RCIRX Fees and Costs — Regan Total Return Income Fund, Institutional Class
Data updated: 2026-08-31
The net expense ratio is 0.99% (1.05% before fee waivers). There are no sales loads or redemption fees. Portfolio turnover was 28%.
RCIRX Fees and Expenses
Annual operating expenses and sales charges of RCIRX. Prospectus, as of January 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.85% |
| 12b-1 fee | 0.00% |
| Other expenses | — |
| Gross expense ratio | 1.05% |
| Fee waiver | −0.06% |
| Net expense ratio | 0.99% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
RCIRX Costs Over Time
On $10,000 invested in RCIRX, assuming 5% a year before costs, total costs come to $619 over 5 years, cutting the return by 1.04% 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 0.99%) | $104 | $324 | $563 |
| Lost growth on money paid in costs | $0 | $16 | $57 |
| Total costs | $104 | $340 | $619 |
| Value after costs | $10,396 | $11,236 | $12,143 |
| Impact on return, per year | 1.04% | 1.04% | 1.04% |
RCIRX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2024.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $2.6B
- Portfolio turnover (prospectus): 28%
- Securities lending: none during the year
RCIRX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BMO CAPITAL MARKETS CORP. | $163.4M | 16.96% |
| GOLDMAN SACHS & CO. LLC | $129.6M | 13.45% |
| PERSHING LLC | $125.3M | 13.00% |
| WELLS FARGO SECURITIES LLC | $107.6M | 11.17% |
| NOMURA SECURITIES INTERNATIONAL INC. | $103.0M | 10.69% |
| MORGAN STANLEY & CO. LLC | $102.1M | 10.59% |
| CITIGROUP GLOBAL MARKETS INC. | $73.5M | 7.63% |
| J.P. MORGAN SECURITIES LLC | $64.5M | 6.70% |
| RBC CAPITAL MARKETS LLC | $49.8M | 5.17% |
| STIFEL NICOLAUS & COMPANY INCORPORATED | $44.9M | 4.66% |
Regan Total Return 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 |
|---|---|---|---|
| RCIRX | Institutional Class | 0.99% | — |
| RCTRX | Investor Class | 1.24% | — |
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.