CFRAX Fees and Costs — Catalyst/CIFC Senior Secured Income Fund, Class A
Data updated: 2026-09-11
The net expense ratio is 1.19% (1.51% before fee waivers). This share class carries a maximum front-end sales load of 4.75% and a deferred sales charge of up to 1.00%. Portfolio turnover was 117%.
CFRAX Fees and Expenses
Annual operating expenses and sales charges of CFRAX. Prospectus, as of November 1, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.22% |
| Gross expense ratio | 1.51% |
| Fee waiver | −0.32% |
| Net expense ratio | 1.19% |
| Sales charges | |
|---|---|
| Max front load | 4.75% |
| Max deferred load | 1.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
CFRAX Costs Over Time
On $10,000 invested in CFRAX, assuming 5% a year before costs, total costs come to $1,313 over 5 years, cutting the return by 2.25% 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 |
| Sales charges | $574 | $475 | $475 |
| Fund expenses (net expense ratio 1.19%) | $119 | $371 | $641 |
| Lost growth on money paid in costs | $24 | $93 | $196 |
| Total costs | $717 | $939 | $1,313 |
| Value after costs | $9,783 | $10,637 | $11,450 |
| Impact on return, per year | 7.17% | 2.92% | 2.25% |
CFRAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $1.3B
- Portfolio turnover (prospectus): 117%
- Securities lending: none during the year
CFRAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| JPMORGAN CHASE | $251.9M | 24.38% |
| GOLDMAN SACHS | $152.8M | 14.78% |
| BANK OF AMERICA MERRILL LYNCH | $120.5M | 11.66% |
| MORGAN STANLEY SMITH BARNEY | $111.6M | 10.80% |
| CITIBANK | $93.4M | 9.04% |
| BARCLAYS CAPITAL, INC. | $77.8M | 7.53% |
| UBS AG | $64.5M | 6.24% |
| ROYAL BANK OF CANADA CAPITAL MARKETS | $62.4M | 6.03% |
| JEFFERIES GROUP | $53.3M | 5.15% |
| WELLS FARGO BANK | $45.4M | 4.39% |
Catalyst/CIFC Senior Secured Income Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| CFRIX | Class I | 0.94% | none |
| CFRAX | Class A | 1.19% | 4.75% |
| CFRCX | Class C | 1.94% | none |
| CFRFX | Class C-1 | 1.94% | 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.