Regan Total Return Income Fund
RCTRX
Investor 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 | 1.31% |
| Net Expense Ratio* | 1.24% |
| Minimum Investment | $1,000 |
*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
As of July 31, 2026
| 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) | |
Investor (RCTRX) | -0.54% | 0.14% | 0.92% | 2.01% | 1.30% | 41.46% | 4.58% | 6.35% | 4.54% | 6.13% |
| Benchmark (Bloomberg U.S. Agg Bond TR Index) | -1.30% | -0.76% | -0.80% | -0.22% | -0.69% | -1.83% | 2.71% | 3.73% | -0.40% | -0.32% |
| Cumulative | Annualized | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2Q 2026 | 6 Mo. | 9 Mo. | YTD | 3 Yr. | Since Inception (10/1/2020) | 1 Yr. | 3 Yr. | 5 Yr. | Since Inception (10/1/2020) | |
Investor (RCTRX) | 1.18% | 1.85% | 3.41% | 1.85% | 21.47% | 42.23% | 5.25% | 6.70% | 4.74% | 6.32% |
| Benchmark (Bloomberg U.S. Agg Bond TR Index) | 0.67% | 0.62% | 1.73% | 0.62% | 12.59% | -0.57% | 3.79% | 4.15% | 0.08% | -0.10% |
Dividends & Distributions
| Record Date | Reinvestment Date | Ordinary Income | Capital Gains (Long-Term) | Capital Gains (Short-Term) |
|---|---|---|---|---|
| 6/30/2026 | 7/1/2026 | 0.38% | ||
| 5/29/2026 | 6/1/2026 | 0.39% | ||
| 4/30/2026 | 5/1/2026 | 0.38% | ||
| 3/31/2026 | 4/1/2026 | 0.40% | ||
| 2/27/2026 | 3/2/2026 | 0.33% | ||
| 1/29/2026 | 1/30/2026 | 0.26% | - | - |
| 12/18/2025 | 12/19/2025 | 1.30% | 0.80% | 0.39% |
| 9/26/2025 | 9/29/2025 | 0.94% | - | - |
| 6/26/2025 | 6/27/2025 | 0.97% | - | - |
| 3/27/2025 | 3/28/2025 | 0.90% | - | - |
| 12/19/2024 | 12/20/2024 | 1.24% | 0.20% | 0.42% |
| 9/26/2024 | 9/27/2024 | 1.54% | - | - |
| 6/26/2024 | 6/27/2024 | 1.41% | - | - |
| 3/27/2024 | 3/28/2024 | 0.87% | - | - |
| 12/27/2023 | 12/28/2023 | 1.97% | - | - |
| 9/27/2023 | 9/28/2023 | 1.56% | - | - |
| 6/28/2023 | 6/29/2023 | 1.39% | - | - |
| 3/29/2023 | 3/30/2023 | 1.00% | - | - |
| 12/28/2022 | 12/30/2022 | 1.78% | - | - |
| 9/28/2022 | 9/30/2022 | 1.19% | - | - |
| 6/28/2022 | 6/30/2022 | 1.45% | - | - |
| 3/28/2022 | 3/30/2022 | 0.68% | - | - |
| 12/28/2021 | 12/30/2021 | 4.67% | - | 0.22% |
| 9/29/2021 | 9/30/2021 | 1.25% | - | - |
| 6/29/2021 | 6/30/2021 | 1.76% | - | - |
| 3/30/2021 | 3/31/2021 | 3.18% | - | - |
| 12/29/2020 | 12/30/2020 | 4.50% | - | 0.60% |
Portfolio
As of July 31, 2026
| 30 Day SEC Yield (Unsubsidized) | 4.97% |
| 30 Day SEC Yield (Subsidized) | 5.07% |
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.
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 6/30/2026. RCTRX received the following ratings in Lipper's Core Bond Fund classification for both the overall and three-year time periods: total return: 5 (among 305 funds), consistent return: 5 (out of 305 funds), preservation: 5 (out of 5,949 funds), and expense: 4 (out of 48 funds). RCTRX received the following ratings in Lipper’s Core Bond Fund classification for the 5-year time period: total return: 5 (among 289 funds), consistent return: 5 (out of 289 funds), preservation: 5 (out of 5,550 funds), and expense: 4 (out of 48 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.
