Fund, will fluctuate. Investors could lose money due to this price fluctuation.


Merger Arbitrage Risks: The principal risk associated with the Fund's merger arbitrage investment strategy is that the proposed reorganizations in which the Fund invests may be renegotiated or terminated, in which case the Fund may realize losses.


Options Risks: Options transactions involve special risks that may make it difficult or impossible to close a position when the Fund desires. These risks include possible imperfect correlation between the price movements of the option and the underlying security; the potential lack of a liquid secondary market at any particular time; and possible price fluctuation limits. In addition, the option activities of the Fund may affect its portfolio turnover rate and the amount of brokerage commissions paid by the Fund.


Preferred Securities Risk: Investments in preferred stocks may be subject to the risks of deferred distribution payments, subordination to debt instruments, a lack of liquidity compared to equities, limited voting rights and sensitivity to interest-rate changes.


Short Sale Risks: The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. It is possible that the Fund's long positions will decline in value at the same time that the value of its short positions increase, thereby increasing potential losses to the Fund. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund's investment performance may also suffer if it is required to close out a short position earlier than it had intended. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing. These expenses may negatively impact the performance of the Fund. Short positions introduce more risk to the Fund than long positions (purchases) because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the shorted security. Therefore, in theory, securities sold short have unlimited risk.


Total Return Swap Risks: In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. Certain categories of swap agreements often have terms of greater than seven days and may be considered illiquid. Moreover, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. The swaps market is subject to extensive regulation under the Dodd-Frank Act and certain Securities and Exchange Commission and Commodity Futures Trading Commission rules promulgated thereunder. It is possible that developments in the swaps market, including new and additional government regulation, could result in higher Fund costs and expenses and could adversely affect the Fund's ability, among other things, to terminate existing swap agreements or to realize amounts to be received under such agreements.

Risk Lose Money [Text] rr_RiskLoseMoney As with all mutual funds, investing in the Fund entails risks that could cause the Fund and you to lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The following information provides some indication of the risks and variability of investing in the Fund by showing how the Fund's performance has varied over time. The performance shown reflects the performance of the Fund's Class R shares before and after taxes and the Fund's Class I, Class C and Class A shares before taxes.


The bar chart and performance table shown below depict the performance of the Fund's Class R shares for the periods indicated and show how the Fund's average annual total returns compare with those of a broad measure of market performance. The performance table includes the performance of the Fund's Class I, Class C and Class A shares before taxes. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Performance reflects fee waivers in effect. If fee waivers were not in place, the Fund's performance would be reduced. Updated information on the Fund's performance can be obtained by visiting www.arbitragefunds.com.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following information provides some indication of the risks and variability of investing in the Fund by showing how the Fund's performance has varied over time.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.arbitragefunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Year-by-Year Annual Total Returns through December 31, 2017 – Class R Shares
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

During the period shown in the bar chart, the highest return for a quarter was 2.63% during the quarter ended September 30, 2013 and the lowest return for a quarter was -1.61% during the quarter ended September 30, 2015.


The year-to-date return of the Fund's Class R shares through June 30, 2018 is 2.15%.


While the Class I shares, Class C shares, and Class A shares would have substantially similar annual returns to the Class R shares because the shares are invested in the same portfolio of securities, the performance of Class I, Class C and Class A shares will differ from that shown above since the Classes do not have the same expenses or inception dates.


Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Jun. 30, 2018
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 2.15%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2013
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 2.63%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2015
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (1.61%)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for Periods Ended December 31, 2017
Performance Table Market Index Changed rr_PerformanceTableMarketIndexChanged Effective August 30, 2018, the Fund's primary benchmark changed from the Bloomberg Barclays U.S. Aggregate Bond Index to the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index. The Adviser believes that given the Fund's investment objective and strategy, the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index provides a more appropriate basis for comparison. The Bloomberg Barclays U.S. Aggregate Bond Index is the Fund's secondary benchmark.
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expenses, or taxes)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown for Class R shares only, and after-tax returns for Class I, Class C, and Class A shares will vary.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher The Fund's return after taxes on distributions and sale of Fund shares may be higher than its returns before taxes or its returns after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have been incurred.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

The table below shows the Fund's average annual total returns for Class R shares, Class I shares, Class C shares and Class A shares compared with those of the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index, which is comprised of a single issue purchased at the beginning of the month, held for a full month and rolled into a newly selected issue at month-end. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date. The table also shows performance for the Bloomberg Barclays Capital U.S. Aggregate Bond Index, a broad-based measure of the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market performance. The table also presents the impact of taxes on the returns of the Fund's Class R shares. After-tax returns are shown for Class R shares only, and after-tax returns for Class I, Class C and Class A shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return after taxes on distributions measures the effect of taxable distributions, but assumes the underlying shares are held for the entire period. Return after taxes on distributions and sale of Fund shares shows the effect of both taxable distributions and any taxable gain or loss that would be realized if the underlying shares were purchased at the beginning and sold at the end of the period (for purposes of the calculation, it is assumed that income dividends and capital gain distributions are reinvested at net asset value and that the entire account is redeemed at the end of the period, including reinvested amounts). The Fund's return after taxes on distributions and sale of Fund shares may be higher than its returns before taxes or its returns after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have been incurred.

Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

  In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Return After Taxes on Distributions and Sale of Fund Shares to be greater than the Return After Taxes on Distributions or even the Return Before Taxes.

Caption rr_AverageAnnualReturnCaption Average Annual Total Returns
THE WATER ISLAND CREDIT OPPORTUNITIES FUND | ICE BOFA MERRILL LYNCH U.S. 3-MONTH TREASURY BILL INDEX (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 0.85% [1]
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 0.27% [1]
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 0.26% [1],[2]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 01, 2012
THE WATER ISLAND CREDIT OPPORTUNITIES FUND | BLOOMBERG BARCLAYS CAPITAL U.S. AGGREGATE BOND INDEX (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 3.54%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 2.10%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 2.04% [2]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 01, 2012
THE WATER ISLAND 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 Sales Charge (Load) (as a percentage of original purchase price) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.95% [3]
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Dividend on Short Positions and Interest Expense on Short Positions and/or Borrowings rr_Component2OtherExpensesOverAssets 0.45%
All Remaining Other Expenses rr_Component3OtherExpensesOverAssets 0.57%
Other Expenses rr_OtherExpensesOverAssets 1.02%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.02% [4]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.24% [5]
Fee Waiver rr_FeeWaiverOrReimbursementOverAssets (0.54%) [6]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 1.70% [7]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 173
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 593
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,098
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,488
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 173
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 593
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 1,098
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 2,488
Annual Return 2013 rr_AnnualReturn2013 5.65%
Annual Return 2014 rr_AnnualReturn2014 0.68%
Annual Return 2015 rr_AnnualReturn2015 (1.26%)
Annual Return 2016 rr_AnnualReturn2016 4.72%
Annual Return 2017 rr_AnnualReturn2017 1.16%
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 1.16%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 2.16%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 2.08% [2]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 01, 2012
THE WATER ISLAND CREDIT OPPORTUNITIES FUND | Class R | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 0.07%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 0.91%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 0.87% [2]
THE WATER ISLAND CREDIT OPPORTUNITIES FUND | Class R | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 0.65%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 1.08%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 1.04% [2]
THE WATER ISLAND 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 Sales Charge (Load) (as a percentage of original purchase price) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.95% [3]
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Dividend on Short Positions and Interest Expense on Short Positions and/or Borrowings rr_Component2OtherExpensesOverAssets 0.45%
All Remaining Other Expenses rr_Component3OtherExpensesOverAssets 0.57%
Other Expenses rr_OtherExpensesOverAssets 1.02%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.02% [4]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.99% [5]
Fee Waiver rr_FeeWaiverOrReimbursementOverAssets (0.54%) [6]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 1.45% [7]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 148
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 517
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 970
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,227
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 148
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 517
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 970
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 2,227
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 1.44%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 2.40%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 2.31% [2]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 01, 2012
THE WATER ISLAND 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 Sales Charge (Load) (as a percentage of original purchase price) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00% [8]
Management Fees rr_ManagementFeesOverAssets 0.95% [3]
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Dividend on Short Positions and Interest Expense on Short Positions and/or Borrowings rr_Component2OtherExpensesOverAssets 0.45%
All Remaining Other Expenses rr_Component3OtherExpensesOverAssets 0.57%
Other Expenses rr_OtherExpensesOverAssets 1.02%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.02% [4]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.99% [5]
Fee Waiver rr_FeeWaiverOrReimbursementOverAssets (0.54%) [6]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 2.45% [7]
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 $ 348
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 820
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,475
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 3,229
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 248
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 820
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 1,475
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 3,229
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (0.60%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 1.41%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 1.36% [2]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 01, 2012
THE WATER ISLAND 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 Sales Charge (Load) (as a percentage of original purchase price) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00% [9]
Management Fees rr_ManagementFeesOverAssets 0.95% [3]
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Dividend on Short Positions and Interest Expense on Short Positions and/or Borrowings rr_Component2OtherExpensesOverAssets 0.45%
All Remaining Other Expenses rr_Component3OtherExpensesOverAssets 0.57%
Other Expenses rr_OtherExpensesOverAssets 1.02%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.02% [4]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.24% [5]
Fee Waiver rr_FeeWaiverOrReimbursementOverAssets (0.54%) [6]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 1.70% [7]
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 492
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 899
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,388
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,732
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 492
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 899
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 1,388
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 2,732
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (2.05%)
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 1.15% [2]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jun. 01, 2013
[1] Effective August 30, 2018, the Fund's primary benchmark changed from the Bloomberg Barclays U.S. Aggregate Bond Index to the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index. The Adviser believes that given the Fund's investment objective and strategy, the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index provides a more appropriate basis for comparison. The Bloomberg Barclays U.S. Aggregate Bond Index is the Fund's secondary benchmark.
[2] The inception date for Class R shares, Class I shares and Class C shares is October 1, 2012. The inception date for the Class A shares is June 1, 2013. The "Since Inception" returns reflected for the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index and the Bloomberg Barclays Capital U.S. Aggregate Bond Index are based on the inception date for Class R, Class I and Class C shares.
[3] Information has been restated to reflect current fees.
[4] Acquired Fund Fees and Expenses are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies.
[5] 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.
[6] 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.
[7] The Total Annual Fund Operating Expenses in this fee table do not correlate to the expense ratio in the Financial Highlights because the expense ratios in the Financial Highlights do not reflect Acquired Fund Fees and Expenses.
[8] This contingent deferred sales charge applies to Class C shares redeemed within 12 months of purchase.
[9] 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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