MBXIX Fees and Costs — Catalyst/Millburn Hedge Strategy Fund, Class I
Data updated: 2026-09-11
The net expense ratio is 2.00%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $15.2M in broker commissions, 0.1706% of average net assets, and portfolio turnover was 19%.
MBXIX Fees and Expenses
Annual operating expenses and sales charges of MBXIX. Prospectus, as of November 1, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.75% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.16% |
| Gross expense ratio | 2.00% |
| Fee waiver | — |
| Net expense ratio | 2.00% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
MBXIX Costs Over Time
On $10,000 invested in MBXIX, assuming 5% a year before costs, total costs come to $1,326 over 5 years, cutting the return by 2.28% 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 2.00%) | $210 | $647 | $1,109 |
| Trading costs (broker commissions) | $18 | $55 | $95 |
| Lost growth on money paid in costs | $0 | $35 | $123 |
| Total costs | $228 | $738 | $1,326 |
| Value after costs | $10,272 | $10,839 | $11,437 |
| Impact on return, per year | 2.28% | 2.28% | 2.28% |
MBXIX 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): 0.1706%
- Total broker commissions: $15.2M
- Bought from dealers (principal trades, not a cost): $5.7B
- Portfolio turnover (prospectus): 19%
- Securities lending: none during the year
MBXIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS | $9.4M | 61.77% |
| DEUTSCHE BANK | $3.7M | 24.54% |
| BANK OF AMERICA MERRILL LYNCH | $2.1M | 13.68% |
MBXIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| US BANCORP | $5.7B | 100.00% |
Catalyst/Millburn Hedge Strategy Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| MBXIX | Class I | 2.00% | none |
| MBXAX | Class A | 2.25% | 5.75% |
| MBXCX | Class C | 3.00% | none |
| MBXFX | Class C-1 | 3.00% | 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.