AEDFX Fees and Costs — Water Island Event-Driven Fund, Class R
Data updated: 2026-09-25
The net expense ratio is 1.72%: a 1.10% management fee, a 0.25% 12b-1 fee plus 0.63% other expenses, less a 0.27% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $156K in broker commissions, 0.2854% of average net assets, and portfolio turnover was 255%.
AEDFX Fees and Expenses
Annual operating expenses and sales charges of AEDFX. Prospectus, as of September 25, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.10% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.63% |
| Gross expense ratio | 1.99% |
| Fee waiver | −0.27% |
| Net expense ratio | 1.72% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
AEDFX Costs Over Time
On $10,000 invested in AEDFX, assuming 5% a year before costs, total costs come to $1,229 over 5 years, cutting the return by 2.11% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.72%) | $181 | $558 | $957 |
| Trading costs (broker commissions) | $30 | $93 | $159 |
| Lost growth on money paid in costs | $0 | $32 | $114 |
| Total costs | $211 | $683 | $1,229 |
| Value after costs | $10,289 | $10,894 | $11,533 |
| Impact on return, per year | 2.11% | 2.11% | 2.11% |
AEDFX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending May 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.2854%
- Total broker commissions: $156K
- Bought from dealers (principal trades, not a cost): $280.7M
- Portfolio turnover (prospectus): 255%
- Securities lending: none during the year
AEDFX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $35K | 29.83% |
| BofA Securities, Inc. | $17K | 14.27% |
| Barclays Capital Inc. | $13K | 11.14% |
| Jones & Associates, Inc. | $11K | 9.64% |
| Bloomberg Tradebook LLC | $11K | 9.20% |
| Mischler Financial Group, Inc. | $10K | 8.14% |
| BTIG, LLC | $7K | 6.16% |
| Market Securities LLP | $6K | 5.08% |
| Cowen and Company, LLC | $4K | 3.59% |
| Raymond James & Associates, Inc. | $3K | 2.95% |
AEDFX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $173.0M | 64.48% |
| Morgan Stanley & Co. LLC | $81.7M | 30.44% |
| RBC Capital Markets, LLC | $2.5M | 0.93% |
| Barclays Capital Inc. | $2.3M | 0.86% |
| Goldman Sachs & Co. LLC | $2.3M | 0.84% |
| BofA Securities, Inc. | $1.7M | 0.64% |
| BNY Capital Markets, LLC | $1.4M | 0.52% |
| Robert W. Baird & Co. Incorporated | $1.3M | 0.49% |
| OPPENHEIMER & CO. INC. | $1.2M | 0.44% |
| J.P. Morgan Securities LLC | $1.0M | 0.37% |
Water Island Event-Driven Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| AEDNX | Class I | 1.47% | none |
| AEDFX | Class R | 1.72% | none |
| AGEAX | Class A | 1.72% | 3.25% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.