RFXIX Fees and Costs — Rational Special Situations Income Fund, Institutional Shares
Data updated: 2026-08-28
The net expense ratio is 1.77%: a 1.50% management fee plus 0.27% other expenses, less a 0.01% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 11%.
RFXIX Fees and Expenses
Annual operating expenses and sales charges of RFXIX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.50% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.27% |
| Gross expense ratio | 1.78% |
| Fee waiver | −0.01% |
| Net expense ratio | 1.77% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
RFXIX Costs Over Time
On $10,000 invested in RFXIX, assuming 5% a year before costs, total costs come to $1,090 over 5 years, cutting the return by 1.86% 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 1.77%) | $186 | $575 | $989 |
| Lost growth on money paid in costs | $0 | $29 | $101 |
| Total costs | $186 | $604 | $1,090 |
| Value after costs | $10,314 | $10,972 | $11,673 |
| Impact on return, per year | 1.86% | 1.86% | 1.86% |
RFXIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $716.5M
- Portfolio turnover (prospectus): 11%
- Securities lending: none during the year
RFXIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| ROBERT W. BAIRD & CO. | $116.1M | 20.22% |
| BAYCREST PARTNERS | $97.0M | 16.90% |
| BROWNSTONE INVESTMENT GROUP | $84.6M | 14.73% |
| PERFORMANCE TRUST CAPITAL PARTNERS | $63.4M | 11.04% |
| SEAPORT GROUP | $56.2M | 9.79% |
| ODEON CAPITAL | $44.3M | 7.72% |
| BTIG LLC | $40.2M | 7.01% |
| STIFEL NICOLAUS | $28.9M | 5.03% |
| MESIROW FINANCIAL | $24.8M | 4.32% |
| BREAN CAPITAL | $18.6M | 3.24% |
Rational Special Situations 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 |
|---|---|---|---|
| RFXIX | Institutional Shares | 1.77% | none |
| RFXAX | Class A | 2.02% | 4.75% |
| RFXCX | Class C | 2.72% | none |
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.