RSRFX Fees and Costs — Reaves Infrastructure Fund, Institutional Class
Data updated: 2026-10-13
The net expense ratio is 2.01%: a 0.75% management fee plus 1.26% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $7K in broker commissions, 0.0196% of average net assets, and portfolio turnover was 95%.
RSRFX Fees and Expenses
Annual operating expenses and sales charges of RSRFX. Prospectus, as of November 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | — |
| Other expenses | 1.26% |
| Gross expense ratio | 2.01% |
| Fee waiver | — |
| Net expense ratio | 2.01% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
RSRFX Costs Over Time
On $10,000 invested in RSRFX, assuming 5% a year before costs, total costs come to $1,244 over 5 years, cutting the return by 2.13% 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 2.01%) | $211 | $651 | $1,118 |
| Trading costs (broker commissions) | $2 | $6 | $11 |
| Lost growth on money paid in costs | $0 | $33 | $115 |
| Total costs | $213 | $691 | $1,244 |
| Value after costs | $10,287 | $10,886 | $11,519 |
| Impact on return, per year | 2.13% | 2.13% | 2.13% |
RSRFX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending July 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0196%
- Total broker commissions: $7K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 95%
RSRFX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CITIGROUP | $2K | 25.62% |
| J P MORGAN CHASE BANK | $2K | 25.38% |
| AUTONOMOUS RESEARCH | $1K | 14.52% |
| BARCLAY BANK PLC | $802 | 11.15% |
| ELECTRONIC TRADING GROUP, LLC | $616 | 8.57% |
| RBC CAPITAL | $526 | 7.32% |
| OUTSET GLOBAL LLP | $452 | 6.28% |
| WELLS FARGO | $84 | 1.17% |
Reaves Infrastructure Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| RSRAX | Class A | 1.56% | 4.75% |
| RSRFX | Institutional Class | 2.01% | — |
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.