ARBITRAGE FUNDS
N-1A/A, EX-99.J, 2000-08-28
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                       CONSENT OF INDEPENDENT ACCOUNTANTS

The Shareholder and Board of Directors of
The Arbitrage Fund:

We consent to the use of our report included herein and to the reference to our
Firm in the Statement of Additional Information under the heading "Independent
Accountants."

/s/ KPMG LLP
KPMG LLP

Chicago, Illinois
July 19, 2000




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