485BPOS

As filed with the Securities and Exchange Commission on April 3, 2014

Securities Act Registration No. 333-185734

Investment Company Act Registration No. 811-22785

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933	¨
Pre-Effective Amendment No.    ___	¨
Post-Effective Amendment No     5	ý

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940	¨
Amendment No.     7	ý

(Check appropriate box or boxes.)

REALTY CAPITAL INCOME FUNDS TRUST

(Exact Name of Registrant as Specified in Charter)

405 Park Avenue

15^th Floor

New York, NY 10022

(Address of Principal Executive Offices)(Zip Code)

Registrant’s Telephone Number, including Area Code: (212) 415-6500

John H. Grady

President

National Fund Advisors, LLC

405 Park Avenue

15^th Floor

New York, NY 10022

James A. Tanaka

General Counsel

RCS Capital

405 Park Avenue

15^th Floor

New York, NY 10022

(Name and Address of Agent for Service)

With a Copy to:

Steven B. Boehm

Sutherland Asbill & Brennan LLP

700 Sixth Street, NW, Suite 700

Washington, D.C. 20001

Approximate date of proposed public offering:  As soon as practicable after the effective date of the Registration Statement.

It is proposed that this filing will become effective:

ý Immediately upon filing pursuant to paragraph (b)

o On March 5, 2014 pursuant to paragraph (b)

o 60 days after filing pursuant to paragraph (a)(1)

o On (date) pursuant to paragraph (a)(1)

o 75 days after filing pursuant to paragraph (a)(2)

o On (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

o This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 5 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized, in the city and state of New York on the 3rd day of April 2014.

REALTY CAPITAL INCOME FUNDS TRUST
*By:	/s/ Nicholas S. Schorsch
Name:	Nicholas S. Schorsch
Title:	Trustee, Chairman and Chief Executive Officer

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement on Form N-1A has been signed below by the following persons in the capacities and on the date(s) indicated.

SIGNATURE	TITLE	DATE
*By: /s/ Nicholas S. Schorsch	Trustee, Chairman and Chief Executive Officer	April 3, 2014
Name:  Nicholas S. Schorsch
*By: /s/ Robert H. Burns	Trustee	April 3, 2014
Name:  Robert H. Burns
*By:  /s/ Dr. Robert J. Froehlich	Trustee	April 3, 2014
Name:  Dr. Robert J. Froehlich
*By: /s/ Leslie D. Michelson	Trustee	April 3, 2014
Name:  Leslie D. Michelson
By: /s/ John H. Grady		April 3, 2014
*Name:  John H. Grady
Attorney-in-fact pursuant to Power of Attorney

EXHIBIT INDEX

Exhibit No.

EX-101.INS	XBRL Instance Document
EX-101.SCH	XBRL Taxonomy Extension Schema Document
EX-101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
EX-101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
EX-101.LAB	XBRL Taxonomy Extension Labels Linkbase Document
EX-101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

XML

AR Capital Dividend and Value Fund (First Prospectus Summary) | AR Capital Dividend and Value Fund

AR CAPITAL DIVIDEND AND VALUE FUND

Investment Objective

The investment objective of the Fund is to provide a high level of dividend income, with the potential for capital appreciation.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold Class A or Class C shares of the Fund. You may qualify for sales charge discounts on the Fund's Class A shares if you or your family invest, or agree to invest in the future, at least $100,000 in the Fund. More information about these and other discounts is available from your financial professional and is contained in this Prospectus under “How to Buy Shares-Classes of Shares Offered” on page 14 and in “Reducing Sales Charge on Class A Shares” on page 44 of the Fund's Statement of Additional Information (the “SAI”).

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees	Class A		Class C
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	4.50%	[1]	none
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original purchase price or redemption proceeds, whichever is lower)	1.00%	[2]	1.00%	[3]

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses		Class A	Class C
Management Fees		0.70%	0.70%
Distribution and Service (12b-1) Fees		0.25%	1.00%
Other Expenses	[1]	1.01%	1.01%
Total Annual Fund Operating Expenses		1.96%	2.71%
Expense Reimbursement	[2]	(0.66%)	(0.66%)
Total Annual Fund Operating Expenses After Expense Reimbursement		1.30%	2.05%

Example:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example (USD $)	Expense Example, with Redemption, 1 Year	Expense Example, with Redemption, 3 Years
Class A	676	977
Class C	308	779

Expense Example, No Redemption (USD $)	Expense Example, No Redemption, 1 Year	Expense Example, No Redemption, 3 Years
Class A	576	977
Class C	208	779

Portfolio Turnover:

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. The portfolio turnover rate for the Fund is not available because the Fund is new.

Principal Investment Strategies

The Fund will invest substantially all (and under normal market conditions, at least 80%), of its net assets (plus any borrowings for investment purposes) in dividend paying common stocks and other equity securities of issuers, across all market capitalization segments, that trade in the U.S. on nationally recognized securities exchanges. The Fund employs a “value” investment approach, under which the Fund invests in equity securities that appear to the Fund's sub-adviser to be undervalued by various measures or temporarily disfavored in the market but nonetheless appear to have good prospects for dividend growth and/or capital appreciation.

Under the supervision of the adviser, SEL Asset Management, the investment sub-adviser (also referred to herein as “SEL” or the “Sub-Adviser”) evaluates securities based primarily on its assessment of the issuer's ability to sustain its current dividend and secondarily on the potential for capital appreciation. In selecting securities for investment, the Sub-Adviser uses proprietary software that screens companies on over 250 financial metrics in order to assess dividend sustainability and growth. The Sub-Adviser focuses its research on companies that currently pay a dividend on their common stock of 6% or more. The Sub-Adviser may utilize fundamental, technical and other related methodologies to determine the intrinsic value of an underlying security. It may strategically rebalance the Fund's investment strategies according to the current market conditions, but will remain true to its fundamental analysis with respect to the cost of capital. The Sub-Adviser expects that it will sell a security if, in the judgment of the portfolio manager, the individual security's dividend potential has been compromised, its fundamentals have deteriorated or may deteriorate, or a more attractive investment opportunity is identified.

Principal Risks of Investing in the Fund

 Investing in the Fund is subject to various risks, including the risk that you may receive little or no return on your investment, and you may lose all or part of your investment. By itself, the Fund does not constitute a balanced investment program. Before investing in the Fund you should consider carefully the following risks:

Market Risk. An investment in the Fund is generally subject to market risk, including the possible loss of the entire principal amount invested. An investment in the Fund represents an indirect investment in the securities owned by the Fund. Like all financial instruments, the value of these securities may move up or down, sometimes rapidly and unpredictably. The value of your investment in the Fund at any point in time may be worth less than the value of your original investment, even after taking into account any reinvestment of dividends and distributions.

Large-Capitalization Company Risk. The Fund may invest in large-capitalization companies. Larger, more established, companies may be unable to respond quickly to new competitors and industry developments. Many large-capitalization companies may be unable to attain the high growth rate of successful smaller companies, especially during periods of economic expansion.

Medium- and Small-Capitalization Company Risk. The Fund may invest in medium- and small-capitalization companies, which may be newly formed or have limited product lines, distribution channels and financial or managerial resources. The risks associated with these investments are generally greater than those associated with investments in the securities of larger, more-established companies. This may cause the Fund's net asset value (“NAV”) to be more volatile when compared to investment companies that focus only on large capitalization companies.

Common Stock Risk. While common stock has historically generated higher average returns than debt securities, common stock has also experienced significantly more volatility in those returns. An adverse event, such as an unfavorable earnings report, may depress the value of common stock held by the Fund. Also, the price of common stock is sensitive to general movements in the stock market. A drop in the stock market may depress the price of common stock held by the Fund.

Value Stock Risk. Value stocks are equity securities that appear to be undervalued by various measures and have potential for long-term capital appreciation. Value stocks tend to be inexpensive relative to other types of stocks, such as growth stocks. Value stocks may continue to be inexpensive for long periods of time, and may not ever realize their estimated value and may even go down in price.

Non-Diversification Risk. The Fund is classified as a non-diversified management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). This means that the Fund may invest a greater portion of its assets in a limited number of issuers than would be the case if the Fund were classified as a diversified management investment company. The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund's portfolio. Additionally, the Fund may be subject to greater risk, because the Fund's performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company.

Management Risk.The NAV of the Fund changes daily based on the value of the securities in which it invests. The Sub-Adviser's judgments about the attractiveness, value and potential appreciation of particular securities in which the Fund invests may prove to be incorrect and may not produce the desired results.

No Operating History. The Fund is a new mutual fund and has no history of operations. During the Fund's start-up period, the Fund may not achieve the desired portfolio composition. If the Fund commences operations under inopportune market or economic conditions, it may not be able to achieve its investment objective.

Fund Performance

No performance information is presented because the Fund has not yet commenced investment operations. Performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance over time and by showing how the Fund's returns compare with those of a broad measure of market performance. The Fund's performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information will be available at the Fund's website, www.arcincomefunds.com.

Information relating to the investment performance of the Sub-Adviser to the Fund is included in the Appendix to this Prospectus.

[1] The initial sales charge may be waived for purchases by certain types of accounts, including fee-based advisory accounts.

[2] Only applies for purchases of greater than $1 million that are redeemed within one year of purchase.

[3] For Class C shares, no deferred sales charge applies after one year.

[1] Because the Fund is new, 'Other Expenses' are based on estimated amounts for the current fiscal year.

[2] National Fund Advisors, LLC, the Fund's investment adviser (also referred to herein as 'NFA' or the 'Adviser'), has contractually agreed to waive a portion or all of its management fees and pay Fund expenses (excluding acquired fund fees and expenses, interest, taxes and extraordinary expenses) in order to limit the Other Expenses to 0.35% of average daily net assets of the Fund's shares (the 'Expense Cap'). The Expense Cap will remain in effect through at least July 5, 2015, and may be terminated before that date only by the Board of Trustees (the 'Board') of Realty Capital Income Funds Trust (the 'Trust'). The Adviser may recoup any previously waived fees and paid expenses from the Fund pursuant to this agreement for three years from the date they were waived or paid, subject to the Expense Cap.

XML

Label	Element	Value
Risk/Return:	rr_RiskReturnAbstract
Entity Registrant Name	dei_EntityRegistrantName	REALTY CAPITAL INCOME FUNDS TRUST
Entity Central Index Key	dei_EntityCentralIndexKey	0001565543
Document Creation Date	dei_DocumentCreationDate	Mar. 13, 2014
Document Effective Date	dei_DocumentEffectiveDate	Mar. 19, 2014
Prospectus Date	rr_ProspectusDate	Mar. 11, 2014

XML

Label

Element

Value

Risk/Return:

rr_RiskReturnAbstract

Entity Central Index Key

dei_EntityCentralIndexKey

0001565543

AR Capital Dividend and Value Fund (Second Prospectus Summary) | AR Capital Dividend and Value Fund

Risk/Return:

rr_RiskReturnAbstract

Risk/Return [Heading]

rr_RiskReturnHeading

AR CAPITAL DIVIDEND AND VALUE FUND

Objective [Heading]

rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block]

rr_ObjectivePrimaryTextBlock

The investment objective of the Fund is to provide a high level of dividend income, with the potential for capital appreciation.

Expense [Heading]

rr_ExpenseHeading

Fees and Expenses of the Fund

Expense Narrative [Text Block]

rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold Advisor Class shares of the Fund.

Shareholder Fees Caption [Text]

rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment) None

Operating Expenses Caption [Text]

rr_OperatingExpensesCaption

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Fee Waiver or Reimbursement over Assets, Date of Termination

rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination

2015-07-05

Portfolio Turnover [Heading]

rr_PortfolioTurnoverHeading

Portfolio Turnover:

Portfolio Turnover [Text Block]

rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. The portfolio turnover rate for the Fund is not available because the Fund is new.

Other Expenses, New Fund, Based on Estimates [Text]

rr_OtherExpensesNewFundBasedOnEstimates

Because the Fund is new, “Other Expenses” are based on estimated amounts for the current fiscal year.

Expense Example [Heading]

rr_ExpenseExampleHeading

Example:

Expense Example Narrative [Text Block]

rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.

Expense Example by, Year, Caption [Text]

rr_ExpenseExampleByYearCaption

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy [Heading]

rr_StrategyHeading

Principal Investment Strategies

Strategy Narrative [Text Block]

rr_StrategyNarrativeTextBlock

The Fund will invest substantially all (and under normal market conditions, at least 80%), of its net assets (plus any borrowings for investment purposes) in dividend paying common stocks and other equity securities of issuers, across all market capitalization segments, that trade in the U.S. on nationally recognized securities exchanges. The Fund employs a “value” investment approach, under which the Fund invests in equity securities that appear to the Fund's sub-adviser to be undervalued by various measures or temporarily disfavored in the market but nonetheless appear to have good prospects for dividend growth and/or capital appreciation.

Under the supervision of the adviser, SEL Asset Management, the investment sub-adviser (also referred to herein as “SEL” or the “Sub-Adviser”) evaluates securities based primarily on its assessment of the issuer's ability to sustain its current dividend and secondarily on the potential for capital appreciation. In selecting securities for investment, the Sub-Adviser uses proprietary software that screens companies on over 250 financial metrics in order to assess dividend sustainability and growth. The Sub-Adviser focuses its research on companies that currently pay a dividend on their common stock of 6% or more. The Sub-Adviser may utilize fundamental, technical and other related methodologies to determine the intrinsic value of an underlying security. It may strategically rebalance the Fund's investment strategies according to the current market conditions, but will remain true to its fundamental analysis with respect to the cost of capital. The Sub-Adviser expects that it will sell a security if, in the judgment of the portfolio manager, the individual security's dividend potential has been compromised, its fundamentals have deteriorated or may deteriorate, or a more attractive investment opportunity is identified.

Strategy Portfolio Concentration [Text]

rr_StrategyPortfolioConcentration

The Fund will invest substantially all (and under normal market conditions, at least 80%), of its net assets (plus any borrowings for investment purposes) in dividend paying common stocks and other equity securities of issuers, across all market capitalization segments, that trade in the U.S. on nationally recognized securities exchanges.

Risk [Heading]

rr_RiskHeading

Principal Risks of Investing in the Fund

Risk Narrative [Text Block]

rr_RiskNarrativeTextBlock

Investing in the Fund is subject to various risks, including the risk that you may receive little or no return on your investment, and you may lose all or part of your investment. By itself, the Fund does not constitute a balanced investment program. Before investing in the Fund you should consider carefully the following risks:

Market Risk. An investment in the Fund is generally subject to market risk, including the possible loss of the entire principal amount invested. An investment in the Fund represents an indirect investment in the securities owned by the Fund. Like all financial instruments, the value of these securities may move up or down, sometimes rapidly and unpredictably. The value of your investment in the Fund at any point in time may be worth less than the value of your original investment, even after taking into account any reinvestment of dividends and distributions.

Large-Capitalization Company Risk. The Fund may invest in large-capitalization companies. Larger, more established, companies may be unable to respond quickly to new competitors and industry developments. Many large-capitalization companies may be unable to attain the high growth rate of successful smaller companies, especially during periods of economic expansion.

Medium- and Small-Capitalization Company Risk. The Fund may invest in medium- and small-capitalization companies, which may be newly formed or have limited product lines, distribution channels and financial or managerial resources. The risks associated with these investments are generally greater than those associated with investments in the securities of larger, more-established companies. This may cause the Fund's net asset value (“NAV”) to be more volatile when compared to investment companies that focus only on large capitalization companies.

Common Stock Risk. While common stock has historically generated higher average returns than debt securities, common stock has also experienced significantly more volatility in those returns. An adverse event, such as an unfavorable earnings report, may depress the value of common stock held by the Fund. Also, the price of common stock is sensitive to general movements in the stock market. A drop in the stock market may depress the price of common stock held by the Fund.

Value Stock Risk. Value stocks are equity securities that appear to be undervalued by various measures and have potential for long-term capital appreciation. Value stocks tend to be inexpensive relative to other types of stocks, such as growth stocks. Value stocks may continue to be inexpensive for long periods of time, and may not ever realize their estimated value and may even go down in price.

Non-Diversification Risk. The Fund is classified as a non-diversified management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). This means that the Fund may invest a greater portion of its assets in a limited number of issuers than would be the case if the Fund were classified as a diversified management investment company. The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund's portfolio. Additionally, the Fund may be subject to greater risk, because the Fund's performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company.

Management Risk.The NAV of the Fund changes daily based on the value of the securities in which it invests. The Sub-Adviser's judgments about the attractiveness, value and potential appreciation of particular securities in which the Fund invests may prove to be incorrect and may not produce the desired results.

No Operating History. The Fund is a new mutual fund and has no history of operations. During the Fund's start-up period, the Fund may not achieve the desired portfolio composition. If the Fund commences operations under inopportune market or economic conditions, it may not be able to achieve its investment objective.

Risk Lose Money [Text]

rr_RiskLoseMoney

Investing in the Fund is subject to various risks, including the risk that you may receive little or no return on your investment, and you may lose all or part of your investment.

Risk Nondiversified Status [Text]

rr_RiskNondiversifiedStatus

The Fund is classified as a non-diversified management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). This means that the Fund may invest a greater portion of its assets in a limited number of issuers than would be the case if the Fund were classified as a diversified management investment company. The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund’s portfolio. Additionally, the Fund may be subject to greater risk, because the Fund’s performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company.

Bar Chart and Performance Table [Heading]

rr_BarChartAndPerformanceTableHeading

Fund Performance

Performance Narrative [Text Block]

rr_PerformanceNarrativeTextBlock

No performance information is presented because the Fund has not yet commenced investment operations. Performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance over time and by showing how the Fund's returns compare with those of a broad measure of market performance. The Fund's performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information will be available at the Fund's website, www.arcincomefunds.com.

Information relating to the investment performance of the Sub-Adviser to the Fund is included in the Appendix to this Prospectus.

Performance One Year or Less [Text]

rr_PerformanceOneYearOrLess

No performance information is presented because the Fund has not yet commenced investment operations.

Performance Availability Website Address [Text]

rr_PerformanceAvailabilityWebSiteAddress

www.arcincomefunds.com.

Performance, Past Does Not Indicate Future

rr_PerformancePastDoesNotIndicateFuture

The Fund's performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

AR Capital Dividend and Value Fund (Second Prospectus Summary) | AR Capital Dividend and Value Fund | Advisor Class

Risk/Return:

rr_RiskReturnAbstract

Management Fees

rr_ManagementFeesOverAssets

0.70%

Distribution and Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

none

Other Expenses

rr_OtherExpensesOverAssets

1.01%

^[1]

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.71%

Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.66%)

^[2]

Total Annual Fund Operating Expenses After Expense Reimbursement

rr_NetExpensesOverAssets

1.05%

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

$ 107

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

$ 474

[1] Because the Fund is new, 'Other Expenses' are based on estimated amounts for the current fiscal year.

[2] National Fund Advisors, LLC, the Fund's investment adviser (also referred to herein as 'NFA' or the 'Adviser'), has contractually agreed to waive a portion or all of its management fees and pay Fund expenses (excluding acquired fund fees and expenses, interest, taxes and extraordinary expenses) in order to limit the Other Expenses to 0.35% of average daily net assets of the Fund's shares (the 'Expense Cap'). The Expense Cap will remain in effect through at least July 5, 2015, and may be terminated before that date only by the Board of Trustees (the 'Board') of Realty Capital Income Funds Trust (the 'Trust'). The Adviser may recoup any previously waived fees and paid expenses from the Fund pursuant to this agreement for three years from the date they were waived or paid, subject to the Expense Cap.

XML

Label	Element	Value
Risk/Return:	rr_RiskReturnAbstract
Document Type	dei_DocumentType	485BPOS
Document Period End Date	dei_DocumentPeriodEndDate	Mar. 11, 2014
Entity Registrant Name	dei_EntityRegistrantName	REALTY CAPITAL INCOME FUNDS TRUST
Entity Central Index Key	dei_EntityCentralIndexKey	0001565543
Amendment Flag	dei_AmendmentFlag	false
Document Creation Date	dei_DocumentCreationDate	Mar. 13, 2014
Document Effective Date	dei_DocumentEffectiveDate	Mar. 19, 2014
Prospectus Date	rr_ProspectusDate	Mar. 11, 2014
AR Capital Dividend and Value Fund (First Prospectus Summary) | AR Capital Dividend and Value Fund | Class A
Risk/Return:	rr_RiskReturnAbstract
Trading Symbol	dei_TradingSymbol	DIVAX
AR Capital Dividend and Value Fund (First Prospectus Summary) | AR Capital Dividend and Value Fund | Class C
Risk/Return:	rr_RiskReturnAbstract
Trading Symbol	dei_TradingSymbol	DIVCX
AR Capital Dividend and Value Fund (Second Prospectus Summary) | AR Capital Dividend and Value Fund | Advisor Class
Risk/Return:	rr_RiskReturnAbstract
Trading Symbol	dei_TradingSymbol	DIVVX
AR Capital BDC Income Fund (First Prospectus Summary) | AR Capital BDC Income Fund | Class A
Risk/Return:	rr_RiskReturnAbstract
Trading Symbol	dei_TradingSymbol	BDCAX
AR Capital BDC Income Fund (Second Prospectus Summary) | AR Capital BDC Income Fund | Advisor Class
Risk/Return:	rr_RiskReturnAbstract
Trading Symbol	dei_TradingSymbol	BDCPX

XML

AR Capital BDC Income Fund (First Prospectus Summary) | AR Capital BDC Income Fund

AR CAPITAL BDC INCOME FUND

Investment Objective

The Fund's investment objective is to provide a high level of income, with the potential for capital appreciation.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold Class A shares of the Fund. You may qualify for sales charge discounts on Class A shares if you or your family invest, or agree to invest in the future, at least $100,000 in the Fund. More information about these and other discounts is contained in this Prospectus under “How to Buy Shares-Classes of Shares Offered” on page 15 and in “Reducing Sales Charge on Class A Shares” on page 44 of the Fund's Statement of Additional Information (“SAI”).

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees		Class A
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	[1]	4.50%
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original purchase price or redemption proceeds, whichever is lower)	[2]	1.00%

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses		Class A
Management Fees		0.90%
Distribution and Service (12b-1) Fees		0.25%
Other Expenses	[1]	1.01%
Acquired Fund Fees and Expenses (fees and expenses incurred directly by the Fund as a result of investment in shares of one or more Acquired Funds)		4.45%
Total Annual Fund Operating Expenses		6.61%
Expense Reimbursement	[2]	(0.66%)
Total Annual Fund Operating Expenses After Expense Reimbursement		5.95%

Example:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example (USD $)	Expense Example, with Redemption, 1 Year	Expense Example, with Redemption, 3 Years
Class A	1,116	2,246

Expense Example, No Redemption (USD $)	Expense Example, No Redemption, 1 Year	Expense Example, No Redemption, 3 Years
Class A	1,016	2,246

Portfolio Turnover:

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. The portfolio turnover rate for the Fund is not available because the Fund is new.

Principal Investment Strategies

The Fund will invest substantially all (and under normal market conditions, at least 80%), of its net assets (plus any borrowings for investment purposes) in common stocks and other equity securities of business development companies (“BDCs”) that are traded on one or more nationally recognized securities exchanges. The equity securities in which the Fund may invest consist of:

·      common stocks;

·      securities convertible into common stocks; and

·      preferred stocks.

In addition, although the Fund will typically invest in equity securities, the Fund may invest up to 20% of its net assets in debt securities of BDCs and other issuers of any maturity, duration or credit rating.

BDCs are publicly-held, closed-end investment funds that are regulated by the Investment Company Act of 1940, as amended (the “1940 Act”). BDCs primarily lend to or invest in private or thinly-traded companies. They also offer managerial assistance to the companies in which they invest. As with other companies regulated by the 1940 Act, BDCs must adhere to various substantive regulatory requirements. One such requirement is that a BDC may not acquire any asset other than assets of the type listed in Section 55(a) of the 1940 Act, which are referred to as “qualifying assets,” unless, at the time the acquisition is made, qualifying assets represent at least 70% of the BDC's total assets. The 1940 Act also regulates how BDCs employ “leverage” (i.e., how BDCs use borrowed funds to make investments). Leverage magnifies the potential for gain and loss on amounts invested and, as a result, increases the risks associated with the securities of leveraged companies. The 1940 Act also establishes “coverage ratio” requirements that permit BDCs to incur more leverage than other regulated closed-end investment companies. Specifically, a BDC's total assets must exceed its total senior securities (i.e., all borrowings and any preferred stock that may be issued in the future) by only 200%. By comparison, the total assets of another closed-end fund regulated by the 1940 Act must exceed the fund's total senior securities by 300%.

Under the supervision of the Adviser, BDCA Adviser, LLC, the Fund's investment sub-adviser (also referred to herein as “BDCA” or the “Sub-Adviser”), evaluates equity securities primarily on the BDC's or other issuer's ability to sustain its current dividend, and secondarily on the potential for capital appreciation. The Sub-Adviser intends to allocate the Fund's assets among BDCs that, in its view, are paying attractive rates of distribution and appear capable of sustaining that distribution level over time. The Sub-Adviser incorporates into its assessment, among other factors, dividend yield, price to book, financial operations, portfolio of investments and management quality. The Sub-Adviser will also consider the amount of leverage employed by a BDC or other issuer before deciding to invest in its securities. In selecting securities for investment, the Sub-Adviser generally seeks to invest in securities whose current distribution rates equal or exceed 7.0%, and that it believes will continue to pay distributions at that rate for the foreseeable future.

When selecting securities for the Fund, the Sub-Adviser may utilize fundamental, technical and other related methodologies to determine the intrinsic value of the security. The Sub-Adviser expects that it will sell a security if, in the judgment of the portfolio manager, the individual security's distribution potential has been compromised, its fundamentals have deteriorated or may deteriorate, or a more attractive investment opportunity is identified.

The Fund may invest up to 15% of its net assets in illiquid securities.

Principal Risks of Investing in the Fund

 An investment in the Fund's shares is subject to various risks. The value of the Fund's investments will increase or decrease based on changes in the prices of the investments it holds. This will cause the value of the Fund's shares to increase or decrease. You may receive little or no return on your investment or you may lose all or part of it. By itself, the Fund does not constitute a balanced investment program. Before investing in the Fund, you should consider carefully the following risks.

Market Risk. An investment in the Fund is generally subject to market risk, including the possible loss of the entire amount invested. An investment in the Fund represents an indirect investment in the securities owned by the Fund. Like all financial instruments, the value of these securities may move up or down, sometimes rapidly and unpredictably. The value of your investment in the Fund at any point in time may be worth less than the value of your original investment, even after taking into account any reinvestment of dividends and distributions.

BDC Risk. The Fund primarily invests in securities issued by publicly-traded BDCs. As a result, the Fund's portfolio will be significantly affected by the performance of the BDCs in which it invests and the performance of the BDCs' portfolio companies, as well as the overall economic environment. The Fund may be exposed to greater risk and experience higher volatility than would a portfolio that was not focused on investing in BDCs.

The types of portfolio companies in which BDCs invest are generally considered to be below investment grade, and the debt securities of those companies, in turn, are often referred to as “high yield” or “junk.” The revenues, income (or losses) and valuations of these companies can, and often do, fluctuate suddenly and dramatically, and they face considerable risk of loss.

BDCs primarily invest in privately-held and thinly-traded companies. The fair values of these investments often are not readily determinable. Although each BDC's board of directors is responsible for determining the fair value of these securities, the uncertainty regarding fair value may adversely affect the determination of the BDC's net asset value. This could cause the Fund's investments in a BDC to be inaccurately valued, including undervalued.

BDCs often borrow funds to make investments and, as a result, are exposed to the risks of leverage. Leverage magnifies the potential loss on amounts invested and therefore increases the risks associated with an investment in a BDC's securities. Leverage is generally considered a speculative investment technique. Further, BDCs' management fees, which are generally higher than the management fees charged to other funds, are normally payable on gross assets, including those assets acquired through the use of leverage. This may give a BDC's investment adviser a financial incentive to incur leverage.

Investment in other Investment Companies Risk. The Fund's investment in other investment companies, including BDCs, may subject the Fund indirectly to the underlying risks of the investment company. The Fund also will bear its share of the underlying investment company's fees and expenses, which are in addition to the Fund's own fees and expenses. Shares of BDCs may trade at prices that reflect a premium above or a discount below the investment company's NAV, which may be substantial. If investment company securities are purchased at a premium to NAV, the premium may not exist when those securities are sold and the Fund could incur a loss.

BDCs, like other investment companies, are often parties to contractual agreements under which a BDC's investment adviser or another third-party agrees to waive fees or pay a portion of the BDC's expenses. Once the contract terminates or ends, the BDC's expenses may increase and, as a result, the acquired fund fees and expenses paid by the Fund's shareholders may increase as well. Further, the acquired fund fees and expenses paid by the Fund's shareholders may increase further if the BDC's investment adviser or another third-party seeks to recoup any previously waived fees or paid expenses.

Medium- and Small-Capitalization Company Risk. BDCs primarily invest in U.S. middle-market companies, which may be considered medium- or small-capitalization companies. Medium- and small-capitalization companies may have smaller investment portfolios and less financial or managerial resources. The risks associated with these investments are generally greater than those associated with investments in the securities of larger, more-established companies. This may cause a BDC's NAV to be more volatile when compared to investment companies that focus only on large capitalization companies. Generally, securities of medium- and small-capitalization companies are more likely to experience sharper swings in market values or less liquid markets, in which it may be more difficult to sell at favorable times and at favorable prices.

Common Stock Risk.While common stock has historically generated higher average returns than debt securities, common stock has also experienced significantly more volatility in those returns. An adverse event, such as an unfavorable earnings report, may depress the value of common stock held by the Fund. Also, the price of common stock is sensitive to general movements in the stock market. A drop in the stock market may depress the price of common stock held by the Fund.

Preferred Stock Risk. There are various risks associated with investing in preferred stock, including credit risk, liquidity risk, interest rate risk, deferral and omission of distributions, subordination to bonds and other debt securities in a company's capital structure, limited liquidity, limited voting rights, and special redemption rights.

Debt Securities Risk. The Fund is directly exposed to the credit risk associated with its investments in debt securities. There is a risk that debt issuers will not make payments, resulting in losses to the Fund. In addition, the credit quality of securities may be lowered if an issuer's financial condition changes. Lower credit quality may affect liquidity and lead to greater Fund volatility. Default, or the market's perception that an issuer is likely to default, could reduce the value and liquidity of securities, thereby reducing the value of your investment in the Fund. In addition, default may cause the Fund to incur expenses in seeking recovery of principal or interest on its portfolio holdings.

High Yield (“Junk”) Bond Risk. The portfolio companies in which BDCs invest are generally considered to be below investment grade, and the debt securities of those companies, in turn, are often referred to as “high yield” or “junk.” These bonds involve a greater risk of default or price change due to changes in the issuer's credit quality. The values of these bonds fluctuate more than those of high-quality bonds in response to company, political, regulatory or economic developments. Values of high yield or junk bonds can decline significantly over short periods of time. In addition, debt securities issued by a BDC may also be considered to be non-investment grade or junk.

Credit Risk of Underlying Investments.The Fund is indirectly exposed to the credit risk associated with the debt investments of the BDCs in which the Fund invests. BDCs invest in small companies in the initial stages of development. The types of portfolio companies in which BDCs invest are generally considered to be below investment grade, and the debt securities of those companies, in turn, are often referred to as “high yield” or “junk.” There is an increased risk that such a portfolio company will fail to make payments on its debts as compared to more developed companies. If a portfolio company fails to make payments to a BDC, the BDC's performance could be negatively affected and, to the extent that the Fund invests in the BDC, the value of Fund's investment in the BDC may be negatively affected as well.

Liquidity Risk. A security is considered to be illiquid if the Fund is unable to sell such security within seven days at the price at which the Fund values the security. A security may be deemed illiquid due to a lack of trading volume in the security or if the security is privately placed and not traded in any public market or is otherwise restricted from trading. The Fund may be unable to sell illiquid securities at the time or price it desires and could lose its entire investment in such securities. Further, certain restricted securities require special registration, liabilities and costs, and could be more difficult to value.

Non-Diversification Risk. The Fund is classified as a non-diversified management investment company under the 1940 Act. This means that the Fund may invest a greater portion of its assets in a limited number of issuers than would be the case if the Fund were classified as a diversified management investment company. The value of a specific security can perform differently from the market as a whole for reasons related to the issuer, such as operational performance, financial leverage and investment level performance at the BDC. The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund's portfolio. Additionally, the Fund's performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company.

Management Risk.The NAV of the Fund changes daily based on the performance of the securities in which it invests. The Sub-Adviser's judgments about the attractiveness, value and potential appreciation of BDCs in which the Fund invests may prove to be incorrect and may not produce the desired results.

No History of Operations. The Fund is a new mutual fund and has no history of operations. During the Fund's start-up period, the Fund may not achieve the desired portfolio composition. If the Fund commences operations under inopportune market or economic conditions, it may not be able to achieve its investment objective.

[1] The initial sales charge may be waived for purchases by certain types of accounts, including fee-based advisory accounts.

[2] Only applies for purchases of greater than $1 million that are redeemed within one year of purchase.

[1] Because the Fund is new, 'Other Expenses' are based on estimated amounts for the current fiscal year.

[2] National Fund Advisors, LLC, the Fund's investment adviser (also referred to herein as 'NFA' or the 'Adviser') has contractually agreed to waive a portion or all of its management fees and pay Fund expenses (excluding acquired fund fees and expenses, interest, taxes and extraordinary expenses) in order to limit the Other Expenses to 0.35% of average daily net assets of the Fund's shares (the 'Expense Cap'). The Expense Cap will remain in effect through at least July 5, 2015, and may be terminated before that date only by the Board of Trustees (the 'Board') of the Realty Capital Income Funds Trust (the 'Trust'). The Adviser may recoup any previously waived fees and paid expenses from the Fund pursuant to this agreement for three years from the date they were waived or paid, subject to the Expense Cap.

XML

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Element

Value

Risk/Return:

rr_RiskReturnAbstract

Entity Central Index Key

dei_EntityCentralIndexKey

0001565543

AR Capital BDC Income Fund (First Prospectus Summary) | AR Capital BDC Income Fund

Risk/Return:

rr_RiskReturnAbstract

Risk/Return [Heading]

rr_RiskReturnHeading

AR CAPITAL BDC INCOME FUND

Objective [Heading]

rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block]

rr_ObjectivePrimaryTextBlock

The Fund's investment objective is to provide a high level of income, with the potential for capital appreciation.

Expense [Heading]

rr_ExpenseHeading

Fees and Expenses of the Fund

Expense Narrative [Text Block]

rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold Class A shares of the Fund. You may qualify for sales charge discounts on Class A shares if you or your family invest, or agree to invest in the future, at least $100,000 in the Fund. More information about these and other discounts is contained in this Prospectus under “How to Buy Shares-Classes of Shares Offered” on page 15 and in “Reducing Sales Charge on Class A Shares” on page 44 of the Fund's Statement of Additional Information (“SAI”).

Shareholder Fees Caption [Text]

rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)

Operating Expenses Caption [Text]

rr_OperatingExpensesCaption

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Fee Waiver or Reimbursement over Assets, Date of Termination

rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination

2015-07-05

Portfolio Turnover [Heading]

rr_PortfolioTurnoverHeading

Portfolio Turnover:

Portfolio Turnover [Text Block]

rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. The portfolio turnover rate for the Fund is not available because the Fund is new.

Expense Breakpoint Discounts [Text]

rr_ExpenseBreakpointDiscounts

You may qualify for sales charge discounts on Class A shares if you or your family invest, or agree to invest in the future, at least $100,000 in the Fund.

Expense Breakpoint, Minimum Investment Required Amount

rr_ExpenseBreakpointMinimumInvestmentRequiredAmount

$ 100,000

Other Expenses, New Fund, Based on Estimates [Text]

rr_OtherExpensesNewFundBasedOnEstimates

Because the Fund is new, “Other Expenses” are based on estimated amounts for the current fiscal year.

Expense Example [Heading]

rr_ExpenseExampleHeading

Example:

Expense Example Narrative [Text Block]

rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.

Expense Example by, Year, Caption [Text]

rr_ExpenseExampleByYearCaption

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy [Heading]

rr_StrategyHeading

Principal Investment Strategies

Strategy Narrative [Text Block]

rr_StrategyNarrativeTextBlock

The Fund will invest substantially all (and under normal market conditions, at least 80%), of its net assets (plus any borrowings for investment purposes) in common stocks and other equity securities of business development companies (“BDCs”) that are traded on one or more nationally recognized securities exchanges. The equity securities in which the Fund may invest consist of:

·      common stocks;

·      securities convertible into common stocks; and

·      preferred stocks.

In addition, although the Fund will typically invest in equity securities, the Fund may invest up to 20% of its net assets in debt securities of BDCs and other issuers of any maturity, duration or credit rating.

BDCs are publicly-held, closed-end investment funds that are regulated by the Investment Company Act of 1940, as amended (the “1940 Act”). BDCs primarily lend to or invest in private or thinly-traded companies. They also offer managerial assistance to the companies in which they invest. As with other companies regulated by the 1940 Act, BDCs must adhere to various substantive regulatory requirements. One such requirement is that a BDC may not acquire any asset other than assets of the type listed in Section 55(a) of the 1940 Act, which are referred to as “qualifying assets,” unless, at the time the acquisition is made, qualifying assets represent at least 70% of the BDC's total assets. The 1940 Act also regulates how BDCs employ “leverage” (i.e., how BDCs use borrowed funds to make investments). Leverage magnifies the potential for gain and loss on amounts invested and, as a result, increases the risks associated with the securities of leveraged companies. The 1940 Act also establishes “coverage ratio” requirements that permit BDCs to incur more leverage than other regulated closed-end investment companies. Specifically, a BDC's total assets must exceed its total senior securities (i.e., all borrowings and any preferred stock that may be issued in the future) by only 200%. By comparison, the total assets of another closed-end fund regulated by the 1940 Act must exceed the fund's total senior securities by 300%.

Under the supervision of the Adviser, BDCA Adviser, LLC, the Fund's investment sub-adviser (also referred to herein as “BDCA” or the “Sub-Adviser”), evaluates equity securities primarily on the BDC's or other issuer's ability to sustain its current dividend, and secondarily on the potential for capital appreciation. The Sub-Adviser intends to allocate the Fund's assets among BDCs that, in its view, are paying attractive rates of distribution and appear capable of sustaining that distribution level over time. The Sub-Adviser incorporates into its assessment, among other factors, dividend yield, price to book, financial operations, portfolio of investments and management quality. The Sub-Adviser will also consider the amount of leverage employed by a BDC or other issuer before deciding to invest in its securities. In selecting securities for investment, the Sub-Adviser generally seeks to invest in securities whose current distribution rates equal or exceed 7.0%, and that it believes will continue to pay distributions at that rate for the foreseeable future.

When selecting securities for the Fund, the Sub-Adviser may utilize fundamental, technical and other related methodologies to determine the intrinsic value of the security. The Sub-Adviser expects that it will sell a security if, in the judgment of the portfolio manager, the individual security's distribution potential has been compromised, its fundamentals have deteriorated or may deteriorate, or a more attractive investment opportunity is identified.

The Fund may invest up to 15% of its net assets in illiquid securities.

Strategy Portfolio Concentration [Text]

rr_StrategyPortfolioConcentration

The Fund will invest substantially all (and under normal market conditions, at least 80%), of its net assets (plus any borrowings for investment purposes) in income producing securities related to the real estate industry (hereinafter referred to as “real estate securities”).

Risk [Heading]

rr_RiskHeading

Principal Risks of Investing in the Fund

Risk Narrative [Text Block]

rr_RiskNarrativeTextBlock

 An investment in the Fund's shares is subject to various risks. The value of the Fund's investments will increase or decrease based on changes in the prices of the investments it holds. This will cause the value of the Fund's shares to increase or decrease. You may receive little or no return on your investment or you may lose all or part of it. By itself, the Fund does not constitute a balanced investment program. Before investing in the Fund, you should consider carefully the following risks.

Market Risk. An investment in the Fund is generally subject to market risk, including the possible loss of the entire amount invested. An investment in the Fund represents an indirect investment in the securities owned by the Fund. Like all financial instruments, the value of these securities may move up or down, sometimes rapidly and unpredictably. The value of your investment in the Fund at any point in time may be worth less than the value of your original investment, even after taking into account any reinvestment of dividends and distributions.

BDC Risk. The Fund primarily invests in securities issued by publicly-traded BDCs. As a result, the Fund's portfolio will be significantly affected by the performance of the BDCs in which it invests and the performance of the BDCs' portfolio companies, as well as the overall economic environment. The Fund may be exposed to greater risk and experience higher volatility than would a portfolio that was not focused on investing in BDCs.

The types of portfolio companies in which BDCs invest are generally considered to be below investment grade, and the debt securities of those companies, in turn, are often referred to as “high yield” or “junk.” The revenues, income (or losses) and valuations of these companies can, and often do, fluctuate suddenly and dramatically, and they face considerable risk of loss.

BDCs primarily invest in privately-held and thinly-traded companies. The fair values of these investments often are not readily determinable. Although each BDC's board of directors is responsible for determining the fair value of these securities, the uncertainty regarding fair value may adversely affect the determination of the BDC's net asset value. This could cause the Fund's investments in a BDC to be inaccurately valued, including undervalued.

BDCs often borrow funds to make investments and, as a result, are exposed to the risks of leverage. Leverage magnifies the potential loss on amounts invested and therefore increases the risks associated with an investment in a BDC's securities. Leverage is generally considered a speculative investment technique. Further, BDCs' management fees, which are generally higher than the management fees charged to other funds, are normally payable on gross assets, including those assets acquired through the use of leverage. This may give a BDC's investment adviser a financial incentive to incur leverage.

Investment in other Investment Companies Risk. The Fund's investment in other investment companies, including BDCs, may subject the Fund indirectly to the underlying risks of the investment company. The Fund also will bear its share of the underlying investment company's fees and expenses, which are in addition to the Fund's own fees and expenses. Shares of BDCs may trade at prices that reflect a premium above or a discount below the investment company's NAV, which may be substantial. If investment company securities are purchased at a premium to NAV, the premium may not exist when those securities are sold and the Fund could incur a loss.

BDCs, like other investment companies, are often parties to contractual agreements under which a BDC's investment adviser or another third-party agrees to waive fees or pay a portion of the BDC's expenses. Once the contract terminates or ends, the BDC's expenses may increase and, as a result, the acquired fund fees and expenses paid by the Fund's shareholders may increase as well. Further, the acquired fund fees and expenses paid by the Fund's shareholders may increase further if the BDC's investment adviser or another third-party seeks to recoup any previously waived fees or paid expenses.

Medium- and Small-Capitalization Company Risk. BDCs primarily invest in U.S. middle-market companies, which may be considered medium- or small-capitalization companies. Medium- and small-capitalization companies may have smaller investment portfolios and less financial or managerial resources. The risks associated with these investments are generally greater than those associated with investments in the securities of larger, more-established companies. This may cause a BDC's NAV to be more volatile when compared to investment companies that focus only on large capitalization companies. Generally, securities of medium- and small-capitalization companies are more likely to experience sharper swings in market values or less liquid markets, in which it may be more difficult to sell at favorable times and at favorable prices.

Common Stock Risk.While common stock has historically generated higher average returns than debt securities, common stock has also experienced significantly more volatility in those returns. An adverse event, such as an unfavorable earnings report, may depress the value of common stock held by the Fund. Also, the price of common stock is sensitive to general movements in the stock market. A drop in the stock market may depress the price of common stock held by the Fund.

Preferred Stock Risk. There are various risks associated with investing in preferred stock, including credit risk, liquidity risk, interest rate risk, deferral and omission of distributions, subordination to bonds and other debt securities in a company's capital structure, limited liquidity, limited voting rights, and special redemption rights.

Debt Securities Risk. The Fund is directly exposed to the credit risk associated with its investments in debt securities. There is a risk that debt issuers will not make payments, resulting in losses to the Fund. In addition, the credit quality of securities may be lowered if an issuer's financial condition changes. Lower credit quality may affect liquidity and lead to greater Fund volatility. Default, or the market's perception that an issuer is likely to default, could reduce the value and liquidity of securities, thereby reducing the value of your investment in the Fund. In addition, default may cause the Fund to incur expenses in seeking recovery of principal or interest on its portfolio holdings.

High Yield (“Junk”) Bond Risk. The portfolio companies in which BDCs invest are generally considered to be below investment grade, and the debt securities of those companies, in turn, are often referred to as “high yield” or “junk.” These bonds involve a greater risk of default or price change due to changes in the issuer's credit quality. The values of these bonds fluctuate more than those of high-quality bonds in response to company, political, regulatory or economic developments. Values of high yield or junk bonds can decline significantly over short periods of time. In addition, debt securities issued by a BDC may also be considered to be non-investment grade or junk.

Credit Risk of Underlying Investments.The Fund is indirectly exposed to the credit risk associated with the debt investments of the BDCs in which the Fund invests. BDCs invest in small companies in the initial stages of development. The types of portfolio companies in which BDCs invest are generally considered to be below investment grade, and the debt securities of those companies, in turn, are often referred to as “high yield” or “junk.” There is an increased risk that such a portfolio company will fail to make payments on its debts as compared to more developed companies. If a portfolio company fails to make payments to a BDC, the BDC's performance could be negatively affected and, to the extent that the Fund invests in the BDC, the value of Fund's investment in the BDC may be negatively affected as well.

Liquidity Risk. A security is considered to be illiquid if the Fund is unable to sell such security within seven days at the price at which the Fund values the security. A security may be deemed illiquid due to a lack of trading volume in the security or if the security is privately placed and not traded in any public market or is otherwise restricted from trading. The Fund may be unable to sell illiquid securities at the time or price it desires and could lose its entire investment in such securities. Further, certain restricted securities require special registration, liabilities and costs, and could be more difficult to value.

Non-Diversification Risk. The Fund is classified as a non-diversified management investment company under the 1940 Act. This means that the Fund may invest a greater portion of its assets in a limited number of issuers than would be the case if the Fund were classified as a diversified management investment company. The value of a specific security can perform differently from the market as a whole for reasons related to the issuer, such as operational performance, financial leverage and investment level performance at the BDC. The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund's portfolio. Additionally, the Fund's performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company.

Management Risk.The NAV of the Fund changes daily based on the performance of the securities in which it invests. The Sub-Adviser's judgments about the attractiveness, value and potential appreciation of BDCs in which the Fund invests may prove to be incorrect and may not produce the desired results.

No History of Operations. The Fund is a new mutual fund and has no history of operations. During the Fund's start-up period, the Fund may not achieve the desired portfolio composition. If the Fund commences operations under inopportune market or economic conditions, it may not be able to achieve its investment objective.

Risk Lose Money [Text]

rr_RiskLoseMoney

You may receive little or no return on your investment or you may lose all or part of it.

Risk Nondiversified Status [Text]

rr_RiskNondiversifiedStatus

The Fund is classified as a non-diversified management investment company under the 1940 Act. This means that the Fund may invest a greater portion of its assets in a limited number of issuers than would be the case if the Fund were classified as a diversified management investment company. The value of a specific security can perform differently from the market as a whole for reasons related to the issuer, such as operational performance, financial leverage and investment level performance at the BDC. The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund’s portfolio. Additionally, the Fund’s performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company.

AR Capital BDC Income Fund (First Prospectus Summary) | AR Capital BDC Income Fund | Class A

Risk/Return:

rr_RiskReturnAbstract

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

4.50%

^[1]

Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original purchase price or redemption proceeds, whichever is lower)

rr_MaximumDeferredSalesChargeOverOfferingPrice

1.00%

^[2]

Management Fees

rr_ManagementFeesOverAssets

0.90%

Distribution and Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

0.25%

Other Expenses

rr_OtherExpensesOverAssets

1.01%

^[3]

Acquired Fund Fees and Expenses (fees and expenses incurred directly by the Fund as a result of investment in shares of one or more Acquired Funds)

rr_AcquiredFundFeesAndExpensesOverAssets

4.45%

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

6.61%

Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.66%)

^[4]

Total Annual Fund Operating Expenses After Expense Reimbursement

rr_NetExpensesOverAssets

5.95%

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

1,116

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

2,246

Expense Example, No Redemption, 1 Year

rr_ExpenseExampleNoRedemptionYear01

1,016

Expense Example, No Redemption, 3 Years

rr_ExpenseExampleNoRedemptionYear03

$ 2,246

[1] The initial sales charge may be waived for purchases by certain types of accounts, including fee-based advisory accounts.

[2] Only applies for purchases of greater than $1 million that are redeemed within one year of purchase.

[3] Because the Fund is new, 'Other Expenses' are based on estimated amounts for the current fiscal year.

[4] National Fund Advisors, LLC, the Fund's investment adviser (also referred to herein as 'NFA' or the 'Adviser') has contractually agreed to waive a portion or all of its management fees and pay Fund expenses (excluding acquired fund fees and expenses, interest, taxes and extraordinary expenses) in order to limit the Other Expenses to 0.35% of average daily net assets of the Fund's shares (the 'Expense Cap'). The Expense Cap will remain in effect through at least July 5, 2015, and may be terminated before that date only by the Board of Trustees (the 'Board') of the Realty Capital Income Funds Trust (the 'Trust'). The Adviser may recoup any previously waived fees and paid expenses from the Fund pursuant to this agreement for three years from the date they were waived or paid, subject to the Expense Cap.

XML

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Element

Value

Risk/Return:

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Entity Central Index Key

dei_EntityCentralIndexKey

0001565543

AR Capital Dividend and Value Fund (First Prospectus Summary) | AR Capital Dividend and Value Fund

Risk/Return:

rr_RiskReturnAbstract

Risk/Return [Heading]

rr_RiskReturnHeading

AR CAPITAL DIVIDEND AND VALUE FUND

Objective [Heading]

rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block]

rr_ObjectivePrimaryTextBlock

The investment objective of the Fund is to provide a high level of dividend income, with the potential for capital appreciation.

Expense [Heading]

rr_ExpenseHeading

Fees and Expenses of the Fund

Expense Narrative [Text Block]

rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold Class A or Class C shares of the Fund. You may qualify for sales charge discounts on the Fund's Class A shares if you or your family invest, or agree to invest in the future, at least $100,000 in the Fund. More information about these and other discounts is available from your financial professional and is contained in this Prospectus under “How to Buy Shares-Classes of Shares Offered” on page 14 and in “Reducing Sales Charge on Class A Shares” on page 44 of the Fund's Statement of Additional Information (the “SAI”).

Shareholder Fees Caption [Text]

rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)

Operating Expenses Caption [Text]

rr_OperatingExpensesCaption

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Fee Waiver or Reimbursement over Assets, Date of Termination

rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination

2015-07-05

Portfolio Turnover [Heading]

rr_PortfolioTurnoverHeading

Portfolio Turnover:

Portfolio Turnover [Text Block]

rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. The portfolio turnover rate for the Fund is not available because the Fund is new.

Expense Breakpoint Discounts [Text]

rr_ExpenseBreakpointDiscounts

You may qualify for sales charge discounts on the Fund’s Class A shares if you or your family invest, or agree to invest in the future, at least $100,000 in the Fund.

Expense Breakpoint, Minimum Investment Required Amount

rr_ExpenseBreakpointMinimumInvestmentRequiredAmount

$ 100,000

Other Expenses, New Fund, Based on Estimates [Text]

rr_OtherExpensesNewFundBasedOnEstimates

Because the Fund is new, “Other Expenses” are based on estimated amounts for the current fiscal year.

Expense Example [Heading]

rr_ExpenseExampleHeading

Example:

Expense Example Narrative [Text Block]

rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.

Expense Example by, Year, Caption [Text]

rr_ExpenseExampleByYearCaption

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy [Heading]

rr_StrategyHeading

Principal Investment Strategies

Strategy Narrative [Text Block]

rr_StrategyNarrativeTextBlock

The Fund will invest substantially all (and under normal market conditions, at least 80%), of its net assets (plus any borrowings for investment purposes) in dividend paying common stocks and other equity securities of issuers, across all market capitalization segments, that trade in the U.S. on nationally recognized securities exchanges. The Fund employs a “value” investment approach, under which the Fund invests in equity securities that appear to the Fund's sub-adviser to be undervalued by various measures or temporarily disfavored in the market but nonetheless appear to have good prospects for dividend growth and/or capital appreciation.

Under the supervision of the adviser, SEL Asset Management, the investment sub-adviser (also referred to herein as “SEL” or the “Sub-Adviser”) evaluates securities based primarily on its assessment of the issuer's ability to sustain its current dividend and secondarily on the potential for capital appreciation. In selecting securities for investment, the Sub-Adviser uses proprietary software that screens companies on over 250 financial metrics in order to assess dividend sustainability and growth. The Sub-Adviser focuses its research on companies that currently pay a dividend on their common stock of 6% or more. The Sub-Adviser may utilize fundamental, technical and other related methodologies to determine the intrinsic value of an underlying security. It may strategically rebalance the Fund's investment strategies according to the current market conditions, but will remain true to its fundamental analysis with respect to the cost of capital. The Sub-Adviser expects that it will sell a security if, in the judgment of the portfolio manager, the individual security's dividend potential has been compromised, its fundamentals have deteriorated or may deteriorate, or a more attractive investment opportunity is identified.

Strategy Portfolio Concentration [Text]

rr_StrategyPortfolioConcentration

The Fund will invest substantially all (and under normal market conditions, at least 80%), of its net assets (plus any borrowings for investment purposes) in dividend paying common stocks and other equity securities of issuers, across all market capitalization segments, that trade in the U.S. on nationally recognized securities exchanges.

Risk [Heading]

rr_RiskHeading

Principal Risks of Investing in the Fund

Risk Narrative [Text Block]

rr_RiskNarrativeTextBlock

 Investing in the Fund is subject to various risks, including the risk that you may receive little or no return on your investment, and you may lose all or part of your investment. By itself, the Fund does not constitute a balanced investment program. Before investing in the Fund you should consider carefully the following risks:

Market Risk. An investment in the Fund is generally subject to market risk, including the possible loss of the entire principal amount invested. An investment in the Fund represents an indirect investment in the securities owned by the Fund. Like all financial instruments, the value of these securities may move up or down, sometimes rapidly and unpredictably. The value of your investment in the Fund at any point in time may be worth less than the value of your original investment, even after taking into account any reinvestment of dividends and distributions.

Large-Capitalization Company Risk. The Fund may invest in large-capitalization companies. Larger, more established, companies may be unable to respond quickly to new competitors and industry developments. Many large-capitalization companies may be unable to attain the high growth rate of successful smaller companies, especially during periods of economic expansion.

Medium- and Small-Capitalization Company Risk. The Fund may invest in medium- and small-capitalization companies, which may be newly formed or have limited product lines, distribution channels and financial or managerial resources. The risks associated with these investments are generally greater than those associated with investments in the securities of larger, more-established companies. This may cause the Fund's net asset value (“NAV”) to be more volatile when compared to investment companies that focus only on large capitalization companies.

Common Stock Risk. While common stock has historically generated higher average returns than debt securities, common stock has also experienced significantly more volatility in those returns. An adverse event, such as an unfavorable earnings report, may depress the value of common stock held by the Fund. Also, the price of common stock is sensitive to general movements in the stock market. A drop in the stock market may depress the price of common stock held by the Fund.

Value Stock Risk. Value stocks are equity securities that appear to be undervalued by various measures and have potential for long-term capital appreciation. Value stocks tend to be inexpensive relative to other types of stocks, such as growth stocks. Value stocks may continue to be inexpensive for long periods of time, and may not ever realize their estimated value and may even go down in price.

Non-Diversification Risk. The Fund is classified as a non-diversified management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). This means that the Fund may invest a greater portion of its assets in a limited number of issuers than would be the case if the Fund were classified as a diversified management investment company. The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund's portfolio. Additionally, the Fund may be subject to greater risk, because the Fund's performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company.

Management Risk.The NAV of the Fund changes daily based on the value of the securities in which it invests. The Sub-Adviser's judgments about the attractiveness, value and potential appreciation of particular securities in which the Fund invests may prove to be incorrect and may not produce the desired results.

No Operating History. The Fund is a new mutual fund and has no history of operations. During the Fund's start-up period, the Fund may not achieve the desired portfolio composition. If the Fund commences operations under inopportune market or economic conditions, it may not be able to achieve its investment objective.

Risk Lose Money [Text]

rr_RiskLoseMoney

Investing in the Fund is subject to various risks, including the risk that you may receive little or no return on your investment, and you may lose all or part of your investment.

Risk Nondiversified Status [Text]

rr_RiskNondiversifiedStatus

The Fund is classified as a non-diversified management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). This means that the Fund may invest a greater portion of its assets in a limited number of issuers than would be the case if the Fund were classified as a diversified management investment company. The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund’s portfolio. Additionally, the Fund may be subject to greater risk, because the Fund’s performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company.

Bar Chart and Performance Table [Heading]

rr_BarChartAndPerformanceTableHeading

Fund Performance

Performance Narrative [Text Block]

rr_PerformanceNarrativeTextBlock

No performance information is presented because the Fund has not yet commenced investment operations. Performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance over time and by showing how the Fund's returns compare with those of a broad measure of market performance. The Fund's performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information will be available at the Fund's website, www.arcincomefunds.com.

Information relating to the investment performance of the Sub-Adviser to the Fund is included in the Appendix to this Prospectus.

Performance One Year or Less [Text]

rr_PerformanceOneYearOrLess

No performance information is presented because the Fund has not yet commenced investment operations.

Performance Availability Website Address [Text]

rr_PerformanceAvailabilityWebSiteAddress

www.arcincomefunds.com.

Performance, Past Does Not Indicate Future

rr_PerformancePastDoesNotIndicateFuture

The Fund's performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

AR Capital Dividend and Value Fund (First Prospectus Summary) | AR Capital Dividend and Value Fund | Class A

Risk/Return:

rr_RiskReturnAbstract

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

4.50%

^[1]

Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original purchase price or redemption proceeds, whichever is lower)

rr_MaximumDeferredSalesChargeOverOfferingPrice

1.00%

^[2]

Management Fees

rr_ManagementFeesOverAssets

0.70%

Distribution and Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

0.25%

Other Expenses

rr_OtherExpensesOverAssets

1.01%

^[3]

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.96%

Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.66%)

^[4]

Total Annual Fund Operating Expenses After Expense Reimbursement

rr_NetExpensesOverAssets

1.30%

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

676

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

977

Expense Example, No Redemption, 1 Year

rr_ExpenseExampleNoRedemptionYear01

576

Expense Example, No Redemption, 3 Years

rr_ExpenseExampleNoRedemptionYear03

977

AR Capital Dividend and Value Fund (First Prospectus Summary) | AR Capital Dividend and Value Fund | Class C

Risk/Return:

rr_RiskReturnAbstract

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

none

Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original purchase price or redemption proceeds, whichever is lower)

rr_MaximumDeferredSalesChargeOverOfferingPrice

1.00%

^[5]

Management Fees

rr_ManagementFeesOverAssets

0.70%

Distribution and Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

1.00%

Other Expenses

rr_OtherExpensesOverAssets

1.01%

^[3]

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

2.71%

Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.66%)

^[4]

Total Annual Fund Operating Expenses After Expense Reimbursement

rr_NetExpensesOverAssets

2.05%

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

308

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

779

Expense Example, No Redemption, 1 Year

rr_ExpenseExampleNoRedemptionYear01

208

Expense Example, No Redemption, 3 Years

rr_ExpenseExampleNoRedemptionYear03

$ 779

[1] The initial sales charge may be waived for purchases by certain types of accounts, including fee-based advisory accounts.

[2] Only applies for purchases of greater than $1 million that are redeemed within one year of purchase.

[3] Because the Fund is new, 'Other Expenses' are based on estimated amounts for the current fiscal year.

[4] National Fund Advisors, LLC, the Fund's investment adviser (also referred to herein as 'NFA' or the 'Adviser'), has contractually agreed to waive a portion or all of its management fees and pay Fund expenses (excluding acquired fund fees and expenses, interest, taxes and extraordinary expenses) in order to limit the Other Expenses to 0.35% of average daily net assets of the Fund's shares (the 'Expense Cap'). The Expense Cap will remain in effect through at least July 5, 2015, and may be terminated before that date only by the Board of Trustees (the 'Board') of Realty Capital Income Funds Trust (the 'Trust'). The Adviser may recoup any previously waived fees and paid expenses from the Fund pursuant to this agreement for three years from the date they were waived or paid, subject to the Expense Cap.

[5] For Class C shares, no deferred sales charge applies after one year.

XML

AR Capital Dividend and Value Fund (Second Prospectus Summary) | AR Capital Dividend and Value Fund

AR CAPITAL DIVIDEND AND VALUE FUND

Investment Objective

The investment objective of the Fund is to provide a high level of dividend income, with the potential for capital appreciation.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold Advisor Class shares of the Fund.

Shareholder Fees (fees paid directly from your investment) None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses		Advisor Class
Management Fees		0.70%
Distribution and Service (12b-1) Fees		none
Other Expenses	[1]	1.01%
Total Annual Fund Operating Expenses		1.71%
Expense Reimbursement	[2]	(0.66%)
Total Annual Fund Operating Expenses After Expense Reimbursement		1.05%

Example:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example (USD $)	Expense Example, with Redemption, 1 Year	Expense Example, with Redemption, 3 Years
Advisor Class	107	474

Portfolio Turnover:

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. The portfolio turnover rate for the Fund is not available because the Fund is new.

Principal Investment Strategies

The Fund will invest substantially all (and under normal market conditions, at least 80%), of its net assets (plus any borrowings for investment purposes) in dividend paying common stocks and other equity securities of issuers, across all market capitalization segments, that trade in the U.S. on nationally recognized securities exchanges. The Fund employs a “value” investment approach, under which the Fund invests in equity securities that appear to the Fund's sub-adviser to be undervalued by various measures or temporarily disfavored in the market but nonetheless appear to have good prospects for dividend growth and/or capital appreciation.

Under the supervision of the adviser, SEL Asset Management, the investment sub-adviser (also referred to herein as “SEL” or the “Sub-Adviser”) evaluates securities based primarily on its assessment of the issuer's ability to sustain its current dividend and secondarily on the potential for capital appreciation. In selecting securities for investment, the Sub-Adviser uses proprietary software that screens companies on over 250 financial metrics in order to assess dividend sustainability and growth. The Sub-Adviser focuses its research on companies that currently pay a dividend on their common stock of 6% or more. The Sub-Adviser may utilize fundamental, technical and other related methodologies to determine the intrinsic value of an underlying security. It may strategically rebalance the Fund's investment strategies according to the current market conditions, but will remain true to its fundamental analysis with respect to the cost of capital. The Sub-Adviser expects that it will sell a security if, in the judgment of the portfolio manager, the individual security's dividend potential has been compromised, its fundamentals have deteriorated or may deteriorate, or a more attractive investment opportunity is identified.

Principal Risks of Investing in the Fund

Investing in the Fund is subject to various risks, including the risk that you may receive little or no return on your investment, and you may lose all or part of your investment. By itself, the Fund does not constitute a balanced investment program. Before investing in the Fund you should consider carefully the following risks:

Market Risk. An investment in the Fund is generally subject to market risk, including the possible loss of the entire principal amount invested. An investment in the Fund represents an indirect investment in the securities owned by the Fund. Like all financial instruments, the value of these securities may move up or down, sometimes rapidly and unpredictably. The value of your investment in the Fund at any point in time may be worth less than the value of your original investment, even after taking into account any reinvestment of dividends and distributions.

Large-Capitalization Company Risk. The Fund may invest in large-capitalization companies. Larger, more established, companies may be unable to respond quickly to new competitors and industry developments. Many large-capitalization companies may be unable to attain the high growth rate of successful smaller companies, especially during periods of economic expansion.

Medium- and Small-Capitalization Company Risk. The Fund may invest in medium- and small-capitalization companies, which may be newly formed or have limited product lines, distribution channels and financial or managerial resources. The risks associated with these investments are generally greater than those associated with investments in the securities of larger, more-established companies. This may cause the Fund's net asset value (“NAV”) to be more volatile when compared to investment companies that focus only on large capitalization companies.

Common Stock Risk. While common stock has historically generated higher average returns than debt securities, common stock has also experienced significantly more volatility in those returns. An adverse event, such as an unfavorable earnings report, may depress the value of common stock held by the Fund. Also, the price of common stock is sensitive to general movements in the stock market. A drop in the stock market may depress the price of common stock held by the Fund.

Value Stock Risk. Value stocks are equity securities that appear to be undervalued by various measures and have potential for long-term capital appreciation. Value stocks tend to be inexpensive relative to other types of stocks, such as growth stocks. Value stocks may continue to be inexpensive for long periods of time, and may not ever realize their estimated value and may even go down in price.

Non-Diversification Risk. The Fund is classified as a non-diversified management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). This means that the Fund may invest a greater portion of its assets in a limited number of issuers than would be the case if the Fund were classified as a diversified management investment company. The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund's portfolio. Additionally, the Fund may be subject to greater risk, because the Fund's performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company.

Management Risk.The NAV of the Fund changes daily based on the value of the securities in which it invests. The Sub-Adviser's judgments about the attractiveness, value and potential appreciation of particular securities in which the Fund invests may prove to be incorrect and may not produce the desired results.

No Operating History. The Fund is a new mutual fund and has no history of operations. During the Fund's start-up period, the Fund may not achieve the desired portfolio composition. If the Fund commences operations under inopportune market or economic conditions, it may not be able to achieve its investment objective.

Fund Performance

No performance information is presented because the Fund has not yet commenced investment operations. Performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance over time and by showing how the Fund's returns compare with those of a broad measure of market performance. The Fund's performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information will be available at the Fund's website, www.arcincomefunds.com.

Information relating to the investment performance of the Sub-Adviser to the Fund is included in the Appendix to this Prospectus.

[1] Because the Fund is new, 'Other Expenses' are based on estimated amounts for the current fiscal year.

[2] National Fund Advisors, LLC, the Fund's investment adviser (also referred to herein as 'NFA' or the 'Adviser'), has contractually agreed to waive a portion or all of its management fees and pay Fund expenses (excluding acquired fund fees and expenses, interest, taxes and extraordinary expenses) in order to limit the Other Expenses to 0.35% of average daily net assets of the Fund's shares (the 'Expense Cap'). The Expense Cap will remain in effect through at least July 5, 2015, and may be terminated before that date only by the Board of Trustees (the 'Board') of Realty Capital Income Funds Trust (the 'Trust'). The Adviser may recoup any previously waived fees and paid expenses from the Fund pursuant to this agreement for three years from the date they were waived or paid, subject to the Expense Cap.

XML

Label

Element

Value

Risk/Return:

rr_RiskReturnAbstract

Entity Central Index Key

dei_EntityCentralIndexKey

0001565543

AR Capital BDC Income Fund (Second Prospectus Summary) | AR Capital BDC Income Fund

Risk/Return:

rr_RiskReturnAbstract

Risk/Return [Heading]

rr_RiskReturnHeading

AR CAPITAL BDC INCOME FUND

Objective [Heading]

rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block]

rr_ObjectivePrimaryTextBlock

The Fund's investment objective is to provide a high level of income, with the potential for capital appreciation.

Expense [Heading]

rr_ExpenseHeading

Fees and Expenses of the Fund

Expense Narrative [Text Block]

rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold Advisor Class shares of the Fund.

Shareholder Fees Caption [Text]

rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment) None

Operating Expenses Caption [Text]

rr_OperatingExpensesCaption

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Fee Waiver or Reimbursement over Assets, Date of Termination

rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination

2015-07-05

Portfolio Turnover [Heading]

rr_PortfolioTurnoverHeading

Portfolio Turnover:

Portfolio Turnover [Text Block]

rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. The portfolio turnover rate for the Fund is not available because the Fund is new.

Other Expenses, New Fund, Based on Estimates [Text]

rr_OtherExpensesNewFundBasedOnEstimates

Because the Fund is new, “Other Expenses” are based on estimated amounts for the current fiscal year.

Expense Example [Heading]

rr_ExpenseExampleHeading

Example:

Expense Example Narrative [Text Block]

rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. 

Expense Example by, Year, Caption [Text]

rr_ExpenseExampleByYearCaption

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy [Heading]

rr_StrategyHeading

Principal Investment Strategies

Strategy Narrative [Text Block]

rr_StrategyNarrativeTextBlock

The Fund will invest substantially all (and under normal market conditions, at least 80%), of its net assets (plus any borrowings for investment purposes) in common stocks and other equity securities of business development companies (“BDCs”) that are traded on one or more nationally recognized securities exchanges. The equity securities in which the Fund may invest consist of:

·      common stocks;

·      securities convertible into common stocks; and

·      preferred stocks.

In addition, although the Fund will typically invest in equity securities, the Fund may invest up to 20% of its net assets in debt securities of BDCs and other issuers of any maturity, duration or credit rating.

BDCs are publicly-held, closed-end investment funds that are regulated by the Investment Company Act of 1940, as amended (the “1940 Act”). BDCs primarily lend to or invest in private or thinly-traded companies. They also offer managerial assistance to the companies in which they invest. As with other companies regulated by the 1940 Act, BDCs must adhere to various substantive regulatory requirements. One such requirement is that a BDC may not acquire any asset other than assets of the type listed in Section 55(a) of the 1940 Act, which are referred to as “qualifying assets,” unless, at the time the acquisition is made, qualifying assets represent at least 70% of the BDC's total assets. The 1940 Act also regulates how BDCs employ “leverage” (i.e., how BDCs use borrowed funds to make investments). Leverage magnifies the potential for gain and loss on amounts invested and, as a result, increases the risks associated with the securities of leveraged companies. The 1940 Act also establishes “coverage ratio” requirements that permit BDCs to incur more leverage than other regulated closed-end investment companies. Specifically, a BDC's total assets must exceed its total senior securities (i.e., all borrowings and any preferred stock that may be issued in the future) by only 200%. By comparison, the total assets of another closed-end fund regulated by the 1940 Act must exceed the fund's total senior securities by 300%.

Under the supervision of the Adviser, BDCA Adviser, LLC, the Fund's investment sub-adviser (also referred to herein as “BDCA” or the “Sub-Adviser”), evaluates equity securities primarily on the BDC's or other issuer's ability to sustain its current dividend, and secondarily on the potential for capital appreciation. The Sub-Adviser intends to allocate the Fund's assets among BDCs that, in its view, are paying attractive rates of distribution and appear capable of sustaining that distribution level over time. The Sub-Adviser incorporates into its assessment, among other factors, dividend yield, price to book, financial operations, portfolio of investments and management quality. The Sub-Adviser will also consider the amount of leverage employed by a BDC or other issuer before deciding to invest in its securities. In selecting securities for investment, the Sub-Adviser generally seeks to invest in securities whose current distribution rates equal or exceed 7.0%, and that it believes will continue to pay distributions at that rate for the foreseeable future.

When selecting securities for the Fund, the Sub-Adviser may utilize fundamental, technical and other related methodologies to determine the intrinsic value of the security. The Sub-Adviser expects that it will sell a security if, in the judgment of the portfolio manager, the individual security's distribution potential has been compromised, its fundamentals have deteriorated or may deteriorate, or a more attractive investment opportunity is identified.

The Fund may invest up to 15% of its net assets in illiquid securities.

Strategy Portfolio Concentration [Text]

rr_StrategyPortfolioConcentration

The Fund will invest substantially all (and under normal market conditions, at least 80%), of its net assets (plus any borrowings for investment purposes) in common stocks and other equity securities of business development companies (“BDCs”) that are traded on one or more nationally recognized securities exchanges.

Risk [Heading]

rr_RiskHeading

Principal Risks of Investing in the Fund

Risk Narrative [Text Block]

rr_RiskNarrativeTextBlock

An investment in the Fund's shares is subject to various risks. The value of the Fund's investments will increase or decrease based on changes in the prices of the investments it holds. This will cause the value of the Fund's shares to increase or decrease. You may receive little or no return on your investment or you may lose all or part of it. By itself, the Fund does not constitute a balanced investment program. Before investing in the Fund, you should consider carefully the following risks.

Market Risk. An investment in the Fund is generally subject to market risk, including the possible loss of the entire amount invested. An investment in the Fund represents an indirect investment in the securities owned by the Fund. Like all financial instruments, the value of these securities may move up or down, sometimes rapidly and unpredictably. The value of your investment in the Fund at any point in time may be worth less than the value of your original investment, even after taking into account any reinvestment of dividends and distributions.

BDC Risk. The Fund primarily invests in securities issued by publicly-traded BDCs. As a result, the Fund's portfolio will be significantly affected by the performance of the BDCs in which it invests and the performance of the BDCs' portfolio companies, as well as the overall economic environment. The Fund may be exposed to greater risk and experience higher volatility than would a portfolio that was not focused on investing in BDCs.

The types of portfolio companies in which BDCs invest are generally considered to be below investment grade, and the debt securities of those companies, in turn, are often referred to as “high yield” or “junk.” The revenues, income (or losses) and valuations of these companies can, and often do, fluctuate suddenly and dramatically, and they face considerable risk of loss.

BDCs primarily invest in privately-held and thinly-traded companies. The fair values of these investments often are not readily determinable. Although each BDC's board of directors is responsible for determining the fair value of these securities, the uncertainty regarding fair value may adversely affect the determination of the BDC's net asset value. This could cause the Fund's investments in a BDC to be inaccurately valued, including undervalued.

BDCs often borrow funds to make investments and, as a result, are exposed to the risks of leverage. Leverage magnifies the potential loss on amounts invested and therefore increases the risks associated with an investment in a BDC's securities. Leverage is generally considered a speculative investment technique. Further, BDCs' management fees, which are generally higher than the management fees charged to other funds, are normally payable on gross assets, including those assets acquired through the use of leverage. This may give a BDC's investment adviser a financial incentive to incur leverage.

Investment in other Investment Companies Risk. The Fund's investment in other investment companies, including BDCs, may subject the Fund indirectly to the underlying risks of the investment company. The Fund also will bear its share of the underlying investment company's fees and expenses, which are in addition to the Fund's own fees and expenses. Shares of BDCs may trade at prices that reflect a premium above or a discount below the investment company's NAV, which may be substantial. If investment company securities are purchased at a premium to NAV, the premium may not exist when those securities are sold and the Fund could incur a loss.

BDCs, like other investment companies, are often parties to contractual agreements under which a BDC's investment adviser or another third-party agrees to waive fees or pay a portion of the BDC's expenses. Once the contract terminates or ends, the BDC's expenses may increase and, as a result, the acquired fund fees and expenses paid by the Fund's shareholders may increase as well. Further, the acquired fund fees and expenses paid by the Fund's shareholders may increase further if the BDC's investment adviser or another third-party seeks to recoup any previously waived fees or paid expenses.

Medium- and Small-Capitalization Company Risk. BDCs primarily invest in U.S. middle-market companies, which may be considered medium- or small-capitalization companies. Medium- and small-capitalization companies may have smaller investment portfolios and less financial or managerial resources. The risks associated with these investments are generally greater than those associated with investments in the securities of larger, more-established companies. This may cause a BDC's NAV to be more volatile when compared to investment companies that focus only on large capitalization companies. Generally, securities of medium- and small-capitalization companies are more likely to experience sharper swings in market values or less liquid markets, in which it may be more difficult to sell at favorable times and at favorable prices.

Common Stock Risk.While common stock has historically generated higher average returns than debt securities, common stock has also experienced significantly more volatility in those returns. An adverse event, such as an unfavorable earnings report, may depress the value of common stock held by the Fund. Also, the price of common stock is sensitive to general movements in the stock market. A drop in the stock market may depress the price of common stock held by the Fund.

Preferred Stock Risk. There are various risks associated with investing in preferred stock, including credit risk, liquidity risk, interest rate risk, deferral and omission of distributions, subordination to bonds and other debt securities in a company's capital structure, limited liquidity, limited voting rights, and special redemption rights.

Debt Securities Risk. The Fund is directly exposed to the credit risk associated with its investments in debt securities. There is a risk that debt issuers will not make payments, resulting in losses to the Fund. In addition, the credit quality of securities may be lowered if an issuer's financial condition changes. Lower credit quality may affect liquidity and lead to greater Fund volatility. Default, or the market's perception that an issuer is likely to default, could reduce the value and liquidity of securities, thereby reducing the value of your investment in the Fund. In addition, default may cause the Fund to incur expenses in seeking recovery of principal or interest on its portfolio holdings.

High Yield (“Junk”) Bond Risk. The portfolio companies in which BDCs invest are generally considered to be below investment grade, and the debt securities of those companies, in turn, are often referred to as “high yield” or “junk.” These bonds involve a greater risk of default or price change due to changes in the issuer's credit quality. The values of these bonds fluctuate more than those of high-quality bonds in response to company, political, regulatory or economic developments. Values of high yield or junk bonds can decline significantly over short periods of time. In addition, debt securities issued by a BDC may also be considered to be non-investment grade or junk.

Credit Risk of Underlying Investments.The Fund is indirectly exposed to the credit risk associated with the debt investments of the BDCs in which the Fund invests. BDCs invest in small companies in the initial stages of development. The types of portfolio companies in which BDCs invest are generally considered to be below investment grade, and the debt securities of those companies, in turn, are often referred to as “high yield” or “junk.” There is an increased risk that such a portfolio company will fail to make payments on its debts as compared to more developed companies. If a portfolio company fails to make payments to a BDC, the BDC's performance could be negatively affected and, to the extent that the Fund invests in the BDC, the value of Fund's investment in the BDC may be negatively affected as well.

Liquidity Risk. A security is considered to be illiquid if the Fund is unable to sell such security within seven days at the price at which the Fund values the security. A security may be deemed illiquid due to a lack of trading volume in the security or if the security is privately placed and not traded in any public market or is otherwise restricted from trading. The Fund may be unable to sell illiquid securities at the time or price it desires and could lose its entire investment in such securities. Further, certain restricted securities require special registration, liabilities and costs, and could be more difficult to value.

Non-Diversification Risk. The Fund is classified as a non-diversified management investment company under the 1940 Act. This means that the Fund may invest a greater portion of its assets in a limited number of issuers than would be the case if the Fund were classified as a diversified management investment company. The value of a specific security can perform differently from the market as a whole for reasons related to the issuer, such as operational performance, financial leverage and investment level performance at the BDC. The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund's portfolio. Additionally, the Fund's performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company.

Management Risk.The NAV of the Fund changes daily based on the performance of the securities in which it invests. The Sub-Adviser's judgments about the attractiveness, value and potential appreciation of BDCs in which the Fund invests may prove to be incorrect and may not produce the desired results.

No History of Operations. The Fund is a new mutual fund and has no history of operations. During the Fund's start-up period, the Fund may not achieve the desired portfolio composition. If the Fund commences operations under inopportune market or economic conditions, it may not be able to achieve its investment objective.

Risk Lose Money [Text]

rr_RiskLoseMoney

You may receive little or no return on your investment or you may lose all or part of it.

Risk Nondiversified Status [Text]

rr_RiskNondiversifiedStatus

The Fund is classified as a non-diversified management investment company under the 1940 Act. This means that the Fund may invest a greater portion of its assets in a limited number of issuers than would be the case if the Fund were classified as a diversified management investment company. The value of a specific security can perform differently from the market as a whole for reasons related to the issuer, such as operational performance, financial leverage and investment level performance at the BDC. The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund’s portfolio. Additionally, the Fund’s performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company.

AR Capital BDC Income Fund (Second Prospectus Summary) | AR Capital BDC Income Fund | Advisor Class

Risk/Return:

rr_RiskReturnAbstract

Management Fees

rr_ManagementFeesOverAssets

0.90%

Distribution and Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

none

Other Expenses

rr_OtherExpensesOverAssets

1.01%

^[1]

Acquired Fund Fees and Expenses (fees and expenses incurred directly by the Fund as a result of investment in shares of one or more Acquired Funds)

rr_AcquiredFundFeesAndExpensesOverAssets

4.45%

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

6.63%

Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.66%)

^[2]

Total Annual Fund Operating Expenses After Expense Reimbursement

rr_NetExpensesOverAssets

5.70%

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

$ 568

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

$ 1,814

[1] Because the Fund is new, 'Other Expenses' are based on estimated amounts for the current fiscal year.

[2] National Fund Advisors, LLC, the Fund's investment adviser (also referred to herein as 'NFA' or the 'Adviser') has contractually agreed to waive a portion or all of its management fees and pay Fund expenses (excluding acquired fund fees and expenses, interest, taxes and extraordinary expenses) in order to limit the Other Expenses to 0.35% of average daily net assets of the Fund's shares (the 'Expense Cap'). The Expense Cap will remain in effect through at least July 5, 2015, and may be terminated before that date only by the Board of Trustees (the 'Board') of the Realty Capital Income Funds Trust (the 'Trust'). The Adviser may recoup any previously waived fees and paid expenses from the Fund pursuant to this agreement for three years from the date they were waived or paid, subject to the Expense Cap.

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AR Capital BDC Income Fund (Second Prospectus Summary) | AR Capital BDC Income Fund

AR CAPITAL BDC INCOME FUND

Investment Objective

The Fund's investment objective is to provide a high level of income, with the potential for capital appreciation.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold Advisor Class shares of the Fund.

Shareholder Fees (fees paid directly from your investment) None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses		Advisor Class
Management Fees		0.90%
Distribution and Service (12b-1) Fees		none
Other Expenses	[1]	1.01%
Acquired Fund Fees and Expenses (fees and expenses incurred directly by the Fund as a result of investment in shares of one or more Acquired Funds)		4.45%
Total Annual Fund Operating Expenses		6.63%
Expense Reimbursement	[2]	(0.66%)
Total Annual Fund Operating Expenses After Expense Reimbursement		5.70%

Example:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. 

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example (USD $)	Expense Example, with Redemption, 1 Year	Expense Example, with Redemption, 3 Years
Advisor Class	568	1,814

Portfolio Turnover:

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. The portfolio turnover rate for the Fund is not available because the Fund is new.

Principal Investment Strategies

The Fund will invest substantially all (and under normal market conditions, at least 80%), of its net assets (plus any borrowings for investment purposes) in common stocks and other equity securities of business development companies (“BDCs”) that are traded on one or more nationally recognized securities exchanges. The equity securities in which the Fund may invest consist of:

·      common stocks;

·      securities convertible into common stocks; and

·      preferred stocks.

In addition, although the Fund will typically invest in equity securities, the Fund may invest up to 20% of its net assets in debt securities of BDCs and other issuers of any maturity, duration or credit rating.

BDCs are publicly-held, closed-end investment funds that are regulated by the Investment Company Act of 1940, as amended (the “1940 Act”). BDCs primarily lend to or invest in private or thinly-traded companies. They also offer managerial assistance to the companies in which they invest. As with other companies regulated by the 1940 Act, BDCs must adhere to various substantive regulatory requirements. One such requirement is that a BDC may not acquire any asset other than assets of the type listed in Section 55(a) of the 1940 Act, which are referred to as “qualifying assets,” unless, at the time the acquisition is made, qualifying assets represent at least 70% of the BDC's total assets. The 1940 Act also regulates how BDCs employ “leverage” (i.e., how BDCs use borrowed funds to make investments). Leverage magnifies the potential for gain and loss on amounts invested and, as a result, increases the risks associated with the securities of leveraged companies. The 1940 Act also establishes “coverage ratio” requirements that permit BDCs to incur more leverage than other regulated closed-end investment companies. Specifically, a BDC's total assets must exceed its total senior securities (i.e., all borrowings and any preferred stock that may be issued in the future) by only 200%. By comparison, the total assets of another closed-end fund regulated by the 1940 Act must exceed the fund's total senior securities by 300%.

Under the supervision of the Adviser, BDCA Adviser, LLC, the Fund's investment sub-adviser (also referred to herein as “BDCA” or the “Sub-Adviser”), evaluates equity securities primarily on the BDC's or other issuer's ability to sustain its current dividend, and secondarily on the potential for capital appreciation. The Sub-Adviser intends to allocate the Fund's assets among BDCs that, in its view, are paying attractive rates of distribution and appear capable of sustaining that distribution level over time. The Sub-Adviser incorporates into its assessment, among other factors, dividend yield, price to book, financial operations, portfolio of investments and management quality. The Sub-Adviser will also consider the amount of leverage employed by a BDC or other issuer before deciding to invest in its securities. In selecting securities for investment, the Sub-Adviser generally seeks to invest in securities whose current distribution rates equal or exceed 7.0%, and that it believes will continue to pay distributions at that rate for the foreseeable future.

When selecting securities for the Fund, the Sub-Adviser may utilize fundamental, technical and other related methodologies to determine the intrinsic value of the security. The Sub-Adviser expects that it will sell a security if, in the judgment of the portfolio manager, the individual security's distribution potential has been compromised, its fundamentals have deteriorated or may deteriorate, or a more attractive investment opportunity is identified.

The Fund may invest up to 15% of its net assets in illiquid securities.

Principal Risks of Investing in the Fund

An investment in the Fund's shares is subject to various risks. The value of the Fund's investments will increase or decrease based on changes in the prices of the investments it holds. This will cause the value of the Fund's shares to increase or decrease. You may receive little or no return on your investment or you may lose all or part of it. By itself, the Fund does not constitute a balanced investment program. Before investing in the Fund, you should consider carefully the following risks.

Market Risk. An investment in the Fund is generally subject to market risk, including the possible loss of the entire amount invested. An investment in the Fund represents an indirect investment in the securities owned by the Fund. Like all financial instruments, the value of these securities may move up or down, sometimes rapidly and unpredictably. The value of your investment in the Fund at any point in time may be worth less than the value of your original investment, even after taking into account any reinvestment of dividends and distributions.

BDC Risk. The Fund primarily invests in securities issued by publicly-traded BDCs. As a result, the Fund's portfolio will be significantly affected by the performance of the BDCs in which it invests and the performance of the BDCs' portfolio companies, as well as the overall economic environment. The Fund may be exposed to greater risk and experience higher volatility than would a portfolio that was not focused on investing in BDCs.

The types of portfolio companies in which BDCs invest are generally considered to be below investment grade, and the debt securities of those companies, in turn, are often referred to as “high yield” or “junk.” The revenues, income (or losses) and valuations of these companies can, and often do, fluctuate suddenly and dramatically, and they face considerable risk of loss.

BDCs primarily invest in privately-held and thinly-traded companies. The fair values of these investments often are not readily determinable. Although each BDC's board of directors is responsible for determining the fair value of these securities, the uncertainty regarding fair value may adversely affect the determination of the BDC's net asset value. This could cause the Fund's investments in a BDC to be inaccurately valued, including undervalued.

BDCs often borrow funds to make investments and, as a result, are exposed to the risks of leverage. Leverage magnifies the potential loss on amounts invested and therefore increases the risks associated with an investment in a BDC's securities. Leverage is generally considered a speculative investment technique. Further, BDCs' management fees, which are generally higher than the management fees charged to other funds, are normally payable on gross assets, including those assets acquired through the use of leverage. This may give a BDC's investment adviser a financial incentive to incur leverage.

Investment in other Investment Companies Risk. The Fund's investment in other investment companies, including BDCs, may subject the Fund indirectly to the underlying risks of the investment company. The Fund also will bear its share of the underlying investment company's fees and expenses, which are in addition to the Fund's own fees and expenses. Shares of BDCs may trade at prices that reflect a premium above or a discount below the investment company's NAV, which may be substantial. If investment company securities are purchased at a premium to NAV, the premium may not exist when those securities are sold and the Fund could incur a loss.

BDCs, like other investment companies, are often parties to contractual agreements under which a BDC's investment adviser or another third-party agrees to waive fees or pay a portion of the BDC's expenses. Once the contract terminates or ends, the BDC's expenses may increase and, as a result, the acquired fund fees and expenses paid by the Fund's shareholders may increase as well. Further, the acquired fund fees and expenses paid by the Fund's shareholders may increase further if the BDC's investment adviser or another third-party seeks to recoup any previously waived fees or paid expenses.

Medium- and Small-Capitalization Company Risk. BDCs primarily invest in U.S. middle-market companies, which may be considered medium- or small-capitalization companies. Medium- and small-capitalization companies may have smaller investment portfolios and less financial or managerial resources. The risks associated with these investments are generally greater than those associated with investments in the securities of larger, more-established companies. This may cause a BDC's NAV to be more volatile when compared to investment companies that focus only on large capitalization companies. Generally, securities of medium- and small-capitalization companies are more likely to experience sharper swings in market values or less liquid markets, in which it may be more difficult to sell at favorable times and at favorable prices.

Common Stock Risk.While common stock has historically generated higher average returns than debt securities, common stock has also experienced significantly more volatility in those returns. An adverse event, such as an unfavorable earnings report, may depress the value of common stock held by the Fund. Also, the price of common stock is sensitive to general movements in the stock market. A drop in the stock market may depress the price of common stock held by the Fund.

Preferred Stock Risk. There are various risks associated with investing in preferred stock, including credit risk, liquidity risk, interest rate risk, deferral and omission of distributions, subordination to bonds and other debt securities in a company's capital structure, limited liquidity, limited voting rights, and special redemption rights.

Debt Securities Risk. The Fund is directly exposed to the credit risk associated with its investments in debt securities. There is a risk that debt issuers will not make payments, resulting in losses to the Fund. In addition, the credit quality of securities may be lowered if an issuer's financial condition changes. Lower credit quality may affect liquidity and lead to greater Fund volatility. Default, or the market's perception that an issuer is likely to default, could reduce the value and liquidity of securities, thereby reducing the value of your investment in the Fund. In addition, default may cause the Fund to incur expenses in seeking recovery of principal or interest on its portfolio holdings.

High Yield (“Junk”) Bond Risk. The portfolio companies in which BDCs invest are generally considered to be below investment grade, and the debt securities of those companies, in turn, are often referred to as “high yield” or “junk.” These bonds involve a greater risk of default or price change due to changes in the issuer's credit quality. The values of these bonds fluctuate more than those of high-quality bonds in response to company, political, regulatory or economic developments. Values of high yield or junk bonds can decline significantly over short periods of time. In addition, debt securities issued by a BDC may also be considered to be non-investment grade or junk.

Credit Risk of Underlying Investments.The Fund is indirectly exposed to the credit risk associated with the debt investments of the BDCs in which the Fund invests. BDCs invest in small companies in the initial stages of development. The types of portfolio companies in which BDCs invest are generally considered to be below investment grade, and the debt securities of those companies, in turn, are often referred to as “high yield” or “junk.” There is an increased risk that such a portfolio company will fail to make payments on its debts as compared to more developed companies. If a portfolio company fails to make payments to a BDC, the BDC's performance could be negatively affected and, to the extent that the Fund invests in the BDC, the value of Fund's investment in the BDC may be negatively affected as well.

Liquidity Risk. A security is considered to be illiquid if the Fund is unable to sell such security within seven days at the price at which the Fund values the security. A security may be deemed illiquid due to a lack of trading volume in the security or if the security is privately placed and not traded in any public market or is otherwise restricted from trading. The Fund may be unable to sell illiquid securities at the time or price it desires and could lose its entire investment in such securities. Further, certain restricted securities require special registration, liabilities and costs, and could be more difficult to value.

Non-Diversification Risk. The Fund is classified as a non-diversified management investment company under the 1940 Act. This means that the Fund may invest a greater portion of its assets in a limited number of issuers than would be the case if the Fund were classified as a diversified management investment company. The value of a specific security can perform differently from the market as a whole for reasons related to the issuer, such as operational performance, financial leverage and investment level performance at the BDC. The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund's portfolio. Additionally, the Fund's performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company.

Management Risk.The NAV of the Fund changes daily based on the performance of the securities in which it invests. The Sub-Adviser's judgments about the attractiveness, value and potential appreciation of BDCs in which the Fund invests may prove to be incorrect and may not produce the desired results.

No History of Operations. The Fund is a new mutual fund and has no history of operations. During the Fund's start-up period, the Fund may not achieve the desired portfolio composition. If the Fund commences operations under inopportune market or economic conditions, it may not be able to achieve its investment objective.

[1] Because the Fund is new, 'Other Expenses' are based on estimated amounts for the current fiscal year.

[2] National Fund Advisors, LLC, the Fund's investment adviser (also referred to herein as 'NFA' or the 'Adviser') has contractually agreed to waive a portion or all of its management fees and pay Fund expenses (excluding acquired fund fees and expenses, interest, taxes and extraordinary expenses) in order to limit the Other Expenses to 0.35% of average daily net assets of the Fund's shares (the 'Expense Cap'). The Expense Cap will remain in effect through at least July 5, 2015, and may be terminated before that date only by the Board of Trustees (the 'Board') of the Realty Capital Income Funds Trust (the 'Trust'). The Adviser may recoup any previously waived fees and paid expenses from the Fund pursuant to this agreement for three years from the date they were waived or paid, subject to the Expense Cap.