Rational Special Situations Income Fund Class A Shares (RFXAX)

Fund Assets	1.39B
Expense Ratio	2.02%
Min. Investment	$1,000
Turnover	11.00%
Dividend (ttm)	0.89
Dividend Yield	4.98%
Dividend Growth	-17.90%
Payout Frequency	Monthly
Ex-Dividend Date	Jul 30, 2026

Previous Close	17.88
YTD Return	2.31%
1-Year Return	4.96%
5-Year Return	20.79%
52-Week Low	17.83
52-Week High	18.14
Beta (5Y)	0.06
Holdings	968
Inception Date	Jul 17, 2019

About RFXAX

Rational Special Situations Income Fund Class A Shares is an open-end mutual fund focused on fixed income opportunities in the U.S. mortgage market. Its primary objective is to seek total return through a combination of capital appreciation and income. The fund primarily invests in non-agency residential mortgage-backed securities, while retaining flexibility to hold agency and commercial mortgage-backed securities and other asset-backed instruments. A distinguishing feature is its emphasis on legacy, senior mortgage bonds and floating-rate structures to help reduce credit and interest-rate sensitivity. The strategy targets “special situations,” aiming to identify mispricings arising from legal or structural anomalies and to pursue remedies via engagement with trustees, servicers, or through litigation when warranted. Managed by ESM Management LLC, the approach incorporates activist techniques to unlock value while seeking to limit downside risk. The fund distributes income monthly and is categorized in the multisector bond space, reflecting its opportunistic, securitized-debt orientation within the broader fixed income market.

• Fund Family: Rational Funds
• Category: Nontraditional Bond
• Performance Rating: Above Average
• Risk Rating: Low
• Stock Exchange: NASDAQ
• Ticker Symbol: RFXAX
• Share Class: Class A Shares
• Index: Bloomberg U.S. Aggregate Bond TR

Performance

RFXAX had a total return of 4.96% in the past year, including dividends. Since the fund's inception, the average annual return has been 3.86%.

Other Share Classes

These are alternative share classes of the same fund, from the same provider.

Symbol	Share Class	Expense Ratio
RFXIX	Institutional Shares	1.77%
RFXCX	Class C Shares	2.72%

Dividend History

Ex-Dividend	Amount	Pay Date
Jul 30, 2026	$0.0707	Jul 31, 2026
Jun 29, 2026	$0.069	Jun 30, 2026
May 28, 2026	$0.0581	May 29, 2026
Apr 29, 2026	$0.072	Apr 30, 2026
Mar 30, 2026	$0.0779	Mar 31, 2026
Feb 26, 2026	$0.0918	Feb 27, 2026

Data Sources: Tiingo, Twelve Data, and more

Historical data is provided by Tiingo. Delayed stock pricing data is provided by Twelve Data. Several fund data points are also provided by Finnhub.

Last checked:

Aug 27, 2026

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