HRSAX Fees and Costs — Rational Premium Income Fund, Class A
Data updated: 2026-08-28
The net expense ratio is 2.29% (2.56% before fee waivers). This share class carries a maximum front-end sales load of 4.75%. In fiscal 2025 the fund paid $891K in broker commissions, 1.6872% of average net assets, and portfolio turnover was 0%.
HRSAX Fees and Expenses
Annual operating expenses and sales charges of HRSAX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.75% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.52% |
| Gross expense ratio | 2.56% |
| Fee waiver | −0.27% |
| Net expense ratio | 2.29% |
| Sales charges | |
|---|---|
| Max front load | 4.75% |
| Max deferred load | 0.00% |
| 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 |
HRSAX Costs Over Time
On $10,000 invested in HRSAX, assuming 5% a year before costs, total costs come to $2,839 over 5 years, cutting the return by 5.15% 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 | $475 | $475 | $475 |
| Fund expenses (net expense ratio 2.29%) | $229 | $693 | $1,164 |
| Trading costs (broker commissions) | $169 | $510 | $858 |
| Lost growth on money paid in costs | $24 | $136 | $342 |
| Total costs | $897 | $1,814 | $2,839 |
| Value after costs | $9,603 | $9,762 | $9,924 |
| Impact on return, per year | 8.97% | 5.80% | 5.15% |
HRSAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 1.6872%
- Total broker commissions: $891K
- Bought from dealers (principal trades, not a cost): $94.4M
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
HRSAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| ADM INVESTOR SERVICES, INC | $727K | 81.52% |
| STONEX FINANCIAL INC | $165K | 18.48% |
HRSAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| US BANCORP | $73.1M | 77.42% |
| THIRD COAST CAPITAL ADVISORS | $17.4M | 18.40% |
| STONEX FINANCIAL INC | $3.9M | 4.14% |
| CME GROUP | $40K | 0.04% |
Rational Premium 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 |
|---|---|---|---|
| HRSTX | Institutional Class | 2.04% | none |
| HRSAX | Class A | 2.29% | 4.75% |
| HRSFX | Class C | 3.04% | 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.