RFXAX — Rational Special Situations Income Fund
Data updated: 2026-08-28
RFXAX — Rational Special Situations Income Fund. Long Securitized (MBS/ABS/CMBS) Bond · $1.39B AUM. Holdings, fees, performance and SEC filings.
RFXAX Fund Overview
RFXAX — Rational Special Situations Income Fund is a US mutual fund managed by Mutual Fund & Variable Insurance Trust, categorised as Long Securitized (MBS/ABS/CMBS) Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Mutual Fund & Variable Insurance Trust
- Category: Long Securitized (MBS/ABS/CMBS) Bond
- Assets under management: $1.39B
- 1-year return: 4.6%
- Ticker: RFXAX
- SEC CIK: 0000810695
- SEC series ID: S000065726
- Share class ID: C000212570
RFXAX Holdings
Top 10 holdings of Rational Special Situations Income Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Ambac Assurance Corp. | 9.36% |
| First American Funds, Inc. | 5.96% |
| Wfld 2014-Mont Mortgage Trust | 1.96% |
| Mbia Global Funding LLC | 1.87% |
| Comm 2012-Ccre3 Mortgage Trust | 1.54% |
| Bamll Commercial Mortgage Securities Trust 2016-Ashf | 1.20% |
| Jp Morgan Chase Commercial Mortgage Securities Trust | 0.95% |
| Wfrbs Commercial Mortgage Trust 2013-C14 | 0.91% |
| Morgan Stanley Bank Of America Merrill Lynch Trust 2013-C10 | 0.88% |
| J.p. Morgan Commercial Mortgage Finance Corp. | 0.86% |
RFXAX Portfolio Allocation
Asset-class allocation of Rational Special Situations Income Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Securitized | 79.8% |
| Fixed Income | 14.0% |
| Cash & Equivalents | 6.0% |
| Loans | 0.1% |
RFXAX Performance
Total returns for RFXAX (as of 2026-09-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 2.0% |
| 1 year | 4.6% |
| 3 years (annualised) | 5.6% |
| 5 years (annualised) | 4.0% |
RFXAX Risk Information
Risk metrics for RFXAX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 1.2%
RFXAX Costs and Fees
RFXAX costs about $202 per $10,000 invested per year in fund expenses.
- Net expense ratio: 2.02%
- Gross expense ratio: 2.03%
- Portfolio turnover: 11%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
RFXAX Cashflows
Over the 12 months to 2026-06, Rational Special Situations Income Fund had net inflows of $198.91M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | $24.64M |
| 2026-05 | $15.01M |
| 2026-04 | $51.67M |
| 2026-03 | −$1.82M |
| 2026-02 | $6.68M |
| 2026-01 | $12.41M |
RFXAX Debt Constituents
Largest debt holdings of Rational Special Situations Income Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Ambac Assurance Corp. | 9.36% |
| Mbia Global Funding LLC | 1.87% |
| Ambac Assurance Corp. | 0.81% |
| Argos Private Investments, LLC | 0.75% |
| Mbia Global Funding LLC | 0.40% |
| New Plan Excel Realty Trust, Inc. | 0.25% |
| Wach Trimnt 5.57 | 0.20% |
| Sharps 2002-Aq1n Otc | 0.15% |
| New Plan Excel Realty Trust, Inc. | 0.12% |
| Msp Deer Finance | 0.06% |
RFXAX Prospectus and SEC Filings
Official Rational Special Situations Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-04-28
- Prospectus (485BPOS) — filed 2025-04-29
- Prospectus supplement (497) — filed 2024-05-06
- Portfolio holdings (N-PORT) — filed 2026-08-28
- Portfolio holdings (N-PORT) — filed 2026-05-29
- Portfolio holdings (N-PORT) — filed 2026-02-27
- Annual census (N-CEN) — filed 2026-03-12
- Annual census (N-CEN) — filed 2025-03-13
Related Funds
Other Long Securitized (MBS/ABS/CMBS) Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.