UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-23859

Advisor Managed Portfolios
(Exact name of registrant as specified in charter)

Milwaukee, Wisconsin 53202
(Address of principal executive offices) (Zip code)

Glendora, CA 91741
(Name and address of agent for service)

Registrant's telephone number, including area code

Date of fiscal year end: September 30

Date of reporting period:  March 31, 2024

(a)

 

 

 

REGAN TOTAL RETURN INCOME FUND

INSTITUTIONAL CLASS (RCIRX)
INVESTOR CLASS (RCTRX)

 

 

SEMI-ANNUAL REPORT TO SHAREHOLDERS

 

MARCH 31, 2024

 

 

TABLE OF CONTENTS

 

EXPENSE EXAMPLE	1
ALLOCATION OF PORTFOLIO HOLDINGS	2
SCHEDULE OF INVESTMENTS	3
STATEMENT OF ASSETS AND LIABILITIES	36
STATEMENT OF OPERATIONS	37
STATEMENTS OF CHANGES IN NET ASSETS	38
FINANCIAL HIGHLIGHTS	39
NOTES TO FINANCIAL STATEMENTS	41
ADDITIONAL INFORMATION	52
PRIVACY NOTICE	55

 

 

Regan Total Return Income Fund

Expense Example

March 31, 2024 (Unaudited)

 

 

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs, including redemption fees; and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

 

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2023 to March 31, 2024 (the “period”).

 

Actual Expenses

 

The “Actual Fund Return” lines in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 equals 8.6), then multiply the result by the number in the corresponding line under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during the period.

 

Hypothetical Example for Comparison Purposes

 

The information in the table with the lines titled “Hypothetical 5% Return” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

 

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the information in the lines titled “Hypothetical 5% Return” is useful in comparing the ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs could have been higher.

 

Expenses Paid During the Period

		Beginning Account Value			Ending Account Value			Annualized Expense Ratio		Expenses Paid During the Period(1)
Regan Total Return Income Fund
Institutional Class
Actual Fund Return		$  1,000.00			$  1,050.60			1.30%		$  6.66
Hypothetical 5% Return		1,000.00			1,018.50			1.30%		6.56
Investor Class
Actual Fund Return		$  1,000.00			$  1,049.20			1.56%		$  7.99
Hypothetical 5% Return		1,000.00			1,017.20			1.56%		7.87

 

(1)

Expenses are equal to the Fund’s annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 183/366. The expense ratios reflect an expense waiver. Assumes all dividends and distributions were reinvested.

 

 

Regan Total Return Income Fund

Allocation of Portfolio Holdings (Unaudited)

March 31, 2024

(Calculated as a percentage of Total Investments)

 

 

 

* Short Term Investments consist of amounts held in money market funds and US Treasury Bills.

 

 

Regan Total Return Income Fund

Schedule of Investments (Unaudited)

March 31, 2024

 

Security		Rate				Maturity Date		Principal Amount				Value
Collateralized Mortgage Obligations — 56.6%
ACE Securities Corp.
Series 2006-ASL1, Class A (1 mo. Term SOFR + 0.394%) (a)			5.724	%		2/25/2036		$	280,022			$	32,799
Series 2007-D1, Class A4 (b)(c)			6.930	%		2/25/2038			604,351				476,186
Adjustable Rate Mortgage Trust
Series 2004-4, Class 3A1 (d)			4.858	%		3/25/2035			29,942				29,033
Series 2005-7, Class 2A21 (d)			3.944	%		10/25/2035			1,104,598				942,053
Series 2005-7, Class 5A1 (d)			4.352	%		10/25/2035			2,003,317				1,444,317
Series 2005-6A, Class 2A1 (1 mo. Term SOFR + 0.734%) (a)			6.064	%		11/25/2035			81,129				26,363
Series 2005-10, Class 1A1 (d)			5.570	%		1/25/2036			200,137				182,217
Series 2006-1, Class 1A1 (d)			4.507	%		3/25/2036			68,666				60,833
Aegis Asset Backed Securities Trust
Series 2004-5, Class M2 (1 mo. Term SOFR + 1.944%) (a)(e)			7.274	%		12/25/2034			168,546				130,960
AFC Home Equity Loan Trust
Series 2000-1, Class 2A (1 mo. Term SOFR + 0.754%) (a)			6.075	%		3/25/2030			100,173				94,734
Agate Bay Mortgage Trust
Series 2015-4, Class A5 (b)(d)			3.000	%		6/25/2045			323,932				285,436
Series 2015-6, Class A3 (b)(d)			3.500	%		9/25/2045			363,642				325,388
American Home Mortgage Assets
Series 2007-3, Class 11A1 (1 mo. Term SOFR + 0.534%) (a)			5.864	%		6/25/2037			167,130				151,474
Series 2006-2, Class 1A1 (12 Month US Treasury Average + 0.960%) (a)			6.049	%		9/25/2046			505,618				422,787
American Home Mortgage Investment Trust
Series 2004-3, Class MH1 (1 mo. Term SOFR + 1.014%) (a)			5.011	%		10/25/2034			81,145				74,918
Series 2005-2, Class 5A4C (c)(e)			5.908	%		9/25/2035			32,835				15,433
Series 2007-2, Class 12A1 (1 mo. Term SOFR + 0.654%) (a)			5.984	%		3/25/2037			1,021,655				378,181
Series 2007-A, Class 4A (1 mo. Term SOFR + 1.014%) (a)(b)			6.335	%		7/25/2046			112,837				28,442
Series 2007-2, Class 11A1 (1 mo. Term SOFR + 0.574%) (a)			5.904	%		3/25/2047			897,497				347,013
Series 2007-1, Class GA1A (1 mo. Term SOFR + 0.274%) (a)			5.604	%		5/25/2047			4,446,158				3,056,636
Series 2007-1, Class GA1C (1 mo. Term SOFR + 0.304%) (a)			5.634	%		5/25/2047			11,301,256				6,236,368
Angel Oak Mortgage Trust
Series 2020-R1, Class A1 (b)(d)(e)			0.990	%		4/25/2053			81,268				69,809
Series 2021-4, Class A1 (b)(d)			1.035	%		1/20/2065			5,278,787				4,285,374
Series 2020-5, Class A1 (b)(d)			1.373	%		5/25/2065			14,397				13,344
Series 2021-2, Class A1 (b)(d)			0.985	%		4/25/2066			570,860				471,883
Series 2021-3, Class A1 (b)(d)			1.068	%		5/25/2066			4,811,274				4,045,335
Series 2021-5, Class A1 (b)(d)			0.951	%		7/25/2066			1,154,000				968,782
Series 2021-8, Class A1 (b)(d)			1.820	%		11/25/2066			1,786,840				1,537,468

 

The accompanying notes are an integral part of these financial statements.

 

 

Regan Total Return Income Fund

Schedule of Investments (Unaudited)

March 31, 2024

 

Security		Rate				Maturity Date		Principal Amount				Value
Collateralized Mortgage Obligations (Continued)
Argent Securities Inc.
Series 2004-W9, Class M2 (1 mo. Term SOFR + 2.139%) (a)(e)			4.348	%		6/26/2034		$	31,915			$	31,118
Series 2006-W4, Class A2D (1 mo. Term SOFR + 0.654%) (a)			5.984	%		5/25/2036			277,605				66,231
Series 2006-W5, Class A2B (1 mo. Term SOFR + 0.314%) (a)			5.644	%		6/25/2036			308,282				81,860
ASG Resecuritization Trust
Series 2011-2, Class M52 (b)			5.750	%		2/28/2036			719,108				655,715
Banc of America Alternative Loan Trust
Series 2007-1, Class 1A1 (d)(e)			3.985	%		4/25/2024			293,735				229,848
Series 2005-10, Class 1CB1 (1 mo. Term SOFR + 0.514%) (a)			5.500	%		11/25/2035			514,851				415,742
Series 2005-11, Class 1CB5			5.500	%		12/25/2035			192,660				166,663
Series 2007-2, Class 1A1			5.500	%		6/25/2037			693,139				579,511
Series 2007-2, Class 3A2 (1 mo. Term SOFR + 0.474%) (a)(e)			5.804	%		6/25/2037			141,314				94,150
Series 2006-5, Class CB7			6.000	%		6/25/2046			359,119				307,849
Banc of America Funding Corporation
Series 2016-R2, Class 1A2 (b)(d)			8.156	%		5/1/2033			1,768,796				1,708,734
Series 2005-1, Class 1A6			5.500	%		2/25/2035			32,169				29,012
Series 2005-B, Class 2A1 (d)			4.194	%		4/20/2035			35,759				31,098
Series 2005-E, Class 8A1 (12 Month US Treasury Average + 1.430%) (a)			6.519	%		6/20/2035			1,010,088				728,762
Series 2005-3, Class 1A10			5.250	%		6/25/2035			269,997				232,919
Series 2009-R14A, Class 2A (1 mo. Term SOFR + 14.795%) (b)(g)			5.500	%		7/26/2035			490,430				407,189
Series 2005-6, Class 1A3			5.750	%		10/25/2035			1,144,583				880,764
Series 2005-6, Class 1A8			6.000	%		10/25/2035			327,493				256,948
Series 2005-8, Class 1A1			5.500	%		1/25/2036			209,255				164,889
Series 2006-G, Class 3A3 (CME Term SOFR 12 Month + 2.465%) (a)			7.558	%		7/20/2036			13,466				13,221
Series 2006-4, Class A11			6.000	%		7/25/2036			214,914				147,549
Series 2006-7, Class 1A1 (1 mo. Term SOFR + 0.564%) (a)			5.894	%		9/25/2036			701,750				522,789
Series 2007-4, Class 3A1 (1 mo. Term SOFR + 0.484%) (a)			5.814	%		6/25/2037			161,124				126,630
Series 2008-R4, Class 1A4 (1 mo. Term SOFR + 0.564%) (a)(b)(e)			5.885	%		7/25/2037			290,781				175,923
Series 2007-8, Class 4A1			6.000	%		8/25/2037			84,360				65,429
Series 2007-C, Class 7A4 (1 mo. Term SOFR + 0.554%) (a)(e)			5.883	%		5/20/2047			258,950				212,339
Series 2007-C, Class 7A5 (1 mo. Term SOFR + 0.714%) (a)(e)			6.043	%		5/20/2047			384,512				330,680
Banc of America Mortgage Securities
Series 2003-H, Class 2A2 (d)			5.996	%		9/25/2033			745,612				692,748
Series 2005-3, Class 2A3			5.500	%		3/25/2035			544,981				473,093
Series 2005-E, Class 3A1 (d)			4.728	%		6/25/2035			219,284				203,811
Series 2005-F, Class 2A2 (d)			5.141	%		7/25/2035			195,887				179,195
Series 2005-8, Class A12			5.500	%		9/25/2035			988,128				838,860
Series 2005-J, Class 2A1 (d)			5.212	%		11/25/2035			47,795				42,786
Series 2007-2, Class A7			5.500	%		5/25/2037			73,286				53,126

 

The accompanying notes are an integral part of these financial statements.

 

 

Regan Total Return Income Fund

Schedule of Investments (Unaudited)

March 31, 2024

 

Security		Rate				Maturity Date		Principal Amount				Value
Collateralized Mortgage Obligations (Continued)
Banc of America Mortgage Securities (Continued)
Series 2007-3, Class 1A1			6.000	%		9/25/2037		$	446,466			$	357,327
Series 2006-2, Class A2 (1 mo. Term SOFR + 6.000%) (a)			6.000	%		7/25/2046			256,763				215,956
Series 2006-2, Class A3 (1 mo. Term SOFR + 0.714%) (a)			6.000	%		7/25/2046			791,235				621,843
BankAmerica Manufactured Housing Contract Trust
Series 1997-1, Class B1			6.940	%		4/10/2024			600,000				104,175
Series 1998-2, Class B1 (d)			7.291	%		12/10/2025			2,177,312				335,917
Bayview Commercial Asset Trust
Series 2006-1A, Class B1 (1 mo. Term SOFR + 1.689%) (a)(b)			7.019	%		4/25/2036			242,429				206,885
Bayview Financial Acquisition Trust
Series 2006-C, Class 2A3 (1 mo. Term SOFR + 0.549%) (a)			5.880	%		11/28/2036			1,018,713				879,620
BCAP LLC Trust
Series 2011-RR4, Class 8A1 (b)(d)			5.250	%		2/26/2036			1,226,322				476,643
Series 2012-RR4, Class 4A7 ( + 0.000%) (a)(b)			5.107	%		2/26/2036			2,027,515				1,158,326
Series 2011-RR4, Class 7A1 (b)(e)			5.250	%		4/26/2037			1,890,053				1,058,430
Series 2008-IND2, Class A2 (d)			3.873	%		4/25/2038			940,507				720,081
Bear Stearns Adjustable Rate Mortgage Trust
Series 2003-4, Class 3A1 (d)			5.468	%		7/25/2033			88,252				83,090
Series 2005-12, Class 23A1 (d)			4.781	%		2/25/2036			176,626				152,094
Series 2006-4, Class 2A1 (d)(e)			4.339	%		10/25/2036			144,894				108,308
Series 2007-2, Class 4A1 (1 yr. CMT Rate + 2.200%) (a)			7.660	%		12/25/2046			804,349				687,563
Series 2007-4, Class 22A1 (d)			4.084	%		6/25/2047			71,729				63,537
Bear Stearns Alt-A Trust
Series 2005-7, Class 23A1 (d)			4.217	%		9/25/2035			253,693				105,634
Bear Stearns Asset Backed Securities Trust
Series 2003-AC4, Class A (c)(e)			5.500	%		9/25/2033			90,813				77,691
Series 2004-HE7, Class M2 (1 mo. Term SOFR + 1.839%) (a)			7.169	%		8/25/2034			13,940				13,448
Series 2006-AC3, Class 1A1 (1 mo. Term SOFR + 0.514%) (a)			5.844	%		5/25/2036			2,814,564				708,316
Series 2007-SD1, Class 22A1 (d)			4.999	%		10/25/2036			851,737				389,007
Series 2007-AC4, Class A2 (1 mo. Term SOFR + 26.899%) (g)			8.246	%		2/25/2037			571,286				493,538
Bear Stearns Structured Products, Inc.
Series 2007-R6, Class 2A1 (d)(e)			4.198	%		12/26/2046			230,815				163,879
Bella Vista Mortgage Trust
Series 2004-2, Class A1 (1 mo. Term SOFR + 0.854%) (a)			6.184	%		2/25/2035			1,296,662				807,189
BINOM Securitization Trust
Series 2021-INV1, Class A1 (b)(d)			2.034	%		6/25/2056			164,258				141,692
Bombardier Capital Mortgage Securitization Corp.
Series 2000-A, Class A2 (d)			7.575	%		6/15/2030			3,879,580				407,091

 

The accompanying notes are an integral part of these financial statements.

 

Regan Total Return Income Fund 

Schedule of Investments (Unaudited) 

March 31, 2024

 

Security		Rate				Maturity Date		Principal Amount				Value
Collateralized Mortgage Obligations (Continued)
CDC Mortgage Capital Trust
Series 2002-HE1, Class A (1 mo. Term SOFR + 0.734%) (a)			6.064	%		1/25/2033		$	4,217			$	4,181
Series 2004-HE1, Class M1 (1 mo. Term SOFR + 0.969%) (a)			6.299	%		6/25/2034			462,343				604,078
Charlie Mac
Series 2004-1, Class A8 (1 mo. Term SOFR + 0.664%) (a)			5.994	%		8/25/2034			29,384				26,644
Chase Funding Mortgage Loan Asset-Backed
Series 2003-5, Class 1M2 (d)			5.641	%		9/25/2032			82,069				70,403
Series 2004-1, Class 1A7 (c)			4.985	%		11/25/2033			20,653				20,178
Chase Mortgage Finance Corporation
Series 2004-S2, Class 2A4			5.500	%		2/25/2034			219,315				208,632
Series 2007-S1, Class A1 (1 mo. Term SOFR + 0.714%) (a)			6.000	%		2/25/2037			6,455,759				1,937,736
Series 2007-A1, Class 11M1 (d)			4.345	%		3/25/2037			107,055				98,537
Series 2007-A3, Class 1A7 (d)			5.035	%		12/25/2037			136,263				112,065
Series 2007-A3, Class 3A1 (d)(e)			4.658	%		12/25/2037			351,864				278,853
Series 2019-ATR2, Class A11 (1 mo. Term SOFR + 1.014%) (a)(b)			6.344	%		7/25/2049			1,186,099				1,142,229
Chaseflex Trust
Series 2006-1, Class A5 (d)(e)			6.160	%		6/25/2036			45,092				37,066
ChaseFlex Trust
Series 2007-1, Class 2A6			6.000	%		2/25/2037			1,897,806				716,830
Series 2007-3, Class 1A2 (1 mo. Term SOFR + 0.574%) (a)			5.904	%		7/25/2037			879,544				264,489
Series 2007-M1, Class 1A1 (1 mo. Term SOFR + 0.414%) (a)			5.744	%		8/25/2037			311,470				281,114
Chevy Chase Mortgage Funding Corp.
Series 2005-2A, Class A2 (1 mo. Term SOFR + 0.344%) (a)(b)			5.673	%		5/25/2036			117,918				104,721
Series 2005-CA, Class A1 (1 mo. Term SOFR + 0.324%) (a)(b)			5.654	%		10/25/2046			222,167				212,534
Series 2006-1A, Class A1 (1 mo. Term SOFR + 0.264%) (a)(b)(e)			5.594	%		12/25/2046			399,145				309,737
Series 2006-2A, Class A2 (1 mo. Term SOFR + 0.294%) (a)(b)			5.624	%		4/25/2047			473,772				325,215
Series 2006-4A, Class A1 (1 mo. Term SOFR + 0.244%) (a)(b)			5.574	%		11/25/2047			844,743				690,635
Series 2006-4A, Class A2 (1 mo. Term SOFR + 0.294%) (a)(b)			5.624	%		11/25/2047			60,344				44,186
CHNGE Mortgage Trust
Series 2022-1, Class A1 (b)(d)			3.007	%		1/25/2067			133,457				121,523
CIM Trust
Series 2019-INV1, Class A2 (30 day avg SOFR US + 1.114%) (a)(b)			6.435	%		2/25/2049			180,228				174,068
Citicorp Mortgage Securities Inc.
Series 2005-1, Class 1A4 (e)			5.500	%		2/25/2035			20,428				17,517
Series 2006-3, Class 1A4			6.000	%		6/25/2036			1,338,039				1,168,803
Series 2006-4, Class 1A4			6.000	%		8/25/2036			1,067,488				950,902
Series 2007-5, Class 1A9			6.000	%		6/25/2037			58,948				51,565

 

The accompanying notes are an integral part of these financial statements.

Regan Total Return Income Fund 

Schedule of Investments (Unaudited) 

March 31, 2024

 

Security		Rate				Maturity Date		Principal Amount				Value
Collateralized Mortgage Obligations (Continued)
Citigroup Mortgage Loan Trust Inc.
Series 1997-HUD1, Class A4 (d)(e)			2.825	%		12/25/2030		$	211,654			$	105,594
Series 2004-HYB2, Class 2A (d)			6.242	%		3/25/2034			151,565				132,413
Series 2005-2, Class 1A1 (d)			5.765	%		5/25/2035			220,999				205,641
Series 2005-7, Class 2A3A (d)			4.074	%		9/25/2035			784,585				550,136
Series 2006-8, Class A1 (1 mo. LIBOR US + 0.600%) (a)(b)			5.500	%		10/25/2035			2,953,300				1,482,879
Series 2005-9, Class 1A1 (1 mo. Term SOFR + 0.374%) (a)			5.704	%		11/25/2035			923,177				753,552
Series 2006-AR1, Class 2A1 (1 yr. CMT Rate + 2.400%) (a)			7.860	%		3/25/2036			55,173				49,545
Series 2006-WF1, Class A2C (c)			4.572	%		3/25/2036			418,010				197,143
Series 2007-AR1, Class A4 (1 mo. Term SOFR + 0.534%) (a)			5.864	%		1/25/2037			5,929,947				1,089,197
Series 2007-OPX1, Class A1B (1 mo. Term SOFR + 0.274%) (a)			5.604	%		1/25/2037			210,943				64,259
Series 2007-OPX1, Class A2 (1 mo. Term SOFR + 0.314%) (a)			5.644	%		1/25/2037			1,221,765				494,206
Series 2014-12, Class 2A5 (b)(d)			3.379	%		2/25/2037			2,356,295				1,762,048
Series 2009-8, Class 2A2 (b)(d)(e)			6.100	%		4/25/2037			2,086,007				1,144,697
Series 2007-9, Class 3A1 (b)			6.500	%		6/25/2037			574,734				546,477
Series 2007-10, Class 22AA (d)			4.496	%		9/25/2037			29,696				26,340
Series 2007-10, Class 2A4A (d)			5.721	%		9/25/2037			37,371				36,165
Series 2022-J1, Class A1 (b)(d)			2.500	%		2/25/2052			715,620				640,053
CitiMortgage Alternative Loan Trust
Series 2006-A1, Class 1A5			5.500	%		4/25/2036			205,856				183,699
Series 2006-A7, Class 1A1 ( + 0.000%) (a)			6.000	%		12/25/2036			425,215				365,078
Series 2006-A7, Class 1A12			6.000	%		12/25/2036			315,331				271,454
Series 2006-A7, Class 1A9 (1 mo. Term SOFR + 0.764%) (a)			6.000	%		12/25/2036			276,585				220,184
Series 2007-A5, Class 1A3 (1 mo. Term SOFR + 0.614%) (a)			5.944	%		5/25/2037			288,225				231,516
COLT Funding LLC
Series 2021-2R, Class A1 (b)			0.798	%		7/27/2054			235,884				204,448
Series 2021-1R, Class A2 (b)(d)			1.165	%		5/25/2065			2,421,399				2,049,923
Series 2021-4, Class A1 (b)(d)			1.397	%		10/25/2066			865,664				705,105
Series 2021-HX1, Class A1 (b)(d)			1.110	%		10/25/2066			162,641				134,592
COLT Mortgage Loan Trust
Series 2021-RPL1, Class A1 (b)(d)			1.665	%		9/25/2061			1,128,547				986,415
Series 2021-1, Class A1 (b)(d)			0.910	%		6/25/2066			1,189,806				971,009
Conseco Finance Securitizations Corp.
Series 1999-6, Class A1 (b)(d)			7.360	%		6/1/2030			8,357,971				2,721,235
Series 2001-2, Class M1 (d)			7.690	%		3/1/2031			903,661				861,828
Series 2002-2, Class M2 (d)			9.163	%		3/1/2033			1,702,437				1,679,167
Series 2002-1, Class M2 (d)			9.546	%		12/1/2033			1,792,743				1,739,070

 

The accompanying notes are an integral part of these financial statements.

Regan Total Return Income Fund 

Schedule of Investments (Unaudited) 

March 31, 2024

 

Security		Rate				Maturity Date		Principal Amount				Value
Collateralized Mortgage Obligations (Continued)
Conseco Financial Corp.
Series 1995-5, Class B2 (d)			7.650	%		9/15/2026		$	3,859,471			$	183,630
Series 1996-8, Class B1 (d)			7.950	%		11/15/2026			1,421,187				1,419,045
Series 1996-6, Class B1 (d)			8.000	%		9/15/2027			1,184,515				1,157,128
Series 1997-7, Class M1 (d)			7.030	%		7/15/2028			463,696				443,438
Series 1997-5, Class B1 (d)			6.970	%		5/15/2029			621,972				605,677
Series 1998-3, Class M1 (d)			6.860	%		3/1/2030			1,929,005				1,835,671
Series 1999-5, Class A6 (d)			7.500	%		3/1/2030			4,923,863				1,534,552
Series 1998-8, Class M1 (d)			6.980	%		9/1/2030			4,149,257				3,921,295
Series 1999-4, Class A7			7.410	%		5/1/2031			2,244,896				802,786
Countrywide Alternative Loan Trust
Series 2005-J1, Class 2A1			5.500	%		2/25/2025			83				82
Series 2003-J2, Class M			6.000	%		10/25/2033			163,096				156,635
Series 2003-J3, Class 1A3			5.250	%		11/25/2033			181,611				158,733
Series 2004-28CB, Class 2A5 (1 mo. Term SOFR + 0.514%) (a)			5.844	%		1/25/2035			141,114				125,529
Series 2004-34T1, Class A2			5.500	%		2/25/2035			296,048				257,987
Series 2005-2, Class 2A1 (d)			5.696	%		3/25/2035			255,885				244,287
Series 2005-10CB, Class 1A2 (1 mo. Term SOFR + 0.564%) (a)			5.500	%		5/25/2035			966,038				724,585
Series 2005-19CB, Class A2 (1 mo. Term SOFR + 16.688%) (g)			4.963	%		6/25/2035			65,768				52,916
Series 2005-21CB, Class A7			5.500	%		6/25/2035			37,560				28,418
Series 2005-24, Class 4A2 (1 mo. Term SOFR + 0.714%) (a)			6.043	%		7/20/2035			452,362				305,811
Series 2005-17, Class 2A1 (1 mo. Term SOFR + 0.594%) (a)			5.924	%		7/25/2035			720,685				558,814
Series 2005-29CB, Class A2 (1 mo. Term SOFR + 0.414%) (a)			5.744	%		7/25/2035			631,302				329,682
Series 2005-29CB, Class A4			5.000	%		7/25/2035			61,756				34,111
Series 2005-J7, Class 1A7 (1 mo. Term SOFR + 0.814%) (a)			5.500	%		7/25/2035			634,357				280,272
Series 2005-J8, Class 1A5			5.500	%		7/25/2035			301,377				210,408
Series 2005-27, Class 1A6 (1 mo. Term SOFR + 1.344%) (a)			6.674	%		8/25/2035			422,524				310,357
Series 2005-28CB, Class 1A9 (1 mo. Term SOFR + 0.664%) (a)			5.500	%		8/25/2035			2,276,184				1,792,506
Series 2005-28CB, Class 3A3 (1 mo. Term SOFR + 0.814%) (a)			6.000	%		8/25/2035			2,429,114				847,344
Series 2005-J10, Class 1A13 (1 mo. Term SOFR + 0.814%) (a)			5.500	%		10/25/2035			329,145				200,444
Series 2005-51, Class 3A2A (12 Month US Treasury Average + 1.290%) (a)			6.379	%		11/20/2035			769,559				655,113
Series 2005-49CB, Class A7			5.500	%		11/25/2035			629,029				410,407
Series 2005-53T2, Class 2A6 (1 mo. Term SOFR + 0.614%) (a)			5.944	%		11/25/2035			2,709,293				1,465,517
Series 2005-53T2, Class 2A7 (1 mo. Term SOFR + 5.386%) (g)(i)			0.056	%		11/25/2035			2,709,293				196,353
Series 2005-57CB, Class 3A3			5.500	%		12/25/2035			382,150				190,080
Series 2005-70CB, Class A4			5.500	%		12/25/2035			245,719				161,007
Series 2005-76, Class 2A1 (12 Month US Treasury Average + 1.000%) (a)			6.089	%		2/25/2036			22,160				19,223
Series 2006-8T1, Class 1A4			6.000	%		4/25/2036			73,740				34,370
Series 2006-J2, Class A2 (1 mo. Term SOFR + 5.386%) (g)(i)			0.056	%		4/25/2036			2,130,437				183,178

 

The accompanying notes are an integral part of these financial statements.

Regan Total Return Income Fund 

Schedule of Investments (Unaudited) 

March 31, 2024

 

Security		Rate				Maturity Date		Principal Amount				Value
Collateralized Mortgage Obligations (Continued)
Countrywide Alternative Loan Trust (Continued)
Series 2006-6CB, Class 2A1 (1 mo. Term SOFR + 0.814%) (a)			5.750	%		5/25/2036		$	5,395,529			$	1,580,879
Series 2006-7CB, Class 1A7 (1 mo. Term SOFR + 0.814%) (a)			6.000	%		5/25/2036			620,892				264,031
Series 2006-9T1, Class A7			6.000	%		5/25/2036			1,821,865				721,480
Series 2006-18CB, Class A11 (1 mo. Term SOFR + 0.614%) (a)			5.944	%		7/25/2036			920,898				399,443
Series 2006-18CB, Class A5 (1 mo. Term SOFR + 0.464%) (a)			5.794	%		7/25/2036			5,852,473				2,476,355
Series 2006-18CB, Class A7 (1 mo. Term SOFR + 0.464%) (a)			5.794	%		7/25/2036			3,565,727				1,508,765
Series 2006-24CB, Class A22			6.000	%		8/25/2036			435,886				243,169
Series 2006-24CB, Class A9			6.000	%		8/25/2036			570,930				318,507
Series 2006-26CB, Class A20 (1 mo. Term SOFR + 0.464%) (a)			5.794	%		9/25/2036			1,542,754				551,243
Series 2006-J5, Class 1A1			6.500	%		9/25/2036			956,471				526,257
Series 2006-J5, Class 1A5			6.500	%		9/25/2036			225,417				124,026
Series 2006-31CB, Class A5 (1 mo. Term SOFR + 0.864%) (a)			6.000	%		11/25/2036			3,429,652				1,696,715
Series 2006-32CB, Class A16			5.500	%		11/25/2036			46,763				25,685
Series 2006-32CB, Class A3			6.000	%		11/25/2036			353,014				207,319
Series 2006-40T1, Class 2A1			6.000	%		12/25/2036			1,069,274				318,337
Series 2006-40T1, Class 2A4			6.000	%		12/25/2036			2,179,155				649,518
Series 2006-40T1, Class 2A6 (1 mo. Term SOFR + 6.486%) (g)(i)			1.156	%		12/25/2036			6,748,073				704,131
Series 2006-39CB, Class 2A1 (1 mo. Term SOFR + 0.564%) (a)			5.894	%		1/25/2037			4,004,279				488,822
Series 2006-39CB, Class 2A4 (1 mo. Term SOFR + 0.564%) (a)			5.894	%		1/25/2037			2,687,866				328,121
Series 2006-41CB, Class 1A7			6.000	%		1/25/2037			301,854				157,206
Series 2006-41CB, Class 1A9 (e)			6.000	%		1/25/2037			243,754				118,220
Series 2006-HY13, Class 4A1 (d)			4.774	%		2/25/2037			448,377				382,979
Series 2007-2CB, Class 2A1 (1 mo. Term SOFR + 0.714%) (a)			5.750	%		3/25/2037			304,814				131,247
Series 2007-J1, Class 2A6 (1 mo. Term SOFR + 0.714%) (a)			6.000	%		3/25/2037			1,815,112				498,933
Series 2007-3T1, Class 1A2 (1 mo. Term SOFR + 0.614%) (a)			5.750	%		4/25/2037			3,855,448				1,299,445
Series 2007-9T1, Class 1A4 (1 mo. Term SOFR + 0.614%) (a)			5.944	%		5/25/2037			1,158,027				413,370
Series 2007-9T1, Class 1A5 (1 mo. Term SOFR + 5.386%) (g)(i)			0.056	%		5/25/2037			1,158,027				85,644
Series 2007-16CB, Class 1A5 (1 mo. Term SOFR + 0.514%) (a)			5.844	%		8/25/2037			1,480,309				935,038
Series 2007-16CB, Class 2A2 (1 mo. Term SOFR + 53.629%) (g)			9.218	%		8/25/2037			716,402				919,567
Series 2007-16CB, Class 5A1			6.250	%		8/25/2037			218,346				102,494
Series 2007-17CB, Class 1A10 (1 mo. Term SOFR + 29.373%) (g)			4.858	%		8/25/2037			708,553				604,412
Series 2007-18CB, Class 1A6 (1 mo. Term SOFR + 38.313%) (g)			6.337	%		8/25/2037			385,377				303,661
Series 2008-1R, Class 1A1 (1 mo. Term SOFR + 0.584%) (a)			5.905	%		8/25/2037			2,074,766				684,341
Series 2008-1R, Class 2A3			6.000	%		8/25/2037			1,730,494				836,644
Series 2008-2R, Class 4A1 (d)			6.250	%		8/25/2037			1,152,586				541,571
Series 2007-21CB, Class 2A3 (1 mo. Term SOFR + 0.614%) (a)			5.944	%		9/25/2037			1,873,882				574,387
Series 2007-22, Class 2A16			6.500	%		9/25/2037			1,060,271				402,351
Series 2007-23CB, Class A7 (1 mo. Term SOFR + 0.514%) (a)			5.844	%		9/25/2037			1,856,834				704,733

 

The accompanying notes are an integral part of these financial statements.

Regan Total Return Income Fund 

Schedule of Investments (Unaudited) 

March 31, 2024

 

Security		Rate				Maturity Date		Principal Amount				Value
Collateralized Mortgage Obligations (Continued)
Countrywide Alternative Loan Trust (Continued)
Series 2007-24, Class A6 (1 mo. Term SOFR + 1.114%) (a)			6.444	%		10/25/2037		$	218,851			$	55,310
Series 2007-24, Class A7 (1 mo. Term SOFR + 5.886%) (g)(i)			0.556	%		10/25/2037			218,851				21,265
Series 2007-25, Class 1A2			6.500	%		11/25/2037			1,251,754				578,780
Series 2006-34, Class A5			6.250	%		11/25/2046			809,245				389,003
Series 2006-42, Class 1A5			6.000	%		1/25/2047			486,491				252,844
Series 2006-46, Class A2 (1 mo. Term SOFR + 0.634%) (a)			5.964	%		2/25/2047			6,602,565				2,361,967
Series 2007-OA2, Class 1A1 (12 Month US Treasury Average + 0.840%) (a)			5.929	%		3/25/2047			306,826				255,612
Series 2007-OH1, Class A1D (1 mo. Term SOFR + 0.324%) (a)			5.654	%		4/25/2047			67,147				54,159
Countrywide Asset-Backed Certificates
Series 2004-BC3, Class M5 (1 mo. Term SOFR + 1.989%) (a)			7.319	%		4/25/2034			416,189				360,000
Series 2004-BC3, Class M2 (1 mo. Term SOFR + 1.014%) (a)			6.344	%		6/25/2034			292,571				286,843
Series 2005-AB4, Class 2A1 (1 mo. Term SOFR + 0.654%) (a)			5.984	%		3/25/2036			297,999				254,379
Series 2006-1, Class AF6 (d)			4.498	%		7/25/2036			28,116				26,513
Series 2006-15, Class A6 (d)			4.342	%		10/25/2046			116,679				113,875
Series 2006-9, Class 1AF6 (d)			5.989	%		10/25/2046			109,890				109,830
Series 2007-SEA2, Class 2A1 (1 mo. Term SOFR + 1.614%) (a)(b)			6.944	%		6/25/2047			3,284,897				2,402,393
Countrywide Home Loan Mortgage Pass Through Trust
Series 2004-29, Class 1A1 (1 mo. Term SOFR + 0.654%) (a)			5.984	%		2/25/2035			163,667				149,808
Series 2005-7, Class 3A2 (d)			3.450	%		3/25/2035			694,081				519,672
Series 2006-6, Class A9			6.000	%		4/25/2036			2,192,950				1,077,849
Series 2006-8, Class 1A1			6.000	%		5/25/2036			2,348,058				1,476,057
Series 2006-J4, Class A3			6.250	%		9/25/2036			128,979				50,362
Series 2006-J4, Class A4			6.250	%		9/25/2036			102,417				39,991
Series 2007-11, Class A12			6.000	%		8/25/2037			564,369				242,521
Countrywide Home Loans
Series 2003-48, Class 2A3 (d)			6.113	%		10/25/2033			369,306				199,862
Series 2004-2, Class 3A1 (d)(e)			6.241	%		3/25/2034			278,886				237,946
Series 2004-25, Class 2A1 (1 mo. Term SOFR + 0.794%) (a)			6.124	%		2/25/2035			521,511				435,664
Series 2005-15, Class A5			5.500	%		8/25/2035			459,437				247,006
Series 2005-19, Class 2A1 (1 mo. Term SOFR + 0.464%) (a)			5.794	%		8/25/2035			330,888				60,434
Series 2005-16, Class A2 (1 mo. Term SOFR + 0.614%) (a)			5.500	%		9/25/2035			357,440				202,300
Series 2005-17, Class 1A8			5.500	%		9/25/2035			528,317				487,615
Series 2005-J3, Class 1A3 (1 mo. Term SOFR + 1.464%) (a)			6.000	%		9/25/2035			1,314,657				905,572
Series 2005-21, Class A2			5.500	%		10/25/2035			183,091				103,196
Series 2005-25, Class A17			5.500	%		11/25/2035			402,200				196,972
Series 2005-HYB8, Class 4A1 (d)			4.546	%		12/20/2035			132,302				114,906
Series 2005-31, Class 2A1 (d)			4.116	%		1/25/2036			210,796				178,905
Series 2006-10, Class 1A11			5.850	%		5/25/2036			171,909				74,887
Series 2006-9, Class A17 (1 mo. Term SOFR + 0.614%) (a)			5.944	%		5/25/2036			1,081,946				401,096

 

The accompanying notes are an integral part of these financial statements.

Regan Total Return Income Fund 

Schedule of Investments (Unaudited) 

March 31, 2024

 

Security		Rate				Maturity Date		Principal Amount				Value
Collateralized Mortgage Obligations (Continued)
Countrywide Home Loans (Continued)
Series 2007-3, Class A14 (1 mo. Term SOFR + 0.514%) (a)			5.844	%		4/25/2037		$	665,331			$	234,927
Series 2007-3, Class A16			6.000	%		4/25/2037			511,970				245,584
Series 2007-HY1, Class 1A1 (d)			4.544	%		4/25/2037			979,748				885,008
Series 2007-10, Class A6 (i)			6.000	%		7/25/2037			397,885				88,418
Series 2007-17, Class 1A1			6.000	%		10/25/2037			295,060				204,939
Series 2007-20, Class A1			6.500	%		1/25/2038			123,317				57,672
Credit Suisse First Boston Mortgage Securities
Series 2001-28, Class 1A1 (1 mo. LIBOR US + 0.650%) (a)			6.094	%		11/25/2031			99,397				56,028
Series 2002-9, Class 1A1			7.000	%		3/25/2032			854,349				765,125
Series 2004-6, Class 4A12 (1 mo. Term SOFR + 0.514%) (a)			5.844	%		10/25/2034			108,460				93,694
Series 2005-4, Class 2A4			5.500	%		6/25/2035			525,735				383,607
Series 2005-7, Class 2A2 (1 mo. Term SOFR + 0.414%) (a)			5.744	%		8/25/2035			1,057,290				468,101
Series 2005-8, Class 5A1 (1 mo. Term SOFR + 19.210%) (g)			4.554	%		9/25/2035			950,308				446,235
Series 2005-9, Class 1A3			5.250	%		10/25/2035			167,527				148,604
Series 2005-9, Class 3A1			6.000	%		10/25/2035			3,098,154				982,379
Series 2005-9, Class 4A1 (1 mo. Term SOFR + 19.210%) (g)			4.554	%		10/25/2035			390,968				362,172
Series 2005-10, Class 10A3			6.000	%		11/25/2035			300,028				72,681
Series 2005-10, Class 6A7			5.500	%		11/25/2035			236,058				86,264
Series 2005-11, Class 1A1			6.500	%		12/25/2035			1,125,623				542,673
Series 2005-11, Class 3A5			5.500	%		12/25/2035			196,899				81,917
Series 2005-11, Class 8A5			6.000	%		12/25/2035			121,510				92,549
Credit Suisse Mortgage Capital Certificates
Series 2006-3, Class 5A7			6.000	%		4/25/2036			2,193,599				515,879
Credit Suisse Mortgage Trust
Series 2013-6, Class 1A1 (b)(d)			2.500	%		7/25/2028			33,968				31,902
Series 2006-1, Class 1A2 (1 mo. Term SOFR + 29.895%) (g)			0.584	%		2/25/2036			28,547				24,941
Series 2006-1, Class 5A1 (e)			6.000	%		2/25/2036			40,761				19,463
Series 2006-2, Class 2A3			6.000	%		3/25/2036			72,895				29,242
Series 2006-2, Class 6A8			5.750	%		3/25/2036			213,502				112,610
Series 2006-3, Class 1A3 (c)			6.810	%		4/25/2036			9,650,000				612,093
Series 2006-3, Class 1A4B (c)			6.664	%		4/25/2036			2,008,353				127,245
Series 2006-6, Class 1A12			6.000	%		7/25/2036			1,829,122				865,576
Series 2006-6, Class 1A4			6.000	%		7/25/2036			2,171,113				1,027,413
Series 2006-6, Class 1A8			6.000	%		7/25/2036			1,224,846				579,621
Series 2006-6, Class 2A2 (1 mo. Term SOFR + 5.786%) (g)(i)			0.456	%		7/25/2036			2,289,909				104,182
Series 2006-6, Class 2A4			6.500	%		7/25/2036			4,500,834				1,113,482
Series 2006-7, Class 3A12			6.250	%		8/25/2036			1,408,003				563,567
Series 2007-4R, Class 1A1 (b)(d)			3.869	%		10/26/2036			68,285				57,564
Series 2007-1, Class 1A6A (d)			5.863	%		2/25/2037			1,653,554				360,312
Series 2007-1, Class 5A13			6.000	%		2/25/2037			1,654,503				907,449
Series 2007-1, Class 5A14			6.000	%		2/25/2037			877,289				481,186
Series 2007-1, Class 5A4			6.000	%		2/25/2037			487,693				267,496

 

The accompanying notes are an integral part of these financial statements.

Regan Total Return Income Fund

Schedule of Investments (Unaudited)

March 31, 2024

 

Security		Rate				Maturity Date		Principal Amount				Value
Collateralized Mortgage Obligations (Continued)
Credit Suisse Mortgage Trust (Continued)
Series 2007-3, Class 1A2 (d)			5.587	%		4/25/2037		$	4,041,864			$	962,416
Series 2015-1R, Class 6A1 (1 mo. Term SOFR + 0.394%) (a)(b)(e)			4.797	%		5/27/2037			125,336				120,673
Series 2007-4, Class 2A2			6.000	%		6/25/2037			98,083				54,105
Series 2007-5, Class 3A19			6.000	%		8/25/2037			206,981				152,113
Series 2013-6, Class 2A1 (b)(d)			3.483	%		8/25/2043			587,258				528,230
Series 2020-RPL4, Class A1 (b)(d)			2.000	%		1/25/2060			372,673				324,411
Series 2020-NQM1, Class A1 (b)(c)			1.208	%		5/25/2065			152,531				138,315
Series 2021-NQM2, Class A3 (b)(d)			1.538	%		2/25/2066			183,112				158,413
Series 2021-NQM6, Class A1 (b)(d)			1.174	%		7/25/2066			2,043,723				1,664,220
Series 2021-NQM7, Class A3 (b)(d)			2.064	%		10/25/2066			208,696				177,478
Credit-Based Asset Servicing and Securitization LLC
Series 2004-CB7, Class AF5 (c)			3.640	%		9/25/2034			19,768				18,701
Series 2006-CB8, Class A1 (1 mo. Term SOFR + 0.394%) (a)			5.724	%		10/25/2036			74,698				65,918
Series 2007-RP1, Class A (1 mo. Term SOFR + 0.424%) (a)(b)			5.754	%		5/25/2046			111,779				91,922
CSAB Mortgage-Backed Trust
Series 2006-1, Class A3 (1 mo. Term SOFR + 0.594%) (a)			5.924	%		6/25/2036			4,915,432				792,685
Series 2007-1, Class 1A1A (d)			5.898	%		5/25/2037			2,093,187				486,183
Series 2007-1, Class 4A1 (1 mo. Term SOFR + 0.464%) (a)			5.794	%		5/25/2037			8,192,739				1,160,782
Deutsche Alt-A Securities Inc. Mortgage Loan Trust
Series 2005-4, Class A5 (d)			5.500	%		9/25/2035			66,055				56,466
Series 2007-BAR1, Class A4 (1 mo. Term SOFR + 0.594%) (a)			5.924	%		3/25/2037			7,517,050				528,418
Series 2007-OA5, Class A1A (1 mo. Term SOFR + 0.314%) (a)(e)			5.644	%		8/25/2047			189,756				154,272
Deutsche ALT-A Securities, Inc.
Series 2006-AB3, Class A5B (c)			6.800	%		7/25/2036			560,285				462,971
Series 2006-AB4, Class A4B (c)			6.500	%		10/25/2036			456,036				378,179
Series 2007-AR1, Class A5 (1 mo. Term SOFR + 0.594%) (a)			5.924	%		1/25/2047			419,815				350,652
Deutsche Mortgage Securities, Inc.
Series 2004-1, Class 3A5 (c)			6.160	%		12/25/2033			25,497				23,999
Series 2006-PR1, Class 3A1 (1 mo. Term SOFR + 11.964%) (b)(e)(g)			4.508	%		4/15/2036			33,722				23,842
Series 2006-PR1, Class 4AF2 (1 mo. Term SOFR + 0.464%) (a)(b)			5.790	%		4/15/2036			3,283,960				2,858,029
Series 2006-PR1, Class 5AF1 (1 mo. Term SOFR + 0.664%) (a)(b)			5.990	%		4/15/2036			423,323				342,542
Series 2006-PR1, Class 5AI4 (1 mo. Term SOFR + 11.964%) (b)(g)			4.508	%		4/15/2036			507,162				430,583
Downey Savings & Loan Association Mortgage Loan Trust
Series 2006-AR2, Class 2A1A (1 mo. Term SOFR + 0.314%) (a)			5.641	%		10/19/2036			830,518				541,429
Series 2005-AR5, Class 2A1A (1 mo. Term SOFR + 0.774%) (a)			6.101	%		9/19/2045			4,748,887				2,569,957

 

The accompanying notes are an integral part of these financial statements.

 

Regan Total Return Income Fund

Schedule of Investments (Unaudited)

March 31, 2024

 

Security		Rate				Maturity Date		Principal Amount				Value
Collateralized Mortgage Obligations (Continued)
Ellington Financial Mortgage Trust
Series 2021-1, Class A1 (b)(d)			0.797	%		2/25/2066		$	2,290,971			$	1,921,345
Series 2021-1, Class A3 (b)(d)			1.106	%		2/25/2066			380,132				317,847
First Franklin Mortgage Loan Asset Backed Certificates
Series 2003-FF5, Class M3 (1 mo. Term SOFR + 2.589%) (a)			7.919	%		3/25/2034			280,256				248,378
First Horizon Alternative Mortgage Securities
Series 2005-FA3, Class 1A2 (1 mo. Term SOFR + 0.614%) (a)			5.500	%		5/25/2035			1,790,654				1,058,893
Series 2005-FA6, Class A4 (e)			5.500	%		9/25/2035			132,858				65,765
Series 2005-FA6, Class A7			5.500	%		9/25/2035			785,511				409,245
Series 2005-AA10, Class 2A1 (d)			6.054	%		12/25/2035			120,912				91,264
Series 2005-AA11, Class 2A1 (d)			4.980	%		1/25/2036			382,000				188,527
Series 2006-FA2, Class 1A3			6.000	%		5/25/2036			1,875,186				779,149
Series 2006-FA2, Class 1A6			6.000	%		5/25/2036			796,981				331,149
Series 2006-AA8, Class 2A1 (d)			5.245	%		2/25/2037			232,486				133,365
Series 2006-FA8, Class 1A7			6.000	%		2/25/2037			985,286				392,883
Series 2007-FA2, Class 1A5 (1 mo. Term SOFR + 0.414%) (a)			5.744	%		4/25/2037			8,624				2,033
Series 2007-FA3, Class A5 (1 mo. Term SOFR + 0.714%) (a)			6.000	%		6/25/2037			3,328,732				828,982
First Horizon Mortgage Pass-Through Trust
Series 2005-AR3, Class 2A1 (d)			5.462	%		8/25/2035			178,862				123,909
Series 2007-AR3, Class 2A2 (d)(e)			5.669	%		11/25/2037			60,136				37,765
FirstKey Mortgage Trust
Series 2015-1, Class A3 (b)(d)			3.500	%		3/25/2045			48,114				43,292
Flagstar Mortgage Trust
Series 2018-6RR, Class 2A4 (b)(d)			4.000	%		9/25/2048			143,765				137,397
Series 2019-1INV, Class A11 (1 mo. Term SOFR + 1.064%) (a)(b)			5.500	%		10/25/2049			289,020				270,903
Series 2019-1INV, Class A13 (b)(d)			3.500	%		10/25/2049			27,333				24,055
Series 2020-1INV, Class A11 (1 mo. Term SOFR + 0.964%) (a)(b)			6.000	%		3/25/2050			1,446,500				1,363,039
Fremont Home Loan Trust
Series 2004-C, Class M2 (1 mo. Term SOFR + 1.164%) (a)			6.494	%		8/25/2034			186,438				161,242
Series 2006-B, Class 2A2 (1 mo. Term SOFR + 0.314%) (a)			5.644	%		8/25/2036			77,258				24,320
Series 2006-3, Class 1A1 (1 mo. Term SOFR + 0.394%) (a)			5.724	%		2/25/2037			57,135				43,009
Galton Funding Mortgage Trust
Series 2019-2, Class A21 (b)(d)			4.000	%		6/25/2059			58,179				52,995
GCAT
Series 2021-NQM1, Class A1 (b)(d)			0.874	%		1/25/2066			753,656				631,857
Series 2021-NQM2, Class A1 (b)(d)			1.036	%		5/25/2066			1,818,835				1,494,814
Series 2021-NQM2, Class A3 (b)(d)			1.499	%		5/25/2066			1,271,100				1,048,040
Series 2021-NQM3, Class A1 (b)(d)			1.091	%		5/25/2066			2,143,959				1,778,349
Series 2021-CM2, Class A1 (b)(d)			2.352	%		8/25/2066			303,213				276,073
Series 2021-NQM7, Class A1 (b)(d)			1.915	%		8/25/2066			2,072,925				1,803,155

 

The accompanying notes are an integral part of these financial statements.

 

Regan Total Return Income Fund

Schedule of Investments (Unaudited)

March 31, 2024

 

Security		Rate				Maturity Date		Principal Amount				Value
Collateralized Mortgage Obligations (Continued)
GMAC Mortgage Corporation Loan Trust
Series 2005-AR4, Class 2A2 (d)			5.513	%		7/19/2035		$	109,661			$	77,856
Series 2007-HE3, Class 2A1 (d)			7.000	%		9/25/2037			143,287				126,701
Greenpoint Manufactured Housing
Series 1999-5, Class M1B (d)			8.290	%		12/15/2029			2,182				2,177
Series 1999-5, Class M2 (d)			9.230	%		12/15/2029			795,405				773,749
Series 2000-3, Class IA (d)			8.450	%		6/20/2031			6,772,171				2,952,139
Greenpoint Mortgage Funding Trust
Series 2005-AR3, Class 1A1 (1 mo. Term SOFR + 0.594%) (a)			5.924	%		8/25/2045			532,128				415,184
GS Mortgage Securities Corp.
Series 2009-4R, Class 2A3 (1 mo. Term SOFR + 0.564%) (a)(b)			5.885	%		12/26/2036			296,010				189,626
Series 2015-3R, Class 1B (1 mo. Term SOFR + 0.394%) (a)(b)			5.724	%		1/26/2037			746,606				649,274
GSAA Home Equity Trust
Series 2005-14, Class 1A2 (1 mo. Term SOFR + 0.814%) (a)			6.144	%		12/25/2035			770,008				329,634
Series 2005-14, Class 2A3 (1 mo. Term SOFR + 0.814%) (a)(e)			6.144	%		12/25/2035			304,527				247,276
Series 2006-2, Class 1A2 (1 mo. Term SOFR + 0.654%) (a)			5.984	%		12/25/2035			1,061,228				946,334
Series 2006-10, Class AF3 (d)			5.985	%		6/25/2036			961,736				245,039
Series 2006-11, Class 2A1 (1 mo. Term SOFR + 0.294%) (a)			5.624	%		7/25/2036			483,132				97,584
Series 2007-5, Class 2A1A (1 mo. Term SOFR + 0.354%) (a)(e)			5.684	%		4/25/2047			309,654				262,277
GSAA Trust
Series 2006-19, Class A1 (1 mo. Term SOFR + 0.294%) (a)			5.624	%		12/25/2036			78,013				20,697
GSAMP Trust
Series 2006-S5, Class A2 (c)			6.158	%		9/25/2036			6,181,112				96,506
GSMPS Mortgage Loan Trust
Series 2005-RP1, Class 1AF (1 mo. Term SOFR + 0.464%) (a)(b)			5.794	%		1/25/2035			31,437				27,021
Series 2005-RP3, Class 1AF (1 mo. Term SOFR + 0.464%) (a)(b)			5.794	%		9/25/2035			451,673				379,350
Series 2006-RP1, Class 1AS (b)(d)(i)			0.000	%		1/25/2036			13,430,349				57,415
GSR Mortgage Loan Trust
Series 2004-2F, Class 1A4			5.500	%		1/25/2034			25,368				24,661
Series 2005-6F, Class 3A11 (1 mo. Term SOFR + 0.414%) (a)			5.744	%		7/25/2035			506,411				390,694
Series 2005-AR6, Class B1 (d)			5.635	%		9/25/2035			88,337				75,418
Series 2005-9F, Class 1A6			5.500	%		12/25/2035			318,121				254,759
Series 2006-AR1, Class 3A1 (d)			4.618	%		1/25/2036			231,409				236,153
Series 2006-3F, Class 2A3			5.750	%		3/25/2036			412,828				356,166
Series 2006-3F, Class 5A1 (1 mo. Term SOFR + 0.464%) (a)			5.794	%		3/25/2036			1,336,406				195,349
Series 2006-3F, Class 5A2 (1 mo. Term SOFR + 7.036%) (g)(i)			1.706	%		3/25/2036			388,091				35,804
Series 2006-AR2, Class 3A1 (d)			5.887	%		4/25/2036			475,865				288,228
Series 2006-4F, Class 4A2 (1 mo. Term SOFR + 7.036%) (g)(i)			1.706	%		5/25/2036			9,024,189				930,319
Series 2006-7F, Class 4A2			6.500	%		8/25/2036			1,713,166				587,446

 

The accompanying notes are an integral part of these financial statements.

 

Regan Total Return Income Fund

Schedule of Investments (Unaudited)

March 31, 2024

 

Security		Rate				Maturity Date		Principal Amount				Value
Collateralized Mortgage Obligations (Continued)
GSR Mortgage Loan Trust (Continued)
Series 2006-10F, Class 4A1 (1 mo. Term SOFR + 0.464%) (a)			5.794	%		1/25/2037		$	1,674,600			$	217,339
Series 2007-OA1, Class 2A3A (1 mo. Term SOFR + 0.424%) (a)			5.754	%		5/25/2037			721,367				398,265
Series 2006-OA1, Class 2A2 (1 mo. Term SOFR + 0.634%) (a)			5.964	%		8/25/2046			3,306,688				800,276
Series 2007-AR1, Class 2A1 (d)			4.313	%		3/25/2047			44,081				27,257
Harborview Mortgage Loan Trust
Series 2005-15, Class 3A11 (12 Month US Treasury Average + 2.000%) (a)			7.089	%		10/20/2045			2,289,278				1,654,936
Series 2006-BU1, Class 2A1B (1 mo. Term SOFR + 0.614%) (a)			5.941	%		2/19/2046			584,183				338,354
HarborView Mortgage Loan Trust
Series 2004-8, Class 2A3 (1 mo. Term SOFR + 0.934%) (a)			6.261	%		11/19/2034			254,234				220,388
Series 2005-14, Class 3A1A (d)			6.386	%		12/19/2035			46,930				44,201
Series 2005-14, Class 4A1A (d)			4.644	%		12/19/2035			1,386,141				738,248
Series 2005-16, Class 3A1A (1 mo. Term SOFR + 0.614%) (a)			5.941	%		1/19/2036			2,081,432				1,255,038
Series 2006-8, Class 1A1 (1 mo. Term SOFR + 0.514%) (a)			5.830	%		7/21/2036			742,178				354,874
Series 2006-5, Class 2A1A (1 mo. Term SOFR + 0.474%) (a)			5.801	%		7/19/2046			1,523,028				801,877
Series 2007-4, Class 2A1 (1 mo. Term SOFR + 0.554%) (a)			5.661	%		7/19/2047			329,995				302,045
Home Equity Asset Trust
Series 2002-2, Class A3 (1 mo. Term SOFR + 0.694%) (a)			6.015	%		6/25/2032			94,405				88,533
Series 2003-7, Class A2 (1 mo. Term SOFR + 0.874%) (a)(e)			6.204	%		3/25/2034			32,585				29,001
HSBC Asset Loan Obligation
Series 2007-WF1, Class A1 (1 mo. Term SOFR + 0.234%) (a)			4.812	%		12/25/2036			1,276,197				374,554
HSI Asset Securitization Corp.
Series 2007-HE2, Class 2A1 (1 mo. Term SOFR + 0.224%) (a)			5.554	%		4/25/2037			173,397				88,598
Impac CMB Trust
Series 2004-5, Class 1M2 (1 mo. Term SOFR + 0.984%) (a)(e)			6.314	%		10/25/2034			21,635				19,515
Series 2004-6, Class 1A2 (1 mo. Term SOFR + 0.894%) (a)			6.224	%		10/25/2034			78,918				76,877
Series 2004-6, Class 2A (c)			6.060	%		10/25/2034			394,053				415,720
Series 2004-6, Class M2 (1 mo. Term SOFR + 1.014%) (a)(e)			6.344	%		10/25/2034			20,891				18,509
Series 2004-6, Class M4 (1 mo. Term SOFR + 1.839%) (a)(e)			7.169	%		10/25/2034			13,927				12,339
Series 2004-11, Class 2A1 (1 mo. Term SOFR + 0.774%) (a)			6.104	%		3/25/2035			69,749				62,726
Series 2005-6, Class 2B1 (1 mo. Term SOFR + 2.664%) (a)			7.994	%		10/25/2035			8,186				8,136
Impac Secured Assets Corp.
Series 2005-2, Class A2D (1 mo. Term SOFR + 0.974%) (a)			6.304	%		3/25/2036			45,498				35,784
Series 2007-3, Class A1A (1 mo. Term SOFR + 0.334%) (a)			5.664	%		9/25/2037			147,065				133,417
Imperial Fund Mortgage Trust
Series 2021-NQM2, Class A1 (b)(d)			1.073	%		9/25/2056			3,383,506				2,754,921
Series 2021-NQM2, Class A3 (b)(d)			1.516	%		9/25/2056			262,414				216,077
Series 2021-NQM3, Class A1 (b)(d)			1.595	%		11/25/2056			535,468				451,316

 

The accompanying notes are an integral part of these financial statements.

 

Regan Total Return Income Fund

Schedule of Investments (Unaudited)

March 31, 2024

 

Security		Rate				Maturity Date		Principal Amount				Value
Collateralized Mortgage Obligations (Continued)
IndyMac IMJA Mortgage Loan Trust
Series 2007-A1, Class A3			6.000	%		8/25/2037		$	2,644,393			$	1,012,020
Series 2007-A1, Class A7			6.000	%		8/25/2037			1,372,531				526,141
IndyMac IMSC Mortgage Loan Trust
Series 2007-F3, Class 2A1			6.500	%		9/25/2037			26,680				15,194
IndyMac INDA Mortgage Loan Trust
Series 2006-AR2, Class 1A1 (d)(e)			4.400	%		9/25/2036			249,038				142,450
Series 2006-AR2, Class 4A1 (d)			4.114	%		9/25/2036			161,844				140,204
Series 2007-AR1, Class 1A1 (d)			4.019	%		3/25/2037			176,826				129,361
IndyMac INDX Mortgage Loan Trust
Series 2005-AR5, Class 4A1 (d)			4.020	%		5/25/2035			219,549				150,640
Series 2006-AR5, Class 2A1 (d)			3.435	%		5/25/2036			1,414,595				1,287,047
Series 2007-AR21, Class 1A2 (d)			4.748	%		11/25/2036			176,064				161,995
Series 2006-AR37, Class 1A1 (d)			4.280	%		2/25/2037			67,485				55,665
Series 2007-AR9, Class 2A1 (d)			3.709	%		4/25/2037			20,648				12,664
IndyMac Residential Asset Backed Trust
Series 2006-C, Class 2A (1 mo. Term SOFR + 0.374%) (a)			5.704	%		8/25/2036			65,710				61,851
Series 2007-A, Class 1A (1 mo. Term SOFR + 0.334%) (a)			5.664	%		4/25/2037			282,396				210,417
Series 2007-A, Class 2A2 (1 mo. Term SOFR + 0.304%) (a)(e)			5.634	%		4/25/2037			72,602				38,933
Series 2007-A, Class 2A4B (1 mo. Term SOFR + 0.564%) (a)			5.894	%		4/25/2037			3,710,580				1,428,736
Investment Capital Access, Inc.
Series 12-1, Class 1M1 (c)			7.630	%		7/28/2033			55,594				55,359
JP Morgan Alternative Loan Trust
Series 2005-S1, Class 2A11 (e)			6.000	%		12/25/2035			11,437				6,416
Series 2006-S1, Class 3A5 (d)			5.730	%		3/25/2036			44,463				42,745
Series 2006-A2, Class 3A1 (d)			3.838	%		5/25/2036			736,887				406,578
Series 2006-S3, Class A5 (c)			6.920	%		8/25/2036			1,073,573				753,325
Series 2006-S3, Class A6 (c)			6.620	%		8/25/2036			33,474				31,667
Series 2006-A4, Class A8 (d)			4.070	%		9/25/2036			8,590				9,478
Series 2006-A6, Class 2A6 (d)			4.386	%		11/25/2036			814,131				667,219
Series 2007-A2, Class 2A1 (d)			4.839	%		5/25/2037			159,661				139,331
JP Morgan Mortgage Trust
Series 2004-A1, Class 5A1 (d)			6.240	%		2/25/2034			64,086				63,109
Series 2004-A3, Class 1A1 (d)			5.394	%		7/25/2034			103,368				93,466
Series 2005-A1, Class 3A4 (d)			5.150	%		2/25/2035			29,889				27,955
Series 2005-A2, Class 2A1 (d)			3.886	%		4/25/2035			84,615				67,462
Series 2007-A1, Class 5A6 (d)			5.516	%		7/25/2035			130,938				123,758
Series 2005-A8, Class 1A1 (d)			5.003	%		11/25/2035			1,040,935				836,496

 

The accompanying notes are an integral part of these financial statements.

 

Regan Total Return Income Fund

Schedule of Investments (Unaudited)

March 31, 2024

 

Security		Rate				Maturity Date		Principal Amount				Value
Collateralized Mortgage Obligations (Continued)
JP Morgan Mortgage Trust (Continued)
Series 2006-A4, Class 5A1 (d)			4.092	%		6/25/2036		$	125,774			$	87,606
Series 2006-S3, Class 1A13			6.500	%		8/25/2036			610,686				195,894
Series 2006-A7, Class 2A3 (d)			4.357	%		1/25/2037			1,289,575				968,558
Series 2007-S1, Class 2A22			5.750	%		3/25/2037			309,267				118,495
Series 2007-S1, Class 2A3 (1 mo. Term SOFR + 0.614%) (a)			5.944	%		3/25/2037			149,681				43,950
Series 2007-S3, Class 1A18 (1 mo. Term SOFR + 0.614%) (a)			5.944	%		8/25/2037			862,704				287,608
Series 2013-3, Class A3 (b)(d)			3.357	%		7/25/2043			120,828				109,415
Series 2014-IVR6, Class 2A4 (b)(d)			6.583	%		7/25/2044			8,170				8,155
Series 2016-1, Class A7 (b)(d)			3.500	%		5/25/2046			240,082				212,617
Series 2016-3, Class 1A10 (b)(d)			3.000	%		10/25/2046			778,359				641,583
Series 2016-4, Class A12 (b)(d)			3.000	%		10/25/2046			827,049				653,160
Series 2017-4, Class A3 (b)(d)			3.500	%		11/25/2048			5,187				4,589
Series 2017-6, Class A7 (b)(d)			3.500	%		12/25/2048			841,093				749,273
Series 2019-INV1, Class A11 (1 mo. Term SOFR + 1.064%) (a)(b)			6.394	%		10/25/2049			1,557,023				1,505,562
Series 2019-8, Class A11 (1 mo. Term SOFR + 0.964%) (a)(b)			6.294	%		3/25/2050			217,689				206,149
Series 2019-INV3, Class A11 (1 mo. Term SOFR + 1.114%) (a)(b)(j)			6.000	%		5/25/2050			797,982				763,102
Series 2020-2, Class A7A (b)(d)			3.000	%		7/25/2050			967,814				821,931
Series 2020-INV1, Class A11 (1 mo. Term SOFR + 0.944%) (a)(b)(e)(j)			6.000	%		8/25/2050			4,783				4,328
Series 2020-5, Class A11 (1 mo. Term SOFR + 1.114%) (a)(b)			6.435	%		12/25/2050			386,083				368,017
Series 2020-8, Class A11 (30 day avg SOFR US + 0.900%) (a)(b)			6.222	%		3/25/2051			710,184				668,702
Series 2021-3, Class A4 (b)(d)			2.500	%		7/25/2051			75,120				65,971
Series 2021-6, Class A4 (b)(d)			2.500	%		10/25/2051			424,161				370,599
Series 2022-1, Class A4 (b)(d)			2.500	%		7/25/2052			1,400,724				1,204,405
JP Morgan Reremic
Series 2014-1, Class 3A1 (b)			3.000	%		5/26/2037			495,691				459,754
Lehman Mortgage Trust
Series 2006-2, Class 1A1 (d)			5.783	%		4/25/2036			108,276				68,001
Series 2006-3, Class 1A10			6.000	%		7/25/2036			1,267,266				635,332
Series 2006-7, Class 1A3 (1 mo. Term SOFR + 5.236%) (g)(i)			0.000	%		11/25/2036			3,360,735				205,723
Series 2006-7, Class 1A8 (1 mo. Term SOFR + 0.294%) (a)			5.624	%		11/25/2036			2,490,921				1,083,660
Series 2006-7, Class 2A2 (1 mo. Term SOFR + 0.564%) (a)			5.894	%		11/25/2036			4,610,242				1,046,870
Series 2006-7, Class 2A5 (1 mo. Term SOFR + 6.436%) (g)(i)			1.106	%		11/25/2036			7,917,893				713,243
Series 2006-9, Class 1A2 (1 mo. Term SOFR + 0.714%) (a)			5.750	%		1/25/2037			1,167,792				620,256
Series 2008-4, Class A1 (1 mo. Term SOFR + 0.494%) (a)			5.824	%		1/25/2037			7,901,263				2,339,313
Series 2007-1, Class 2A3 (1 mo. Term SOFR + 6.516%) (g)(i)			1.186	%		2/25/2037			8,563,909				719,780
Series 2007-2, Class 1A1			5.750	%		2/25/2037			1,065,132				710,039

 

The accompanying notes are an integral part of these financial statements.

 

Regan Total Return Income Fund

Schedule of Investments (Unaudited)

March 31, 2024

 

Security		Rate				Maturity Date		Principal Amount				Value
Collateralized Mortgage Obligations (Continued)
Lehman Mortgage Trust (Continued)
Series 2008-3, Class A1 (1 mo. Term SOFR + 0.484%) (a)			5.814	%		2/25/2037		$	26,615,558			$	6,191,576
Series 2007-3, Class 1A2 (1 mo. Term SOFR + 6.586%) (e)(g)(i)			1.256	%		3/25/2037			1,384,012				189,333
Series 2007-4, Class 2A3 (1 mo. Term SOFR + 0.444%) (a)			5.774	%		5/25/2037			5,502,800				1,093,531
Series 2007-5, Class 1A3			5.750	%		6/25/2037			404,545				361,636
Series 2007-6, Class 1A7			6.000	%		7/25/2037			359,803				318,868
Series 2007-7, Class 1A1 (1 mo. Term SOFR + 0.614%) (a)			5.944	%		8/25/2037			2,186,364				988,310
Series 2007-10, Class 2A1			6.500	%		1/25/2038			1,482,935				407,028
Series 2008-2, Class 1A1			6.000	%		3/25/2038			307,237				93,684
Lehman XS Trust
Series 2007-6, Class 1A1 (6 mo. Term SOFR + 1.678%) (a)			6.965	%		5/25/2037			533,081				416,549
Series 2007-15N, Class 2A1 (1 mo. Term SOFR + 0.614%) (a)			5.944	%		8/25/2037			29,958				27,527
Series 2006-10N, Class 2A1 (1 mo. Term SOFR + 0.354%) (a)(e)			5.684	%		5/25/2046			201,130				179,649
Long Beach Mortgage Loan Trust
Series 2004-2, Class A1 (1 mo. Term SOFR + 0.554%) (a)			5.884	%		6/25/2034			326,097				316,455
Series 2006-A, Class A1 (1 mo. Term SOFR + 0.294%) (a)			5.624	%		5/25/2036			976,400				19,949
Luminent Mortgage Trust
Series 2006-3, Class 12A1 (1 mo. Term SOFR + 0.534%) (a)			0.794	%		5/25/2036			112,820				98,156
MASTR Adjustable Rate Mortgages Trust
Series 2004-4, Class 2A3 (d)			5.581	%		5/25/2034			190,579				175,790
Series 2005-6, Class 7A1 (d)			5.822	%		6/25/2035			295,420				263,341
Series 2005-6, Class 5A1 (d)			3.246	%		7/25/2035			160,873				137,755
Series 2005-7, Class 3A1 (d)			3.869	%		9/25/2035			356,370				213,395
Series 2006-2, Class 2A1 (d)			6.165	%		4/25/2036			58,429				30,700
Series 2006-OA1, Class 1A1 (1 mo. Term SOFR + 0.324%) (a)			5.654	%		4/25/2046			147,204				126,620
MASTR Alternative Loans Trust
Series 2003-6, Class 3A3			6.000	%		9/25/2033			38,324				36,268
Series 2004-4, Class 1A1 (e)			5.500	%		5/25/2034			21,017				18,232
Series 2004-12, Class 2A1			6.500	%		12/25/2034			53,231				51,469
Series 2004-13, Class 10A3			5.750	%		1/25/2035			457,613				385,181
Series 2005-4, Class 5A1			6.000	%		5/25/2035			600,218				514,555
Series 2005-6, Class 2A1 (1 mo. Term SOFR + 0.564%) (a)			5.894	%		12/25/2035			3,483,869				597,353
Series 2006-1, Class A2 (1 mo. Term SOFR + 0.814%) (a)			6.000	%		2/25/2036			1,895,375				652,840
Series 2006-2, Class 2A1 (1 mo. Term SOFR + 0.514%) (a)			5.844	%		3/25/2036			239,967				24,877
Series 2006-3, Class 2A2			6.750	%		7/25/2036			1,065,177				367,076
Series 2007-1, Class 2A15 (1 mo. Term SOFR + 0.484%) (a)			5.814	%		10/25/2036			2,587,152				529,659
Series 2007-1, Class 2A7			6.000	%		10/25/2036			983,522				286,350
Series 2007-HF1, Class 1A1 (d)			4.070	%		10/25/2047			671,455				544,811

 

The accompanying notes are an integral part of these financial statements.

 

Regan Total Return Income Fund 

Schedule of Investments (Unaudited)

March 31, 2024

 

Security		Rate				Maturity Date		Principal Amount				Value
Collateralized Mortgage Obligations (Continued)
MASTR Asset Backed Securities Trust
Series 2002-NC1, Class M4 (1 mo. Term SOFR + 3.714%) (a)			9.044	%		10/25/2032		$	1,366,762			$	1,090,222
Series 2006-FRE2, Class A5 (1 mo. Term SOFR + 0.594%) (a)			5.924	%		3/25/2036			240,098				146,528
Series 2006-AM2, Class A3 (1 mo. Term SOFR + 0.454%) (a)			5.784	%		6/25/2036			544,253				485,203
MASTR Asset Securitization Trust
Series 2004-4, Class 1A7			5.250	%		12/26/2033			214,497				200,073
Series 2006-2, Class 1A14			6.000	%		6/25/2036			582,297				331,217
MASTR Resecuritization Trust
Series 2008-1, Class A1 (b)(d)(e)			6.000	%		9/27/2037			449,872				298,603
MASTR Specialized Loan Trust
Series 2007-1, Class A (1 mo. Term SOFR + 0.854%) (a)(b)			6.184	%		1/25/2037			610,916				246,686
Mello Mortgage Capital Acceptance Trust
Series 2021-INV2, Class A4 (b)(d)			2.500	%		8/25/2051			42,614				36,945
Merrill Lynch Mortgage Investors Trust
Series 2007-2, Class 1A1 (1 yr. CMT Rate + 2.400%) (a)			7.400	%		8/25/2036			361,079				310,741
Series 2006-3, Class 2A1 (d)			5.513	%		10/25/2036			691,749				586,345
Series 2006-RM3, Class A1B (1 mo. Term SOFR + 0.494%) (a)			5.824	%		6/25/2037			5,939,596				208,224
Metlife Securitization Trust
Series 2020-INV1, Class A2A (b)(d)			2.500	%		5/25/2050			31,007				25,277
MFRA Trust
Series 2021-INV1, Class A2 (b)(d)			1.057	%		1/25/2056			200,506				187,230
Series 2021-INV2, Class A1 (b)(d)			1.906	%		11/25/2056			148,288				127,287
Series 2021-NQM2, Class A1 (b)(d)			1.029	%		11/25/2064			997,683				857,972
Series 2020-NQM3, Class A1 (b)(d)			1.014	%		1/26/2065			152,282				139,122
MLCC Mortgage Investors, Inc.
Series 2003-F, Class A1 (1 mo. Term SOFR + 0.754%) (a)			6.084	%		10/25/2028			95,913				89,290
Series 2003-H, Class A1 (1 mo. Term SOFR + 0.754%) (a)			0.000	%		1/25/2029			374,065				329,834
Series 2004-A, Class B1 (1 mo. Term SOFR + 0.864%) (a)			6.194	%		4/25/2029			83,826				61,272
Series 2004-G, Class A1 (1 mo. Term SOFR + 0.674%) (a)			6.004	%		1/25/2030			53,730				49,523
Morgan Stanley Capital Inc.
Series 2003-NC8, Class B1 (1 mo. Term SOFR + 5.514%) (a)			10.844	%		9/25/2033			119,173				116,168
Series 2004-WMC2, Class M2 (1 mo. Term SOFR + 1.914%) (a)(e)			7.244	%		7/25/2034			52,601				37,505
Series 2005-HE1, Class M2 (1 mo. Term SOFR + 0.819%) (a)			6.149	%		12/25/2034			255,479				235,632
Series 2006-HE6, Class A2FP (1 mo. Term SOFR + 0.234%) (a)			5.564	%		9/25/2036			159,933				55,318
Series 2007-HE1, Class A2C (1 mo. Term SOFR + 0.264%) (a)			5.594	%		11/25/2036			528,476				300,194
Morgan Stanley Mortgage Loan Trust
Series 2004-5AR, Class 2A (d)			4.720	%		7/25/2034			28,653				25,626
Series 2004-11AR, Class 1A2A (1 mo. Term SOFR + 0.424%) (a)			5.754	%		1/25/2035			81,584				75,205
Series 2005-4, Class 4A (d)			4.607	%		8/25/2035			35,781				16,818

 

The accompanying notes are an integral part of these financial statements.

 

 

Regan Total Return Income Fund 

Schedule of Investments (Unaudited)

March 31, 2024

 

Security		Rate				Maturity Date		Principal Amount				Value
Collateralized Mortgage Obligations (Continued)
Morgan Stanley Mortgage Loan Trust (Continued)
Series 2005-7, Class 7A6			5.500	%		11/25/2035		$	128,148			$	115,754
Series 2005-10, Class 1A1 (1 mo. Term SOFR + 0.814%) (a)			5.750	%		12/25/2035			383,920				228,633
Series 2005-10, Class 1A5			5.750	%		12/25/2035			26,664				17,653
Series 2005-9AR, Class 2A (d)			5.414	%		12/25/2035			244,173				221,927
Series 2006-3AR, Class 2A3 (d)			4.806	%		3/25/2036			642,011				388,536
Series 2006-7, Class 5A2 (d)(e)			5.962	%		6/25/2036			32,455				6,897
Series 2006-8AR, Class 4A2 (d)			0.000	%		6/25/2036			48,400				41,685
Series 2006-11, Class 2A1			6.000	%		8/25/2036			432,015				180,065
Series 2006-16AX, Class 1A (1 mo. Term SOFR + 0.454%) (a)			5.784	%		11/25/2036			2,871,827				481,841
Series 2007-10XS, Class A19 (d)			6.000	%		2/25/2037			549,283				171,822
Series 2007-7AX, Class 1A (1 mo. Term SOFR + 0.554%) (a)			5.884	%		4/25/2037			2,058,725				496,791
Series 2007-11AR, Class 2A3 (d)(e)			2.858	%		6/25/2037			85,022				43,021
Series 2007-14AR, Class 3A3 (d)			4.505	%		10/25/2037			320,547				293,569
Series 2007-1XS, Class 2A4A (c)			6.584	%		9/25/2046			5,659,008				1,458,210
Series 2006-17XS, Class A6 (c)			6.077	%		10/25/2046			2,153,046				515,203
Morgan Stanley Reremic Trust
Series 2013-R3, Class 6B2 (b)(d)			3.992	%		12/26/2036			332,790				279,384
Series 2010-R5, Class 3B (b)(c)(e)			3.729	%		3/26/2037			286,995				222,134
Series 2015-R2, Class 2A1 (12 Month US Treasury Average + 1.090%) (a)(b)(e)			5.126	%		12/26/2046			19,957				19,079
MortgageIT Trust
Series 2005-1, Class 2A (1 mo. Term SOFR + 1.364%) (a)			6.690	%		2/25/2035			47,156				44,995
New Century Home Equity Loan Trust
Series 2004-4, Class M2 (1 mo. Term SOFR + 0.909%) (a)(e)			6.239	%		2/25/2035			63,916				55,959
NMLT Trust
Series 2021-INV1, Class A1 (b)(d)			1.185	%		5/25/2056			2,134,964				1,764,370
Nomura Asset Acceptance Corporation
Series 2006-WF1, Class A5 (c)			6.757	%		6/25/2036			908,697				233,959
Series 2006-AF2, Class 2A (d)(e)			4.071	%		8/25/2036			971,316				747,913
Series 2006-AF2, Class 4A (d)(e)			6.708	%		8/25/2036			842,458				716,089
Series 2007-2, Class A1B (d)			6.017	%		6/25/2037			1,139,440				939,871
Series 2007-1, Class 1A1A (c)			6.495	%		3/25/2047			853,523				753,782
Nomura Home Equity Loan Inc
Series 2006-AF1, Class A1 (c)			6.532	%		10/25/2036			1,433,360				302,766
Nomura Resecuritization Trust
Series 2011-4RA, Class 3A10 (b)(d)			4.420	%		12/26/2035			2,500,176				786,234
Series 2015-10R, Class 1A2 (b)(d)			5.239	%		12/25/2036			1,256,686				995,141

 

The accompanying notes are an integral part of these financial statements.

  

 

Regan Total Return Income Fund 

Schedule of Investments (Unaudited)

March 31, 2024

 

Security		Rate				Maturity Date		Principal Amount				Value
Collateralized Mortgage Obligations (Continued)
Novastar Home Equity Loan
Series 2003-1, Class A2 (1 mo. Term SOFR + 0.894%) (a)			0.000	%		5/25/2033		$	79,110			$	76,391
Series 2006-3, Class A2C (1 mo. Term SOFR + 0.434%) (a)			5.764	%		10/25/2036			1,759,321				911,140
Series 2006-5, Class A2B (1 mo. Term SOFR + 0.354%) (a)			5.684	%		11/25/2036			963,775				293,927
Oakwood Mortgage Investors, Inc.
Series 1997-A, Class B1			7.450	%		5/15/2027			57,446				51,864
Series 1999-C, Class A2			7.475	%		8/15/2027			487,667				381,628
Onslow Bay Financial LLC
Series 2018-1, Class A2 (1 mo. Term SOFR + 0.764%) (a)(b)			6.094	%		6/25/2057			84,368				81,038
Series 2020-EXP1, Class 1A8 (b)(d)			3.500	%		2/25/2060			391,538				346,638
Series 2020-EXP1, Class 2A1 (1 mo. Term SOFR + 0.864%) (a)(b)			6.194	%		2/25/2060			28,938				27,757
Series 2020-EXP2, Class A9 (b)(d)			3.000	%		5/25/2060			269,102				227,182
Series 2021-NQM2, Class A1 (b)(d)			1.101	%		5/25/2061			4,807,062				3,823,823
OWNIT Mortgage Loan Asset-Backed Certificates
Series 2006-6, Class A2C (1 mo. Term SOFR + 0.434%) (a)			5.764	%		9/25/2037			1,451,399				632,262
PHH Alternative Mortgage Trust
Series 2007-2, Class 3A1			6.000	%		5/25/2037			219,772				191,868
PHHMC Mortgage Pass Through Certificates
Series 2007-3, Class A3 (d)			4.392	%		6/18/2037			7,480				7,111
Prime Mortgage Trust
Series 2006-CL1, Class A1 (1 mo. Term SOFR + 0.614%) (a)			5.944	%		2/25/2035			17,272				17,051
Series 2006-DR1, Class 2A2 (b)			6.000	%		5/25/2035			425,162				360,168
Series 2005-4, Class 2A9			5.500	%		10/25/2035			78,141				70,595
Series 2006-1, Class 3A1 (1 mo. Term SOFR + 0.464%) (a)			5.794	%		6/25/2036			1,307,146				897,436
PSMC Trust
Series 2021-1, Class A11 (b)(d)			2.500	%		3/25/2051			473,256				411,683
RALI Trust
Series 2005-QS12, Class A8 (1 mo. Term SOFR + 0.464%) (a)			5.500	%		8/25/2035			3,198,720				2,497,492
Series 2005-QS14, Class 3A1			6.000	%		9/25/2035			901,429				734,947
Series 2006-QA1, Class A21 (d)(e)			5.264	%		1/25/2036			728,771				484,633
Series 2006-QS2, Class 1A14 (1 mo. Term SOFR + 0.814%) (a)			5.500	%		2/25/2036			267,216				196,219
Series 2006-QS3, Class 2AP (e)(h)			0.000	%		3/25/2036			494,662				217,651
Series 2006-QS6, Class 1A1			6.000	%		6/25/2036			461,548				348,737
Series 2006-QS7, Class A4 (1 mo. Term SOFR + 0.514%) (a)			5.844	%		6/25/2036			86,560				60,751
Series 2006-QS9, Class 1A8 (1 mo. Term SOFR + 0.764%) (a)			6.094	%		7/25/2036			824,664				583,584
Series 2006-QS12, Class 2A18			5.750	%		9/25/2036			263,476				209,446
Series 2006-QS13, Class 1A1 (1 mo. Term SOFR + 0.454%) (a)			5.784	%		9/25/2036			6,792,854				4,540,366
Series 2006-QS15, Class A3			6.500	%		10/25/2036			112,709				94,020
Series 2006-QS17, Class A2 (1 mo. Term SOFR + 6.536%) (g)(i)			1.206	%		12/25/2036			1,611,378				154,899
Series 2007-QS1, Class 2AP (h)			0.000	%		1/25/2037			840,807				341,453

 

The accompanying notes are an integral part of these financial statements.

 

 

Regan Total Return Income Fund 

Schedule of Investments (Unaudited)

March 31, 2024

 

Security		Rate				Maturity Date		Principal Amount				Value
Collateralized Mortgage Obligations (Continued)
RALI Trust (Continued)
Series 2007-QS3, Class A3			6.250	%		2/25/2037		$	1,282,735			$	1,009,987
Series 2007-QS7, Class 2A1			6.750	%		6/25/2037			779,090				324,613
Series 2007-QS8, Class A1 (1 mo. Term SOFR + 0.514%) (a)			5.844	%		6/25/2037			7,616,138				5,340,100
Series 2007-QS10, Class A1 (e)			6.500	%		9/25/2037			16,726				11,558
Series 2007-QH8, Class A (d)			6.009	%		10/25/2037			272,038				224,591
Series 2007-QH9, Class A1 (d)			6.421	%		11/25/2037			330,033				261,254
RBSGC Mortgage Pass Through Certificates
Series 2008-A, Class A1 (b)(d)			5.500	%		11/25/2035			238,843				196,263
RBSSP Resecuritization Trust
Series 2009-12, Class 17A2 (b)(d)			5.597	%		10/25/2035			479,885				463,788
Series 2009-12, Class 9A2 (b)(d)			4.677	%		3/25/2036			349,746				242,317
Series 2010-9, Class 7A6 (b)(d)			6.000	%		5/26/2037			1,021,479				442,754
Series 2009-5, Class 13A3 (1 mo. Term SOFR + 0.614%) (a)(b)			5.940	%		8/26/2037			943,552				424,558
RCKT Mortgage Trust
Series 2021-6, Class A5 (b)(d)			2.500	%		12/25/2051			430,084				371,670
Renaissance Home Equity Loan Trust
Series 2003-4, Class M2F (c)			6.244	%		3/25/2034			216,324				186,552
Series 2004-1, Class M4 (1 mo. Term SOFR + 2.814%) (a)			8.144	%		5/25/2034			239,243				154,405
Series 2004-2, Class M1 (c)			6.414	%		7/25/2034			368,132				314,636
RESI Finance LP
Series 2003-D, Class B3 (1 mo. Term SOFR + 1.414%) (a)(b)(e)			6.732	%		12/10/2035			25,154				10,716
Residential Accredit Loans, Inc.
Series 2005-QS5, Class A1 (1 mo. Term SOFR + 0.514%) (a)			5.750	%		4/25/2035			1,495,169				1,156,940
Series 2005-QS7, Class A1			5.500	%		6/25/2035			331,352				269,773
Series 2005-QS11, Class A3 (1 mo. Term SOFR + 4.886%) (g)(i)			0.000	%		7/25/2035			358,303				12,358
Series 2005-QA9, Class CB11 (d)			4.615	%		8/25/2035			112,071				98,623
Series 2005-QS10, Class 3A3			5.500	%		8/25/2035			713,215				514,747
Series 2005-QS13, Class 2A3			5.750	%		9/25/2035			2,045,128				1,727,795
Series 2005-QS14, Class 3A3			6.000	%		9/25/2035			359,359				292,990
Series 2006-QS2, Class 1A17 (1 mo. Term SOFR + 0.594%) (a)			5.500	%		2/25/2036			489,896				355,659
Series 2006-QS2, Class 1A2 (1 mo. Term SOFR + 0.614%) (a)			5.500	%		2/25/2036			372,815				270,957
Series 2006-QS2, Class 1A7 (e)(i)			6.000	%		2/25/2036			240,992				37,113
Series 2006-QS4, Class A8 (1 mo. Term SOFR + 5052.561%) (g)			8.000	%		4/25/2036			128,615				107,543
Series 2006-QS6, Class 1A9 (1 mo. Term SOFR + 0.714%) (a)			6.000	%		6/25/2036			2,224,367				1,566,422
Series 2006-QS13, Class 1A10			6.000	%		9/25/2036			503,798				374,646
Series 2007-QS1, Class 1A5 (1 mo. Term SOFR + 0.664%) (a)			5.994	%		1/25/2037			2,911,026				2,053,367
Series 2007-QS1, Class 2A2 (1 mo. Term SOFR + 0.474%) (a)			5.804	%		1/25/2037			592,906				390,247

 

The accompanying notes are an integral part of these financial statements.

 

 

Regan Total Return Income Fund 

Schedule of Investments (Unaudited)

March 31, 2024

 

Security		Rate				Maturity Date		Principal Amount				Value
Collateralized Mortgage Obligations (Continued)
Residential Accredit Loans, Inc. (Continued)
Series 2007-QS5, Class A1			5.500	%		3/25/2037		$	912,781			$	697,313
Series 2007-QS8, Class A3 (1 mo. Term SOFR + 0.714%) (a)(j)			6.000	%		6/25/2037			271,608				193,307
Series 2006-QO7, Class 3A2 (1 mo. Term SOFR + 0.524%) (a)(e)			5.649	%		9/25/2046			51,079				43,110
Residential Asset Securitization Trust
Series 2005-SP1, Class 1A1			5.000	%		9/25/2034			123,532				112,855
Series 2005-A8CB, Class A1 (1 mo. Term SOFR + 0.614%) (a)			5.500	%		7/25/2035			1,224,990				635,406
Series 2005-A8CB, Class A13 (1 mo. Term SOFR + 0.614%) (a)			5.500	%		7/25/2035			1,249,232				647,925
Series 2005-A9, Class A4			5.500	%		7/25/2035			100,802				31,350
Series 2005-A12, Class A6 (1 mo. Term SOFR + 0.614%) (a)(j)			5.500	%		11/25/2035			983,041				495,752
Series 2005-KS10, Class M2 (1 mo. Term SOFR + 0.774%) (a)			6.104	%		11/25/2035			2,968				2,962
Series 2005-A15, Class 2A12			6.000	%		2/25/2036			740,572				299,480
Series 2005-A15, Class 4A1			6.000	%		2/25/2036			2,282,679				702,830
Series 2006-A7CB, Class 2A5 (1 mo. Term SOFR + 0.364%) (a)			5.694	%		7/25/2036			427,880				74,374
Series 2006-A8, Class 1A5			6.250	%		8/25/2036			15,355				8,633
Series 2006-A8, Class 2A2			6.750	%		8/25/2036			1,980,095				566,088
Series 2006-A8, Class 2A3			6.000	%		8/25/2036			902,545				229,358
Series 2006-A8, Class 2A4			6.500	%		8/25/2036			627,412				172,727
Series 2006-A8, Class 3A8 (1 mo. Term SOFR + 0.864%) (a)(j)			6.000	%		8/25/2036			505,869				179,289
Series 2006-A10, Class A1 (1 mo. Term SOFR + 0.764%) (a)			6.094	%		9/25/2036			10,222,789				2,495,946
Series 2006-A10, Class A2 (1 mo. Term SOFR + 5.736%) (g)(i)			0.406	%		9/25/2036			10,222,789				753,215
Series 2006-A10, Class A4			6.500	%		9/25/2036			556,947				184,777
Series 2006-A10, Class A5			6.500	%		9/25/2036			985,823				327,064
Series 2006-A10, Class A7			6.500	%		9/25/2036			8,120,037				2,693,964
Series 2006-A14C, Class 2A4			6.000	%		12/25/2036			4,017,095				1,197,229
Series 2006-A14C, Class 2A6 (1 mo. Term SOFR + 0.564%) (a)			5.894	%		12/25/2036			5,464,401				1,178,022
Series 2007-A2, Class 1A6			6.000	%		4/25/2037			1,595,125				837,917
Series 2007-A3, Class 1A1 (1 mo. Term SOFR + 0.564%) (a)			5.894	%		4/25/2037			1,994,998				772,371
Series 2007-A3, Class 2A1 (1 mo. Term SOFR + 0.424%) (a)			5.754	%		4/25/2037			11,772,123				2,473,641
Series 2007-A8, Class 2A1			6.250	%		8/25/2037			13,325,736				3,134,966
Series 2006-A2, Class A11			6.000	%		1/25/2046			1,715,811				697,424
Series 2006-A2, Class A7			6.000	%		1/25/2046			860,216				348,012
Residential Funding Mtg Sec I
Series 2006-S7, Class A9 (e)			6.500	%		8/25/2036			297,510				226,256
Series 2006-S12, Class 3A7			5.750	%		12/25/2036			131,224				102,931
Series 2007-S6, Class 2A4			6.000	%		6/25/2037			1,246,294				910,745
Series 2007-SA3, Class 2A1 (d)			4.914	%		7/27/2037			476,177				352,463
Series 2007-SA4, Class 3A1 (d)			5.421	%		10/25/2037			107,664				64,532
ResMAE Mortgage Loan Trust
Series 2006-1, Class A2B (1 mo. Term SOFR + 0.414%) (a)(b)			5.744	%		2/25/2036			2,937,898				1,008,376
Series 2006-1, Class A2C (1 mo. Term SOFR + 0.514%) (a)(b)			5.844	%		2/25/2036			5,781,256				1,984,780

 

The accompanying notes are an integral part of these financial statements.

 

 

Regan Total Return Income Fund 

Schedule of Investments (Unaudited)

March 31, 2024

 

Security		Rate				Maturity Date		Principal Amount				Value
Collateralized Mortgage Obligations (Continued)
RFMSI Trust
Series 2007-SA1, Class 2A2 (d)(e)			4.864	%		2/25/2037		$	130,246			$	74,175
Series 2007-S3, Class 1A5			5.500	%		3/25/2037			189,496				129,068
Rithm Capital Corp.
Series 2021-INV2, Class A7 (b)(d)			2.500	%		9/25/2051			105,134				91,688
Series 2021-NQM3, Class A1 (b)(d)			1.156	%		11/27/2056			397,984				334,057
Series 2022-NQM1, Class A1 (b)(d)			2.277	%		4/25/2061			1,642,400				1,405,678
Saxon Asset Securities Trust
Series 2004-1, Class A (1 mo. Term SOFR + 0.654%) (a)			2.399	%		3/25/2035			226,343				191,606
Securitized Asset Backed Receivables LLC Trust
Series 2006-HE1, Class A2B (1 mo. Term SOFR + 0.294%) (a)(e)			5.624	%		7/25/2036			95,048				24,903
Security National Mortgage Loan Trust
Series 2006-3A, Class A3 (b)(d)			6.330	%		1/25/2037			321,723				136,141
Sequoia Mortgage Trust
Series 10, Class 1A (1 mo. Term SOFR + 0.914%) (a)(e)			6.243	%		10/20/2027			67,710				63,241
Series 9, Class 1A (1 mo. Term SOFR + 0.814%) (a)			0.000	%		9/20/2032			89,473				84,312
Series 2003-1, Class 1A (1 mo. Term SOFR + 0.874%) (a)			6.203	%		4/20/2033			68,271				64,271
Series 2003-4, Class 2A1 (1 mo. Term SOFR + 0.814%) (a)			6.143	%		7/20/2033			59,195				57,189
Series 2004-5, Class A2 (1 mo. Term SOFR + 0.634%) (a)			5.963	%		6/20/2034			183,116				164,885
Series 2004-6, Class A2 (1 mo. Term SOFR + 0.674%) (a)			6.003	%		7/20/2034			17,069				14,987
Series 2004-10, Class A2 (1 mo. Term SOFR + 0.754%) (a)			6.083	%		11/20/2034			324,996				298,811
Series 2007-3, Class 1A1 (1 mo. Term SOFR + 0.514%) (a)			5.843	%		7/20/2036			26,661				22,896
Series 2007-3, Class 2BA1 (d)			4.142	%		7/20/2037			789,206				595,024
Series 2013-5, Class A1 (b)(d)			2.500	%		5/25/2043			211,971				179,400
Series 2013-9, Class AP (b)(h)			0.000	%		7/25/2043			234,726				163,285
Series 2015-3, Class A1 (b)(d)			3.500	%		7/25/2045			493,659				440,709
Series 2018-CH3, Class A2 (b)(d)			4.000	%		8/25/2048			222,632				215,746
Series 2019-CH2, Class A1 (b)(d)			4.500	%		8/25/2049			64,069				62,937
SG Residential Mortgage Trust
Series 2020-2, Class A1 (b)(d)			1.381	%		5/25/2065			23,267				20,508
Series 2020-2, Class A2 (b)(d)			1.587	%		5/25/2065			90,999				80,156
Specialty Underwriting & Residential Finance
Series 2006-BC3, Class A2C (1 mo. Term SOFR + 0.414%) (a)			5.744	%		6/25/2037			83,114				47,681
Series 2006-BC4, Class A2B (1 mo. Term SOFR + 0.334%) (a)			5.664	%		9/25/2037			1,743,416				580,027
Starwood Mortgage Residential Trust
Series 2021-3, Class A1 (b)(d)			1.127	%		6/25/2056			96,246				78,103

 

The accompanying notes are an integral part of these financial statements.

 

 

Regan Total Return Income Fund 

Schedule of Investments (Unaudited) 

March 31, 2024

 

Security		Rate				Maturity Date		Principal Amount				Value
Collateralized Mortgage Obligations (Continued)
Structured Adjustable Rate Mortgage Loan Trust
Series 2005-18, Class 1A1 (d)			4.295	%		9/25/2035		$	632,364			$	391,349
Series 2005-20, Class 1A1 (d)			6.733	%		10/25/2035			515,990				464,415
Series 2005-23, Class 3A1 (d)			4.776	%		1/25/2036			91,374				46,053
Series 2007-7, Class 1A1 (1 mo. Term SOFR + 0.714%) (a)			6.044	%		8/25/2037			35,385				30,249
Series 2007-3, Class 2A1 (d)			4.227	%		4/25/2047			295,580				267,463
Structured Asset Mortgage Investments Inc.
Series 2004-AR1, Class 1A1 (1 mo. Term SOFR + 0.814%) (a)			6.141	%		3/19/2034			18,222				16,688
Series 2006-AR1, Class 3A1 (1 mo. Term SOFR + 0.574%) (a)			5.904	%		2/25/2036			597,292				461,945
Series 2006-AR3, Class 21A1 (1 mo. Term SOFR + 0.514%) (a)			5.844	%		2/25/2036			832,046				651,958
Series 2006-AR3, Class 22A1 (d)			4.369	%		5/25/2036			352,788				173,871
Series 2006-AR5, Class 3A1 (1 mo. Term SOFR + 0.534%) (a)			5.864	%		5/25/2046			1,658,495				642,561
Structured Asset Mortgage Investments, Inc.
Series 2004-AR5, Class 1A1 (1 mo. Term SOFR + 0.774%) (a)			6.101	%		10/19/2034			8,299				7,683
Series 2004-AR4, Class 2A1 (1 mo. Term SOFR + 0.814%) (a)			6.141	%		12/19/2034			179,323				159,718
Structured Asset Securities Corporation
Series 2004-SC1, Class A (b)(d)			8.309	%		12/25/2029			869,169				780,046
Series 2003-37A, Class 2A (d)			5.791	%		12/25/2033			39,303				37,809
Series 2006-S3, Class A1 (1 mo. Term SOFR + 0.374%) (a)			5.704	%		9/25/2036			998,110				283,809
Suntrust Adjustable Rate Mortgage Loan Trust
Series 2007-2, Class 2A1 (d)			5.573	%		4/25/2037			160,271				91,684
Series 2007-4, Class 2A1 (d)			4.733	%		10/25/2037			131,301				101,317
TBW Mortgage Backed Pass Through Certificates
Series 2006-2, Class DX (i)			6.000	%		7/25/2036			721,752				82,724
Series 2006-3, Class 2A1			6.500	%		7/25/2036			875,874				285,847
Series 2007-2, Class A6A (c)			6.515	%		7/25/2037			1,652,421				616,860
Terwin Mortgage Trust
Series 2004-7HE, Class A1 (1 mo. Term SOFR + 1.214%) (a)(b)			6.544	%		7/25/2034			834,762				785,597
Series 2004-19HE, Class A1 (1 mo. Term SOFR + 0.854%) (a)(b)			6.184	%		10/25/2034			464,254				444,338
Thornburg Mortgage Securities Trust
Series 2004-4, Class 1A (1 mo. Term SOFR + 0.694%) (a)(e)			6.024	%		12/25/2044			147,112				124,457
Series 2005-1, Class A2 (d)			5.089	%		4/25/2045			190,981				188,657
TIAA Bank Mortgage Loan Trust
Series 2018-3, Class A13 (b)(d)			4.000	%		11/25/2048			116,807				107,314
Toorak Mortgage Corp.
Series 2022-INV1, Class A1 (b)(d)			2.577	%		2/25/2057			77,177				68,773
Towd Point Mortgage Trust
Series 2016-1, Class M1 (b)(d)			3.500	%		2/25/2055			294,134				291,085
Series 2020-4, Class A2 (b)			2.500	%		10/25/2060			705,000				555,399

 

The accompanying notes are an integral part of these financial statements.

 

 

Regan Total Return Income Fund 

Schedule of Investments (Unaudited) 

March 31, 2024

 

Security		Rate				Maturity Date		Principal Amount				Value
Collateralized Mortgage Obligations (Continued)
UCFC Manufactured Housing Contract
Series 1996-1, Class M (d)			7.900	%		1/15/2028		$	16,396			$	14,776
Verus Securitization Trust
Series 2021-1, Class A2 (b)(d)			1.052	%		1/25/2066			129,519				113,556
Series 2021-4, Class A1 (b)(d)			0.938	%		7/25/2066			62,823				49,642
Series 2021-6, Class A1 (b)(d)			1.630	%		10/25/2066			5,357,808				4,489,732
Series 2021-8, Class A2 (b)(d)			2.286	%		11/25/2066			370,155				310,974
Washington Mutual Alternative Mortgage Pass-Through Certificates
Series 2006-7, Class A3 (c)			4.054	%		9/25/2036			2,481,094				685,915
Washington Mutual Asset-Backed Certificates
Series 2007-HE1, Class 2A1 (1 mo. Term SOFR + 0.234%) (a)			5.564	%		11/25/2036			1,505,406				500,769
Series 2007-HE4, Class 2A2 (1 mo. Term SOFR + 0.244%) (a)			5.574	%		7/25/2047			305,893				179,603
Washington Mutual Mortgage Pass-Through Certificates
Series 2006-5, Class 4A1 (e)			6.000	%		4/25/2024			1,636,700				16
Series 2004-RA2, Class CB1 (d)			7.000	%		7/25/2033			24,515				19,710
Series 2004-S1, Class 1A11			5.500	%		3/25/2034			27,518				26,551
Series 2004-AR9, Class B1 (d)			5.236	%		8/25/2034			157,071				139,935
Series 2004-AR11, Class A (d)			5.968	%		10/25/2034			123,583				117,749
Series 2005-1, Class 1A1			5.500	%		3/25/2035			948,258				860,766
Series 2005-7, Class 2CB4			5.500	%		8/25/2035			468,510				445,339
Series 2005-AR12, Class 1A4 (d)			4.608	%		10/25/2035			29,562				26,051
Series 2006-1, Class 2CB2			7.000	%		2/25/2036			795,255				551,169
Series 2006-AR2, Class 2A1 (d)			3.910	%		3/25/2036			84,385				71,433
Series 2006-4, Class 3A3 (c)			6.467	%		5/25/2036			193,009				161,411
Series 2006-5, Class 2CB2 (1 mo. Term SOFR + 0.714%) (a)			6.000	%		7/25/2036			476,602				298,491
Series 2006-AR12, Class 2A3 (d)(e)			3.794	%		10/25/2036			367,896				284,568
Series 2006-AR14, Class 1A4 (d)			4.019	%		11/25/2036			132,143				111,205
Series 2006-AR14, Class 2A3 (d)			4.034	%		11/25/2036			761,341				634,770
Series 2006-AR10, Class A2B (1 mo. Term SOFR + 0.534%) (a)			5.864	%		12/25/2036			5,109,627				870,306
Series 2007-HY1, Class 1A1 (d)			4.441	%		2/25/2037			306,535				260,598
Series 2007-HY1, Class A2B (1 mo. Term SOFR + 0.514%) (a)			5.844	%		2/25/2037			11,245,574				1,340,263
Series 2002-AR17, Class 1B2 (12 Month US Treasury Average + 1.200%) (a)			6.289	%		11/25/2042			78,612				69,900
Series 2005-AR2, Class 2A3 (1 mo. Term SOFR + 0.814%) (a)			6.144	%		1/25/2045			56,327				54,201
Series 2006-AR3, Class A1B (12 Month US Treasury Average + 1.000%) (a)			6.089	%		2/25/2046			38,989				33,546
Series 2006-AR7, Class 3A (12 Month US Treasury Average + 1.048%) (a)(e)			6.137	%		7/25/2046			112,138				77,936
Wells Fargo Alternative Loan Trust
Series 2007-PA3, Class 1A4			5.750	%		7/25/2037			297,004				249,317

 

The accompanying notes are an integral part of these financial statements.

 

 

Regan Total Return Income Fund 

Schedule of Investments (Unaudited) 

March 31, 2024

 

Security		Rate				Maturity Date		Principal  Amount				Value
Collateralized Mortgage Obligations (Continued)
Wells Fargo Mortgage Backed Securities Trust
Series 2006-AR5, Class 2A1 (d)			6.265	%		4/25/2036		$	67,172			$	62,422
Series 2006-AR12, Class 2A1 (d)			6.130	%		9/25/2036			99,009				91,880
Series 2006-AR14, Class 2A3 (d)			6.375	%		10/25/2036			55,778				48,713
Series 2006-AR16, Class A1 (d)			6.240	%		10/25/2036			239,823				216,513
Series 2007-AR3, Class A4 (d)			6.231	%		4/25/2037			379,337				323,274
Series 2007-7, Class A38 (e)			6.000	%		6/25/2037			43,264				33,875
Series 2018-1, Class A1 (b)(d)			3.500	%		7/25/2047			27,643				24,517
Series 2019-4, Class A17 (b)(d)			3.500	%		9/25/2049			51,259				44,844
WinWater Mortgage Loan Trust
Series 2015-A, Class A3 (b)(d)			3.500	%		6/20/2045			239,944				216,248
Yale Mortgage Loan Trust
Series 2007-1, Class A (1 mo. Term SOFR + 0.514%) (a)(b)			5.844	%		6/25/2037			79,569				25,108
Total Collateralized Mortgage Obligations (Cost — $387,760,140)													364,450,092
Mortgage Secured Note — 0.1%
Korth Direct Mortgage
Pool (b)(e)			12.500	%		1/25/2027			800,000				614,720
Total Mortgage Secured Note (Cost — $800,000)													614,720
Mortgage Backed Securities - U.S. Government Agency — 25.0%
Federal Home Loan Mortgage Corp.
Series 4182, Class UC			1.500	%		9/15/2027			4,442				4,317
Series 2380, Class CF (30 day avg SOFR US + 0.714%) (a)			6.033	%		11/15/2031			87,081				85,986
Series T-41, Class 2A (d)			4.591	%		7/25/2032			280,008				267,839
Series 4136, Class PC			1.250	%		11/15/2032			57,275				53,609
Series 4594, Class KS (30 day avg SOFR US + 7.432%) (g)			0.000	%		5/15/2033			692,614				527,391
Series T-48, Class 1A (d)(e)			4.429	%		7/25/2033			504,253				446,264
Series 3152, Class WF (30 day avg SOFR US + 0.574%) (a)			5.893	%		2/15/2034			30,851				29,749
Series 2770, Class LO (h)			0.000	%		3/15/2034			6,927				5,403
Series 2771, Class FM (30 day avg SOFR US + 0.514%) (a)			5.834	%		3/15/2034			31,990				31,552
Series 2819, Class F (30 day avg SOFR US + 0.514%) (a)			5.833	%		6/15/2034			42,232				42,007
Series 4265, Class FD (30 day avg SOFR US + 0.514%) (a)			5.833	%		1/15/2035			27,691				27,393
Series 3006, Class YF (30 day avg SOFR US + 0.374%) (a)			5.693	%		7/15/2035			267,210				263,060
Series 3085, Class FW (30 day avg SOFR US + 0.814%) (a)			6.133	%		8/15/2035			65,392				63,742
Series 3030, Class FL (30 day avg SOFR US + 0.514%) (a)			5.833	%		9/15/2035			59,865				59,170
Series 237, Class PO (h)			0.000	%		5/15/2036			885,337				723,537

 

The accompanying notes are an integral part of these financial statements.

 

 

Regan Total Return Income Fund 

Schedule of Investments (Unaudited) 

March 31, 2024

 

Security		Rate				Maturity Date		Principal Amount				Value
Mortgage Backed Securities - U.S. Government Agency (Continued)
Federal Home Loan Mortgage Corp. (Continued)
Series 3169, Class GF (30 day avg SOFR US + 0.404%) (a)			5.723	%		5/15/2036		$	828,085			$	819,593
Series 3317, Class F (30 day avg SOFR US + 0.514%) (a)			5.833	%		7/15/2036			438,975				433,301
Series 3200, Class FH (30 day avg SOFR US + 0.464%) (a)			5.783	%		8/15/2036			1,181,748				1,159,943
Series 3202, Class HF (30 day avg SOFR US + 0.464%) (a)			5.783	%		8/15/2036			73,990				73,208
Series 3206, Class FE (30 day avg SOFR US + 0.514%) (a)			5.833	%		8/15/2036			55,701				54,790
Series 3232, Class KF (30 day avg SOFR US + 0.564%) (a)			5.883	%		10/15/2036			115,551				114,252
Series 3240, Class AF (30 day avg SOFR US + 0.464%) (a)			5.783	%		11/15/2036			638,730				624,481
Series 3417, Class EO (h)			0.000	%		11/15/2036			126,600				98,712
Series 3540, Class KF (30 day avg SOFR US + 1.164%) (a)			6.483	%		11/15/2036			97,290				98,470
Series 3671, Class FQ (30 day avg SOFR US + 0.964%) (a)			6.283	%		12/15/2036			40,605				40,937
Series 3281, Class AF (30 day avg SOFR US + 0.434%) (a)			5.753	%		2/15/2037			280,631				275,705
Series 246, Class PO (h)			0.000	%		5/15/2037			246,542				200,533
Series 3320, Class FC (30 day avg SOFR US + 0.284%) (a)			5.603	%		5/15/2037			41,242				41,010
Series 3378, Class FA (30 day avg SOFR US + 0.694%) (a)			6.013	%		6/15/2037			8,707				8,663
Series 3361, Class LF (30 day avg SOFR US + 0.664%) (a)			5.983	%		8/15/2037			203,778				202,030
Series T-76, Class 2A (d)(e)			2.310	%		10/25/2037			277,455				254,982
Series 3404, Class AF (30 day avg SOFR US + 0.969%) (a)			6.288	%		1/15/2038			57,836				58,040
Series 3422, Class FB (30 day avg SOFR US + 0.634%) (a)			5.953	%		2/15/2038			946,226				932,749
Series 3567, Class F (30 day avg SOFR US + 1.364%) (a)			6.689	%		2/15/2038			174,211				159,217
Series 3429, Class F (30 day avg SOFR US + 0.794%) (a)			6.113	%		3/15/2038			673,494				666,995
Series 3430, Class NF (30 day avg SOFR US + 0.714%) (a)			6.033	%		3/15/2038			59,230				58,816
Series 3433, Class FA (30 day avg SOFR US + 0.764%) (a)			6.083	%		3/15/2038			2,514,034				2,493,551
Series 3666, Class FC (30 day avg SOFR US + 0.844%) (a)			6.163	%		5/15/2040			167,947				167,535
Series 3758, Class F (30 day avg SOFR US + 0.584%) (a)			5.903	%		11/15/2040			1,131,268				1,115,268
Series 3772, Class ND (e)			4.500	%		11/15/2040			60,941				55,456
Series 3812, Class US (30 day avg SOFR US + 9.071%) (g)			0.000	%		2/15/2041			33,384				25,210
Series 3815, Class DS (30 day avg SOFR US + 13.607%) (g)			0.000	%		2/15/2041			261,643				223,188
Series 4074, Class KF (30 day avg SOFR US + 0.414%) (a)			5.733	%		2/15/2041			36,666				36,556
Series 4400, Class FA (30 day avg SOFR US + 0.514%) (a)			5.833	%		2/15/2041			175,963				173,063
Series 3822, Class FC (30 day avg SOFR US + 0.524%) (a)			5.843	%		3/15/2041			560,630				552,764
Series 3835, Class FO (h)			0.000	%		4/15/2041			2,792,719				2,085,459
Series 4248, Class FL (30 day avg SOFR US + 0.564%) (a)			5.883	%		5/15/2041			38,780				38,379
Series 4105, Class KA			2.000	%		8/15/2041			207,234				196,379
Series 3930, Class KF (30 day avg SOFR US + 0.614%) (a)			5.933	%		9/15/2041			1,082,432				1,069,752
Series 3946, Class SW (30 day avg SOFR US + 6.786%) (g)			2.000	%		10/15/2041			255,071				195,019

 

The accompanying notes are an integral part of these financial statements.

 

 

Regan Total Return Income Fund 

Schedule of Investments (Unaudited) 

March 31, 2024

 

Security		Rate				Maturity Date		Principal  Amount				Value
Mortgage Backed Securities - U.S. Government Agency (Continued)
Federal Home Loan Mortgage Corp. (Continued)
Series 4076, Class QB			1.750	%		11/15/2041		$	85,755			$	81,715
Series 3977, Class FB (30 day avg SOFR US + 0.634%) (a)			5.953	%		12/15/2041			40,627				40,182
Series T-42, Class A5			7.500	%		2/25/2042			137,125				137,921
Series 4061, Class SL (30 day avg SOFR US + 6.860%) (g)			0.000	%		6/15/2042			41,307				19,239
Series 4171, Class NG			2.000	%		6/15/2042			18,859				16,792
Series 4073, Class QF (30 day avg SOFR US + 0.514%) (a)			5.833	%		7/15/2042			204,108				200,663
Series 4076, Class LF (30 day avg SOFR US + 0.414%) (a)			5.733	%		7/15/2042			125,767				123,288
Series 272, Class F2 (30 day avg SOFR US + 0.664%) (a)			5.983	%		8/15/2042			179,160				176,918
Series 4094, Class CW			2.000	%		8/15/2042			325,056				274,480
Series 4108, Class FC (30 day avg SOFR US + 0.514%) (a)			5.833	%		9/15/2042			2,649,037				2,598,469
Series 4615, Class GT (30 day avg SOFR US + 15.542%) (g)			0.000	%		10/15/2042			1,070,440				760,697
Series 4204, Class AB (e)			3.000	%		5/15/2043			58,125				42,359
Series T-57, Class 1A2			7.000	%		7/25/2043			264,058				274,088
Series 4313, Class FM (30 day avg SOFR US + 0.564%) (a)			5.883	%		3/15/2044			1,758,241				1,727,878
Series 4436, Class FC (30 day avg SOFR US + 0.464%) (a)			5.783	%		2/15/2045			151,146				147,755
Series 4621, Class HK (e)			2.000	%		10/15/2046			106,413				81,473
Series 2017-SC02, Class 2A			3.500	%		5/25/2047			24,456				21,523
Series 4708, Class F (30 day avg SOFR US + 0.414%) (a)			5.733	%		8/15/2047			603,947				588,875
Series 4774, Class BF (30 day avg SOFR US + 0.414%) (a)			5.733	%		2/15/2048			1,406,407				1,367,724
Series 4821, Class FA (30 day avg SOFR US + 0.414%) (a)			5.733	%		7/15/2048			325,415				316,233
Series 4913, Class UF (30 day avg SOFR US + 0.564%) (a)			5.883	%		3/15/2049			3,219,437				3,156,630
Series 4875, Class F (30 day avg SOFR US + 0.564%) (a)			5.883	%		4/15/2049			2,127,340				2,087,659
Series 5131, Class TG (e)			1.000	%		4/25/2049			52,016				39,142
Series 4882, Class F (30 day avg SOFR US + 0.564%) (a)			5.883	%		5/15/2049			2,396,487				2,357,005
Series 4882, Class FA (30 day avg SOFR US + 0.564%) (a)			5.883	%		5/15/2049			3,159,533				3,101,089
Series 4921, Class NB			1.750	%		8/25/2049			257,441				207,566
Series 4911, Class FB (30 day avg SOFR US + 0.564%) (a)			5.885	%		9/25/2049			1,319,226				1,294,035
Series 4943, Class JP			2.500	%		9/25/2049			369,165				316,726
Series 4942, Class FA (30 day avg SOFR US + 0.614%) (a)			5.935	%		1/25/2050			2,159,063				2,123,497
Series 4981, Class JF (30 day avg SOFR US + 0.514%) (a)			5.835	%		6/25/2050			2,693,640				2,634,104
Series 4982, Class F (30 day avg SOFR US + 0.564%) (a)			5.885	%		6/25/2050			2,577,456				2,535,314
Series 4993, Class UG (e)			1.500	%		7/25/2050			20,670				10,206
Series 5020, Class HA			1.000	%		8/25/2050			852,736				639,254
Series 5328, Class JY			0.250	%		9/25/2050			726,234				485,071
Series 5035, Class HM (e)			1.000	%		10/25/2050			84,999				36,550
Series 5151, Class WN (e)			2.000	%		10/25/2050			88,643				49,529
Series 5068, Class AB			1.000	%		11/25/2050			1,144,732				853,308
Series 5081, Class DC			1.000	%		3/25/2051			1,148,429				812,319
Series 5085, Class LC (e)			0.750	%		3/25/2051			221,098				135,699

 

The accompanying notes are an integral part of these financial statements.

 

 

Regan Total Return Income Fund 

Schedule of Investments (Unaudited) 

March 31, 2024

 

Security		Rate				Maturity Date		Principal  Amount				Value
Mortgage Backed Securities - U.S. Government Agency (Continued)
Federal National Mortgage Association
Series 2010-41, Class DC			4.500	%		5/25/2025		$	898			$	892
Series 2002-30, Class FB (30 day avg SOFR US + 1.114%) (a)			6.435	%		8/25/2031			70,640				71,168
Series 2002-8, Class FE (30 day avg SOFR US + 0.864%) (a)			6.185	%		3/25/2032			42,320				42,441
Series 2002-9, Class FB (30 day avg SOFR US + 0.864%) (a)			6.185	%		3/25/2032			41,895				40,855
Series 328, Class 1 (h)			0.000	%		12/25/2032			779,071				663,910
Series 2003-7, Class FA (30 day avg SOFR US + 0.864%) (a)			6.185	%		2/25/2033			65,269				65,459
Series 2003-25, Class KP			5.000	%		4/25/2033			7,061				6,900
Series 2013-26, Class SJ (30 day avg SOFR US + 5.323%) (g)			0.000	%		4/25/2033			667,145				523,329
Series 2003-44, Class FI (30 day avg SOFR US + 0.864%) (a)			6.185	%		6/25/2033			42,596				41,511
Series 2004-25, Class FA (30 day avg SOFR US + 0.514%) (a)			5.835	%		4/25/2034			26,589				26,491
Series 2004-38, Class FK (30 day avg SOFR US + 0.464%) (a)			5.785	%		5/25/2034			13,484				13,373
Series 2004-37, Class FB (30 day avg SOFR US + 0.234%) (a)			5.755	%		6/25/2034			130,436				127,676
Series 2004-T5, Class AB7 (d)			4.663	%		5/28/2035			333,386				319,371
Series 2005-45, Class XA (30 day avg SOFR US + 0.454%) (a)			5.775	%		6/25/2035			296,962				293,907
Series 2005-56, Class F (30 day avg SOFR US + 0.404%) (a)			5.725	%		7/25/2035			81,057				80,032
Series 2005-66, Class FD (30 day avg SOFR US + 0.414%) (a)			5.735	%		7/25/2035			98,791				97,461
Series 2005-82, Class FY (30 day avg SOFR US + 0.384%) (a)			5.705	%		9/25/2035			350,363				346,749
Series 2006-20, Class GF (30 day avg SOFR US + 0.464%) (a)			5.785	%		4/25/2036			121,250				119,645
Series 2006-23, Class BD			1.000	%		4/25/2036			415,511				351,323
Series 2006-101, Class FD (30 day avg SOFR US + 0.414%) (a)			5.500	%		7/25/2036			67,157				66,280
Series 2006-56, Class FC (30 day avg SOFR US + 0.404%) (a)			5.725	%		7/25/2036			62,238				61,738
Series 2006-62, Class FP (30 day avg SOFR US + 0.364%) (a)			5.685	%		7/25/2036			422,923				418,314
Series 2006-72, Class TE (30 day avg SOFR US + 0.414%) (a)			5.735	%		8/25/2036			77,349				76,303
Series 2006-126, Class CF (30 day avg SOFR US + 0.414%) (a)			5.735	%		1/25/2037			77,504				76,210
Series 2007-96, Class AF (30 day avg SOFR US + 0.834%) (a)			6.155	%		6/25/2037			83,158				83,011
Series 2007-65, Class KF (30 day avg SOFR US + 0.494%) (a)(e)			5.815	%		7/25/2037			27,517				26,124
Series 380, Class F5 (30 day avg SOFR US + 0.514%) (a)			5.835	%		7/25/2037			52,435				51,681
Series 2007-85, Class FG (30 day avg SOFR US + 0.614%) (a)			5.935	%		9/25/2037			141,626				137,239
Series 2007-91, Class JF (30 day avg SOFR US + 0.714%) (a)			6.035	%		10/25/2037			222,544				221,042
Series 2007-117, Class MF (30 day avg SOFR US + 0.814%) (a)			6.135	%		1/25/2038			95,787				95,550
Series 2007-119, Class FA (30 day avg SOFR US + 0.614%) (a)			5.935	%		1/25/2038			1,348,423				1,328,304
Series 2008-11, Class PO (h)			0.000	%		3/25/2038			227,596				186,514
Series 2009-46, Class FA (30 day avg SOFR US + 0.814%) (a)			6.135	%		6/25/2039			328,906				325,793
Series 2009-46, Class FC (30 day avg SOFR US + 0.814%) (a)			6.135	%		6/25/2039			304,656				302,030
Series 2009-72, Class JF (30 day avg SOFR US + 0.864%) (a)			6.185	%		9/25/2039			317,603				315,019

 

The accompanying notes are an integral part of these financial statements.

 

 

Regan Total Return Income Fund 

Schedule of Investments (Unaudited) 

March 31, 2024

 

Security		Rate				Maturity Date		Principal Amount				Value
Mortgage Backed Securities - U.S. Government Agency (Continued)
Federal National Mortgage Association (Continued)
Series 2011-118, Class CF (30 day avg SOFR US + 0.614%) (a)			5.935	%		10/25/2039		$	47,193			$	46,989
Series 2023-53, Class FB (30 day avg SOFR US + 0.414%) (a)			5.735	%		10/25/2039			17,660,366				17,365,756
Series 2009-106, Class FA (30 day avg SOFR US + 0.864%) (a)			6.185	%		1/25/2040			472,707				473,911
Series 2010-41, Class OP (h)			0.000	%		5/25/2040			1,294,309				1,080,512
Series 2010-107, Class PF (30 day avg SOFR US + 0.484%) (a)			5.805	%		6/25/2040			2,545,600				2,526,367
Series 2010-95, Class FA (30 day avg SOFR US + 0.514%) (a)			5.835	%		7/25/2040			46,393				45,854
Series 2010-111, Class AF (30 day avg SOFR US + 0.514%) (a)			5.835	%		10/25/2040			2,863,124				2,839,897
Series 2010-123, Class FK (30 day avg SOFR US + 0.564%) (a)			5.885	%		11/25/2040			59,908				58,996
Series 2011-40, Class SB (30 day avg SOFR US + 9.908%) (g)			0.000	%		11/25/2040			42,394				29,738
Series 2010-135, Class AF (30 day avg SOFR US + 0.664%) (a)			5.985	%		12/25/2040			168,317				166,391
Series 2010-141, Class FB (30 day avg SOFR US + 0.584%) (a)			5.905	%		12/25/2040			323,144				318,966
Series 2011-41, Class FK (30 day avg SOFR US + 0.534%) (a)			5.855	%		5/25/2041			228,938				225,731
Series 2002-26, Class A3 ( + 0.000%) (a)			5.026	%		6/25/2041			705,566				691,905
Series 2011-63, Class FA (30 day avg SOFR US + 0.694%) (a)			6.015	%		7/25/2041			291,609				289,144
Series 2011-85, Class KF (30 day avg SOFR US + 0.664%) (a)			5.985	%		9/25/2041			258,665				255,785
Series 2011-96, Class PF (30 day avg SOFR US + 0.614%) (a)			5.935	%		10/25/2041			1,576,000				1,553,932
Series 2012-114, Class ND (e)			2.000	%		10/25/2041			68,936				59,716
Series 2002-T4, Class A3			7.500	%		12/25/2041			139,718				145,829
Series 2011-130, Class KO (h)			0.000	%		12/25/2041			128,126				99,272
Series 2012-6, Class F (30 day avg SOFR US + 0.614%) (a)			5.935	%		2/25/2042			798,726				788,180
Series 2012-15, Class KB (e)			3.500	%		3/25/2042			40,000				33,450
Series 2012-90, Class ZJ			1.500	%		3/25/2042			279,182				248,199
Series 2013-68, Class NA (e)			1.000	%		3/25/2042			49,627				38,399
Series 2012-39, Class FK (30 day avg SOFR US + 0.614%) (a)			5.935	%		4/25/2042			610,889				602,797
Series 2012-40, Class LX (30 day avg SOFR US + 6.688%) (e)(g)			0.000	%		4/25/2042			203,214				103,741
Series 2002-T16, Class A4 (d)			5.098	%		5/25/2042			18,491				17,806
Series 2002-W8, Class A2			7.000	%		6/25/2042			138,726				143,251
Series 2012-80, Class NA (e)			2.750	%		6/25/2042			198,753				170,431
Series 2012-70, Class FA (30 day avg SOFR US + 0.564%) (a)			5.885	%		7/25/2042			830,009				817,329
Series 2012-79, Class FM (30 day avg SOFR US + 0.564%) (a)			5.885	%		7/25/2042			94,910				93,388
Series 2012-120, Class QB			2.500	%		8/25/2042			50,000				36,627
Series 2012-80, Class FM (30 day avg SOFR US + 0.614%) (a)			5.935	%		8/25/2042			174,941				172,498
Series 2012-103, Class NF (30 day avg SOFR US + 0.514%) (a)			5.835	%		9/25/2042			234,600				230,530
Series 2003-W4, Class 3A (d)			4.912	%		10/25/2042			21,384				22,567
Series 2013-130, Class FN (30 day avg SOFR US + 0.464%) (a)			5.785	%		10/25/2042			62,549				61,449
Series 2012-146, Class QA			1.000	%		1/25/2043			70,866				58,844

 

The accompanying notes are an integral part of these financial statements.

Regan Total Return Income Fund 

Schedule of Investments (Unaudited) 

March 31, 2024

 

Security		Rate				Maturity Date		Principal Amount				Value
Mortgage Backed Securities - U.S. Government Agency (Continued)
Federal National Mortgage Association (Continued)
Series 2013-2, Class AZ			2.000	%		2/25/2043		$	150,268			$	116,137
Series 2013-31, Class PY (e)			2.500	%		2/25/2043			96,155				74,460
Series 2013-15, Class FA (30 day avg SOFR US + 0.464%) (a)			5.785	%		3/25/2043			748,959				732,705
Series 2014-78, Class OK (h)			0.000	%		7/25/2043			1,382,021				737,703
Series 2013-83, Class US (30 day avg SOFR US + 4.886%) (g)			0.000	%		8/25/2043			160,197				103,453
Series 2015-27, Class HA			3.000	%		3/25/2044			25,958				24,176
Series 2014-38, Class F (30 day avg SOFR US + 0.514%) (a)			5.835	%		7/25/2044			5,230,814				5,133,031
Series 2015-38, Class PI (i)			4.500	%		8/25/2044			158,027				15,996
Series 2014-63, Class FL (30 day avg SOFR US + 0.514%) (a)			5.835	%		10/25/2044			1,401,044				1,375,426
Series 2014-73, Class FA (30 day avg SOFR US + 0.464%) (a)			5.785	%		11/25/2044			934,198				914,346
Series 2015-31, Class FE (30 day avg SOFR US + 0.414%) (a)			5.735	%		5/25/2045			5,962,566				5,823,656
Series 2015-87, Class BF (30 day avg SOFR US + 0.414%) (a)			5.735	%		12/25/2045			10,691				10,300
Series 2016-106, Class EF (30 day avg SOFR US + 0.614%) (a)			5.935	%		1/25/2047			5,653,221				5,547,059
Series 2018-11, Class KA			3.000	%		3/25/2048			719,398				624,622
Series 2018-22, Class FJ (30 day avg SOFR US + 0.414%) (a)			5.735	%		4/25/2048			155,703				151,237
Series 2018-58, Class FA (30 day avg SOFR US + 0.414%) (a)			5.735	%		8/25/2048			2,838,350				2,758,285
Series 2018-94, Class FA (30 day avg SOFR US + 0.514%) (a)			5.835	%		1/25/2049			677,683				662,712
Series 2019-1, Class NF (30 day avg SOFR US + 0.564%) (a)			5.885	%		2/25/2049			2,462,396				2,419,652
Series 2019-8, Class FA (30 day avg SOFR US + 0.564%) (a)			5.885	%		3/25/2049			861,904				847,978
Series 2019-12, Class FB (30 day avg SOFR US + 0.564%) (a)			5.885	%		4/25/2049			261,299				256,122
Series 2019-24, Class NJ			2.500	%		5/25/2049			1,339,537				1,131,236
Series 2019-81, Class FJ (30 day avg SOFR US + 0.614%) (a)			5.935	%		1/25/2050			2,466,530				2,425,822
Series 2020-10, Class FA (30 day avg SOFR US + 0.614%) (a)			5.935	%		3/25/2050			5,851,351				5,756,970
Series 2020-48, Class DA			2.000	%		7/25/2050			728,446				604,905
Series 2023-36, Class AO (e)(h)			0.000	%		8/25/2050			272,927				183,245
Series 2020-71, Class KU			1.000	%		10/25/2050			95,471				49,620
Series 2021-2, Class HB			1.000	%		2/25/2051			483,191				350,341
Series 2021-87, Class QA			2.000	%		12/25/2051			49,322				30,321
Series 2021-94, Class KU			2.000	%		12/25/2051			97,535				76,151
Series 2022-66, Class CA			4.500	%		10/25/2052			61,699				57,539
Series 2019-41, Class GF (30 day avg SOFR US + 0.614%) (a)			5.935	%		3/25/2053			6,849,479				6,796,617
Series 2019-41, Class F (30 day avg SOFR US + 0.614%) (a)			5.935	%		8/25/2059			1,665,445				1,642,514
Government National Mortgage Association
Series 2014-21, Class DA			2.000	%		4/16/2026			4,932				4,892
Series 2004-63, Class FL (1 mo. Term SOFR + 0.464%) (a)			5.791	%		8/16/2034			44,136				43,891
Series 2005-48, Class AF (1 mo. Term SOFR + 0.314%) (a)			5.643	%		6/20/2035			181,999				179,069
Series 2010-79, Class FH (1 mo. Term SOFR + 0.304%) (a)			5.633	%		5/20/2037			947,227				939,813
Series 2007-51, Class FN (1 mo. Term SOFR + 0.534%) (a)			5.863	%		8/20/2037			1,568,348				1,565,184

 

The accompanying notes are an integral part of these financial statements.

Regan Total Return Income Fund

Schedule of Investments (Unaudited)

March 31, 2024

 

Security		Rate				Maturity Date		Principal Amount				Value
Mortgage Backed Securities - U.S. Government Agency (Continued)
Government National Mortgage Association (Continued)
Series 2007-72, Class HF (1 mo. Term SOFR + 0.554%) (a)			5.883	%		11/20/2037		$	175,693			$	168,535
Series 2008-11, Class FB (1 mo. Term SOFR + 0.714%) (a)			6.043	%		2/20/2038			111,780				111,844
Series 2009-14, Class FA (1 mo. Term SOFR + 1.034%) (a)			6.363	%		3/20/2039			888,853				895,902
Series 2009-57, Class DF (1 mo. Term SOFR + 1.214%) (a)			6.540	%		6/16/2039			149,529				149,451
Series 2009-52, Class FD (1 mo. Term SOFR + 1.064%) (a)			6.391	%		7/16/2039			635,103				639,955
Series 2009-92, Class FJ (1 mo. Term SOFR + 0.794%) (a)			6.121	%		10/16/2039			114,104				114,285
Series 2019-5, Class BO (h)			0.000	%		12/20/2039			143,557				106,410
Series 2010-147, Class PG			3.500	%		5/20/2040			43,634				42,548
Series 2010-85, Class FE (1 mo. Term SOFR + 0.564%) (a)			5.893	%		7/20/2040			2,644,632				2,616,588
Series 2010-109, Class FB (1 mo. Term SOFR + 0.514%) (a)			5.843	%		8/20/2040			3,533,171				3,490,452
Series 2011-7, Class LS (1 mo. Term SOFR + 9.651%) (g)			0.000	%		12/20/2040			1,114,351				931,231
Series 2011-75, Class PO (h)			0.000	%		5/20/2041			217,864				181,796
Series 2011-151, Class FJ (1 mo. Term SOFR + 0.464%) (a)			5.793	%		11/20/2041			481,275				473,994
Series 2012-21, Class QF (1 mo. Term SOFR + 0.464%) (a)			5.793	%		2/20/2042			1,016,741				1,006,200
Series 2012-106, Class QD (e)			1.500	%		7/20/2042			43,723				35,853
Series 2012-97, Class JF (1 mo. Term SOFR + 0.364%) (a)			5.691	%		8/16/2042			35,968				35,719
Series 2014-41, Class ST (1 mo. Term SOFR + 11.161%) (g)			0.000	%		11/20/2042			126,572				99,901
Series 2013-169, Class EZ (e)			3.250	%		11/16/2043			76,916				61,100
Series 2014-94, Class CA			1.750	%		1/20/2044			55,576				46,556
Series 2015-53, Class KC (e)			3.000	%		4/16/2045			58,515				38,328
Series 2017-39, Class BD			2.500	%		6/20/2045			194,779				182,665
Series 2013-72, Class DA			2.040	%		11/16/2047			130,000				92,068
Series 2018-14, Class FB (1 mo. Term SOFR + 0.364%) (a)			5.693	%		1/20/2048			3,338,671				3,259,752
Series 2018-168, Class KF (1 mo. Term SOFR + 0.464%) (a)			5.793	%		12/20/2048			3,360,281				3,284,774
Series 2019-33, Class F (1 mo. Term SOFR + 0.564%) (a)			5.893	%		3/20/2049			73,537				72,280
Series 2019-43, Class SQ (1 mo. Term SOFR + 5.936%) (g)(i)			0.607	%		4/20/2049			2,601,261				151,457
Series 2019-90, Class AF (1 mo. Term SOFR + 0.514%) (a)			5.843	%		7/20/2049			461,748				452,444
Series 2021-139, Class QO (h)			0.000	%		9/20/2049			881,942				359,824
Series 2020-183, Class HX			1.000	%		12/20/2049			48,000				23,629
Series 2020-149, Class UY (e)			2.000	%		10/20/2050			94,439				48,518
Series 2020-160, Class KQ			1.500	%		10/20/2050			47,692				28,920
Series 2020-165, Class UC			1.250	%		11/20/2050			692,248				516,612
Series 2021-98, Class IY (i)			3.000	%		6/20/2051			146,378				19,410
Series 2023-66, Class OQ (e)(h)			0.000	%		7/20/2052			433,056				312,883
Series 2023-66, Class FG (30 day avg SOFR US + 1.000%) (a)			6.319	%		5/20/2053			1,863,270				1,855,954
United States Small Business Administration
Series , Class (Prime Rate + (0.275)%) (a)			9.575	%		3/25/2037			453,365				469,198
Total Mortgage Backed Securities - U.S. Government Agency (Cost — $159,146,274)													160,770,044

 

The accompanying notes are an integral part of these financial statements.

Regan Total Return Income Fund

Schedule of Investments (Unaudited)

March 31, 2024

 

Security		Rate				Maturity Date		Principal Amount				Value
U.S. Treasury Obligations — 3.7%
United States Treasury Inflation Indexed Bonds			0.500	%		4/15/2024		$	10,088,678			$	10,094,442
United States Treasury Note/Bond			5.000	%		8/31/2025			5,000,000				5,010,742
United States Treasury Note/Bond			5.000	%		9/30/2025			8,750,000				8,772,900
Total U.S. Treasury Obligations (Cost — $23,801,668)													23,878,084
Security		Rate			Maturity Date			Shares				Value
Short-Term Investments — 14.6%
Money Market Funds — 2.10%
First American Government Obligations Fund - Class X - 5.24% (f)									13,466,524				13,466,524
Total Money Market Funds (Cost — $13,466,524)													13,466,524
U.S. Treasury Bills — 12.50%
United States Treasury Bill			5.310	%		4/2/2024			3,000,000				2,999,565
United States Treasury Bill			5.298	%		4/23/2024			5,000,000				4,983,897
United States Treasury Bill			5.454	%		4/25/2024			5,000,000				4,982,477
United States Treasury Bill			5.321	%		5/9/2024			20,500,000				20,385,984
United States Treasury Bill			5.319	%		5/16/2024			10,000,000				9,934,638
United States Treasury Bill			5.271	%		5/21/2024			5,000,000				4,963,438
United States Treasury Bill			5.350	%		5/30/2024			5,000,000				4,956,877
United States Treasury Bill			5.264	%		6/4/2024			3,000,000				2,972,451
United States Treasury Bill			5.230	%		6/20/2024			10,000,000				9,884,078
United States Treasury Bill			5.313	%		6/25/2024			5,000,000				4,938,946
United States Treasury Bill			4.951	%		2/20/2025			10,000,000				9,566,306
Total U.S. Treasury Bills (Cost — $80,580,658)													80,568,657
Total Short-Term Investments (Cost — $94,047,182)													94,035,181
Total Investments — 100.0% (Cost — $665,555,264)													643,748,121
Other Assets in Excess of Other Assets — 0.0%													220,050
Total Net Assets — 100.0%												$	643,968,171

 

CMT - Constant Maturity Treasury 

LIBOR - London Interbank Offered Rate 

LP - Limited Partnership 

PO - Principal Only 

SOFR - Secured Overnight Financing Rate

 

The accompanying notes are an integral part of these financial statements.

Regan Total Return Income Fund

Schedule of Investments (Unaudited)

March 31, 2024

 

(a)

Floating rate security based on a reference index and spread. The rate reported is the rate in effect as of March 31, 2024.

(b)

Security was purchased to Rule 144A under the Securities Act of 1933 and may not be resold subject to that Rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid. At March 31, 2024, the value of these securities totaled $97,565,981 or 16.7% of net assets.

(c)

Step-up coupon bond. The interest rate will step up if the issuer does not redeem the bond by an expected redemption date. The interest rate disclosed is as of March 31, 2024.

(d)

Variable rate security. The rate is based on an underlying pool of loans and represents the rate in effect as of March 31, 2024.

(e)

Security is valued in good faith using significant unobservable inputs in accordance with procedures approved by the Board of Trustees. The total value of these securities as of March 31, 2024 was $13,532,533, which represents 2.10% of total net assets of the Fund.

(f)

The rate reported is the annualized seven-day yield as of March 31, 2024.

(g)

Inverse floating rate security. The interest rate disclosed is derived by subtracting the disclosed leverage factor times the reference index from a starting base rate.

(h)

Principal only security.

(i)

Interest only security.

(j)

Rate is capped.

 

The accompanying notes are an integral part of these financial statements.

 

Regan Total Return Income Fund

Statement of Assets and Liabilities (Unaudited)

March 31, 2024

 

Assets
Investments, at value (cost $665,555,264)		$	643,748,121
Cash			14,880
Interest Receivable			3,004,804
Receivable for capital shares sold			2,071,407
Receivable for investments sold			3,364
Other assets			60,184
Total Assets			648,902,760
Liabilities
Payable for capital shares redeemed			1,599,379
Payable for investments purchased			1,317,076
Payable for distributions			1,071,842
Distribution fees - Investor Class			21,313
Payable to Advisor			513,218
Accrued expenses and other liabilities			411,761
Total Liabilities			4,934,589
Net Assets		$	643,968,171
Components of Net Assets
Paid-in capital		$	615,371,780
Total distributable earnings			28,596,391
Net Assets		$	643,968,171
Institutional Class:
Net assets		$	598,615,353
Shares outstanding (unlimited number of shares authorized, no par value)			64,153,397
Net asset value, offering and redemption price per share		$	9.33
Investor Class:
Net assets		$	45,352,818
Shares outstanding (unlimited number of shares authorized, no par value)			4,822,805
Net asset value, offering and redemption price per share		$	9.40

 

The accompanying notes are an integral part of these financial statements.

Regan Total Return Income Fund

Statement of Operations (Unaudited)

For the Six Months Ended March 31, 2024

 

Investment Income
Interest income		$	19,439,294
Expenses
Advisory fees			2,398,087
Administration fees (Note 3)			330,609
Shareholder servicing fees (Note 6)			269,448
Fees recaptured by Advisor (Note 3 and 8)			256,726
Transfer agent fees and expenses (Note 3)			72,846
Registration fees			61,721
Custody fees (Note 3)			45,384
Distribution fees - Investor Class (Note 7)			41,749
Legal fees			16,600
Shareholder reporting fees			15,360
Audit fees			11,346
Trustees’ fees			8,681
Miscellaneous expenses			7,919
Compliance fees (Note 3)			6,039
Insurance expense			6,039
Total Expenses			3,548,554
Net Investment Income			15,890,740
Realized and Unrealized Gain (Loss) on Investments
Net realized loss on Investments			(172,748	)
Change in unrealized appreciation/depreciation on investments			11,726,829
Net Realized and Unrealized Gain on Investments			11,554,081
Net increase in Net Assets from Operations		$	27,444,821

 

The accompanying notes are an integral part of these financial statements. 

Regan Total Return Income Fund

Statements of Changes in Net Assets

 

		For the Six Months Ended March 31, 2024 (Unaudited)				Year Ended September 30, 2023
Operations
Net investment income		$	15,890,740			$	34,650,943
Net realized loss on investments			(172,748	)			(873,715	)
Change in unrealized appreciation/depreciation on investments			11,726,829				(19,698,583	)
Net Increase in Net Assets from Operations			27,444,821				14,078,645
Distributions to Shareholders
From distributable earnings
Institutional Class			(16,023,870	)			(20,432,871	)
Investor Class			(1,063,701	)			(838,036	)
Total Distributions to Shareholders			(17,087,571	)			(21,270,907	)
Capital Share Transactions
Proceeds from shares sold
Institutional Class			280,209,793				322,605,636
Investor Class			30,080,630				18,567,822
Proceeds from shares reinvested
Institutional Class			13,080,312				16,579,914
Investor Class			1,057,110				829,710
Cost of shares redeemed
Institutional Class			(108,819,044	)			(108,442,506	)
Investor Class			(4,760,791	)			(5,816,026	)
Net Increase in Net Assets from Capital Share Transactions			210,848,010				244,324,550
Total Increase in Net Assets			221,205,260				237,132,288
Net Assets
Beginning of period			422,762,911				185,630,623
End of period		$	643,968,171			$	422,762,911
Capital Shares Transactions
Institutional Class
Shares Sold			30,215,945				34,627,525
Shares reinvested			1,406,912				1,802,548
Shares redeemed			(11,696,406	)			(11,651,801	)
Net increase in shares outstanding			19,926,451				24,778,272
Investor Class
Shares Sold			3,232,813				1,979,048
Shares reinvested			112,836				89,526
Shares redeemed			(509,188	)			(619,834	)
Net increase in shares outstanding			2,836,461				1,448,740

 

The accompanying notes are an integral part of these financial statements.

Regan Total Return Income Fund

Financial Highlights

Institutional Class

 

For a Capital Share Outstanding Throughout Each Period Presented:

 

		For the Six Months Ended March 31, 2024 (Unaudited)				For the Year Ended September 30, 2023				For the Year Ended September 30, 2022				For the Year Ended September 30, 2021(1)
Net Asset Value, Beginning of Period		$	9.14			$	9.29			$	10.27			$	10.00
Gain from Investment Operations:
Net investment income (2)			0.27				0.99				0.74				0.95
Net realized and unrealized gain (loss) on investments			0.20				(0.58	)			(0.89	)			0.49
Total Gain (Loss) from Investment Operations			0.47				0.41				(0.15	)			1.44
Less Distributions:
From net investment income			(0.28	)			(0.56	)			(0.45	)			(0.82	)(3)
From net realized gain on investments			—				—				(0.02	)			(0.06	)
From return of capital			—				—				(0.36	)			(0.29	)(3)
Total Distributions			(0.28	)			(0.56	)			(0.83	)			(1.17	)
Net Asset Value, End of Period		$	9.33			$	9.14			$	9.29			$	10.27
Total Return (4)			5.06	%			4.52	%			(1.65	)%			14.96	%
Supplemental Data and Ratios:
Net assets, end of period (in thousands)		$	598,615			$	404,455			$	180,600			$	52,283
Ratio of expenses to average net assets
Before fees waived, reimbursed and recouped by the Advisor (5)			1.30	%			1.27	%			1.40	%			2.56	%
After fees waived, reimbursed and recouped by the Advisor (5)			1.30	%			1.30	%			1.30	%			1.28	%
Ratio of net investment income to average net assets
After fees waived, reimbursed and recouped by the Advisor (5)			5.90	%			10.62	%			7.61	%			9.15	%
Portfolio turnover rate (4)(6)			7.36	%			22.39	%			62.88	%			88.09	%

 

(1)

Inception date of the Fund was October 1, 2020.

(2)

Per share amounts have been calculated using the average shares method.

(3)

Amount does not accord to the Fund’s annual report dated September 30, 2021 due to revisions to the tax characterization of distributions that were made after the issuance of the annual report. The revisions were the result of the Fund’s election to defer accretion on market discount until disposition.

(4)

Not annualized.

(5)

Annualized.

(6)

Portfolio turnover rate is calculated for the Fund without distinguishing between classes.

 

The accompanying notes are an integral part of these financial statements.

Regan Total Return Income Fund 

Financial Highlights 

Investor Class

  

For a Capital Share Outstanding Throughout Each Period Presented:

 

		For the Six Months Ended March 31, 2024 (Unaudited)				For the Year Ended September 30, 2023				For the Year Ended September 30, 2022				For the Year Ended September 30, 2021(1)
Net Asset Value, Beginning of Period		$	9.22			$	9.36			$	10.36			$	10.00
Gain from Investment Operations:
Net investment income (2)			0.27				0.99				0.72				1.03
Net realized and unrealized gain (loss) on investments			0.18				(0.59	)			(0.90	)			0.41
Total Gain (Loss) from Investment Operations			0.45				0.40				(0.18	)			1.44
Less Distributions:
From net investment income			(0.27	)			(0.54	)			(0.44	)			(0.75	)(3)
From net realized gain on investments			—				—				(0.02	)			(0.06	)
From return of capital			—				—				(0.36	)			(0.27	)(3)
Total distributions			(0.27	)			(0.54	)			(0.82	)			(1.08	)
Net Asset Value, End of Period		$	9.40			$	9.22			$	9.36			$	10.36
Total Return (4)			4.92	%			4.36	%			(1.91	)%			14.72	%
Supplemental Data and Ratios:
Net assets, end of period (in thousands)		$	45,353			$	18,308			$	5,031			$	816
Ratio of expenses to average net assets
Before fees waived, reimbursed and recouped by the Advisor (5)			1.56	%			1.52	%			1.67	%			5.23	%
After fees waived, reimbursed and recouped by the Advisor (5)			1.56	%			1.55	%			1.54	%			1.53	%
Ratio of net investment income to average net assets
After fees waived, reimbursed and recouped by the Advisor (5)			5.80	%			10.54	%			7.36	%			9.89	%
Portfolio turnover rate (4)(6)			7.36	%			22.39	%			62.88	%			88.09	%

 

(1)

Inception date of the Fund was October 1, 2020.

(2)

Per share amounts have been calculated using the average shares method.

(3)

Amount does not accord to the Fund’s annual report dated September 30, 2021 due to revisions to the tax characterization of distributions that were made after the issuance of the annual report. The revisions were the result of the Fund’s election to defer accretion on market discount until disposition.

(4)

Not annualized.

(5)

Annualized

(6)

Portfolio turnover rate is calculated for the Fund without distinguishing between classes.

 

The accompanying notes are an integral part of these financial statements. 

Regan Total Return Income Fund

Notes to Financial Statements (Unaudited)

March 31, 2024

 

NOTE 1 – ORGANIZATION

 

Regan Total Return Income Fund (the “Fund”) is a diversified series of Advisor Managed Portfolios (the “Trust”). The Trust, a Delaware Statutory Trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as an open-end investment management company. Regan Capital LLC (the “Advisor”) serves as the investment manager to the Fund. The inception date of the Fund was October 1, 2020. The investment objective of the Fund is to provide a high level of risk-adjusted current income and capital appreciation.

 

The Fund is the successor to the Regan Total Return Income Fund (the “Predecessor Fund”), a series of Trust for Advised Portfolios. The Predecessor Fund reorganized into the Fund on January 19, 2024 (the “AMP Reorganization”).

 

●

The AMP Reorganization was accomplished by a tax-free exchange of shares of the Fund for shares of the Predecessor Fund of equivalent aggregate net asset value.

 

●

Fees and expenses incurred to affect the AMP Reorganization were borne by the Trust’s Administrator. The management fee of the Fund does not exceed the management fee of the Predecessor fund. The AMP Reorganization did not result in a material change to the Fund’s investment portfolio and there are no material differences in accounting policies of the Fund and the Predecessor fund.

 

●

The Fund adopted the performance history of the Predecessor Fund.

 

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

 

The following is a summary of significant accounting policies consistently followed by the Fund in preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for investment companies. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification Topic 946. The presentation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the period. Actual results may differ from those estimates.

 

A. Securities Valuation

 

Portfolio securities are valued using current market values or official closing prices, if available. When reliable market quotations are not readily available or a pricing service does not provide a valuation (or provides a valuation that in the judgment of the Advisor does not represent the security’s fair value) or when, in the judgment of the Advisor, events have rendered the market value unreliable, a security is fair valued in good faith by the Advisor under procedures approved by the Board. Valuing securities at fair value is intended to ensure that the Fund is accurately priced and involves reliance on judgment. There can be no assurance that the Fund will obtain the fair value assigned to a security if it were to sell the security at approximately the time at which the Fund determines its NAV per share.

 

 

Regan Total Return Income Fund

Notes to Financial Statements (Unaudited)

March 31, 2024

 

The Fund follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Fund’s own market assumptions (unobservable inputs). The inputs or methodology used in determining the value of the Fund’s investments are not necessarily an indication of the risk associated with investing in those securities.

 

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized into three broad categories as defined below:

 

Level 1 - Quoted prices in active markets for identical securities. An active market for a security is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value.

 

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

 

Level 3 - Significant unobservable inputs, including the Fund’s own assumptions in determining fair value of investments.

 

Equity securities that are traded on a national securities exchange are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

 

Short-term investments classified as money market instruments are valued at NAV. These investments are categorized as Level 1 of the fair value hierarchy.

 

Debt securities, including corporate, convertible, U.S. government agencies, U.S. treasury obligations, and sovereign issues, are normally valued by pricing service providers that use broker dealer quotations or valuation estimates from their internal pricing models. The service providers’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risk/spreads and default rates. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

 

Mortgage- and asset-backed securities are securities issued as separate tranches, or classes, of securities within each deal. These securities are normally valued by independent pricing service providers that use broker-dealer quotations or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche, current market data and incorporate deal collateral performance, as available.

 

Depending on the relative significance of the valuation inputs, fair valued securities may be classified in either level 2 or level 3 of the fair value hierarchy.

 

 

Regan Total Return Income Fund

Notes to Financial Statements (Unaudited)

March 31, 2024

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the fair values of the Fund’s investments in each category investment type as of March 31, 2024:

 

Description/Assets		Level 1				Level 2				Level 3				Total
Long-Term Investments
Collateralized Mortgage Obligations		$	—			$	354,050,450			$	10,399,642			$	364,450,092
Mortgage Secured Note			—				—				614,720				614,720
Mortgage Backed Securities –
U.S. Government Agency			—				158,251,873				2,518,171				160,770,044
U.S. Treasury Securities			—				23,878,084				—				23,878,084
Total Long-Term Investments			—				536,180,407				13,352,533				549,712,940
Short Term Investments			13,466,524				80,568,657				—				94,035,181
Total Investments		$	13,466,524			$	616,749,064			$	13,352,533			$	643,748,121

 

Please refer to the Schedule of Investments for further classification.

 

U.S. Government agency securities are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Agency issued debt securities are generally valued in a manner similar to U.S. Government securities. Mortgage pass-throughs include to-be announced (“TBAs”) securities and mortgage pass-through certificates. TBA securities and mortgage pass-throughs are generally valued using dealer quotations.

 

The independent pricing service does not distinguish between smaller-sized bond positions, known as odd lots”, and larger institutional- sized bond positions, known as “round lots”. The Advisor reviews pricing from the independent pricing service relative to odd lot acquisitions. If the vendor price is more than 3% greater than the acquisition price of the odd lot, cost is initially used to value the position. The Advisor monitors market levels and the vendor pricing daily, and will employ the vendor’s price when the Advisor believes it represents fair value, or if additional purchases of a security result in a round lot position. The Advisor also monitors current market levels for odd lot positions and updates fair valuations if material differences are observed.

 

Odd lot securities valued at cost are classified as level 2 when acquired within 30 days of the reporting date; odd lot positions acquired more than 30 days prior to the reporting date and valued at cost are classified as level 3.

 

 

Regan Total Return Income Fund

Notes to Financial Statements (Unaudited)

March 31, 2024

 

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

 

										Mortgage Backed
		Collateralized								Securities –
		Mortgage				Mortgage				U.S. Government
		Obligations (1)				Secured Note				Agency
Balance at September 30, 2023		$	5,812,469			$	780,000			$	408,058
Purchased			7,544,835				—				1,938,055
Accrued discounts/premiums			218,223				—				23,203
Sale/paydown proceeds			(929,318	)			—				(52,724	)
Realized gain (loss)			166,268				—				9,203
Change in unrealized
appreciation (depreciation)			(135,343	)			(165,280	)			(30,212	)
Transfers into/from Level 3 (2)			(2,277,492	)			—				222,588
Balance at March 31, 2024		$	10,399,642			$	614,720			$	2,518,171

 

(1)

Security classifications were updated. Any securities previously classified as Asset Backed Securities and Mortgage Backed Securities – Non-Agency are now included in Collateralized Mortgage Obligations.

(2)

Transfers from Level 3 to Level 2 relate to securities that began the period valued at cost, but became valued by a third party pricing service during the period. The Advisor believes that the value from the pricing service represents the fair value of each security for which the transfer occurred. Transfers from Level 2 to Level 3 are due to purchases occurring more than 30 days prior to the reporting date.

 

The change in unrealized appreciation/(depreciation) for Level 3 securities still held at March 31, 2024 was $(366,502).

 

The following is a summary of quantitative information about Level 3 valued measurements:

 

		Value at				Valuation
		March 31, 2024				Technique(s)
Collateralized Mortgage Obligations		$	10,399,642			Acquisition Cost
Mortgage Secured Note		$	614,720			Expected Cashflows *
Mortgage-Backed Securities – Agency		$	2,518,171			Acquisition Cost

 

* The Advisor has valued the Mortgage Secured Note by reviewing values of comparable properties and estimating cashflows based on current and normalized occupancy levels. The Advisor modeled projected income expectations based on the comparables in the area and expected rental income. A significant increase or decrease in the modeled revenues would have a corresponding effect on the value of the Note.

 

The Fund invests in distressed debt securities, which are securities that are priced below $50. In accordance with GAAP, the ultimate realizable value and potential for early retirement of securities is considered when determining the yield. If current values of debt securities decline significantly from the issue price, computed yields may be higher than rates expected to be ultimately realized. To avoid unsound yield information being presented in the Fund’s financial statements, consideration is given to capping yields of individual securities at a reasonable level. The Fund’s Advisor performs a periodic assessment of the yields for these distressed securities and adjustments are made to the income and cost of these securities on the Fund’s financial statements.

 

 

Regan Total Return Income Fund

Notes to Financial Statements (Unaudited)

March 31, 2024

 

B. Security Transactions, Investment Income and Distributions

 

The Fund records security transactions based on trade date. Realized gains and losses on sales of securities are calculated by comparing the original cost of the specifically identified security lot sold with the net sales proceeds. Dividend income is recognized on the ex-dividend date, and interest income is recognized on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Trust’s understanding of the applicable country’s tax rules and rates.

 

C. Distributions to Shareholders

 

Distributions from net investment income, if any, are declared at least quarterly. Distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations. The Fund may periodically make reclassifications among certain income and capital gains distributions determined in accordance with federal tax regulations, which may differ from U.S. GAAP. These reclassifications are due to differences in the recognition of income, expense and gain (loss) items for financial statement and tax purposes.

 

D. Federal Income Taxes

 

The Fund has elected to be taxed as a Regulated Investment Company (“RIC”) under the U.S. Internal Revenue Code of 1986, as amended, and intends to maintain this qualification and to distribute substantially all of its net taxable income to its shareholders. Therefore, no provision is made for federal income taxes. Due to the timing of dividend distributions (if any) and the differences in accounting for income and realized gains and losses for financial statement and federal income tax purposes, the fiscal year in which amounts are distributed may differ from the year in which the income and realized gains and losses are recorded by the Fund.

 

Management of the Fund is required to analyze all open tax years, as defined by IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of and during the period ended March 31, 2024, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as interest expense and other expense for penalties in the statement of operations. During the period, the Fund did not incur any interest or tax penalties. The Fund has not currently filed any tax returns; generally, tax authorities can examine tax returns filed for the preceding three years.

 

 

Regan Total Return Income Fund 

Notes to Financial Statements (Unaudited)

March 31, 2024

 

NOTE 3 – INVESTMENT MANAGEMENT AGREEMENT AND OTHER RELATED PARTY TRANSACTIONS

 

The Trust entered into an agreement for the Advisor to furnish investment advisory services to the Fund. Under the terms of this agreement, the Fund will pay the Advisor a monthly fee based on the Fund’s average daily net assets at the annual rate of 0.89%.

 

The Advisor has contractually agreed to waive its management fee and/or reimburse the Fund’s operating expenses (other than shareholder servicing fees, front-end or contingent deferred loads, taxes, interest expense, brokerage commissions, acquired fund fees and expenses, portfolio transaction expenses, dividends paid on short sales, extraordinary expenses, Rule 12b-1 fees, or intermediary servicing fees) for each class so that annual operating expenses will not exceed 1.20% ( the “Expense Cap”). The Expense Cap will remain in effect through at least January 31, 2025 and may be terminated only by the Trust Board of Trustees. The Advisor may request recoupment from the Fund of previously waived fees and paid expenses for three years from the date such fees and expenses were waived or paid, provided that such recoupment does not cause the Fund’s expense ratio (after the recoupment is taken into account) to exceed the lower of (1) the Expense Cap in place at the time such amounts were waived or paid and (2) the Fund’s Expense Cap at the time of recoupment. The Advisor has recaptured $256,726 of previously waived expenses during the period year ended March 31, 2024. At March 31, 2024, the expenses reimbursed, and contractual fees waived by the Adviser and subject to potential recapture by year were as follows:

 

Fiscal Year	Waived/reimbursed	Expiration
September 30, 2023	$22,559	September 30, 2026

 

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as the Fund’s administrator, fund accountant and transfer agent; and provides compliance services to the Fund. The officers of the Trust are employees of Fund Services. U.S. Bank serves as the Fund’s custodian. Quasar Distributors, LLC (“Quasar” or the “Distributor”) acts as the Fund’s distributor and principal underwriter. For the period ended March 31, 2024, the Fund incurred the following expenses for administration and fund accounting, compliance, custody and transfer agency fees:

 

Administration and Fund Accounting		$	330,609
Compliance Service			6,039
Custody			45,384
Transfer Agency			72,846

 

At March 31, 2024, the Fund had payables due to Fund Services for administration and fund accounting, compliance, custody and transfer agency fees to U.S. Bank in the following amounts:

 

Administration and Fund Accounting		$	108,411
Compliance Services			2,068
Custody			12,805
Transfer Agency			13,535

 

The above payable amounts are included in Accrued other expenses and other liabilities in the Statement of Assets and Liabilities.

 

Regan Total Return Income Fund 

Notes to Financial Statements (Unaudited)

March 31, 2024

  

The Independent Trustees were paid $8,681 for their services and reimbursement of travel expenses during the period ended March 31, 2024. The Fund pays no compensation to the Interested Trustee or officers of the Trust.

 

NOTE 4 – INVESTMENT TRANSACTIONS

 

Purchases and sales of investment securities (excluding short-term investments) for the period ended March 31, 2024, were as follows:

 

				Non-Government				Government
	Purchases				$ 144,872,827				$   104,262,802
	Sales				$   39,854,721				$     18,287,581

 
NOTE 5 – FEDERAL INCOME TAX INFORMATION

 

At September 30, 2023, the components of distributable earnings for income tax purposes were as follows:

 

Regan Total Return Income Fund

 

Cost of investments			$  423,884,748
Gross unrealized appreciation			50,188,371
Gross unrealized depreciation			(19,723,220	)
Net unrealized depreciation on investments			30,465,151
Undistributed ordinary income			2,553,060
Undistributed long-term capital gains			—
Distributable earnings			2,553,060
Other book/tax temporary differences			(271,476	)
Total distributable earnings			32,746,735

 

The difference between book basis and tax basis unrealized appreciation/(depreciation) is attributable in part to the recognition of accretable yield on deep discounted mortgage back securities and to the deferral of losses on wash sales.

 

Additionally, U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended September 30, 2023, the following table shows the reclassifications made:

 

		Total  Distributable Earnings				Paid-In Capital
Regan Total Return Income Fund		$	36,527,087			$	(36,527,087	)

 

 

Regan Total Return Income Fund

Notes to Financial Statements (Unaudited) 

March 31, 2024

 

The following table summarizes the characteristics of distributions paid during the periods ended March 31, 2024 and September 30, 2023:

 

Regan Total Return Income Fund

 

			Income				Long Term Capital Gains				Return of Capital				Total Distributions
March 31, 2024			$	17,087,571			$	—			$	—			$	17,087,571
September 30, 2023				21,270,908				—				—				21,270,908

 

The Fund also designates as distributions of long term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

 

The Fund is required, in order to meet certain excise tax requirements, to measure and distribute annually, net capital gains realized during the twelve month period ending October 31. In connection with this requirement, the Fund is permitted, for tax purposes, to defer into its next fiscal year any net capital losses incurred from November 1 through the end of the fiscal year. Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. As of September 30, 2023, the Fund had no late-year or post-October losses.

 

At September 30, 2023, the Fund had capital loss carryforwards, which reduce the Fund’s taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal tax. Pursuant to the Internal Revenue Code, the character of such capital loss carryforwards is as follows:

 

	Not Subject to Expiration
Short Term	Long Term	Total
$0	$ 271,476	$271,476

 

The Fund did not utilize any capital loss carryforwards at September 30, 2023.

 

NOTE 6 – SHAREHOLDER SERVICING PLAN

 

The Trust, on behalf of the Fund, has adopted a Shareholder Servicing Plan to pay a fee at an annual rate on average daily net assets up to a maximum rate as follows:

 

Institutional Class

0.10%

Investor Class

0.15%

 

The Shareholder Servicing Plan authorizes payment of a shareholder servicing fee to the financial intermediaries and other service providers who provide administrative and support services to Fund shareholders.

 

 

Regan Total Return Income Fund

Notes to Financial Statements (Unaudited) 

March 31, 2024

  

For the six months ended March 31, 2024, class specific Shareholder Servicing fees were as follows:

 

Institutional Class

$252,748

Investor Class

$16,700

 

NOTE 7 – DISTRIBUTION PLAN

 

The Trust, on behalf of the Fund, has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act that allows the Fund to pay distribution fees for the sale and distribution of its Investor Class shares. The Plan provides for the payment of distribution fees at the annual rate of up to 0.25% of average daily net assets of the Investor Class shares. For the period ended March 31, 2024, distribution fees incurred are disclosed on the Statement of Operations.

 

For the six months ended March 31, 2024, class specific Distribution fees were as follows:

 

Investor Class

$41,749

 

NOTE 8 – INDEMNIFICATIONS

 

In the normal course of business, the Fund enters into contracts that provide general indemnifications by the Fund to the counterparty to the contract. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote.

 

NOTE 9 – LINE OF CREDIT

 

The Fund has access to a $35 million secured line of credit through an agreement with U.S. Bank. The Fund may temporarily draw on the line of credit to satisfy redemption requests or to settle investment transactions. Interest is charged to the Fund based on its borrowings at a rate per annum equal to the Prime Rate, to be paid monthly. Loan activity for the six months ended March 31, 2024 was as follows:

 

Maximum Available Credit		$	35,000,000
Largest Amount Outstanding on an Individual Day		$	1,749,000
Average Daily Loan Outstanding		$	1,224,000
Interest Expense – 4 days		$	1,156
Loan Outstanding as of March 31, 2024		$	—
Average Interest Rate			8.50%

 

NOTE 10 – SUBSEQUENT EVENTS

 

In preparing these financial statements, the Fund has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were available to be issued. The Fund has determined that there were no subsequent events that would need to be disclosed in the Fund’s financial statements.

 

 

Regan Total Return Income Fund

Notes to Financial Statements (Unaudited) 

March 31, 2024

 

NOTE 11 – PRINCIPAL RISKS

 

Below is a summary of some, but not all, of the principal risks of investing in the Fund, each of which may adversely affect the Fund’s net asset value and total return. The Fund’s most recent prospectus provides further descriptions of the Fund’s investment objective, principal investment strategies and principal risks.

 

Mortgage-Backed Securities Risk. When interest rates increase, the market values of mortgage- backed securities decline. At the same time, however, mortgage refinancings and prepayments slow, which lengthens the effective duration of these securities. As a result, the negative effect of the interest rate increase on the market value of mortgage-backed securities is usually more pronounced than it is for other types of fixed income securities, potentially increasing the volatility of the Fund. Conversely, when market interest rates decline, while the value of mortgage-backed securities may increase, the rate of prepayment of the underlying mortgages also tends to increase, which shortens the effective duration of these securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgage may decline in value and be insufficient, upon foreclosure, to repay the associated loan. Additionally, the liquidity of non-investment grade securities and sub-prime mortgage securities can change dramatically over time.

 

Asset-Backed Securities Risk (“ABS”). ABS represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. Certain debt instruments may only pay principal at maturity or may only represent the right to receive payments of principal or payments of interest on underlying pools of mortgages, assets or government securities, but not both. The value of these types of instruments may change more drastically than debt securities that pay both principal and interest. The Fund may obtain a below market yield or incur a loss on such instruments during periods of declining interest rates. Principal only and interest only instruments are subject to extension risk. Certain ABS may provide, upon the occurrence of certain triggering events or defaults, for the investors to become the holders of the underlying assets.

 

In that case, the Fund may become the holder of securities that it could not otherwise purchase, based on its investment strategies or its investment restrictions and limitations, at a time when such securities may be difficult to dispose of because of adverse market conditions.

 

Credit Risk. There is a risk that the issuer of a mortgage-backed security may experience unanticipated financial problems causing their securities to decline in value. Changes in the market’s perception of the issuer’s financial strength or in a security’s credit rating, which reflects a third party’s assessment of the credit risk presented by a particular issuer, may affect debt securities’ value. In addition, the Fund is subject to the risk that the issuer of a fixed income security will fail to make timely payments of interest or principal, or may stop making such payments altogether.

 

Interest Rate Risk. When interest rates increase this may result in a decrease in the value of debt securities held by the Fund. Conversely, as interest rates decrease, mortgage-backed securities’ prices typically do not rise as much as the prices of comparable bonds. Changes in government intervention may have adverse effects on investments, volatility, and illiquidity in debt markets.

 

 

Regan Total Return Income Fund

Notes to Financial Statements (Unaudited)

March 31, 2024

 

Prepayment Risk. When interest rates fall, certain obligations may be paid off by the obligor earlier than expected by refinancing their mortgages, resulting in prepayment of the mortgage-backed securities held by the Fund. The Fund would then lose any price appreciation above the mortgage’s principal and would have to reinvest the proceeds at lower yields, resulting in a decline in the Fund’s income. Prepayment reduces the yield to maturity and the average life of the security.

 

In that case, the Fund may become the holder of securities that it could not otherwise purchase, based on its investment strategies or its investment restrictions and limitations, at a time when such securities may be difficult to dispose of because of adverse market conditions.

 

Credit Risk. There is a risk that the issuer of a mortgage-backed security may experience unanticipated financial problems causing their securities to decline in value. Changes in the market’s perception of the issuer’s financial strength or in a security’s credit rating, which reflects a third party’s assessment of the credit risk presented by a particular issuer, may affect debt securities’ value. In addition, the Fund is subject to the risk that the issuer of a fixed income security will fail to make timely payments of interest or principal, or may stop making such payments altogether.

 

Interest Rate Risk. When interest rates increase this may result in a decrease in the value of debt securities held by the Fund. Conversely, as interest rates decrease, mortgage-backed securities’ prices typically do not rise as much as the prices of comparable bonds. Changes in government intervention may have adverse effects on investments, volatility, and illiquidity in debt markets.

 

Prepayment Risk. When interest rates fall, certain obligations may be paid off by the obligor earlier than expected by refinancing their mortgages, resulting in prepayment of the mortgage-backed securities held by the Fund. The Fund would then lose any price appreciation above the mortgage’s principal and would have to reinvest the proceeds at lower yields, resulting in a decline in the Fund’s income. Prepayment reduces the yield to maturity and the average life of the security.

 

NOTE 13 – CONTROL OWNERSHIP

 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumption of control of the fund under 2(a)(9) of the 1940 Act. As of March 31, 2024, Charles Schwab & Co., Inc. held approximately 56%, in aggregate for the benefit of others, of the outstanding shares of the Fund.

 

 

Regan Total Return Income Fund

Additional Information 

March 31, 2024 (Unaudited)

 

Quarterly Portfolio Schedule

 

The Fund files its complete schedule of portfolio holdings for the first and third quarters of each fiscal year with the Securities and Exchange Commission (SEC) on Part F of Form N-PORT. The Fund’s Form N-PORT is available without charge by visiting the SEC’s Web site at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. You may obtain information on the operation of the Public Reference Room by calling 1-800-SEC-0330.

 

Proxy Voting

 

You may obtain a description of the Fund’s proxy voting policy and voting records, without charge, upon request by contacting the Fund directly at 1-888-44 -REGAN or on the EDGAR Database on the SEC’s website at ww.sec.gov. The Fund files its proxy voting records annually as of June 30, with the SEC on Form N-PX. The Fund’s Form N-PX is available without charge by visiting the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. You may obtain information on the operation of the Public Reference Room by calling 1-800-SEC-0330.

 

Approval of Investment Advisory Agreement

 

At a meeting held on June 1, 2023, the Board of Trustees (the “Board” or “Trustees”) of the Trust, including all Trustees who were not “interested persons” of the Trust (“Independent Trustees”), as that term is defined in the Investment Company Act of 1940, considered and approved an investment advisory agreement (“Advisory Agreement”) with the Advisor for the Fund. The Fund is the successor to a series of Trust for Advised Portfolios (“Predecessor Trust”) with the Predecessor Fund. The Predecessor Fund reorganized into the Fund on January 19, 2024.

 

In advance of the meeting, the Board received and reviewed substantial information regarding the Fund, the Advisor, and the services to be provided by the Advisor to the Fund under the Advisory Agreement. This information formed the primary (but not exclusive) basis for the Board’s determinations. The Trustees considered the review of the Advisory Agreement to be an ongoing process and employed the accumulated information, knowledge, and experience they had gained with the Advisor and Predecessor Fund as members of the board of trustees of the Predecessor Trust. The information prepared specifically for the review of the Advisory Agreement supplemented the information provided to the Trustees throughout the year related to the Advisor and the Predecessor Fund. The board of the Predecessor Trust and its committees met regularly during the year and the information provided and topics discussed at such meetings were relevant to the Board’s review of the Advisory Agreement. Some of these reports and other data included, among other things, materials that outlined the investment performance of the Predecessor Fund; compliance, regulatory, and risk management matters; the trading practices of the Advisor; valuation of investments; fund expenses; and overall market and regulatory developments. The Independent Trustees were advised by independent legal counsel during the review process, including meeting in executive sessions with such counsel without representatives from the Advisor present. In connection with their review, the Independent Trustees also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreement.

 

 

Regan Total Return Income Fund

Additional Information 

March 31, 2024 (Unaudited)

 

In considering the Advisory Agreement, the Board considered the following factors and made the following determinations. In its deliberations, the Board did not identify any single factor or piece of information as all important, controlling, or determinative of its decision, and each Trustee may have attributed different weights to the various factors and information.

 

	●	In considering the nature, extent and quality of the services to be provided by the Advisor, the Trustees considered the Advisor’s specific responsibilities in all aspects of the day-to-day management of the Fund, as well as the qualifications, experience and responsibilities of the portfolio managers and other key personnel who are involved in the day-to-day activities of the Fund. The Board considered the Advisor’s resources and compliance structure, including information regarding its compliance program, chief compliance officer and compliance record and its disaster recovery/business continuity plan. The Board also considered the existing relationship between the Advisor and the Predecessor Fund, as well as the Board’s knowledge of the Advisor’s operations, and noted that during the course of the year the board of the Predecessor Trust met with the Advisor to discuss the Predecessor Fund’s performance and the Advisor’s investment outlook, as well as various marketing and compliance topics, including the Advisor’s risk management process. The Board concluded that the Advisor had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Advisory Agreement and that, in the Board’s view, the nature, overall quality, and extent of the management services provided were and would continue to be satisfactory and reliable.
	●	In assessing the quality of the portfolio management to be delivered by the Advisor, the Board considered the Predecessor Fund’s performance on both an absolute basis and in comparison to its peer group, relevant benchmark index, and a comparable composite of accounts managed by the Advisor. The Board considered that as of March 31, 2023, the Predecessor Fund outperformed relative to its peer group median for the year-to-date and one-year period. The Board also considered the Predecessor Fund had outperformed relative to its benchmark and the Advisor’s composite for the one-year period.
	●	The Trustees also reviewed the cost of the Advisor’s services, and the structure and level of advisory fee payable by the Fund, including a comparison of the fee to fees payable by a peer group of funds. The Board noted that the Predecessor Fund’s advisory fee and net expense ratio was higher than its peer group median/average. The Board noted that the Advisor had agreed to maintain the Predecessor Fund’s contractual annual expense limitations on each of the Fund’s classes. The Board noted that, although the Fund’s advisory fee and net expense ratio were higher than the peer group median and average, both were within the peer group range. After reviewing the materials that were provided, the Trustees noted that the fee to be received by the Advisor was within the range of advisory fees charged to comparable funds and concluded that the fee was fair and reasonable in light of the services to be provided.

 

Regan Total Return Income Fund 

Additional Information

March 31, 2024 (Unaudited)

 

	●	The Trustees considered whether, based on the estimated asset size of the Fund, economies of scale may be achieved. The Board also considered the Advisor’s commitment to maintain the Predecessor Fund’s expense limitation arrangement for the Fund. The Trustees concluded that they will have the opportunity to periodically reexamine whether economies of scale have been achieved as Fund assets grow.
	●	The Trustees considered the profitability of the Advisor from managing the Predecessor Fund. In assessing the Advisor’s profitability, the Trustees took into account both direct and indirect benefits to The Advisor from managing the Predecessor Fund. The Trustees concluded that the Advisor’s expected profits from managing the Fund were not excessive and, after a review of the relevant financial information, that the Advisor appeared to have adequate capitalization and/or would maintain adequate profit levels to support the Fund.

 

 

PRIVACY NOTICE

 

The Fund collects non-public information about you from the following sources:

 

● Information we receive about you on applications or other forms;

 

● Information you give us orally; and/or

 

● Information about your transactions with us or others.

 

We do not disclose any non-public personal information about our customers or former customers without the customer’s authorization, except as permitted by law or in response to inquiries from governmental authorities. We may share information with affiliated and unaffiliated third parties with whom we have contracts for servicing the Fund. We will provide unaffiliated third parties with only the information necessary to carry out their assigned responsibilities. We maintain physical, electronic and procedural safeguards to guard your non-public personal information and require third parties to treat your personal information with the same high degree of confidentiality.

 

In the event that you hold shares of the Fund through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared by those entities with unaffiliated third parties.

 

 

Investment Advisor

Regan Capital, LLC 

300 Crescent Court, Suite 1760

Dallas, Texas 75201

 

Distributor 

Quasar Distributors, LLC

3 Canal Plaza, Suite 100 

Portland, Maine 04101

 

Custodian

U.S. Bank National Association 

Custody Operations

1555 North River Center Drive, Suite 302 

Milwaukee, Wisconsin 53212

 

Transfer Agent, Fund Accountant and Fund Administrator

U.S. Bancorp Fund Services, LLC 

615 East Michigan Street

Milwaukee, Wisconsin 53202

 

Independent Registered Public Accounting Firm 

Cohen & Company, Ltd.

1835 Market Street, Suite 310 

Philadelphia, Pennsylvania 19103

 

Legal Counsel

Morgan, Lewis & Bockius LLP 

1111 Pennsylvania Avenue, NW

Washington, DC 20004

 

This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.