ARBFX Fees and Costs — The Arbitrage Fund, Class R
Data updated: 2026-09-25
The net expense ratio is 1.71%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $2.2M in broker commissions, 0.2859% of average net assets, and portfolio turnover was 220%.
ARBFX Fees and Expenses
Annual operating expenses and sales charges of ARBFX. Prospectus, as of September 25, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.12% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.26% |
| Gross expense ratio | 1.71% |
| Fee waiver | — |
| Net expense ratio | 1.71% |
| 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 | No |
ARBFX Costs Over Time
On $10,000 invested in ARBFX, assuming 5% a year before costs, total costs come to $1,224 over 5 years, cutting the return by 2.10% 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 1.71%) | $180 | $554 | $951 |
| Trading costs (broker commissions) | $30 | $93 | $159 |
| Lost growth on money paid in costs | $0 | $32 | $113 |
| Total costs | $210 | $679 | $1,224 |
| Value after costs | $10,290 | $10,897 | $11,539 |
| Impact on return, per year | 2.10% | 2.10% | 2.10% |
ARBFX 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): 0.2859%
- Total broker commissions: $2.2M
- Bought from dealers (principal trades, not a cost): $3.4B
- Portfolio turnover (prospectus): 220%
- Securities lending: none during the year
ARBFX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $507K | 32.63% |
| Bloomberg Tradebook LLC | $244K | 15.72% |
| BofA Securities, Inc. | $234K | 15.10% |
| Barclays Capital Inc. | $183K | 11.82% |
| BTIG, LLC | $98K | 6.34% |
| Jefferies LLC | $69K | 4.45% |
| Cowen and Company, LLC | $59K | 3.77% |
| Jones & Associates, Inc. | $53K | 3.44% |
| Raymond James & Associates, Inc. | $52K | 3.38% |
| UBS Securities LLC | $52K | 3.34% |
ARBFX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $2.3B | 69.03% |
| Morgan Stanley & Co. LLC | $943.2M | 28.78% |
| Goldman Sachs & Co. LLC | $30.2M | 0.92% |
| Robert W. Baird & Co. Incorporated | $15.5M | 0.47% |
| CIBC World Markets Corp. | $15.3M | 0.47% |
| J.P. Morgan Securities LLC | $4.5M | 0.14% |
| RBC Capital Markets, LLC | $3.1M | 0.10% |
| Stifel, Nicolaus & Company, Incorporated | $1.9M | 0.06% |
| Barclays Capital Inc. | $1.3M | 0.04% |
The Arbitrage Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| ARBNX | Class I | 1.46% | none |
| ARBFX | Class R | 1.71% | none |
| ARGAX | Class A | 1.71% | 2.75% |
| ARBCX | Class C | 2.46% | none |
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.