ARCFX Fees and Costs — Water Island Credit Opportunities Fund, Class R
Data updated: 2026-09-25
The net expense ratio is 1.34%: a 0.95% management fee, a 0.25% 12b-1 fee plus 0.49% other expenses, less a 0.36% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $20K in broker commissions, 0.0124% of average net assets, and portfolio turnover was 141%.
ARCFX Fees and Expenses
Annual operating expenses and sales charges of ARCFX. Prospectus, as of September 25, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.95% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.49% |
| Gross expense ratio | 1.70% |
| Fee waiver | −0.36% |
| Net expense ratio | 1.34% |
| 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 |
ARCFX Costs Over Time
On $10,000 invested in ARCFX, assuming 5% a year before costs, total costs come to $840 over 5 years, cutting the return by 1.42% 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 1.34%) | $141 | $437 | $756 |
| Trading costs (broker commissions) | $1 | $4 | $7 |
| Lost growth on money paid in costs | $0 | $22 | $77 |
| Total costs | $142 | $463 | $840 |
| Value after costs | $10,358 | $11,113 | $11,923 |
| Impact on return, per year | 1.42% | 1.42% | 1.42% |
ARCFX 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): 0.0124%
- Total broker commissions: $20K
- Bought from dealers (principal trades, not a cost): $923.2M
- Portfolio turnover (prospectus): 141%
- Securities lending: none during the year
ARCFX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $17K | 87.29% |
| BofA Securities, Inc. | $2K | 9.63% |
| Mischler Financial Group, Inc. | $576 | 2.87% |
| Bloomberg Tradebook LLC | $43 | 0.21% |
ARCFX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $453.8M | 54.73% |
| Morgan Stanley & Co. LLC | $136.9M | 16.51% |
| Barclays Capital Inc. | $61.5M | 7.41% |
| Wells Fargo Securities, LLC | $50.4M | 6.08% |
| Goldman Sachs & Co. LLC | $26.0M | 3.14% |
| Robert W. Baird & Co. Incorporated | $25.4M | 3.07% |
| RBC Capital Markets, LLC | $24.1M | 2.91% |
| Jefferies LLC | $18.0M | 2.17% |
| BNY Capital Markets, LLC | $16.7M | 2.01% |
| BMO Capital Markets Corp. | $16.3M | 1.97% |
Water Island Credit Opportunities Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| ACFIX | Class I | 1.09% | none |
| AGCAX | Class A | 1.34% | 3.25% |
| ARCFX | Class R | 1.34% | 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.