As filed with the Securities and Exchange Commission on October 17, 2012
1933 Act Registration No. 333-30470
1940 Act Registration No. 811-09815
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | x | |||
Pre-Effective Amendment No. | ¨ | |||
Post-Effective Amendment No. 22 | x | |||
and/or | ||||
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | x | |||
Amendment No. 25 | x |
(Check appropriate box or boxes.)
THE ARBITRAGE FUNDS
(Exact name of Registrant as Specified in Charter)
41 Madison Avenue
42nd Floor
New York, New York 10010
(Address of principal executive offices) (Zip Code)
Registrants Telephone Number, including Area Code: (212) 259-2655
John S. Orrico
Water Island Capital, LLC
41 Madison Avenue, 42nd Floor
New York, NY 10010
(Name and Address of Agent of Service)
Copy to:
Peter D. Fetzer
Foley & Lardner LLP
777 East Wisconsin Avenue
Milwaukee, WI 53202
It is proposed that this filing will become effective (check appropriate box):
þ | immediately upon filing pursuant to paragraph (b) |
¨ | on (date) pursuant to paragraph (b) |
¨ | 60 days after filing pursuant to paragraph (a)(1) |
¨ | 75 days after filing pursuant to paragraph (a)(2) |
¨ | on (date) pursuant to paragraph (a)(2) |
If appropriate, check the following box:
¨ | 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, as amended (the Securities Act), and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all the requirements for effectiveness of this Post-Effective Amendment No. 22 of its Registration Statement pursuant to Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, and State of New York, on October 17, 2012.
THE ARBITRAGE FUNDS |
By: /s/ John S. Orrico |
John S. Orrico |
President |
Pursuant to the requirements of the Securities Act, this 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, Treasurer and Trustee | October 17, 2012 | ||
John S. Orrico | ||||
/s/ Kim Storms | Chief Financial Officer | October 17, 2012 | ||
Kim Storms | ||||
/s/ Jay N. Goldberg * | Trustee | October 17, 2012 | ||
Jay N. Goldberg | ||||
/s/ John Alvarado * | Trustee | October 17, 2012 | ||
John Alvarado | ||||
/s/ Burtt R. Ehrlich * | Trustee | October 17, 2012 | ||
Burtt R. Ehrlich |
*By: | /s/ John S. Orrico | |||
John S. Orrico | ||||
Attorney-in-fact |
EXHIBIT INDEX
Index No. |
Description of Exhibit | |
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 |
Label | Element | Value | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Risk/Return: | rr_RiskReturnAbstract | |||||||||||
Registrant Name | dei_EntityRegistrantName | ARBITRAGE FUNDS | ||||||||||
Prospectus Date | rr_ProspectusDate | Oct. 01, 2012 | ||||||||||
THE ARBITRAGE FUND
|
||||||||||||
Risk/Return: | rr_RiskReturnAbstract | |||||||||||
Risk/Return [Heading] | rr_RiskReturnHeading | THE ARBITRAGE FUND SUMMARY SECTION |
||||||||||
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. | ||||||||||
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 563% of the average value of its portfolio. | ||||||||||
Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 563.00% | ||||||||||
Expenses Deferred Charges [Text Block] | rr_ExpensesDeferredChargesTextBlock | This contingent deferred sales charge applies to Class C shares sold within 12 months of purchase. | ||||||||||
Other Expenses, New Fund, Based on Estimates [Text] | rr_OtherExpensesNewFundBasedOnEstimates | Other Expenses for Class C shares are based on Class R expenses because the Class C shares have not been offered for a full year. | ||||||||||
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, the Fund plans to invest at least 80% of its net assets 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. 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 purchasing and selling options. 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 investment adviser 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 equivalent amount of the acquiring company's common stock and/or other securities 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 generally engages in active and frequent trading of portfolio securities to achieve its principal investment objective. The Fund will sell or cover a security when the securities of the companies involved in the transaction do not 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: 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. 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. 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 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. Put and Call Options Risk: 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. 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 are often higher in foreign countries than the U.S. 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 will 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. Swap Risks: The Fund may enter into derivatives called equity swaps. Risks associated with swap agreements include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contract's terms and the possible lack of liquidity with respect to the swap agreements. 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 largely unregulated. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund's ability 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 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 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 Information Illustrates Variability of Returns [Text] | rr_PerformanceInformationIllustratesVariabilityOfReturns | 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. | ||||||||||
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 | |||||||||||
Bar Chart Narrative [Text Block] | rr_BarChartNarrativeTextBlock | 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 shares before taxes. Performance for the Class C shares of the Fund will be available once they have been offered for one calendar year. | ||||||||||
Bar Chart Closing [Text Block] | rr_BarChartClosingTextBlock | During the period shown in the bar chart, the highest return for a quarter was 6.21% during the quarter ended March 31, 2002 and the lowest return for a quarter was -3.65% during the quarter ended September 30, 2004. The year-to-date return of the Fund's Class R shares through June 30, 2012 is -0.08%. While the Class I shares and the Class C 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 shares and Class C shares will differ from that shown above to the extent that the Classes do not have the same expenses or inception dates. |
||||||||||
Performance Table Heading | rr_PerformanceTableHeading | Average Annual Total Returns for Periods Ended December 31, 2011 | ||||||||||
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 and Class C 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 how the Fund's average annual total returns for Class R shares and Class I shares compare with those of the Standard & Poor's 500 Index. 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 and Class C 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. | ||||||||||
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_MaximumDeferredSalesChargeOverOther | none | [1] | |||||||||
Sales Charge (Load) Imposed on Reinvested Dividends | rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther | none | ||||||||||
Redemption Fee | rr_RedemptionFeeOverRedemption | 2.00% | [2] | |||||||||
Exchange Fee (as a percentage of amount exchanged within 30 days of purchase) | rr_ExchangeFeeOverRedemption | 2.00% | ||||||||||
Management Fees | rr_ManagementFeesOverAssets | 1.04% | ||||||||||
Distribution and/or Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% | ||||||||||
Dividend and Interest Expense on Short Positions | rr_Component1OtherExpensesOverAssets | 0.79% | [3] | |||||||||
All Remaining Other Expenses | rr_Component2OtherExpensesOverAssets | 0.15% | ||||||||||
Other Expenses | rr_OtherExpensesOverAssets | 0.94% | [4] | |||||||||
Acquired Fund Fees and Expenses | rr_AcquiredFundFeesAndExpensesOverAssets | 0.02% | ||||||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 2.25% | ||||||||||
1 Year | rr_ExpenseExampleYear01 | 228 | ||||||||||
3 Years | rr_ExpenseExampleYear03 | 703 | ||||||||||
5 Years | rr_ExpenseExampleYear05 | 1,204 | ||||||||||
10 Years | rr_ExpenseExampleYear10 | 2,581 | ||||||||||
1 Year | rr_ExpenseExampleNoRedemptionYear01 | 228 | ||||||||||
3 Years | rr_ExpenseExampleNoRedemptionYear03 | 703 | ||||||||||
5 Years | rr_ExpenseExampleNoRedemptionYear05 | 1,204 | ||||||||||
10 Years | rr_ExpenseExampleNoRedemptionYear10 | 2,581 | ||||||||||
2002 | rr_AnnualReturn2002 | 9.27% | ||||||||||
2003 | rr_AnnualReturn2003 | 15.18% | ||||||||||
2004 | rr_AnnualReturn2004 | 0.57% | ||||||||||
2005 | rr_AnnualReturn2005 | (0.24%) | ||||||||||
2006 | rr_AnnualReturn2006 | 5.87% | ||||||||||
2007 | rr_AnnualReturn2007 | 7.14% | ||||||||||
2008 | rr_AnnualReturn2008 | (0.63%) | ||||||||||
2009 | rr_AnnualReturn2009 | 10.05% | ||||||||||
2010 | rr_AnnualReturn2010 | 1.44% | ||||||||||
2011 | rr_AnnualReturn2011 | 4.50% | ||||||||||
Year to Date Return, Label | rr_YearToDateReturnLabel | year-to-date return | ||||||||||
Bar Chart, Year to Date Return, Date | rr_BarChartYearToDateReturnDate | Jun. 30, 2012 | ||||||||||
Bar Chart, Year to Date Return | rr_BarChartYearToDateReturn | (0.08%) | ||||||||||
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | highest return | ||||||||||
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Mar. 31, 2002 | ||||||||||
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 6.21% | ||||||||||
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | lowest return | ||||||||||
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Sep. 30, 2004 | ||||||||||
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (3.65%) | ||||||||||
One Year | rr_AverageAnnualReturnYear01 | 4.50% | ||||||||||
Five Years | rr_AverageAnnualReturnYear05 | 4.43% | ||||||||||
Ten Years | rr_AverageAnnualReturnYear10 | 5.20% | ||||||||||
Since Inception | rr_AverageAnnualReturnSinceInception | 5.48% | [5] | |||||||||
Inception Date | rr_AverageAnnualReturnInceptionDate | Sep. 18, 2000 | ||||||||||
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_MaximumDeferredSalesChargeOverOther | none | [1] | |||||||||
Sales Charge (Load) Imposed on Reinvested Dividends | rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther | none | ||||||||||
Redemption Fee | rr_RedemptionFeeOverRedemption | 2.00% | [2] | |||||||||
Exchange Fee (as a percentage of amount exchanged within 30 days of purchase) | rr_ExchangeFeeOverRedemption | 2.00% | ||||||||||
Management Fees | rr_ManagementFeesOverAssets | 1.04% | ||||||||||
Distribution and/or Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | none | ||||||||||
Dividend and Interest Expense on Short Positions | rr_Component1OtherExpensesOverAssets | 0.79% | [3] | |||||||||
All Remaining Other Expenses | rr_Component2OtherExpensesOverAssets | 0.15% | ||||||||||
Other Expenses | rr_OtherExpensesOverAssets | 0.94% | [4] | |||||||||
Acquired Fund Fees and Expenses | rr_AcquiredFundFeesAndExpensesOverAssets | 0.02% | ||||||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 2.00% | ||||||||||
1 Year | rr_ExpenseExampleYear01 | 203 | ||||||||||
3 Years | rr_ExpenseExampleYear03 | 627 | ||||||||||
5 Years | rr_ExpenseExampleYear05 | 1,077 | ||||||||||
10 Years | rr_ExpenseExampleYear10 | 2,324 | ||||||||||
1 Year | rr_ExpenseExampleNoRedemptionYear01 | 203 | ||||||||||
3 Years | rr_ExpenseExampleNoRedemptionYear03 | 627 | ||||||||||
5 Years | rr_ExpenseExampleNoRedemptionYear05 | 1,077 | ||||||||||
10 Years | rr_ExpenseExampleNoRedemptionYear10 | 2,324 | ||||||||||
One Year | rr_AverageAnnualReturnYear01 | 4.74% | ||||||||||
Five Years | rr_AverageAnnualReturnYear05 | 4.65% | ||||||||||
Ten Years | rr_AverageAnnualReturnYear10 | |||||||||||
Since Inception | rr_AverageAnnualReturnSinceInception | 3.99% | [5] | |||||||||
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_MaximumDeferredSalesChargeOverOther | 1.00% | [1] | |||||||||
Sales Charge (Load) Imposed on Reinvested Dividends | rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther | none | ||||||||||
Redemption Fee | rr_RedemptionFeeOverRedemption | none | [2] | |||||||||
Exchange Fee (as a percentage of amount exchanged within 30 days of purchase) | rr_ExchangeFeeOverRedemption | none | ||||||||||
Management Fees | rr_ManagementFeesOverAssets | 1.04% | ||||||||||
Distribution and/or Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 1.00% | ||||||||||
Dividend and Interest Expense on Short Positions | rr_Component1OtherExpensesOverAssets | 0.79% | [3] | |||||||||
All Remaining Other Expenses | rr_Component2OtherExpensesOverAssets | 0.15% | ||||||||||
Other Expenses | rr_OtherExpensesOverAssets | 0.94% | [4] | |||||||||
Acquired Fund Fees and Expenses | rr_AcquiredFundFeesAndExpensesOverAssets | 0.02% | ||||||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 3.00% | ||||||||||
1 Year | rr_ExpenseExampleYear01 | 403 | ||||||||||
3 Years | rr_ExpenseExampleYear03 | 927 | ||||||||||
5 Years | rr_ExpenseExampleYear05 | 1,576 | ||||||||||
10 Years | rr_ExpenseExampleYear10 | 3,313 | ||||||||||
1 Year | rr_ExpenseExampleNoRedemptionYear01 | 303 | ||||||||||
3 Years | rr_ExpenseExampleNoRedemptionYear03 | 927 | ||||||||||
5 Years | rr_ExpenseExampleNoRedemptionYear05 | 1,576 | ||||||||||
10 Years | rr_ExpenseExampleNoRedemptionYear10 | 3,313 | ||||||||||
THE ARBITRAGE FUND | Return After Taxes on Distributions | Class R
|
||||||||||||
Risk/Return: | rr_RiskReturnAbstract | |||||||||||
One Year | rr_AverageAnnualReturnYear01 | 3.68% | ||||||||||
Five Years | rr_AverageAnnualReturnYear05 | 3.14% | ||||||||||
Ten Years | rr_AverageAnnualReturnYear10 | 4.07% | ||||||||||
Since Inception | rr_AverageAnnualReturnSinceInception | 4.35% | [5] | |||||||||
Inception Date | rr_AverageAnnualReturnInceptionDate | Sep. 18, 2000 | ||||||||||
THE ARBITRAGE FUND | Return After Taxes on Distributions and Sale of Fund Shares | Class R
|
||||||||||||
Risk/Return: | rr_RiskReturnAbstract | |||||||||||
One Year | rr_AverageAnnualReturnYear01 | 2.92% | ||||||||||
Five Years | rr_AverageAnnualReturnYear05 | 3.03% | ||||||||||
Ten Years | rr_AverageAnnualReturnYear10 | 3.84% | ||||||||||
Since Inception | rr_AverageAnnualReturnSinceInception | 4.09% | [5] | |||||||||
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 | |||||||||||
One Year | rr_AverageAnnualReturnYear01 | 2.11% | ||||||||||
Five Years | rr_AverageAnnualReturnYear05 | (0.25%) | ||||||||||
Ten Years | rr_AverageAnnualReturnYear10 | 2.92% | ||||||||||
Since Inception | rr_AverageAnnualReturnSinceInception | 0.01% | [5] | |||||||||
Inception Date | rr_AverageAnnualReturnInceptionDate | Sep. 18, 2000 | ||||||||||
|