Regan Total Return Income Fund
RCIRX
Institutional Share Class
Overview
Key Information
About our Mutual Fund
The Regan Total Return Income Fund (RCIRX / RCTRX) is a solution for investors seeking capital appreciation and high current income through a duration-neutral, low credit risk vehicle. By focusing on high-quality, income-producing instruments, this strategy seeks to outperform traditional fixed income with less sensitivity to changes in interest rates and lower credit risk.
Investment Objective
The Regan Total Return Income Fund (RCIRX / RCTRX) seeks to provide a high level of risk-adjusted current income with the potential for capital appreciation, while minimizing exposure to duration and credit risk.
There are no assurances that the investment objectives of the fund will be met.
Portfolio Composition
The fund primarily invests in senior U.S. residential mortgage-backed securities (RMBS), including both agency-guaranteed and non-agency bonds. The portfolio may also include other high-quality fixed-income instruments such as asset-backed securities, securities of other fixed-income investment companies, and U.S. government obligations. Active trading and rigorous security selection are used to pursue income opportunities while maintaining a low-duration profile and limited credit exposure.
Key Facts
| Distributions | Monthly |
| Liquidity | Daily |
| Distributor | Quasar Distributors, LLC |
| Custodian | U.S. Bank National Association |
| Transfer Agent | U.S. Bancorp Fund Services, LLC |
| Legal Counsel | Morgan, Lewis & Bockius LLP |
Fees & Expenses
| Management Fees | 0.85% |
| Gross Expense Ratio | 1.05% |
| Net Expense Ratio* | 0.99% |
| Minimum Investment | $100,000 |
*Net expense ratio reflects contractual fee waiver through January 31, 2027. Rebate of the expense waiver in prior periods causes the net expense ratio to be higher than the gross ratio.
N-PX Filing
Investment Managers
Our senior portfolio managers bring deep experience in structured products, leveraging extensive market knowledge to identify opportunities and manage risk.
Skyler Weinand, CFA
Managing Member
Chris Hall
Senior Portfolio Manager
Performance
| Cumulative | Annualized | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 1 Mo. | 3 Mo. | 6 Mo. | 9 Mo. | YTD | Since Inception (10/1/2020) | 1 Yr. | 3 Yr. | 5 Yr. | Since Inception (10/1/2020) | |
Institutional (RCIRX) | -0.78% | 0.72% | 2.34% | 4.14% | 0.72% | 42.46% | 6.00% | 7.03% | 5.06% | 6.65% |
| Benchmark (Bloomberg U.S. Agg Bond TR Index) | -1.76% | -0.05% | 1.05% | 3.10% | -0.05% | -1.19% | 4.35% | 3.63% | 0.31% | -0.22% |
| Cumulative | Annualized | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 1Q 2026 | 6 Mo. | 9 Mo. | YTD | 3 Yr. | Since Inception (10/1/2020) | 1 Yr. | 3 Yr. | 5 Yr. | Since Inception (10/1/2020) | |
Institutional (RCIRX) | 0.72% | 2.34% | 4.14% | 0.72% | 22.60% | 42.46% | 6.00% | 7.03% | 5.06% | 6.65% |
| Benchmark (Bloomberg U.S. Agg Bond TR Index) | -0.05% | 1.05% | 3.10% | -0.05% | 14.13% | -1.19% | 4.35% | 3.63% | 0.31% | -0.22% |
Dividends & Distributions
| Record Date | Reinvestment Date | Ordinary Income | Capital Gains (Long-Term) | Capital Gains (Short-Term) |
|---|---|---|---|---|
| 1/29/2026 | 1/30/2026 | 0.30% | - | - |
| 12/18/2025 | 12/19/2025 | 1.38% | 0.80% | 0.39% |
| 9/26/2025 | 9/29/2025 | 1.01% | - | - |
| 6/26/2025 | 6/27/2025 | 1.04% | - | - |
| 3/27/2025 | 3/28/2025 | 0.95% | - | - |
| 12/19/2024 | 12/20/2024 | 1.31% | 0.21% | 0.42% |
| 9/26/2024 | 9/27/2024 | 1.60% | - | - |
| 6/26/2024 | 6/27/2024 | 1.48% | - | - |
| 3/27/2024 | 3/28/2024 | 0.93% | - | - |
| 12/27/2023 | 12/28/2023 | 2.03% | - | - |
| 9/27/2023 | 9/28/2023 | 1.63% | - | - |
| 6/28/2023 | 6/29/2023 | 1.44% | - | - |
| 3/29/2023 | 3/30/2023 | 1.07% | - | - |
| 12/28/2022 | 12/29/2022 | 1.72% | - | - |
| 9/29/2022 | 9/30/2022 | 1.17% | - | - |
| 6/28/2022 | 6/29/2022 | 1.50% | - | - |
| 3/29/2022 | 3/30/2022 | 0.78% | - | - |
| 12/30/2021 | 12/21/2021 | 4.67% | - | 0.22% |
| 9/29/2021 | 9/30/2021 | 1.31% | - | - |
| 6/29/2021 | 6/30/2021 | 1.83% | - | - |
| 3/30/2021 | 3/31/2021 | 3.18% | - | - |
| 12/29/2020 | 12/30/2020 | 4.60% | - | 0.60% |
Portfolio
| 30 Day SEC Yield (Unsubsidized) | 4.51% |
| 30 Day SEC Yield (Subsidized) | 4.59% |
Fund Literature
Mutual Fund Disclosures
The Fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company. Please read it carefully before investing. A free hard copy of the prospectus can be requested by calling +1 888-44-REGAN.
The Regan Total Return Income Fund (RCTRX & RCIRX) is distributed by Quasar Distributors, LLC.
Net expense ratio reflects contractual fee waiver through January 31, 2027.
Morningstar Disclosures
As of 3/31/2026, RCIRX of 5 stars (overall and for the five-year time period) out of 71 funds in the Securitized Bond - Diversified category and a Morningstar Rating™ of 4 stars (3-year time period) out of 86 funds in the Securitized Bond - Diversified category. The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange - received a Morningstar Rating™ traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes.
It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
©2026 Morningstar, Inc. All Rights Reserved. The information herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed;and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
Lipper Rating Disclosures
The Lipper ratings are subject to change every month and are based on an equal -weighted average of percentile ranks for the Preservation and Expense metrics over a three-year period. For each measure, the highest 20% of funds in each peer group are named Lipper Leaders. The next 20% receive a rating of 4; the middle 20% are rated 3; the next 20% are rated 2, and the lowest 20% are rated 1. Lipper ratings for Preservation reflect funds' historical loss avoidance relative to other funds within the same asset class as of 3/31/2026. RCIRX received the following ratings in Lipper’s Core Bond Fund classification for both the overall and three -year time periods: total return: 5 (among 300 funds), consistent return: 5 (out of 300 funds), preservation: 5 (out of 5,978 funds), and expense: 1 (out of 168 funds). RCIRX received the following ratings in Lipper’s Core Bond Fund classification for the 5 year time period: total return: 5 (among 286 funds), consistent return: 5 (out of 286 funds), preservation: 5 (out of 5,549 funds), and expense: 1 (out of 164 funds).
Lipper ratings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information. More information is available at
www.lipperleaders.com. Lipper Leader Copyright 2026, Reuters, All Rights Reserved.
LSEG Lipper Fund Awards Disclosures
Award Received: Regan Total Return Income Fund, Institutional Class (RCIRX), Best Core Plus Bond Fund Over 5 Years, following its outperformance of 283 fund share classes and 66 portfolios in the category.
The LSEG Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The LSEG Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the LSEG Lipper Fund Award. For more information, see lipperfundawards.com. Although LSEG makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, their accuracy is not guaranteed by LSEG Lipper.
