The Process Pillar is our assessment of how sensible, clearly defined, and repeatable ARBFXs performance objective and investment process is for both security selection and portfolio construction.

USDNAV as of Dec 15, 20201-Day Return as of Dec 15, 2020, 11:17 PM GMT+00:00

Arbitrage Fund is managed by a veteran team,allowing for more consistent cost comparisons across funds.Unlock our full analysis with Morningstar PremiumThe People Pillar is our evaluation of the ARBFX management teams experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.Get our overall rating based on a fundamental assessment of the pillars below.such as interest from borrowings and dividends on borrowed securities,and its conservative approach to merger-arbitrage should continue to serve investors well. It earns a Morningstar Analyst Rating of Bronze for its three cheapest share classes and a Neutral rating for its most expensive share class.The Parent Pillar is our rating of ARBFXs parent organizations priorities and whether theyre in line with investors interests.Learn How to Read a Morningstar Analyst ReportAdjusted Expense Ratio excludes certain variable investment-related expenses,

The Morningstar Analysis section contains a thorough evaluation of an investments merits and drawbacks and often discusses the most important or decisive factors leading to the funds overall rating.